There are hardly any Minneapolis duplexes for sale, and that has created something of a feeding frenzy.
Last week, I had several buyers write offers on properties. In one instance, for $10,000 above the asking price, and all cash. The other was almost $30,000 above the asking price, using financing.
Neither buyer got the property they wanted.
Recent news about the housing market has been optimistic; fewer people are falling behind on their mortgages, and, in February, home prices were up .2 percent nationally.
The latter is largely due to a lack of inventory caused by the banks 11 month hiatus on foreclosures, and traditional sellers holding
After all, when supply exceeds demand, prices go up.
So will we be back at 2005-2006 prices next month or next year?
Buyers are still looking for value. This means either a duplex in exceptional condition or one that’s an incredible deal. Overpriced inventory continues to linger on the market, just as it always has.
This week alone over 200 property owners in Hennepin and Ramsey counties received notices of default, which are the first step in the foreclosure process.
Barring any delays, the banks will repossess those properties 7 months from now.
If you’re thinking of selling your Minneapolis duplex, the time is now.
Please get in touch with me.