Buying a Minneapolis or St Paul duplex right now is a lot like fishing.
When the fish aren’t biting.
I had a client contact me over the weekend. He is growing impatient, and is certain there are duplexes either currently on the market, or have gone off without selling that are great deals, and I’m just not finding them for him.
There are only 257 active duplex listings in the entire metro area right now that don’t already have offers on them.
Normal is somewhere around 1200.
So getting a great deal, simply because you want one, is kind of like yelling at the fish in the lake to get on your line.
It is easy to rush into a duplex that is a bad investment, simply because you want one now and nothing else is available. However, it will take you infinitely longer to divest yourself of that mistake than it would have to just wait for the fish to start biting again.
I reminded my client there are, in fact, plenty of duplex seller fish known to be in the lake. And they will start biting again.
I reminded him too that his agent knows where there’s a school of them. It’s just a matter of time before they decide to list their properties.
My client has one job…
To set his hook as soon as I notice the bobber moving.