Nothing makes Minneapolis and St Paul duplex buyers come out of hibernation like 40 degree temperatures in January.
Most years, this happens the week after the Super Bowl. This year, however, buyers can’t seem to wait that long.
Trouble is, there’s very little on the market for them to buy. In case you think I’m telling you a tall winter’s tale, consider this: in January of 2007, there were 1445 active duplex, triplex and fourplex listings for sale on our Multiple Listing Service. Check out this table. MLS Duplex Inventory Since 2007
And at the end of December 2016? 279.That’s 100 fewer than were on the market even in January of 2016.
By en large the vast majority of buyers who have been reaching out to me in the early weeks of 2017 have expressed a desire to owner occupy an income property. Most have expressed a desire to live in either Minneapolis, St Paul, or first ring suburbs. Many of the properties currently on the market are in far out
Many of the properties currently on the market are in far out locations, or have too much deferred maintenance to qualify for the most common forms of owner occupant financing (FHA and the American Dream loan).
That means if you own a Minneapolis or St Paul duplex that’s in good shape, you could cash in if you decide to sell. You won’t have a lot of competition.
If you’re ready to simplify your life, or are just tired of being a landlord, give me a call at (612)290-5998 or send me an email at [email protected] It’s a great time to be a Minneapolis or St Paul duplex seller.