The Housing Market In Minneapolis, Minnesota
The city of Minneapolis has a wide variety of amenities. Minneapolis has an affordable cost of living (including no tax on general clothing, shoes, and grocery store food), abundant family activities, and a lively singles scene.
The metropolis also has a thriving brewery, four distinct seasons, access to nature, good infrastructure, amazing restaurants and museums, and an excellent public school system.
Minneapolis housing market: Population growth is stagnant.
Minneapolis ticks the “excellent” boxes on almost every “livability” category, but according to the U.S. Census Bureau, the state of Minnesota’s population has flat-lined in the last two years. Susan Brower, Minnesota’s state demographer, says, "It looks like what's happening is we're seeing more people—more young people—leaving the state and we're also seeing fewer young people coming to the state."
According to a report on Redfin, Minneapolis is one of the top ten cities that people are deserting, probably due to high taxes, fees, and regulations that make housing unaffordable for many. Folks are moving out of cities with high living costs to cheaper urban areas such as San Antonio, TX, and Phoenix, AZ.
The current housing market in Minneapolis is a seller’s market.
According to Houzeo, house sales in Minnesota dropped 37.9% from February 2022 – February 2023. Since mortgage rates are at a 20-year high at 7.08%, houses are staying on the market longer, and sellers are dropping prices. Redfin reported that almost ¼ of houses on the market sold below list price in December 2023. This should be a concerning trend for sellers.
Is now a good time to sell your house?
High mortgage rates, inflation, and the possibility of a looming recession are all problematic for selling real estate soon, and many experts believe things will probably get worse in 2023 for sellers. Mortgage rates are expected to hike up even higher this year, and consumer confidence is down. The economy is uncertain.
All in all, the forecast for the Minneapolis housing market looks like it’s going to flip to a buyer’s market, and house values will go down. Now would be the time to sell your house, if you are considering it. If you wait, your house value may decline.
Call We Buy Ugly Houses® at 866-200-6475
How to sell your Minneapolis house in the current housing market
There are basically two options when selling your house in Minneapolis: Sell to an investor or sell the traditional way through a real estate agent or FSBO (for sale by owner).
Keep in mind that selling the traditional way with an agent or FSBO requires:
Time. It takes time to ready the house to be listed on the real estate market. After the house is listed, there is more time spent waiting for an offer, and then the sometimes lengthy process of waiting for the buyer’s loan approval.
Money. It takes money to get the house in tip-top shape to sell in the current competitive market. Additionally, commission of around 6% is the chunk of money that the real estate agents will take. That is typically thousands of dollars.
Work. The process of readying the house to sell, and then selling it, takes a lot of work on the seller’s part. There are also the hassles of house showings and open houses, plus the annoyance of always keeping the house in pristine condition.
Save time, money, and work by selling to We Buy Ugly Houses®.
We Buy Ugly Houses® is considered one of the best companies that buy houses for cash, according to our many satisfied sellers. We Buy Ugly Houses has a 96.1% customer satisfaction rating and has been in business since 1996, helping people out of difficult, irritating, and urgent house-selling situations.
If you want to sell now while house values are still up, give us a call to set up an appointment with one of our local property specialists. Selling to us is fast, and no repairs or updates are needed. We also take care of cleaning your property, and you are free to leave any unwanted belongings behind.
Selling to We Buy Ugly Houses®
Unlike some companies that buy houses for cash, we make selling easy and fast, with no unpleasant surprises. We will answer all your questions and explain the process up front at your appointment.
At your free, no-obligation consultation, we’ll take a tour of your property. We can often give a fair cash offer right then and there. If you accept our offer, we frequently close in as little as three weeks. If you need more time, we can work with you on that. Give us a call at 866-200-6475 to sell your house while real estate values are still high in Minneapolis.
Call We Buy Ugly Houses® at 866-200-6475