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Edina Realty: Twin Cities home sellers clearly in driver's seat

Edina Realty says home sellers are in the driver's seat this spring in the Twin Cities.
Edina Realty says home sellers are in the driver's seat this spring in the Twin Cities.
Photo by Joe Raedle/Getty Images

Home sellers are clearly in the driver's seat in the Twin Cities real estate market this spring thanks to historically low inventory, the president of Edina Realty said Thursday.

That assessment from Barb Jandric came shortly after the Minneapolis Association of Realtors also predicted it will be a good time for sellers after a long, cold winter that during which sales activity was depressed.

Jandric said that with homebuyers facing the lowest inventory in 11 years, they "may well end up in a multiple-offer situation" with demand "far outstripping supply."

“Chances are you will have to make an offer more quickly than anticipated, and things can move very rapidly in a multiple offer situation,” she said. “So the most important thing to do is to be prepared."

Jandric advised potential buyers to "avoid making an offer with any contingencies" while urging sellers to get on the market quickly.

“If you’ve been waiting to sell, the time is now,” she said. “The market clearly needs more inventory to keep up with the demand. Homes that are coming on the market are selling quickly and getting very close to their asking price, and buyers are still benefiting from historically low interest rates so they are making their move now.”

Meanwhile, MAAR said Monday sellers have the upper hand with just 2.8 months supply of inventory in the Twin Cities market pipeline at just over 12,000 homes.

Broader economic indicators, such as the lowest unemployment levels since November 2008 and continued low interest rates, also also helping sellers.

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