MINNEAPOLIS - As the weather warms, the Twin Cities housing market is springing to life, not only showing a market back on track, but a new surge has realtors declaring a strong sellers market.
Wayzata based realtors Brad and Heather Fox, of Fox Homes and Dwell Realty Partners, call it a "whiplash effect" where hesitant buyers in the fall now take the plunge.
"Buyers are antsy, there's multiple offers, first weekend sales, it's fun," said Brad Fox, who has been advising inquiring homeowners to sell now.
"My advice would be do it now while the market's hot. Interest rates are great. There is a lot of people out in the market looking for homes," he said.
Tyler and Jessie Moberg understand. The Eden Prairie couple just welcomed their second child and the life change prompted them to downsize.
"Being more family oriented is our main goal – live more simply," said the couple.
Their home was on the market last fall for four months with little activity. After making a few improvements recommended by Brad and Heather Fox, they spruced up cabinets and countertops in the kitchen and bathrooms, and decided to try again. This time, the house recently sold before they put it on the market.
"Which is pretty amazing," said Jessie Moberg. "We are very, very blessed."
Fox Homes sees this trend playing out in all their listings, many selling in just one day. A Bloomington listing recently sold the first weekend on the market $15,000 above asking price. They also advised that homeowner to make small cosmetic improvements that garnered a big bang for their buck.
"Those little things, that small investment made them a ton of cash. Part of it, buyers come in and they don't want to do anything, they want to move in and be done," said Heather Fox.
The Minneapolis Area Association of Realtors sees that surge. Listings this February compared to last February jumped 23.2 percent. Sales in the same time frame jumped almost 21.8 percent. The median sales price rose 10.4 percent to $202,000, the strongest gain since last February.
Not a surprise to the Mobergs, who hope the numbers again fall in their favor, which has proven more challenging now as a buyer.
"We are actually trying to find a house and have made four offers over asking price of four different home and haven't got any of them," said the Mobergs.
The couple hopes to find their forever home, a 1960s rambler in Minnetonka. Their advice to other homeowners on the fence of whether to sell is to go for it and be prepared for a rapid deal.
"It's hard to be a buyer, good to be a seller," they concluded.
