Do you have questions about the upcoming Twin Cities Real Estate Market of 2023?
The Twin Cities real estate market is a dynamic and diverse market, with a wide range of properties available. Whether you’re a first-time homebuyer, a seasoned investor, or simply looking for a new place to call home, the Twin Cities has something to offer. In this week's blog we cover what to expect as the Twin Cities' spring real estate market approaches in 2023.
If you have any questions about buying or selling a home, contact us today!
1. Current Twin Cities Real Estate Market
With the new year underway, buyers and sellers are wondering where the 2023 real estate market will lead. In the Twin Cities metro area, the spring market typically starts to heat up after Super Bowl weekend. Even though Minnesota residents are still bundled up in winter coats and mittens, buyers and sellers are anxious to start their next adventure and be settled in time for the beautiful, warm weather of summer. Sellers have taken advantage of the colder months to prepare their homes for sale, and they are ready to reap the rewards of their hard work. The graphs below detail the current real estate market statistics in the Twin Cities region.
2. Housing Trends in the Twin Cities - Millennials
Millennials are making a splash in the Twin Cities real estate market, and are now the largest group of homebuyers in the United States. This demographic shift has been driven in part by rising rents, low unemployment rates and the desire for more space and stability as millennials start families. Some obstacles facing millennials are high home prices, student debt, and the steep hike in interest rates over the last 12 months.
Home prices in the Twin Cities can vary widely depending on the location, type of home, and other factors. Buyers can find everything from affordable starter homes to high-end luxury properties in the Twin Cities. Visit our webpage about Buying a House in the Twin Cities to explore many of the different areas.
3. Tips for Buying a Home
Don't be fooled by the snow covered sidewalks, now is the perfect time to start preparing to buy a home. Begin the process by finding a trusted, local realtor and mortgage broker. Use this time to start building a relationship with your realtor and getting pre-approved with your lender. As we get to know you, we can fine-tune your home buying experience and ensure it's catered to your unique wishlist.
It's also a great time to start touring the current inventory for sale. As you begin your search, make mental notes on what features of each home pique your interest (or the opposite!).
Starting the process early will leave you better prepared for the start of spring market, giving you the opportunity to pounce when you find your dream home!
4. Tips for Selling a Home
Many people hoping to sell their home during the spring market will use the winter months to prepare their home for sale to ensure it is marketed in the best possible way.
Knowing how to showcase and accentuate the best features of your home, without incurring unnecessary expense, is at the core of what we do. As we tour your home, we take the time to learn about it, address your questions and needs, provide more information about our marketing strategies, share market insights, and decide next steps for selling your home. Visit our blog on preparing your home for sale for quick tips on how to get your home ready for spring market.
Let us know if you have any questions about buying or selling a home in the Twin Cities. One of our experienced realtors will be in touch as soon as possible.
Visit our blogs about FAQS for Buying a House or First Time Homeowner FAQs.