First Time Buyer Homes In Short Supply In Twin Cities

I have two buyers in the $125,000 – $150,ooo price range that are struggling to find houses when just a few months ago there was a lot more inventory to choose from.  This weekend my clients wanted to see a total of 11 houses – I found out that 4 were already sold subject to inspection and of the remaining 7, only 2 had no offers on them.  One of my buyers has offered on 6 different homes and been outbid by others every time.  These experiences are quite common in my office right now!

While our local statistics show many houses on the market in that price range, this data is based off of MLS listing status and it takes anywhere from a few days to a week or more before a property with an accepted offer is marked as “Pending” on the MLS and is removed from the count of properties for sale.  With this in mind, I think we’ll see houses listed in the $150,000 and under price point Pend at a high rate over the next two weeks.

To all the banks out there that might have delayed the foreclosure process in an effort to manage your REO inventory: you’ve missed the boat.  We Realtors have lots of buyers who are clamoring for your inventory  and you have almost none to sell to us.