Today we have a summer market update for you. One of the biggest things we are noticing right now is a balancing act in certain price points. Underneath $350,000, it is still very much a seller’s market, especially in the Prior Lake School District.
However, once you get between $375,000 and $425,000, we’re starting to see a bit more balance. The inventory here was very low earlier this spring, but right now we are seeing 35 total active listings in this price range. Those listings are pretty much split between resale and new construction homes. The same goes with pending homes.
Once we get above $425,000, the inventory really shifts upward. There are 151 active listings in the Prior Lake School District in this price range. Much like the $375,000 price range, these listings are equally divided between resale homes and new construction.
We are also seeing some unique homebuyer trends in this market that we do not see most of the time. The first is multiple showings by the same buyer. Buyers are looking at properties three or four times before buying instead of just once or twice. This could mean a few different things. This could mean a few different things. Buyers could feel uncertain about whether they’re making the right decision, or feel nervous about the prospect of overpaying.
“We have seen a number of buyers writing an offer, withdrawing it, then coming back to the table weeks later.”
A few other trends that we have noticed have to do with inspections. First, some buyers are going through the inspection period, and then backing out of the contract later. Some are having second thoughts that they paid too much and some are realizing that they rushed into the decision.
Another trend is buyers not asking for an inspection when writing an offer. That certainly comes with some challenges for buyers, but it is very appealing for sellers to get to a smoother closing.
We have seen a number of cases of buyers writing an offer, withdrawing the offer, then coming back to the table weeks later.
We know we just threw a lot of information at you, but we hope it was helpful nevertheless. If you have any questions in the meantime about buying or selling a home or about the real estate market in general, please feel free to give us a call or send us an email. We would love to hear from you soon.