Here’s what you need to know about the next 90 days in our housing market.
It is currently the end of January, and of course, it’s snowing. While we’re snowed in, we wanted to briefly talk about what our market is looking like for the next 90 days and what it means for the spring selling season.
One of the things that we are already seeing going into the new year is a consistent lack of inventory. It seems like we’ve been talking about this issue forever. We’re not seeing a lot of carryover inventory this year. While we see quite a few listings on the market, many of them are new construction, so home sellers have not entered the market yet. In fact, there are some neighborhoods with literally zero inventory right now.
If that gives you any sense that the market is stagnant, think again. Buyers are certainly still looking for homes, much like they were last year and the year before. The main difference is that there just isn’t any inventory to show them. So when inventory starts to flow, we think buyers will come.
Rates have gone up, and that’s impacted buyers a little bit. However, the true culprit behind our slowing market is our lack of inventory. If more supply hit the market, buyers would come out.
“There are some neighborhoods with literally zero inventory right now.”
To wrap things up, we want to briefly discuss two of our pressing buyer needs. The first one is we have a buyer looking for a home in Prior Lake, Savage, or Lakeville, ideally a two-story. They would either like a fenced yard or a yard that has the ability to add a fence. Ideally, the home is on the newer side, although it doesn’t need to be brand new. They are pre-approved for $900,000, and they are ready to go.
We also have another couple of other buyers looking between $550,000 and $650,000 for the Prior Lake and Savage area. They would like a three- to four-bedroom home with privacy in the rear, and one of those buyers, in particular, would like an extra-large garage. So if you know of anything that might be a good fit for any of our immediate buyer needs, please let us know.
If you have questions about this topic or anything else, please call or email us. We’d love to speak with you!