Home buyers are in dire need for houses to buy in Burnsville!!! Can you help?

The real estate world is quite different than it was just a few months ago.  It is a perfect storm for those looking to sell their homes.  Low inventory of homes for sale, historical interest rates and spring time.  We are experiencing a severe shortage of houses to sell which has driven up their sale prices.  The local housing market has witnessed increased asking prices, multiple offers and quick sales.  

I recently listed a property in the Wood Hill development in Lakeville.  The house was a traditional sale and priced well but not a "fire sale" by any means.  Within 8 hours of the house being put on the MLS, I was notified that we had an offer in.  When it was all said and done, the sellers received a total of 5 offers (all were strong) and sold the home with a big smile.  Even after an offer was accepted, I received inquiries for another week asking to be "backup offers."  Crazy times for house sellers so don't miss out on this time if you are pondering selling!

The housing inventory is quite low (2.2 month supply) which is 39% less than the same time last year.  Price per square foot increased by 14% while time to sell the house has decreased by 33% but I predict homes priced appropriately will sell even faster. 

Watch my video on defining "Inventory" to get a better understanding on how inventory of homes is calculated.