It was a busy weekend for home sales. Right now there are about 25% more homes on the market than there were last month. In this case, 25% is about 100 homes. The inventory of homes for sale is still very low, like around 450. If there were twice as many homes on the market in St. Paul we would still have a scarcity of homes for sale.
The west 7th neighborhood is particularly hot. I put a house on the market on Thursday afternoon and we had two offers by Saturday afternoon and a third offer came in early Sunday morning.
All offers were for more than the asking price and I am still waiting for the for-sale sign.
Buyers are more likely to have a winning offer if they can put at least 5% down and can pay their own closing costs. My advice is to be pre-approved for a home loan and save up money to pay closing costs and for a down payment.
Home sellers who have three bedrooms, two baths and have a home that is free of clutter and in good repair are the most likely to sell quickly with multiple offers. The home also has to be priced right.
Home buyers are finding the process frustrating. It is becoming common to make offers on a few houses before getting an offer accepted. For what it is worth real estate agents also find this frustrating as we go around town writing offers that get rejected.
As a broker, I am required to keep the offers we make or receive that do not get accepted by the other party. I have to say my dead offer file getting bigger and bigger.
More homes on the market should help and there has been a slow climb in the number of homes for sale.