Feb 13 2015 10100 1 The Metro Housing Market Is Heating Up

Dated: 02/13/2015

Views: 516

This information came from a recent News Report on KSTP by Jessica Miles and Stephen Telleir and I thought it was worth sharing with you. 

The cold weather and snow may not seem like it lends itself to buying or selling a home, but real estate experts say not so fast.

On the average, homes listed in the metro are selling in just over 60 days, some of course in just a few days.

Some of the hottest areas right now are the first ring suburbs like Edina, St. Louis Park, Bloomington and Mendota Heights.

And new, young buyers are a part of this movement.

Recent data shows Hennepin Cty's millennial population has jumped 23 percent since the beginning of the recession. Now, many appear poised to buy. 

"There are 77 million Millennials and Generation Yers, all of them coming out of the recession and coming out of school debt, now looking into first time homes, and they represent a large part of the market. So, as we roll into spring, things are only going to heat up," many realtors say.

A recent report by the Demand Institute, a nonprofit think tank, found 60 percent of millennnials plan to buy a home on top of the 24 percent who have already done so. According to the report, two out of three expect to marry in the next five years, and nearly half expect to have children in the next five years.

"Some of them have lived with their parents long enough that they might have saved enough of a next egg to go out on their own to an apartment and so forth," said Dave Vang an professor at the University of St. Thomas.

Real Estate experts say, if you plan to list your home, do it now before everyone else does in a matter of months. On average homes in the Twin Cities are getting 96 percent of the listing price. Home buyers are looking for open, functional lay-outs versus the massive square footage homes generally speaking now.

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