Minnetonka Real Estate has seen quite a comeback from the Covid-19 related collapse of the real estate market back in March of 2020. The Minnetonka market actually bottomed out the first week in April and started to come back a week or two later. By the beginning of June we were almost fully back to normal and at the time of this writing we are experiencing a major sellers market with multiple offers on the table as the norm.
There is currently a lack of Minnetonka homes for sale on the market and when a new listing does hit the MLS, we are overwhelmed with showing requests and the offers soon follow. It is not uncommon to see multiple offers above the list price on the table with some offers 10%+ over list price.
There are a number of reasons this is taking place.
- Historic low interest rates of just over 3% for 30 year mortgages.
- Lack of Minnetonka Homes for sale on the market.
- People are working out of the home more and need larger homes.
- Open layouts are not as popular as they once were with new home buyers looking for at least one, maybe two private offices in a home.
- People are not commuting to work and they can live anywhere as long as there’s a good internet connection. Think Lake Home…
I have posted blog post with a live chart showing how Covid-19 has affected the real estate market and you can view it here: COVID-19 Impact on Real Estate Showings in North America • Minnetonka Realty
*Please give me a call if you have a home to sell as you do not want to miss out on this market.