What the Low Inventory Means for St Paul Condo and Loft Shoppers
For the last 33 months, home sales have fallen for the last year across the U.S. The St Paul condos & loft market has been particularly tight, with 40 percent fewer listings on the market in April 2018 than one year prior. So what does this mean if you’re looking for a downtown St Paul condo?
Inside St Paul’s Lean Real Estate Market
The shortage is particularly acute among entry level homes priced up to $250,000. This includes many St Paul condos. If your budget is over $250,000, you won’t face as much competition when placing an offer.
With a tight market, more shoppers compete for each listing. Many aspiring condo owners are frustrated at being outbid when they find a listing they love or feeling forced to make a snap decision on whether to put in an offer before someone else does.
Condo Shopping in a Tight Market
When there’s a shortage of supply, you must act fast and you might pay more for the same St Paul condo than you otherwise would in a buyer’s market. That said, you can still get a good deal when you know your budget, have mortgage pre-approval, and partner with a real estate agent who can help you act when you decide to put in an offer.
As your real estate agent, I can help you evaluate condos, understand the offer process, and find success in a tight market.
Shannon Lindstrom, REALTOR®, AHWD, GREEN
748 Grand Avenue
St. Paul, MN 55105