5 reasons things are particularly tough for first-time homebuyers in the Twin Cities
The market for entry level homes in the Twin Cities is extremely tight.
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To be a prospective first-time homebuyer in the Twin Cities right now is to be a glutton for punishment. Rejections, each with varying levels of politeness, wash in like waves at the beach regular and seemingly without end. It’s not uncommon for buyers to put in offers on a half-dozen or more homes before a seller accepts their offer, President of the Minneapolis Area Realtors Todd Walker told Bring Me The News.
Why is the market in the Twin Cities so aggressive this spring? And how are those that submit winning offers getting ahead? We asked Walker and Tracy Baglio, president of the St. Paul Area Association of Realtors, to explain what s going on. Here are five of the biggest factors making it hard for house hunting first-time homebuyers.
Despite pandemic, Twin Cities housing market set records in 2020
Sales were up 7.7% in 2020 compared to the year before.
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The housing market in the Twin Cities had a record-breaking year in 2020 despite there being a pandemic that left thousands of people out of work and a weeks-long stay at home order in what s usually the busiest time for the housing market.
In fact, the pandemic aided in the active housing market, the Minneapolis Area Association of Realtors and the St. Paul Area Association of Realtors said in a news release Tuesday. The pandemic forced people to work and learn from home, leading to people wanting more space.