Juicy Lucys and Home Buying 'Sight Unseen'

Hey Friends, 

That subject line is Minnesota for you right now, a real estate market that's hotter than the cheese in the middle of your burger. Are people really buying homes without seeing them? Yes, and with increasing frequency. You're probably thinking it sounds crazy (and you're right, it's usually not a good idea) but if a buyer feels the only alternative is to simply not get a house, it starts to become less outlandish. Inventory remains at record lows, fewer than 5,000 properties for sale across the Twin Cities means there is less than one month's supply across all price ranges. It has been common in recent years for entry level homes to have only a month or two of inventory and therefore sell quickly, but it has now expanded through the next price tier and beyond, into the million dollar and up price range as well. Guess it's a good thing, people want to live and spend their money in MN, and why not...we love it here!

Buyers, don't let the 'sight unseen' thing scare you off, it's not the norm, the majority of home sales still involve a showing. Buyers have to move quickly, bid aggressively with maximum price and minimum contingencies but it's absolutely doable and we're having successes daily. The high prices can be scary too, but to keep it in perspective despite the median sale price being as much as 30% above the previous peak, the median mortgage payment is still more affordable than it was then based on the historically low rates. 

Sellers, if the 'sight unseen' thing is appealing because you'd like to sell but not have a lot of people in your home, we can do it. If you want to allow multiple showings and create a bidding war, we can do that too. If you're worried about selling due to difficulty in finding your next home, you are right, it's tough, but we have strategies to make that work in your favor. We can often dictate timelines, add contingencies for securing a new home, or even sell your home and rent it back from your buyer to make time for buying. Those are just a few examples, the right strategy is tailored to every client's needs. If you have a friend on the fence about selling, refer them our way for expert advice, please and thank you. 

Thanks for reading my articles. They are always fresh, never canned, we hope you enjoy it as much as a Juicy Lu....never mind not that much, we know our place. 

Cheers, Ben J

P. S. More about the Juicy Lucy's in our full newsletter here.