HOME SALES: Low inventory plagues Twin Cities - KMSP-TV

HOME SALES: Low inventory plagues Twin Cities

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While homes are being purchased at their fastest rate since 2007, the inventory in the Twin Cities market is still half of what it was two years ago.

In May 201,1 there were 25,636 active listings in the seven-county metro. In April of this year, there were 13,113 active listings.

New data from Zillow shows that in the Twin Cities, negative equity during the first three months of the year fell slightly from the previous quarter, but it's still at an astounding 30 percent of homeowners with a mortgage. The question is: Should those people put their foot back in the water and see what they could get for their house?

Many homeowners are hesitant to even put their house on the market to see what they could get. Yet, while some people say they don't want to sell because prices have come down so much, they have been putting equity into their home for eight or more years, which means it's still very possible they walk away with a check when they close instead of bringing a check to closing.

There are many stories of people getting into bidding wars for homes this spring, something the real estate market hasn't seen in years.

"You hear people talking about (receiving) multiple offers" on a home, Herb Tousley, director of real estate studies at the University of St. Thomas said. "Now, it's more of a seller's market."

So, is there a price range where homes are really selling quickly -- a sort of seller's sweet spot? FOX 9 News asked Jamar Hardy, a realtor with Edina Realty, about the inventory numbers and how the local market is reacting.

Watch the video for more information.

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