Lifestyle

Now is the best time to buy a Minneapolis home

Model House on a CalculatorMinneapolis is in the middle of an uptrend in its real estate market. The median sales price of homes is increasing but is still accompanied by a robust housing demand. That is why buying a house in Minneapolis is even more inviting to new buyers and investors alike.

Market Boom

The housing market in the Twin Cities has so far impressed this year. Experts say that the boom is the first in the area since the 1990s. In Minneapolis, the growth is more apparent as the median sales price has increased from around $200,000 in mid-2013 to $260,000 in early 2018. More and more people are still interested in buying homes.

One major reason is low inventory. The available homes in the city are in record lows as construction is not able to keep pace with the overwhelming demand. Anyone who wanted to buy, sell, construct, renovate, or rent a home is affected, profiting from both ends of the market spectrum.

Flipping Homes

A growing segment of the housing market is house flipping. Given the current conditions, this investment option is raking dividends for sellers. Buying, rehabbing, and selling homes can be even more lucrative in Minneapolis because there are fewer homes to buy (in effect, fewer competitors) and more buyers coming in.

Fundamentally, renovating houses for profit is easy. You buy low, make appropriate renovations, and sell or rent them out. It is technically one of only a few viable ways to create capital growth and cash flow at the same time. According to house flippers in the city, the homes that they are still working on are already gaining value as they speak since house prices are still rising.

Indeed, it is an opportune time to buy a home in Minneapolis. Every home bought is already a good investment at the time of purchase.