Savvy Realtors
FAQs
A Buyer’s Guide to Comparing Developments |
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"It’s a great time to buy new construction in the Twin Cities," says Sharry Schmid, vice president of Edina Realty’s Builder Resource Group. "There’s plentiful inventory choice, favorable interest rates and more incentives than ever."
If you’ve been sitting on the sidelines, evaluating the housing market and determining the best time to make a move, the bottom line is simple. Housing is always a smart investment, and the current Twin Cities market offers a little something for everyone.
Twin Cities Inventory
The Twin Cities market offers more housing inventory than has been seen in a decade. According to the National Association of Realtors, the absorption rate (the number of months it will take for the current inventory supply of available properties to become pending or sold) is always in direct correlation to the type of housing market. With current absorption rates for both single family and condominium developments ranging between six to eight months in this region, we definitely remain in a buyers market.
Interest Rates
Interest rates remain at historically low levels, making it easy to finance a purchase. Whether you’re looking for your first home or investment property, a variety of flexible financing programs are available. In addition, interest rate locks of up to two years on new construction properties provide options that are in your best interest now, as well as into the future.
Developer Incentives
Many developments in today’s market offer a wide variety of packages and incentives. Whether you’re a first-time buyer or life changes prompt a move, incentives might provide that extra boost you need to get into the home of your dreams.
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