April 2016 H OUSING N EWS R EPORT “In my duplex and triplex niche, we have no inventory because the investors are getting great rents,” said Lundin. “But they’re not selling because they fear the stock market.” With more buyers than sellers, there’s a shortage of house listings in much of the Twin Cities metro area, creating stiff competition between buyers and generating multiple offers, according to Ken Carpenter, a broker with RE/MAX Results in Plymouth, Minnesota. “Single family homes under $300,000 sell in a few days,” said Carpenter, who works mainly in the northwest suburbs of Minneapolis. “There’s lots of new construction in Plymouth, Maple Grove and Medina.” Carpenter, whose team of three agents sold 100 homes last year and generated $23 million in gross sales, said as the warmer weather comes this spring more sellers will list their properties soon. “The inventory shortage will probably flip over soon,” he said. “We’re seeing a lot of renters Continued Next Page
for apartment seekers — and agents trying to list rentals for sale, according to Kari Lundin, an agent with Keller Williams Realty in Edina, Minnesota.
Landlord Paradise
“There’s no inventory,” said Lundin, who specializes in buying and selling duplexes and other multi-family units and is known locally as the Duplex Chick. “Currently, there are only 53 properties for sale on the MLS for HennepinCounty, which includesMinneapolis, which is home to 1million people. Our vacancy rate is below2 percent. It’s a landlord paradise. Rents have gone up, and it’s a landlord free for all.” Lundin, who listings and sales tend to be in South and Southwest Minneapolis and St. Paul, said there’s a paradox in the market: sellers don’t want to sell, especially investors with rental properties, because rents are rising, and the shortage of homes for sale has buyers frustrated because there’s no inventory.
Kari Lundin Realtor Keller Williams Realty Edina, Minnesota “ There’s no inventory. Currently, there are only 53 properties in the MLS for Hennepin County, which includes
Minneapolis, which is home to 1 million people. ”
Minneapolis Home Price Index
SOURCE: S&P/Case Shiller Home Price Index
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