The housing market is gearing up for a strong home buying season this Spring, despite rising home prices and low inventory. Chris Galler with the Minnesota Association of Realtors says….
“We have 47-hundred fewer homes on the market today then we did at this point last year. And it’s 75-hundred fewer homes than what we had in February of 15. So it’s a lot of homes that we need to fill that void.”
Galler says while the state’s housing market remains strong — there’s mixed feelings among buyers and sellers….
“Buying wise right now, we are really lacking inventory. There just isn’t enough homes on the market to satisfy the demand that’s out there. And that’s really what’s driving the price increases at this point.”
He says the lack of inventory has some homeowners holding off on selling….
“A lot of people are afraid that if they put their homes on the market it’s going to sell. And the market indicates it will sell pretty quickly but they are afraid they won’t find a replacement property because there just isn’t enough inventory.”
Full interview with MNN’s Tasha Redel and Chris Galler: