As we all know, 2020 was challenging, and the Twin Cities housing market changed rapidly to keep up. The tides of the 2019 low inventory trend didn’t shift in 2020: with fewer houses and more buyers on the market, sellers were able to raise prices to get more from each sale. This disparity creates what’s known as a “seller’s market,” where sellers can raise the prices of their houses because there are more interested buyers willing to outbid each other. Housing in the Twin Cities will likely remain a seller’s market in 2021.
The Good news is the Minneapolis/St. Paul new construction market is booming, with no signs of letting up anytime soon. Now is a great time to begin imagining yourself in one the many homes under construction. There are a variety of housing options available to you and many benefits to getting into one of the new homes in Minneapolis. Whether it be a downtown condo or townhouse, or a family home in the suburbs, there is an option that is perfectly suited to meet your needs.
A new home can offer several cost benefits over the long run when compared to purchasing an older home. In addition to the costs associated with keeping and maintaining an older home, newer homes are often constructed using newer, longer-lasting materials in the insulation and windows especially that can potentially offer significant savings on your heating bill each month. As well, new homes often come equipped with attractive new stainless steel appliances built more energy-efficient to save you even more money.
Newly constructed homes may also have the added benefit of giving you even more input in the finishing touches and more choice when it comes to layout and even paint color. This way you can ensure that the home you purchase truly becomes the home you’ve always dreamed of.