Realtors in Minnesota experiencing success as economy recovers.
According to the latest report from the Minnesota Association of REALTORS®, the number of closed sales in June stood at 8,125, a 4.5 percent increase from last year. This recent surge is the highest Minnesota has seen since 2010. Homebuyers are signing on the dotted line while more are looking to do the same. More and more Realtors are returning to the world of traditional sales as the economy recovers the Star Tribune reports.
The key to being a successful Realtor is to follow the market, top-selling Realtor Jason Stockwell shared. As the industry slumped, he shifted to short sales and foreclosures. Times have changed as now is the prime time to focus on traditional sales. Minnesota is actually experiencing a lack of housing inventory as demand is high.
Statewide homes are selling in about 73 days, which is an 18.9 percent decrease in comparison to this time last year. The metro area is seeing an even quicker turnaround of 47 days on the market until sale, a 27.7 percent decrease for the region.
Realtors are welcoming this change with open arms. A healthier market means there are more regular sells, and that creates “more opportunity for every Realtor,” the Star Tribune stated. What separated the successful Realtors during the recession was the ability to find ways to stand out, especially by working with the U.S. Department of Housing and Urban Development, which sells reclaimed Fannie Mae and Freddie Mac properties and then contracts with agents to handle those transactions.
While the shift from these transactions to traditional sales creates a broader market with more competition for Realtors, it is gladly received. The key to being successful REALTOR however, despite the times? The ability to be nimble.
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.