2017 was quite the year in real estate! Our own experience mirrors what the Minneapolis Area Association of Realtors shared: a strong market overall yet a continued lack of inventory. In fact, at 1.8 months of inventory, we are at the lowest level in 15 years! The challenge? Sellers are ready to list, but are waiting to do so until they find their next home to buy. Until that happens, this inventory won’t hit the market – where it is desperately needed!
Fitting to the season, I can give you the example of good old Santa Claus. Let’s say that he decided that he and Mrs. Claus wanted to move closer to their grandchildren. He is not ready to retire, though, and so he has some pretty specific needs for his next purchase. He needs acreage, something close to an airstrip, room for a large workshop, in a county that allows specific livestock, and an oversized garage for the SUV, the four-wheeler and the sleigh! It may take a while to find the right fit. He already has his home ready to list and even knows the list price.
So there his home sits, ready for the next buyer. What he doesn’t know, is a CEO of a toy company has decided to move the company. Santa’s current set up would be perfect! But who would guess that this is for sale? There is not anything currently for sale and yet it would be ideal to move the company soon!
Therein lies the predicament so many buyers and sellers are facing! Sellers ready if they could just buy. Buyers ready if sellers could just list!
So what do we do about this? John and I have a very specific plan that has already worked for many of our clients this past year. We find ways to pair Santa and the CEO. We find ways to match them up so they know about eachother, first and foremost. Then we work out timing. The CEO knows Santa needs time to find the right home and needs to get through this busy Christmas season. Timing can be worked out, but at least now a buyer has found a fit! Now to find the place for Santa to move to! And the matchmaking continues!
We absolutely see more of this creative networking will be at work through much of 2018. As recent as this week, yes, mid-December, we continue to see multiple offers on homes. So as soon as that one home hits, a number of buyers are ready to buy it. We also see this continuing into the New Year.
For now, do not fret. Enjoy the holiday season! But if you do happen to know of a possible home for Santa….give us a jingle 🙂
