Like many other large cities, Minneapolis, Minnesota has swung from a seller's to a buyer's market, but local Realtors believe that it's a great time to buy in a city that they say consistently ranks as one of the best places in the U.S. to live.

"Minneapolis has it all, from very low priced starter homes to outrageous multi-million dollar spreads," says Realtor Cindy Joe Niece. "Affordable homes are selling if they are priced correctly."

Niece advises, "If you are looking for a starter home in Minneapolis, make sure you are looking every day or have someone else looking for you. Prequalification is a must if you are looking for a good deal and you need to get out and see homes as soon as they come on the market. If you are selling a home, start the selling process before you start looking. If you can't, make sure your home is ready to be put on the market immediately. This is the perfect time for first- time buyers and buyers that are looking for a bigger home to get into the market. The interest rates are just icing on the cake.

"Inventory is higher for homes over $300,000 dollars, but most of these homes are moving if they have been priced correctly," she adds. "Very high-end homes are moving slower as buyers consider the economy. Most buyers still see these homes as a great investment due to the lowest interest rates that we have seen in many years. If these homes are getting exposure, they are also selling. In conclusion, if you can afford to buy a home, now is the time to do it. Minneapolis is growing and looks promising for continued appreciation. With FHA having a limit of $197,000 in the Twin Cities and VA at $203,000, even first time home buyers can get a great home."

Says Realtor JoAnn Conrad, "The Minneapolis real estate market remains steady with good inventory. With many homes to choose from and the continued low interest rates I rate this month's market as neutral."

Conrad suggests, "There are some terrific opportunities in the Minneapolis Lakes area. Calhoun, Harriet, and Lake of the Isles are fun places to live and people watch during the summer months. The current upper bracket market offers 26 homes listed in MLS on or near the lakes with a list price of $1,000,000-$4,800,000 averaging only 84 days on the market. If you're in this range you'd better take a look at what's out there before it's gone."

She explains, "In view of recent trends in the stock market, many investors have decided to consider purchasing real estate as part of their financial plans. Minneapolis is an excellent market for multiple family rental properties. There are approximately 146 multi-family properties listed with prices ranging from $149,900 to $650,000 for two to six-unit buildings It is an excellent location to consider if you're thinking about purchasing investment property.

Conrad believes the market will come back. "Minneapolis is always a happening place to live! The best in downtown dining and entertainment including the Metrodome and Target Center is minutes from your door. You can walk, roller blade, bike, and jog around the Lakes area of Calhoun, Harriet, Lake of the Isles and more, then go Uptown for some light dining or shopping and great people watching. Minneapolis has it all, cozy bungalows to sprawling mansions, eclectic townhome/condos to skyscraping condos with breathtaking city views. Now's the time to claim your space in this awesome city."

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Published: May 6, 2003

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