If you are looking to buy or sell your home right now, you should be sure to hire a realtor that has a deep understanding of the current real estate market. The best realtor will be transparent and inform you that the real estate market in Plymouth, MN is very competitive at the moment. People wishing to buy or sell their house at the moment might think that it will be a difficult time due to the chaos of COVID-19. The average person who is not experienced in real estate would assume that the difficulties the economy is facing would negatively affect the real estate market in Plymouth. However, this is not the case. The real estate market is hyper local and is very based on supply and demand. The real estate market is currently very hot in the area- to many buyer and sellers surprise. There are multiple reasons for this. First, because there was such a high amount of constrained activity from the months when everyone was stuck in quarantine, there are many buyers and sellers looking to move. Many homes are all being listed on to the market at once and buyers are flocking to websites and open houses to do research on potential homes. Second, supply and demand in the local area has directly affected the housing market. Many sellers in the area are not having any trouble selling their home for top dollar. Sellers should be aware that they should not have to settle for a price any less than they value their home at, right now. There are more buyers wishing to buy than there are homes available in the area, which means that sellers currently have some power in negotiating fair prices for their properties. To put it simply, Plymouth homes are in demand. Popular houses are selling for around 2 percent higher than the list price. Even average or houses that need renovation are not staying on the market for many days. If you are looking to sell your home, you should be aware that sellers are very satisfied with the offers they have been receiving from buyers as of late. Lastly, the low interest rates are very attractive to buyers who need or would like to. This incentive has buyers even more interested in quickly finding a home, and is also introducing the thought of buying a new home to individuals who might not have been in the market. All in all, anyone looking to sell their home right now is in luck- it is a seller’s market.
Plymouth Home Pricing
The median home value in the Plymouth, MN real estate market is $340,700. However, the average price of a home sold in Plymouth in the past few months is 443,000 dollars. This is around a 15 percent increase in the prices of homes at the same time last year. The average amount of time a house sits on the market in the area is 31 days, and less than 1 percent of homes sold have sold under list price. So if you are looking to sell your home, the market is considerably in your favor. Your home will likely get an excellent offer or multiple winning offers and sell very quickly considering it’s a sellers market.
Why Your Plymouth Home has Value
Plymouth constantly ranks within the top 10 suburbs to live in Minnesota. It has a population of 77,213. It is located within Hennepin County. Plymouth offers its residents a very unique feel in that it has both an urban and suburban feel. Individuals looking to buy your home are likely attracted to this area because of the endless amounts of parks, coffee shops, restaurants, and shopping malls. There are many things to do in Plymouth, which keep residents of all interests busy.
The public school system in Plymouth is extremely highly rated. There are also many private school options for grade school, middle school, and high school students. The excellent schools and the area’s high safety ratings attracts many families to Plymouth. Young professionals are also drawn to the area because it has good employment rates and a plethora of job opportunities. A majority of the adult residents have a college education or higher. Businesses are continuing to grow and expand in the area. The median household income is around 100,000 dollars a year which is around twice the amount of the national rate.
In conclusion, Plymouth is increasing in popularity and is a very attractive option for young professionals or families wishing to buy your home. You have the right place in the right location for a buyer looking right now- so do not be afraid to take the jump and put your house on the market. The real estate market in Plymouth is prime for sellers.