Townhomes Draw Homebuyers Frustrated By Tight Inventory
ELK RIVER, Minn. (WCCO) -- Brandee Schmitz has hunted high and low for a new home for the past month, but she has been left frustrated at times by how quickly homes sell.
"I've been told by my agent that if we do find something we're going to go quickly, and we're as prepared as we can be to put the offer in," Schmitz said.
That is why realtor Heather Peterson held a showing Friday of a townhome relatively new to the market. It is In a nice location near her daughter's school and looks priced to sell.
"We are seeing a huge amount of interest in townhomes," Peterson said. "Often times we put them on the market, we have 10, 15 showings and sell them within just a few days on market."
It's no surprise that townhome sales are heating up, primarily driven by the rising price of single-family homes and the lack of inventory.
"I've been in business 30 years, I've never seen inventory like this," said Chris Galler, executive director of the Minnesota Realtors Association.
He says the normal five-month stockpile of homes for sale in the Twin Cities seven-county area has dwindled to just seven weeks of inventory.
"We're hearing of many multiple-offer situation," Galler said. "Multiple meaning not just one or two, [but] eight or 10 offers on a house when it comes on the market."
So with fewer homes to choose from, buyers like Schmitz are turning to townhomes -- hoping another buyer doesn't beat her to the punch.
"You look the next day and you're like, 'What? Already? Something happened?'" Schmitz said.