Local Minnesota real estate experts are trying to address the ongoing shortage of homes for sale in the state, as sales remain flat throughout the last month.
November’s sales numbers were pretty much flat, but President of Minneapolis Area Realtors Jerry Moscowitz says a recent drop in interest rates is spurring some action that could jumpstart the market.
“I believe the interest rates right now are about where they were in May. So we’ve seen some very positive momentum which really opens up things some more.
But Moscowitz says the frustrating reality is that buyers still don't have enough inventory to truly shop for a home.
“We’re looking to builders and different things to try to create more housing because it has been an ongoing problem for some time now,” Moscowitz said.
However, building isn’t any better for those looking to stay close to the Twin Cities.
“When you get into the Minneapolis-St. Paul area, these are areas that are developed. There just isn’t that land where sometimes as you go out a little more, there’s opportunity for your builders and that to build and to create more housing,” Moscowitz said.
He says the biggest opportunity for building more housing lies outside the core of the Twin Cities metro. And November's numbers indicate buyers are ok with that, given the largest sales gains were in places like Cologne, Princeton, North Oaks and New Prague.