Competition continues in Duluth’s real estate market
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The real estate market is on fire. Many assumed the need would have died down in the industry by now but local sellers are saying that is not the case.
With more people moving to the area, a lack of homes and an overall rush to own, many buyers are scrambling to make offers just to get a shot at closing in the area.
Duluth RE/MAX realtor, Kevin Kalligher, says the cutthroat local market has to do with two main factors. The first is low inventory, specifically, what houses does the area have locally for people to buy. The other is the low mortgage interest rates.
"Those record low interest rates are allowing an influx of new pre-approvals," said Kalligher, "so it’s a really interesting time to be out there shopping right now."
And the competition isn’t going anywhere. He sees this trend going into winter at the very earliest. And for those looking to buy in this seller’s market, Kalligher offers some tips.
"You have to have a preapproval letter," he emphasized. "People have been saying this for years and years, but you have to have it to be able to compete. If you’re looking on the weekends, talk to your lender that Friday, so you’re not scrambling to get something on Monday."
The next tip: know what you’re looking for. Be confident in your decision and knowing the difference between your needs and your wants in a home.
Kalligher also says that the asking price for those move-in ready homes is not the endgame, but rather where the conversation starts.