How Do You Find a Duplex?
Anyone who is trying to find a great value on a duplex might be asking themselves “where are all the duplexes?”
As of the writing of this article, the real estate market in the Twin Cities region is experiencing low inventory. There is a high demand for every attractive property, and most sellers are getting multiple offers above their asking price. Traditional home purchasers are experiencing an increase in demand and a decrease in supply, but duplexes are experiencing an even higher demand coupled with an even lower inventory rate.
Because duplexes are such an attractive investment, we have found that a high percentage of our properties are sold even before we put them on the MLS. That means that if you’re thinking of buying a duplex, you’re going to want to talk to us and get on our mailing list so that we can come to you the moment new inventory is made available on the internal wires.
Because nobody sells more duplexes than The Duplex Doctors, we have other real estate agents coming to us to sell the duplexes that come their way. In fact, because of all the tensions that need managing and the expertise required, we are sent duplex listings by agents all across the Twin Cities.
When inventory is low and the offers are coming faster than the listings, it’s even more important to work with a duplex specialist rather than just a regular Minneapolis real estate agent.
Our mission is to maximize value for both duplex buyers and sellers while working hard to be effective and trustworthy for every client we intersect with.
So, where are all the duplexes? The answer is simple.
If you go to one of the websites that most home and property buyers frequent, you may find that the listings are not always 100% up to date. Zillow, Trulia, and many of the other mega listing websites that dominate the first page of search engine results may end up running a little bit behind the more localized MLS.
This means that Zillow and Trulia will show outdated listings, and it also means that they will not be lightning fast when posting new inventory. While it may not seem like a big deal for these websites to fall behind every once and a while, we know that every second counts for a duplex buyer. In fact, most duplexes aren’t even making it onto the MLS systems because demand is so incredibly high.
This means that most people won’t even see a new duplex listing because they are being sold before they hit the wires.
That’s not to say that every property sells before it is listed, we highly recommend every seller take careful consideration in their decision not to publicly list their property.
It’s important for sellers to understand how the market works so that they get the most relevant property value. That might sound kind of ridiculous, but we know that the ultimate determinant of the selling price is the purchaser’s demand.
Average rental rates continue to head upwards in the Minneapolis – St. Paul area, while vacancy rates remain extremely low. This means that real estate will continue to attract investor dollars, particularly as the bond markets face an ugly situation as interest rates could potentially rise.
Put your name on our list so that we can contact you when inventory arrives.
We would love to have the opportunity to earn your business and represent you when it’s time to purchase a duplex. We believe that duplexes are one of the most incredible properties and financial tools available for any new or seasoned investor.