The real estate market is on fire. People are taking advantage of historically low mortgage rates and the ability to relocate now that they are working remotely. But, it’s definitely a sellers’ market.
“The housing market is struggling to keep up with demand and the inventory is insufficient,” says Susan Wahman, who along with her husband Gary Wahman, work as a team with Edina Realty. “Buyers have to spend up to get what they want.”
Covid has also changed the dynamics of what people are looking for in a home. “Homeowners are looking for more space inside and more green space outside,” says Susan. “They also want dedicated home offices and separation for homework and online learning. So, we’re seeing a little step back from the open concept. People now want spaces where they can close a door. We’re also seeing buyers looking for space for multigenerational living, whether it’s kids moving back home or parents moving in with them.” In addition, they have seen an increase in demand for dedicated exercise rooms, pools, places to play sports, and other areas for activities they can do at home.
Despite reports of people fleeing the cities, Southwest Minneapolis hasn’t followed that trend at all. With its walkability, easy access to the city lakes, shopping and dining, it’s still in high demand. “For anybody who’s a runner or a biker, the proximity to the lakes is a really strong magnet,” says Gary.
“People like the Minneapolis lifestyle,” adds Susan. “Sometimes the yards are smaller so there isn’t as much upkeep. That’s something that’s of interest for all age demographics.”
“A lot of people who grew up in Minneapolis and are now working remotely are moving back to be closer to family, so that’s been a big trend we’ve seen,” says Gary. “Even when the pandemic has subsided, people aren’t going back to their offices. So, if they grew up in this area and moved to Chicago or wherever to work, they can move back for all the reasons that people move back home and still keep the same job.”
Another popular neighborhood is located in the Edina Country Club area since it shares many of the same perks as Southwest Minneapolis, such as parks and sidewalks for walkability. “What people coming from South Minneapolis like about the Country Club neighborhood is that the houses are sometimes a little bit bigger,” says Susan.
And, says Gary, for almost every home, the front yards are bigger than the back yards, so it’s primarily a front-yard neighborhood. You can see your neighbors and kids playing with each other instead of being isolated in backyards.
As far as prices and ages of the homes in both locations, they have pretty similar housing stock. “Minneapolis is slightly older, but not significantly so,” says Gary.
Both areas have their own desirable shopping and dining districts, with southwest Minneapolis being close to Linden Hills and Edina near 50th and France.
The Southwest Minneapolis and Edina Country Club communities are active all year round, not just in the warmer months. “There’s cross-country skiing and snowshoeing, festivals out on Lake Harriet, and ice fishing. We embrace winter here,” Susan says.
It’s even very common for homeowners to move back and forth between these two areas depending on their current or changing lifestyle needs.
Susan, who has been in the real estate industry for 18 years, welcomed having Gary team up with her six years ago. When asked why he joined Susan, he jokingly responds it was so he could see her. She was that busy.
“It’s been wonderful,” adds Susan. “Interestingly, my daughter asked her dad what one of the biggest surprises he had getting into real estate was, and he said, ‘That your mother did this by herself for so many years.’ It’s nice to have the backup, somebody to always bounce ideas off of, and have the ability to talk things through.”
Although the inventory is low, they have three homes that will be coming up for sale shortly. “We have two listings in the Edina Country Club neighborhood. One is a colonial that has a dedicated office and it’s close to a park, so that’s very desirable,” says Susan. “The other home has a lower-level suite for multigenerational living. It has a nice porch off the back so there’s green space.
“The other one has two main floor offices, which was unheard of before. Plus, it’s very close to an elementary and middle school, so it’s walkable to those.”
All of these million dollar homes have been updated and are move-in ready, and are also within walking distance of 50th and France, which is a bonus.
“One of the biggest things we always share with clients is that you can’t change the location, but you can always change a home. And both of these places are great locations.”
To get more information about these local communities and others, or to buy or sell a home, go to www.susangarywahman.com.