Now's the Time to Sell

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Would you like to get multiple offers the week you put your home on the market?  That’s what we’re seeing. It’s an impressive situation because buyers are outbidding each other trying to get good homes, and they’re spending more than what the home is listed for! No surprise because there are 31% fewer homes on the market than a year ago. With the dwindling supply, it would take less than three months to sell all of the homes currently on the market. 

Another sign of a surging market is home prices. When the supply goes down, it helps push prices up. In fact, the median home price in the Twin Cities rose 17% from last year at this time. Now this may not be true for every neighborhood or price range, but prices are solid across the board.

What does this mean for the seller? If you’ve thought of selling your home, the time is now. Since there are fewer homes on the market, there’s more competition for available homes. Low inventory often translates into multiple bids, high list-to-sale price ratios and being able to negotiate better terms. It’s a great time for sellers. 

So what does this mean for buyers? Buyers are entering a competitive market with multiple offers helping to drive up home sales prices. Be aggressive. When a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Remember, inventory is low. If you hesitate, the property could be gone because others will be making offers. 

Keep in mind that mortgage loan rates are extremely low, which makes buying a home more affordable than ever, but the rates won’t last forever. Interest rates are still below 4% with some as low as 3% for a 15- or 20-year fixed-rate mortgage. If you wait and interest rates rise, you could get locked into spending a few hundred extra dollars a month on your payment.  

Give us a call so we can tell you where to be positioned and how to be successful in this market. Please contact us at (651) 481-6711 or email us at TheVannesteGroup@gmail.com.