Selling Your Home: Helping Twin Cites home sellers buy another home in today's tight market of low inventory limiting the number of homes available to purchase. Smart preparation before buying a home will puts prospective home buyers in a good place to gain the winning bid.
Spring time is a premium moment to sell a home. Regardless of whether it's a buyer's market or a Minneapolis seller's market, inventory almost always rises in the spring. Winter's cold month lays up a store of home buyers eager to actively search for a new Twin Cities home during the months of April, May and June.
Twin Cities Home Sellers Need A Dual Plan In Place
There are high numbers of Twin Cities home buyers looking to buy a home in the Minneapolis area but they are having a hard time finding one due to a shortage of inventory homes for sale. With low Twin Cities housing inventory, homeowners could find themselves hanging in mid-air without their next home to move into. Selling their home at a great price was easy; however buying another house in the same time frame proves challenging. It is good to come well prepared into the selling process; homeowners need to plan ahead as they sell the home they are living in. Twin Cities tight housing inventory is creating still competition for listings and instigating multiple home offers while additionally pushing home prices upward. It is an intense and exciting time that adds greater value to having a highly skilled Realtor navigating the home's sale. Homeowners who are poised to sell, are hesitating to list their house until they feel they have a solid move-up selling plan in place for buying their next home.
Across the metro area, the number of homes for sale is now at a 10-year low, falling more than 30 percent compared with last year, according to the Minneapolis Area Association of Realtors. I can help simplify the process of selling and re-buying by helping you assess your options and sell your home quickly for the best price possible. All housing indicators are showing consistent improvements, and you will find it a great real estate market.
HOW HOME SELLERS CAN PREPARE TO SELL AND LOVE THE DEAL
While new listings are in high demand in the area, and the number of overall inventory homes is still down, good preparation still helps home sellers love their deal by the time they reach closing and are ready to take a check and go buy another home.
Sellers Getting The Home Price Right
Setting a realistic price for your home before placing it as a Twin Cities listing is critical. The price is ultimately up to the home seller because it must be an acceptable figure as a final selling price. However, sellers stretching to an unrealistic price point could end up sitting on the market for months on end. Before deciding upon a listing price, it is wise to let accept the guidance of a real estate agent. Experience and a current comparative housing market analysis on similar homes in the area will help. A home's price should adjust according to the comps offered; like, granite countertops, three stall car garages, hardwood flooring, and new landscaping. Sellers often find the price of a home appraisal conducted on the home prior to listing it, grants a very solid view of the home's fair market value. Smart sellers understand that setting the correct price bears immediate impact on attracting the largest pool of potential home buyers.
Savvy Sellers Stage Their Home Right
A professionally staged home always sells faster than a poorly staged home; homeowners typically gain their top dollar amount in the home's purchase price. Staging starts with deep cleaning of the entire premise (pay specific attention to the kitchen and baths), de-cluttering, depersonalizing and arranging furniture to make the home feel as warm, open, and appealing as possible. A smart seller stages with the intent of helping potential buyers to envision themselves living in the space. In addition to great staging, real estate sellers should take the necessary steps to correct nagging home maintenance problems and any obvious blemishes/minor issues such as a leaky faucet, eroding paint, stained carpets, etc. Come Springs home buying season, take time to read our Home Maintenance Spring's To-Do List. Cleaning up the exterior landscape will gain the benefits of maximum curb appeal.
Sellers Maximize Their Home's Curb Appeal
It is not necessary to invest high dollar amounts in new exterior siding, landscaping or outdoor lighting to have strong curb appeal. As with the interior, start with a major clean-up. Clean out dead leaves and debris that winter winds push under bushes and corners. Check overgrown vegetation that may hinder a window's view or path to the home's entrance. Removing lengthy branches and tree limbs to allow the daylight to come inside and showcase the exterior of your home. Mow your grass diagonally and edge lawn along the driveway, flower beds and sidewalks. Send a message to home buyers that the current homeowner has paid attention to small details. Invest in magnificent displays of annual flowers in containers that are easy to pick up and move. Yellow flowers stimulate buying urges. Arrange containers in groups of three or five near the entrance or at exterior feature that merits being shown off.
Pictures That Market A Home Right
Online digital listing and virtual tours are a prime source for Minneapolis real estate buyers to find new real estate listings. Years ago, home buyers didn't have the means in hand to view properties until their agent scheduled personal home tours. With the majority of home buyers beginning their home search on the web, savvy Twin Cities real estate sellers recognize that this has become their opportunity to make a great first impression. The photos taken of your home must be perfect. If a buyer doesn't like what they see online, they'll skip your home and move onto the next, never giving it a second look. You can't sell a house if you don't get people through your front door to take a look. Buyers are looking for ways to eliminate houses from their search; don't let poor photos be a roadblock in your path to a successful sale.
Engage a Realtor Experienced in the Location You Wish to Buy Another Home
Engage the skills of an experienced real estate agent. Find an active, real estate professional who specializes in the area where you want to buy your next home. In a fast-paced market, many home sellers find the home they are selling is sold before they the MLS listing is even up. Many sales today occur because the agent brings home buyers and sellers together on unlisted properties. Seller are at a substantial disadvantage if working with an out-of-area agent, even if you know them personally. Out-of-the-network agents are likely to not hear about new Twin Cities home listings until offers have already been written and presented to the seller. Working with a Realtor who will call you about new listings before the public learns about them is vital in a tight market.
Have Your Finances in Order to Buy Another Home
Get your finances in order. When the inventory of homes for sale is low, you can be sure that other buyers will be looking for the same house you are. So, when the right home comes on the market you have to be prepared to jump immediately and make a strong offer. It's crucial to have all the financial work completed up front. Make sure your down payment on your next home is sufficient in amount so your home closing and moving can be quick enough if necessary. Make a loan application and get pre-approved before you buy. When your real estate agent presents your offer with an pre-approval letter from your lender, you'll have a solid advantage over other buyers. Be well aware that 95 percent loans may be common enough; however, the transactions are considerably riskier. That's why sellers and listing agents are skeptical of buyers who put down less than 10 percent. If there are multiple offers, 95 percent buyers will always lose. So make arrangements to show the ability to put down at least 10 percent, even though you may ultimately put down only 5 percent.
"National trends persistently show an increasingly competitive market. Low housing inventory and rising sales figures have caused homes to sell in fewer days at higher prices after multiple offers. If the rumors are true, the U.S. Department of Inventory Housing and Urban Development may have some foreclosure inventory to ease some of the pressure. However, until they and other property holders actually put homes on the market, buyers will be forced to either bid higher or jump in with dwindling options." ~ MINNEAPOLIS AREA ASSOCIATION OF REALTORS®
Twin Cities Housing Market Weekly Status
A quick look at the numbers provided by the MAAR for the the Twin Cities region covering the week ending April 27 demonstrate what home sellers face for inventory and why they should put a plan in place to buy another home before moving out of their current one:
New listings on the market increased 2.9% to 1,519
Pending home sales increased 17.3% to 1,308
Housing inventory decreased 28.8% to 13,291
Accumulative totals taking in the late 3-Months average are 13,092 in 2013 versus 18,144 in 2012, which shows that the number of homes for sale are down 27.8%.
Consider New Construction For Your Next Home
The shortage of Twin Cities homes listed for sale and the tight rental market prompted the construction industry's cutback of new home building as they needed during the absorption period of housing's shadow inventory. When the housing market tumbled, new home construction hit a halt mode, causing new housing starts to drop well below historical levels. As the U.S. housing recovery gains strength and sustainability, home builders now can hardly keep up with the demand for new homes to be built, which has jumped at double-digit rates. If you are thinking selling and moving-up into a larger home, it is the perfect time! The Twin Cities is a sellers market gaining excellent value in current home sales, but you will save a tremendous amount on the home you buy. Higher priced homes are not recovering as quickly as starter homes so you can still get a steal on your new home. Plus, the low interest rates will translate into a lower monthly payment than you may be budgeting for.
National Average Home Price Is Up 10 Percent
While the national home prices average is up strong at a 10 percent improvement; the Twin Cites has even bested that. Minneapolis metro home prices are up over 13 percent.
Twin Cities Realtors are hearing requests from the strong home buyer pool for more new home listings. There are fewer homes to chose from when buying a home than the metro has experienced in years. With the Twin Cities currently in the midst a home sellers market, sellers are making decisions to sell their home and take advantage of it. Much attention is focused on the need for new housing inventory, as buyers have too few Twin Cities homes to choose from. Data by YCharts. If you are looking to buy or sell a home contact Home Destination. We are experts that specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.
National Average Home Price Is Up 10 Percent
Are you dreaming about buying a new house in Minneapolis/St. Paul this year? This is a great time to act! Prices are beginning to rise, yet interest rates are still low, so it is an opportunistic time to invest in real estate and make your dream home a reality. Affordability is at an all-time high which means you can buy a nicer home for a lower monthly payment.
Downloads For Additional Housing Resources
Download the MAAR Weekly Housing Report on Twin Cities Home Seller Activity for the Week Ending April 30, 2013
Download the Home Affordability Grade For Top 25 U.S. Cities by interest.com October 2012
Jenna Thuening is poised to help with your real estate needs. As an experienced Twin Cities real estate professionals with RE/MAX Results, we move the market! Read Home Destinations article on Twin Cities Home Prices Are Above National Average. If you would like a FREE consultation to make sure you are prepared to buy the home want after selling, contact Jenna Thuening at 612-396-7832 today!
Jenna Thuening, a residential Realtor helps Twin Cities home sellers buy their next home.11200 W. 78th St
Eden Prairie, MN 55334
Jenna's home page: homedestination.com
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