Sell Your Home And Move Up Now - Move-Up Homeowners Could Actually Loose More By Waiting To Sell
March 25, 2013
Move-up home buyers querying the recovery first may end of being left out of overall gains. A move-up buyer is really transferring their properties value or equity from one home to another. Second time buyers have some new cost functions, which will include commissions and perhaps higher property taxes. If a real estate buyer in Minneapolis waits to sell and buy, most likely by waiting to buy, likely a high base will be used and create higher costs.
Move-Up Sellers Are Transferring Home Equity
A move-up buyer is really transferring their properties value or equity from one home to another. Second time buyers have some new cost functions, which will probably include higher property taxes. If a Twin Cities real estate buyer waits to sell and buy, most likely the wait will end up meaning their home purchase falls in a high tax base, or at a higher interest rate and creates higher costs," says Jenna Thuening, owner of Home Destination.
Minneapolis Home Prices Have Risen Steadily
Last calculated on March 13, 2013, Zillow reported Minneapolis home prices are up .40% with in a month over month increase, a 1.00% quarter to quarter increase, and a 8.20% year to year increase. The median sales price across both Minneapolis and St Paul for both single family homes and condos is $191,600. For single-family home sales only, that median home sales price is $206,900 with 21 percent year over year increase.
Rising Home Prices Effect Both Ends Of Buying And Selling A Home
Taking a snap view of the one month, from December to January, according to the Federal Housing Finance Agency’s monthly Home Price Index for Minneapolis homes (HPI), house prices rose 0.6 percent on a seasonally adjusted basis across the United States. The previously reported 0.6 percent increase in December was revised downward to a 0.5 percent increase. For the 12 months ending in January, U.S. prices rose 6.5 percent. The U.S. home price index lands 14.4 percent lower than its April 2007 high and isn't much different from the September 2004 index level. With a full year of positive incline, national home prices have continued to climb upward every month beginning January 2012.
Move-Up Sellers Can Take Advantage of Thriving New Home Sales
The Census Bureau reportings for the third week of March showed that single family home sales are up, and new construction starts rose to a seasonally adjusted annual rate of 618,000 in February. That gives the U.S new high level not seen since June 2008, before the housing market collapsed into a recession that we were ill prepared for. Over the last 12 months, 551,000 single-family units were started, and an additional 255,000 multifamily units. As is shown in the accompanying charts, that was an increase of 28 percent from the period a year earlier. Not since the early 1980s, when the economy was coming out of a double-dip recession caused in large part by soaring interest rates that made homes un-affordable, had starts risen so rapidly.
Sell Your Home Now While They're Selling Fast
A strong cluster of housing markets across the U.S. are continue to crawl slow and steady upward, making a real estate recovery more believable as local market experience the first buds of spring season's uptick in home buyer activity. New listings and overall housing inventory levels are today's prominent indicators to watch, as demand for quality homes to buy is up. "Twin Cities Realtors are finding the highest home prices and fastest home selling times from the moment a home is listed to sold. Where it used to take months, it can now take mere days to sell a clean fixed-up home in a great location," states the MAAR in their weekly The Skinny report.
Consider the Twin Cities housing current situation before selling your home; today Minneapolis is a home sellers market, offering you an exceptional opportunity to gain significant advantages of selling while the the Minneapolis housing market is in seller's favor. Jenna Thuening, owner of Home Destination is a Twin Cities real estate expert and can guide thorough the process of selling your home. Call 612-396-7832 for your one hour FREE consultation.
Download the Case Shiller Home Price Indices For March 2013.
Download the Home Prices Index for January 2013 by FHFA
Jenna Thuening, a Minneapolis residential Realtor who can help you successfully sell your home.
Eden Prairie MN 55334
Jenna's home page: homedestination.com
If I'm out in the field, you may quickly reach me by email: firstname.lastname@example.org and note how I can help you, or leave a message on my voicemail and I will get to you as quickly as possible.