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Looking back at what I have seen come on the market and go off the market the first month in the North Metro of Minnesota I can tell you that the good listings are not lasting long.
Good listings are the ones priced at or below market. They could be bank owned, short sale, or traditional sellers. Either way they were selling if the value was there in the eyes of the buyer.
In fact areas likes Monticello, Otsego, Elk River, St. Francis,Princeton and surrounding cities seem to need a few more quality listings. Sellers do need to know the prices are still at the bottom of the market. Yet if your situation points to making a move then now is a great time to sell your home.
Make your home a GOOD listing by:
1. Pricing it AT or BELOW the market price. You can go through the sold and pending listings in the area to see where the MARKET PRICE is.
2. Make sure the home is clean and decluttered. You want your home to stand out (in a good way.)
3. Make it available to show. Not all buyers give 24 hours notice, so have your home ready to show because if you have it price RIGHT and LOOKING great the phone will ring.
A FEW MORE GOOD LISTINGS ARE NEEDED NOW! So don't wait, lets get your home SOLD!
The cold weather really did not hit us to stay until 10-14 days ago. However when Minnesota gets cold, it gets cold. Thus, when houses don't have the heat on they freeze up fast!
Why is the heat off in a house you may ask? Well, normally someone in Foreclosure or in the process of a short sale vacate the home and because they feel they are done with it they shut the utilities off and don't think about the house freezing once it gets cold. (Or perhaps they don't care).
Its fine if you want to leave the home move and not pay for the utilities bills, but there is a simple solution to the issue. Turn off the water and shut off the water lines and at the very least pour a few jugs of RV Antifreeze down all the plumbing lines. (A $10 solution).
Ideally you also blow the water out of the lines, but most of the time the antifreeze and shutting off the water supply will save major damage.
The value of a home drops several thousands of dollars when there is freeze damage. Some homes flood with water, causing mold and leading to the house needing to be gutted.
So if you are going to vacate your home this time of year in Minnesota - AT LEAST WINTERIZE IT!!
After having an Elk River, MN home listed for rent I am finding there is a big need for more single family home rentals in Elk River and the surrounding areas. It took just over 2 weeks to rent the listing I had in December. Since then I have received several calls requesting rentals.
On the Multiple Listing Service in the Elk River area there are only a few rentals out there and most of them are higher then the $1300-$1400 payment threshold most people are trying to stay under. Even going through Craigslist ads I don't see many new options coming on the market.
Thus if you have a home in Elk River and you don't know what to do with it, perhaps renting it out is an option. If have been thinking about buying a rental home Elk River is an area that you should consider. There always seems to be a few great deals on the market!
If you would like to invest in Real Estate and are not sure where to begin, feel free to contact me and we can talk about your situation and answer your questions!
Its good to relay the the Minneapolis Association of Realtors is reporting that week one of 2012 the trends we saw late in the year continued. I personally felt like that week was a slow week. However, the last few days I have met some new buyers who are entering the market. This should lead to a competitive Spring market that will see a lot of multiple offer situations. Be ready Twin Cities Buyers & Sellers!!!
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The first full week of 2012 shows that buyers were off to a busy start while
seller activity cooled down. Sales volumes easily beat the same week in 2011.
The inventory drops that many communities saw during the second half of
last year should translate into further positive news for sellers. Interest rates
are expected to hold the low ground, enriching the buying environment for
consumers. It's early now. The spring market will ultimately be the major tell
as to the rate of recovery throughout the year. Today's lesson: Maintain a longterm perspective and watch trends develop beyond one week of data.
In the Twin Cities region, for the week ending January 7:
• New Listings decreased 14.6% to 1,266
• Pending Sales increased 13.8% to 561
• Inventory decreased 24.5% to 17,302
For the month of December:
• Median Sales Price decreased 6.5% to $145,000
• Days on Market decreased 2.5% to 140
• Percent of Original List Price Received increased 1.7% to 90.6%
• Months Supply of Inventory decreased 35.6% to 4.6
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I work with buyer, sellers and investors! I specialize in helping first time home buyers! I am also a life coach, helping people breakthrough barriers to find prosperity in all areas of their life.
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