Here is a quick list of the reasons why now is a perfect time to sell your home:
1. Inventory: This has been going on for months now, but the number of houses actually available for sale have dropped so dramatically that home buyers are literally lining up to make offers on homes for sale. For July in the Twin Cities metro are the month’s supply of inventory decreased 19.6% to 3.7 months.
2. Time it takes to sell is down: Here in the Twin Cities, the days on Market decreased 31.4% to 72 days for the month of July.
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3. Interest rates are low: Don’t think that interest rates affect you the home seller directly? Consider the fact that a lower interest rate helps a buyer afford more home and sales price. Plus, if you plan on financing another home yourself, you will be able to take advantage of the low interest rates too.
4. Home prices are going up: Median sales price increased 16.8% to $208,000 for the month of July. Many home sellers and buyers are surprised by this, but being in the real estate business it makes perfect sense. The housing market is just like any other market, like the stock market for example. Prices rise and fall based on market supply and demand. The Housing market saw a peak in prices in 2006 and 2007, demand evaporated and the housing crash happened.
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5. Home builders are starting to build: You know what that means…. More homes for sale, more inventories, less buyer competition per home, less power a seller has during a sale.
6. Buyer contributions: When inventory is low and buyers are fighting each other for available homes for sale, it tends to make them contribute more to the sale, and ask for less seller contributions. If your home needs repairs, a buyer will be more willing to pay or contribute to the repairs. They are also less likely to ask or insist that a seller contribute to buyer closing costs. This is very good for a home seller’s net sale profits.
7. REO’s are dropping every day: The inventory of bank owned properties have been reduced by 34.8%, and short sales have been reduced by 57.9%. If you’re a traditional seller, this is good news. You will have less competition from REO’s.
So are you ready to sell?
Call me now: (763) 486-5338
BradAndersonHomes@gmail.com
