January 30, 2014
The real estate market seems to always be in a state of ups and downs – you may even refer to it as a rollercoaster ride of supply and demand. In 2013, we saw a low inventory of homes on the market, making it tough to satisfy all the Buyers who were looking to purchase. In turn, this created multiple offer situations for many Buyers looking to snatch the home they love. This has been ideal for residential sales as its been awhile since they had the pleasure of requesting the ‘highest and best’ offer for the property.
Most recently, we’ve seen a slight turn in inventory. More properties are beginning to come on the market and list prices are rising along with them. This combination is forcing Buyers to become more money savvy, taking a closer look at the costs they will incur for the home they want to purchase. Of course the rise in home prices is great for those looking to sell their home, and typically puts a positive spin on the equity issue many have been experiencing.
With all this in mind, and knowing that interest rates are expected to rise in 2014, Sellers still have work to do in order to compete in this market. Many Buyers aren’t looking to purchase the ‘fixer upper’, and if you’re one of the few and brave that are, you’re certainly not looking to pay top dollar. What to do to get top dollar? Clean it, stage it and price it right – this means price it in accordance with the market, not in accordance with what you’d like to get out of it. Also, Buyers are expecting a well cared for and mostly updated interior with a groomed and maintained exterior, and they’re willing to walk away if the home’s condition and price don’t match up.
This is just the beginning of our New Year, if you have questions about how to get the most amount of money out of your home, or are in need of assistance when it comes to purchasing a new one – the Better Living Group is here for you. Let us know how we can help make your 2014, the best one yet!
Chelsea Knutson and the Better Living Group
Realtor- GRI, ABR, CDPE
Keller Williams Classic Realty NW
Tags: American Dream, Buyers, Current Market Trends, Current Trends, economy, First Time Home Buyer, Homes, Homes for Sale, Houses, Interest Rates, Keller Williams Classic Realty NW, Lending, Listings, Maple Grove, Market Rates, Minneapolis, Minnesota Mortgage Rates, MN Real Estate Market, MN Realtor, Move Up Buyers, moving in the right direction, nearby amenities, Owning A Home, Purchase Agreement, Real Estate, Realtor, realtor gri, rewarding service, Sellers, Selling a Home, Single Family Home, The Better Living Group, Townhouse, Twin Cities