1. Demand Is Strong
The latest data released by the Minneapolis Area Association of Realtors shows buyer demand is still strong and conditions are favorable for sellers… with only a 2.5 month supply of homes for sale, average 48 days on market until pended, and 98.5% of list price received. Buyers are ready, willing, and able to purchase… and are in the market right now! Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Historically, there are always fewer homes coming on the market in the fall and there is no reason to expect this year will be any different. That means there is likely to be less competition from other homes so yours will get more attention. Expect the market to heat up again next spring.
3. The Process Will Be Quicker
Today’s competitive environment has forced buyers to make quick decisions and compete with short closing times, contributing to making the entire selling process faster. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days, after seeing a 12-month high of 48 days in January.
4. There May Never Be a Better Time to Move Up
If your next move will be into a premium or luxury home, now is the time to move-up! The inventory of homes for sale over $500,000 has pushed these homes into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!
With prices continuing to appreciate in value, if you are moving to a higher-priced home it will likely cost more in raw dollars (both in down payment and mortgage payment) if you wait.
5. It’s Time to Move on With Your Life
Look at the reason you are thinking about selling and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
Only you know the answers to the above questions. Perhaps the time has come to put your home on the market so you and your family to move on and start living the life you desire.
That is what is truly important.
Sharlene Hensrud, RE/MAX Results
HomesMSP Team – Sharlene, John, Angela – Minneapolis-St. Paul Realtors
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