Why Should You Sell Your Home Now?
We are officially in the month of March, which means are really starting to dive into the Spring market in Real Estate! If you have been getting outside at all this week, you can tell that Spring is in the air in Minnesota and everyone is excited.
What's even more exciting is that there are LOTS of buyers that are looking to buy a home, YOUR home! The Twin Cities is seeing low inventory across the market. According to our local Multiple Listing Service data (from NorthstarMLS) in February of 2017 there were 13,109 homes for sale. This year February there were 11,053.
This means that we have less homes available for buyers. They are eager and ready to find their new home and want to opportunity to see yours! Especially those that were looking last year and didn't find the right one.
This also means that many sellers are selling at top dollar. In fact, the median sales price has also gone up. Once again, NorthstarMLS data states that in Feb. of 2016 the median sales price was $219,900, in Feb. of 2017 it was $232,000, and this year in February it was $249,000. Thats a $30,000 in just two years for median sales price.
So, if the low inventory and the median sales price have sparked an interest, you may be thinking, what do I need to do to get my home ready to sell?
Here are some of the things you can do to make sure that you can jump on the market and get ready to go!
Meet with a Realtor to see your home - They will give you walk through with you and suggest anything that you may want to do before going on the market, including meeting with a professional home stager or interior designer to really set you up for success. They can also prepare a market analysis to give you an estimate on what your home may be worth right now.
Declutter - This is one of the simplest, yet effective things you can do to make your home stand out to buyers. If you're normally a Spring cleaner, start it early and get rid of things that you don't need, like, or use anymore. When buyers walk through a home, you want it make it as easy as possible for them to imagine themselves living there.
Think Lots of Light - Bright spaces and natural lighting are extremely important when someone is considering your home. Replace dim lightbulbs and make sure your windows are clean to let lots of natural lighting in. This will make a big difference not only to a buyer, but to make it feel springy fresh to you too!
Clean out the closets - What a better excuse to go through clothes that you haven't worn in years. Take some time to empty out closet spaces to create a little extra storage for yourself, and to make it easier for buyers to actually appreciate the size of a closet. If it's too full, it may appear smaller to someone new.
If you think you have a little more updating to do other that these items, your Realtor can help you determine what should get you the most for what you put into it. Some of the common things that buyers will look at are kitchens, lightening fixtures, bathrooms, carpet condition, and paint. While some buyers may want to make some modifications on their own once they buy, your home will still appear more desirable with some updates to items that are worn down.
Do you need one more reason to sell now? Interest rates have been on the raise recently. That means that buyers want to find something now even more before the interest rates go higher, and you should too! If you plan do to a buy up out of your current home, you should meet with a lender to discuss what your new purchasing power is and what rates to expect. They will give you the best answer for what they are currently, and what their data shows for forecasting.
So what are you waiting for? Give your Realtor a call today, and remember, we are here to help YOU! If you know anyone that is thinking about selling, let us know!