9 Reasons Your Home is Not Selling in a Hot Market
When your home is not getting offers in a seller’s market, it is no surprise that you are not in your happy place. It’s not how you expected things to go. You thought it would sell quickly. Now you are asking your realtor why other properties are selling while your listing is growing moss.
Taking more time to sell a home happens all too often. As an agent who has been in the business for 16 years, I have been in this scenario. Here are what I’ve found to be the seven most common reasons a home isn’t selling.
The Price is Too High
The most common reason a home is not moving even in a market favorable to sellers is incorrect pricing. At the listing time, your realtor should do a market analysis of properties comparable to yours that recently sold. The price comparison is the best method to determine the asking price.
There are times sellers don’t agree and insist their home is worth more. There are often factors that the seller didn’t take into consideration that affect the value. To neutralize the adverse effect of imperfections...
The Ups and Downs of the 2018 Housing Market
The 2018 housing market has sure been a wild ride. The year began with rapidly rising home prices and low mortgage interest rates. Bidding wars were the norm for highly desirable homes. It was not unusual for sellers to find a buyer in the first few days after putting their house up for sale, generally at full asking price or even above. Sellers were riding high while buyers struggled to close a deal on a home.
But in the last few months of the year, we begin to see a shift in the market. Prices are finally stabilizing or increasing at a slower pace. Interest rates reach 5.2 percent, an 8-year high. Though now rates have fallen back to 4.59 as a benchmark for a 30-year fixed rate mortgage. The market still favors sellers but to a lesser degree.
2017 compared to 2018
- new listings down -0.3%
- pending sales down -3.6%
- closed sales down -3.4%
Staging for The Holidays
Let’s face it, selling your home over the Christmas Holiday can be a challenge. It goes over, and above the usual inconveniences you must endure and the compromises to the rhythm of your family’s routine you must make when you sell. For most, it happens to be the busiest time of the year regarding shopping, family activities, and entertaining. A string of strangers looking in all your nooks and crannies is not at the top of your wish list.
Many sellers temporarily take their home off the market in December while others wait until January to list. However, there are buyers out there, and most of them that are house shopping in December are serious buyers. So for those sellers with a high level of motivation, the holidays can provide a unique opportunity for your home to shine. You can also get a step ahead of the competition who decide to fast forward to January.
Once you decide to market your home when bells on bobtails ring, the next question is should you decorate and if so what are the rules? Here, the basic rules of staging your home for any season apply. Keep everything clean, eliminate clutter and avoid the personal items in your choice of holiday decorations.
Success-driven Home Selling
Most people have two primary goals when they sell their home. These are to sell quickly at the best price possible. Both are attainable and if your location is TheTwin Cities metro and your home value is under $500,000, the market favors you in a big way.
However, please do not think that you will achieve these goals if you ignore the basic rules of how to prepare to sell your home. If you want multiple offers and you want them in the first few days of listing you need to accept the fact that preparation is necessary. If your home’s list price is in the higher tiers, it becomes even more critical.
Convinced? Fabulous! Here are my ten commandments of home selling. Follow these, and you will present your home at its finest.
Clutter is not aesthetically appealing. It makes your home look messy and lacking in storage space. The goal is to go through every closet, cabinet, drawer and storage space from basement to attic. Don’t forget the garage and any outbuildings as well. Everything you decide you do not need should be for sale, consignment, donation or disposal.
For some, this step is no big deal, and for others, this...
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Tips to Control Stress When Selling Your Home
When you sell a home, the experience has the inherent potential to be stressful. Not only is the rhythm of your daily life at the mercy of showings, but your home has to look tip-top for potential buyers. Your privacy is held hostage to strangers opening closets and drawers as they snoop into your nooks and crannies. Yikes! That is enough to get the calmest nerves twitching.
There are many moving parts to the sale of a house. There are many individuals involved in that sale. Any of these or a combination of several can become the stress source for the homeowner. These are factors the seller has no control over, zip, zero, none! However, there are many aspects of the home-selling process where the property owner can have power over the outcome. Making better decisions at the beginning of the process increases the likelihood of having a superior selling experience.
Since I have sat in the seller seat myself on a few occasions, I have gathered some morsels of wisdom on the subject. Since I love to share, as one seller to another, here are my best tips for a successful home sale.
Hire A Great Real Estate Agent
There are a few different ways people go about finding...
Sell Your Home When The Time Is Right For You
It’s no surprise that many people advocate that the best time to sell a home is in the Spring. Part of the reason this theory has evolved is that families want to be established in their new homes by the beginning of the school year in September. While this does make sense for families with children, when it comes to when to put your home on the market there are no one-size fits all scenarios.
Even though Spring may be considered prime time for home sales by many in the industry, there is no perfect time for everyone. Every situation is different, and when you are personally ready to sell, that becomes the best season for you. However, there is one piece of home-selling wisdom that is always true no matter what time of year you sell.
Can you guess that one sliver of home-selling wisdom? It’s the preparation of your home to look its best in winter, spring, summer or fall. Making an outstanding first impression on buyers will determine how quickly you sell and how high a price you obtain. A home that is move-in ready will face a cleaner offer with fewer if any contingencies. Even in this strong seller’s market, we find ourselves in right now, the condition and appearance of your home do matter.
It makes the most sense to take the time to get your home in tip-top shape for the fussiest of fussy buyers. If you think your house is nearly...
Spring – The Best Time to Sell Your Home!
It’s officially Spring! Birds are chirping, flowers blooming, and “Home for Sale” signs as plentiful as dandelions on your lawn after a rain shower. Wait! What? The calendar says Spring but that is apparently fake news since I am looking out the window at 18 inches of snow we were just gifted and shaking my head.
The truth is the only Robin I saw was wearing a parka and snow boots. Not a single crocus is shoving a brightly hued head out of the earth. Even the forsythia has yet to bloom. And Home For Sale signs are not so plentiful at all with inventory levels of available homes at an all-time low in the Twin Cities.
However, what I have witnessed is an army of serious home buyers out in the marketplace. Yes, a plethora of buyers whose pockets are bulging with pre-approval letters, down payments and closing costs. Isn’t that great? It depends. It’s outstanding if you are a seller.
The Twin Cities Housing Theme is Short on Supply, Big on Demand
Right now there is an ...
Not a Market for the Fainthearted
Looking at the housing market in the Twin Cities for February we are going to be focusing on four factors; an ever-shrinking supply of inventory, declining home sales, a consistently upward trend of median sales prices, and rising interest rates. The market activity we are seeing here pretty much reflects what is happening across the nation.
While we might not expect prices to climb when sales fall, this downward trend is more a result of seriously limited inventory levels coupled with strong demand. There are simply too many buyers chasing too few homes and for a nervous buyer, this may be situation impossible.
The Market in the Twin Cities is Starving for Listings
New listings declined 8% over February of last year while inventory levels dropped 23% putting the supply of homes at 1.5 months. At the same time, the median sales price of homes in the Twin Cities metro rose 12.7% to $250,000. This rise in prices is partly a reflection of bidding wars on desirable properties where supply is so limited.
The same theme of the last 2 years continues with a vengeance: ready, willing, well-qualified buyers who desperately want to become homeowners being thwarted because there just not enough listings to go around.
What Rising Interest Rates Mean for Twin Cities Housing
January Twin Cities Housing Inventory Sinks Lower
We are now several years into a housing market where buyer demand is strong and inventory of homes for sale is limited and ever shrinking. This buying mania has been fueled largely by a strong economy with low unemployment, a robust stock market, and historically low mortgage interest rates. In addition, the high cost of renting has made owning a home the best option in the Twin Cities, as well as a wise financial decision. It was the strong incentive many first time home buyers needed to get off the fence and pursue the American dream of homeownership. And chase that dream they did!
Buying vs Renting Pros and Cons
We just capped off a record-breaking year for real estate. The story for 2017 was powerful across the nation. In the Twin Cities, the median sales price reached an all-time high. Closed sales broke a twelve-year record high even with inventory levels at a 15 year low. There were lots of reasons for sellers to celebrate. Homes for sale spent less time on the market with full price offers the norm. The market was rocking and tenacious buyers were the rocket fuel that propelled it.
As we look at the first month of the brand new year, January...
Twin Cities Buyers Know What They Don't Want
The one thing most sellers have in common is that they are unable to look at their property with a dispassionate and critical eye. The longer they have lived in their home, the more emotionally attached they become. Many simply cannot understand that the cracked tile in the foyer they have lived with for 10 years, should be of concern to a buyer. Or the magenta bedroom walls they adore would be another person’s decor nightmare.
After being a realtor in the Minneapolis-St. Paul metro for 16 years and closing on close to 1000 properties, I have shown my share of homes that made buyers run for the exit shouting, “next please”! I have been the listing agent challenged with marketing the lime green home with hot pink trim. So over the years, I have probably not heard it all, but enough to tell you what makes a buyer look like he just sucked a lemon. Sellers can and should take matters into their own hands before they put their home up for sale to avoid having their home sit on the market for a long time and sell for less money.
Big Ticket Replacement Items
A house with a roof that is at the end of its lifespan or siding that needs to be updated is a major red flag for buyers. The same holds...
Selling Your Twin Cities Home
Although the spring and summer months are traditionally considered the optimum time to buy and sell a home, did you know that the second-best season to Sell your Twin Cities home is the fall? Historically, if we assume normal market conditions, like the air on a crisp fall day, both prices and buyer activity tend to cool off. But as we know by now, this is not a balanced housing market but rather a red-hot housing situation that favors sellers in a big way. Inventory of homes for sale and days on the market continue their downward descent while on the other side of the coin median sale prices continue their climb to new heights.
Let’s explore the current market conditions which support a strong fall housing market for the Twin Cities which make a good argument for selling now.
Twin Cities Real Estate Data
According to the Minneapolis Association of Realtors, the week ending September 9th found inventory decreased 16.5% to 12,587 units for sale with new listings down 3.1% as well. However, pending sales were higher than the same ...
Preparing your home to sell
It is critical that you choose a Realtor that will tell you all of things you should do to prepare your home to sell. If you hire a good real estate agent and follow their advice, tips and tricks, you will sell your home for top dollar. Before you put your house up for sale, you need to deep clean, de-clutter and depersonalize it. When you are getting your home ready to sell, these are the basics and the best place to start. We want to make your property look as much like a new house as possible. Our goal is to project a warm and inviting environment, as clean, spacious, and impersonal as we can so that potential buyers can visualize your house as their home, with their furniture in the living room, their art on the walls and their car in the garage.
Home selling preparation step 1
This can often be the most difficult step for some sellers because often they have an emotional attachment to everything in their house. However, you really need to get rid of the clutter because one thing I know for sure, a buyer's dream house does not include your clutter! It will help you to look at this process objectively and realize that your beloved napkin collection filling up a shelf of the linen closet is clutter from a buyer's perspective. Remember, the buyer is purchasing your house not your stuff, and you want him or her to visualize where they can put their stuff!...
That All Important First Impression
It’s well established that a first introduction is vitally important. That initial handshake can either lead to a meeting of the minds, or to no deal. “I hope I make a bad first impression,” said no one ever! In real estate, we see this play out again and again.
When you are selling, the first personal impression when a buyer tours your home is like the handshake. If they don’t like what they see pulling up to the curb, walking into the lobby, or opening the front door, the cash register is going to ring up “no sale”.
Although a good first impression of your home may not always end up in making a deal, it is always the first step into getting to that important offer to purchase. Here are 10 ways to make a great first impression on prospective buyers.
1. Get Buyers To See Your Home
Today, most real estate transactions are born on the internet. The first interaction a prospective buyer has with your house is online. If there is no connection with them in those first photos, it’s extremely unlikely to go to the next step with a private showing. Make sure you have an agent that takes quality photos of your property, preferably professional ones.
With April just around the corner, our thoughts turn to spring. For many, spring not only signals the onset of warm weather, flowers, and birdsong but heralds the time to sweep out the winter detritus from hearth and home, otherwise known as Spring Cleaning. The first logical step in the process is removing all that stuff you really don’t want, don’t need, or never use, your clutter.
For those of you preparing to sell your home this spring, an absolute must for you is to take your cluttered chaos and turn it into organized harmony , but even if you are staying put, what better way to start the new season than with a home free of extra stuff to get in the way of your feng shui. Now that you are sold on the idea of paring down and organizing, there are a couple ways to approach the process of organizing your home.
- the intense weekend (or two) decluttering boot camp
- the series of multiple shorter de-junking sessions
Personally, since I am not a fan of pain and suffering, I prefer the “take-it-in-smaller-bites” process. Keep in mind, regardless of whether you opt for the intense program or the low impact version, you still need to perform the...
The 5 Reasons Twin Cities Home Sellers Should List Now
Even though March is still very much a winter month in the Twin Cities, we had a few days of spring-like weather in February. Those days may have been a teaser but I will tell what is no joke – the spring home buying season started in January! Buyers are eagerly snatching up properties with wild abandon. If you are planning to sell your house this year, the earlier in the year you get your house on the market, the better. This phenomenal seller's market is not going to last forever but right now it’s all about you and the question on my mind today is, what are you waiting for?
1. Tenacious Buyers Will Not Be Here Forever
To say there are many eager buyers in the market watching the posting of new listings with a keen eye is an understatement. Many have not just been anticipating home ownership for weeks, a great number of buyers have been looking for months. With so much competition for so little inventory, a large number of these buyers have attempted to secure a deal on a home only to lose out to another eager buyer. They are not giving up anytime soon but market conditions such as rising interest rates may force them out. This sense of urgency is inspiring them to make great offers, very often above list price while...
Attention Home Buyers and Sellers | Twin Cities Real Estate Market is Hot
If you have been looking for a home to buy or thinking about selling your current home you already know what I am about to tell you. The one extraordinary factor that describes the Minneapolis-St. Paul real estate market is that due to historically low levels of inventory, it favors the seller in a really big way.
How big? The latest data from the Minneapolis Association of Realtors shows us the end of 2016 inventory levels down 26.3 percent while months’ supply of homes was 1.8 in the single-family category, 1.4 for condos, and townhomes a mere 1.1 months of inventory. Looking at this from a perspective of the price range, anything below $350,001 is at 1.3 months’ supply or less. When you take into account that 5-6 months of supply is considered balanced, and the current supply is at an all-time low when we compare it to data going back to 2006, this is clearly an extraordinary situation.
How to Buy New Home in the Twin Cities
2017 Twin Cities Real Estate Market Outlook
The 2016 Housing Market reached an all-time high nationally with a housing stock value $29.6 trillion, regaining all it lost in the last recession. When we look at the numbers for the Twin Cities, they tell the story of a market that strongly favored sellers with fewer and fewer homes for sale spending less time on the market and selling for higher prices. In spite of inventory levels being down 26.3%, we saw the year close out with pending sales up 4.7%, closed sales up 6.7%, with an overall medium sales price up 5.5% to $232,000. The single family market segment earned the highest gains in price topping out at $251,000 up 5.7%.
For buyers lucky and quick enough to close a deal for a home, their journey had a happy ending. For others it was a tale of frustration and disappointment, especially as the year closed with interest rates spiking up from 3.375% to 4.5% Still, buyers remain undeterred and with interest rates that have leveled off at about 4.125% many begin the new year with the hope they will be moving into their own home by spring. For sellers the past year can be likened to one continuous ode to joy with days on market in decline and, median sale price rising and percentage of asking price received topping 97.5%.
With sellers in the Twin Cities still playing hard-to-get, the big question is will the threat of rising interest rates inspire them to finally make their move? If we do see an increase...
Why Early Spring is The Best Time Sell Your Twin Cities Home
Spring has officially arrived! Birds singing, flowers blooming, temperatures rising and “Home for Sale” signs popping up on front lawns like mushrooms in the forest after a rain shower. Now I have not seen any robins yet at my bird feeder, no crocus popping their colorful little heads out of the dirt or forsythia in bloom. What I have witnessed is platoons of serious home buyers out in the market place. Sounds like we have an active market filled with buyers holding pre-approvals, down payments and closing costs in their eager ready-to-buy hands. Isn’t that great? Let’s take a closer look and see why the best time to sell your Twin Cities home is in the early spring.
Real Estate Supply and Demand in the Twin Cities
What we typically have in the Twin Cities real estate market is an imbalance. We don't usually see very many “Home for Sale” signs but we have many ready and eager buyers chasing down the ones that do pop up. What does that mean exactly to you as a potential seller? Good news! we generally have a market that strongly favors sellers with homes often getting multiple offers that may even exceed the asking price.
Sell Your Twin Cities Home When the Market Favors the Sellers
In case you haven’t heard, 2015 was a great year for real estate, and with home sales reaching a 10 year high, many industry leaders say the housing market has fully recovered. Now that we are several weeks into the New Year with the spring housing market hovering around the corner waiting to pounce on the Twin Cities, let’s take a look at January’s statistics and make some projections for what is ahead.
January Was Cold But the Twin Cities Housing Market Wasn't
The January real estate market in Minneapolis-St. Paul was strong with enthusiastic buyer activity, brisk sales, and rising home values setting the trend. Pending sales rose 3.5 percent, the median sale price rose 10.3 percent to $215,000, and the median list price climbed 6.1 percent to $259,900, a record high. However on the seller side we saw a less inspiring performance with the number of new listings declining 7.2 percent from last year which brought inventory levels down 22 percent and the lowest they have been since 2003.
15 Curb Appeal Tips to get your Home Ready to Sell Fast
Sell your home fast by starting with the first impression. Here are 15 fabulous and inexpensive ideas to boost the curb appeal of your home, he has curated some great information from some great sites like Better Homes and Gardens and also offered up some great DIY tips from bloggers like Bella Tucker and First Home Love as well.
This information is must read for those of you are planning to sell your home fast this year. Even if you are planning to stay put, who doesn't want to improve the appearance of their home? Enough said. Let's read how we can give our homes a mini facelift!
First Impressions will help sell your home fast
In life, you get one chance to make a first impression. It can be the determining factor in getting the job, securing the client, or closing the deal. When you are selling your home, the same holds true. The first impression a potential buyer has of your house, be it online or in person can have a significant influence not only on an offer price but how quickly you receive one.
When buyers are presented with a property that has great curb appeal, it draws them in with a smile. Reversely, if your home looks untidy and ill kept from the outside, buyers are going to have the impression that the property has not been well cared for, and it may even have them saying, “Next please”, without so much as an inside peek.
Now that you know how important curb appeal can be, here are 15 easy and inexpensive sure-fire ways to get the curb appeal of your home hitting the high notes!