You're probably tired of hearing the gloom and doom the media is spreading about the real estate market "The lowest number of building permits in history", "The lowest number of homes sold this month in the last 10 years", "Depreciating house prices"...and on and on. Here's the problem with these headlines. 1) The media usually reports from national statistics, and those statistics may or may not hold true for your particular neighborhood; 2) Those statistics don't narrow down the different price points of homes, if they are in the city or second ring suburbs. When you look at "averages" homes that take over 100 days to sell in the second ring suburbs scew the number for the homes that sell in under 60 days in Minneapolis or St. Paul.
There's no question all of this negative media is enough to scare you into staying into your home, even if you'd like to move.
Let me tell you a little about how the market looks from my perspective. I had three closings in October, three in November, and already have one scheduled for December. This is supposed to be the time of year I take some extra time off, but it's been too busy!
I don't mean to make light of the current market. There's no question it's much more difficult to sell now than it was 3 years ago. Just don't let the media let you think it's impossible to sell your home. That's simply not the case.
Here's a simple plan you can implement with your real estate agent
- Figure out the advantages and disadvantages of moving now. Remember, waiting for next spring does not mean the real estate market will be better. There's no reason to suspect we'll see anything other than more of the same.
- Determine what you're willing to do to your home to get it ready for the market. Then, price it accordingly.This market demands that you be willing to do things to sell your home that you may not have had to do 5 years ago. You may have to spend some money to get your home ready for the market, and you won't be able to increase the price of your home because you made those improvements. Those improvements only make your home more sellable!
- Meet with your financial planner and decide what you'll do with the equity you'll have from your home.
- Set a move date, and get that real estate agent of yours to stick the for sale sign in the yard, and get moving!