If you want to sell your house in Chisago City, MN, the real estate market news can feel dismal. It is definitely a buyer’s market right now, with nearly 30% of all homes for sale being foreclosures and the corresponding effect on all home values. But don’t despair – none of this means that your home can’t be sold! If your home is not in foreclosure, you have at least two distinct selling advantages over those that are:
A foreclosure or short sale can be a lengthy process, both for sellers and for buyers, taking months to complete. Your house may be priced a bit higher than most comparable foreclosures in your area, and still be an attractive option to potential buyers simply due to the fact that they can fairly accurately estimate the time it will take to complete the purchase and move in.
Regardless of how unfair it might be, the very word “foreclosure” has a negative stigma attached to it for most buyers – they will assume (sometimes accurately) that the home is in disrepair and will perhaps require thousands more dollars of work to be put into it before it is move-in ready. Buyers vastly prefer a home that’s turn-key, which they can immediately visualize themselves living in as is.
One key in selling your house quickly in a buyer’s market is working with your real estate agent to determine what your home is really worth in today’s market. Foreclosures in your area will certainly influence this, but need not be the only determining factor.
Experts say that it could take up to three years to clear out the inventory of foreclosed homes nationwide. In the meantime, smart sellers in Chisago City, MN will continue to succeed by presenting turn-key homes at the right price.