If you've tried selling you home in the last many years you probably have seen quite a hit in equity. For awhile it seemed as if the prices would remain at rock bottom forever and that we'd just 'have to learn to deal with it.' Sellers have eaten th
e brunt of the damage as we've watched the value of homes drop and drop and drop. There were murmors and whines wondering when the pain will end. In fact, being a 'traditional' seller was almost a novelty because they just weren't seen very much.
When I started in real estate (over a decade ago) I watched as the prices grew and grew quickly. I will never forget sitting in an office meeting where the discussion surrounding the Realtors was how to find homes priced affordably for their lower end clients. The amazement was the crossing of the $100,000 threshold. At one time there couldn't be a home found under a 100k. It was shocking, it was staggering and it seemed unreasonable. And, it seems like it was sooooo long ago.
As prices have flown to the floor the last few years we've seen that 100,000 dollar threshold smattered to smithoreans. You could find homes for 70k, 60k, 50k.... and even lower if you watched. Sure, the lower you got the more work needed to be done, but the deals were great and awesome.
During this season buyers had the pick of the crop and enjoyed the harvest. Bank owned properties were dumped at pennies on the dollar and our industry suffered.
In the past three months the tides have seemed to quickly change. Housing inventory has dropped dramatically, demand has risen and so have the prices. Buyers in the lower ranges are floundering and throwing their hands up in the air. Frustration over availability has grown and for the home seller? It is ALL good news.
For the home owner that has considered moving in the last few years, but has been holding their breath? It might be time to let it out. Breathe deep and give me a call.
The tide in Minnesota Real Estate is changing.
If you are thinking of selling a home in Minnesota I am looking forward to helping you! Call today and we can get the process rolling!
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