There's good news for Minneapolis residents thinking about listing their home in the near future: houses are selling at a faster rate and for a higher price than even a year ago.
A report released by the Minneapolis AREA Association of Realtors found that across the Metro, homes are being listed at prices 10 percent higher than last year, and median sale prices were up 8.3 percent from a year ago, too.
Condos and lofts, which are a large part of the downtown Minneapolis market, saw the largest jump in housing sales. The market is seeing greater demand from buyers, who are competing against each other to pay asking price, or close to it. Because of this demand, many condos are selling through pocket listings, which means the property never gets listed on the public multiple listings service (MLS). This can result in a quick sale of the property at a good price.
Of course, sellers should know that the price they list their home at depends on how showable their property is. We'll do a comparison of recent sales in the area and also look at how well the house will show. Sometimes we'll recommend staging to help show the house better, or might recommend updates to the house in the kitchen or bathroom areas. Homeowners should be aware they'll probably not get back the full investment on those updates if they sell the home in this market, but the updates can help with turning the property faster.
Contact us if you're thinking of listing your home soon. We'll review the neighborhood market and your home, and help you determine the best plan for selling your home at the price you want in the shortest amount of time.