Edina, Minn. – Feb. 15, 2012 – Edina Realty experts are painting a rosy picture of the spring real estate market, predicting it will be the best market we’ve seen in the past six or more years. The company will hold its first of several Open House Extravaganzas this Sunday, Feb. 19, taking advantage of what appears to be an early spring market.
Pended sales have been on the rise since last August, and closed sales were 8.2 percent up in 2011 over last year according to the Minneapolis Area Association of REALTORS® (MAAR). Warmer than normal winter temperatures brought about increased activity early this year; MAAR reports that pending sales in January were up 25.5 percent over last January.
“We’re predicting a bustling spring market due to low prices, record low interest rates and a local economy that’s stabilizing,” said Bob Peltier, president and CEO of Edina Realty Home Services. Peltier said another bright sign is Minnesota’s 5.8 percent December unemployment rate, the state’s lowest level since 2008.
“We really want to see more sellers get into the game, and there’s no better time than the present,” Peltier said. “And homeowners might be surprised: their home may be worth more than they think.” He explained that the housing inventory is at its lowest level since 2004, which means less competition, shorter time on the market, and potentially a higher asking price. Well priced properties in desirable areas could even receive multiple offers.
Peltier says that many homeowners have been sitting on the sidelines during the housing market correction, which has created pent-up demand. Baby Boomers who are now empty-nesters may have been delaying their decision to downsize, while Gens X and Y have been renting or living with their parents.
The spring market is when most real estate transactions take place. While the housing market in greater Minnesota and western Wisconsin has been on a slow, steady road to recovery, the Minneapolis-St. Paul-Bloomington market ranked the top healthiest market in the nation, based on housing projections from Moody’s Economy.com. In fact, the Twin Cities market is technically in a balanced market with 4.6 months of inventory.
The sluggish new construction market is finally starting to rebound; the National Association of Home Builders recently added the Twin Cities to the list of improving housing markets.
Homeowners who are considering putting their home on the market don’t have a moment to lose in getting their home ready to go on the market, said Peltier. “First impressions are really important when showing your house, and its online presence is more important than ever as it’s often a home’s first showing.”
Edina Realty offers four key tips for homeowners who are thinking about putting their home on the market this spring:
- Plan: Go through every room in your home and make a list of what needs to be done, from the bigger projects, to painting and other updates. Sometimes it’s difficult to gain perspective when you’ve been living with the same home décor for many years. Invite a professional or even a friend whose taste you admire to come in and give you their honest opinion before you come up with your final to-do list. Write it down: that’s now your plan.
- Purge: Throw away, donate, or sell items that are not used or needed in every room in your house. Take a day for each room, and purge your entire home. Collect items in your garage or basement and you can either sell them in a garage sale, or better, yet: donate them to your local area shelter, church or charity. Remember to get the receipt for your tax write-off.
- Primp: Now go through your list of to-dos and start working the plan. First, separate the list into those tasks that you can do yourself and those that will require the help of a professional. Get at least three bids on those bigger jobs. Websites such as Angie’s List and ServiceMagic can provide an easier way to get multiple bids on your home projects. Then get to work on those little projects you can do yourself.
- Peruse: Finally, peruse other real estate listings in your neighborhood to get a sense of your “competition.” A good place to do that is on Edina Realty’s website, the leading real estate website in the area. You can even find what homes have sold for in your neighborhood during the past two years.
For more information on the housing market, to view homes for sale and property listings, or to find a Realtor® who specializes in your community, visit http://www.edinarealty.com or m.edinarealty.com from your mobile device. You can also download free apps from your iPhone or Android phone.
Edina Realty, a subsidiary of HomeServices of America, is one of the nation’s largest real estate companies with approximately 60 real estate offices throughout Minnesota and Western Wisconsin and 2,100 REALTORS®. Edina Realty’s family of companies includes Edina Realty, Edina Realty Title and Edina Realty Mortgage. Edina Realty handled nearly 25,000 transactions and $5.4 billion in sales volume in 2011. For more information, visit www.edinarealty.com or find us on Facebook and Twitter: facebook.com/EdinaRealty and twitter.com/Edina_Realty.