Many of the trends we saw last year are continuing into 2013. We have some unique market conditions that favor both the buyer and the seller.
First, our inventory is at a ten-year low. That means that buyers are competing for fewer homes – so homes are selling at or above their asking price. We are also seeing properties in multiple offer situations, which of course drive the price of the home up.
Homeowners who were underwater might find that there is now enough equity in their home to be able to sell today. Last year, nationally, more than two million homeowners who previously owed more than their home was worth came out from underwater; we’re expecting another two million to come above water in 2013. If you have been waiting for a better market, now may be the time to sell.
VIDEO: Edina Realty's president Barb Jandric offers a spring market update
By calling an Edina Realty REALTOR®, you can get a no-obligation, free home value estimate that will help you determine what your home will sell for in the market today.
Have you been on the fence about selling because you want to do some home repairs, or you might even want to just test the waters? If so, contact an Edina Realty Realtor about our Network One program, which allows us to network your property to our 2,100 agents before your home is on the market. You could even sell your home before you put a sign in the yard!
If you’re a buyer, we have over 1,000 properties on Network One that you can look at, that are not yet on the market. Perhaps one of them meets your needs?
Despite low inventory, there are favorable market conditions for buyers as well. The interest rates are still at historically low levels and while we are past the bottom of the market, the prices are still way below their peak. What that means for buyers is that affordability is still high.
Whether you’re looking to buy or sell, this could be the right time for you to make a move. Contact us today to get started.