Across Minnesota and western Wisconsin, buyer demand is rising and so are home prices. In fact, the only thing falling is inventory, which was down nearly 20 percent in April when compared to last year’s market.
it’s clear this summer will continue to boast a sellers’ market in most areas. If you’ve been considering putting your home on the market in the coming months, here are insights you can use to bring in the highest price possible at closing.
Price your home right the first time
According to the National Association of REALTORS®, the majority of showing activity occurs within the first two weeks after a home is listed for sale on the market. By pricing your home competitively, you may get more showings and bids upfront – and multiple offers can mean a higher closing price.
On the other hand, if you price your home too high, the listing may suffer from low traffic and fewer bids. Plus, when a buyer sees a home has been on the market for months, they are more likely to underbid in hopes of securing a bargain. To get the best offer, you’ll want to price your home right the first day it’s on the market.
Together, you and your Realtor can work to assess your home’s current market value by taking into account:
- The property’s condition and any upgrades you’ve done
- The prices of recently sold properties nearby
- Local market trends and buyer demand
Reach out today for a free (no obligation) home value estimate that factors in in-depth market and property information – aspects that are often missed by algorithms and tax assessments.
Give buyers what they want
Familiarize yourself with common pitfalls that can prevent you from selling your home quickly – an unwelcoming exterior, an interior that may feel too “lived in,” a kitchen that needs major updating and an asking price that’s out of line with what the market will accept.
Need to add appeal on a small budget? No problem. Focus on these updates so your home really stands out:
- Add a fresh seal coat to the driveway
- Upgrade kitchen countertops or paint outdated cabinets
- Swap in updated light fixtures, cabinet hardware, light switches and doorknobs
- Paint rooms a neutral but inviting color
Plus, follow our tips for hosting a picture-perfect open house once your home is on the market.
Draw in multiple offers
Discover more about multiple offers and how to prepare for them. By getting a pre-sale inspection, securing a home warranty and hiring an experienced agent, you’ll be more likely to get the best price at closing.
Stay plugged in
An informed seller is an empowered seller. Take the time to learn what’s going on in the market so you can sell your home for the price you want. For more tips on selling your home in today’s advantageous market, check out #SellerInsights, on Facebook, Twitter, Instagram and YouTube.