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Health & Fitness

Ten Weeks Left In Strong Real Estate Market

Ten more weeks of the "strong" real estate market before winter is upon us.

Looking back at the last five years, history predicts that we have about 10 more good weeks in the real estate market before the winter doldrums set in.

Compared to last summer, sales in the Minneapolis area are up considerably this year. May saw a 20 percent rise, while both June and July boasted 42 percent more pending sales than in 2010. That is great news, but not the whole story.

Inventory in our market is shrinking. We have 19 percent fewer homes for sale at the time of this article compared to last year at the same time. Our market is returning to balance.

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The final component of our current market snapshot involves the unbelievably low interest rates we have right now. I hear people talking about waiting or renting for the time being and I simply cannot understand it! The biggest risk right now, in my opinion, is interest rate risk. We have no idea where rates will be next spring.

What do these observations mean for you?

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If you are thinking of buying or selling real estate in the next seven months, now is the time to make a move. If you have little activity on your current home for sale, it is time to make some tough decisions or you will miss the end of the strong market. 

Intelligent pricing is still paramount to success. If your house is not priced right, it is a very tough sell. If you don't price it right now, you might have to wait seven to eight months until the buyers are out again in large numbers next spring.

If you are trying to sell your home by owner, you might want to ask yourself, "How's that working for you?"

There are so many benefits of working with a realtor, I find it hard to list them all here. 

  • First, they make sure your listing in online in all the right places. 
  • Second, realtors give you a fresh perspective on what you need to do to your house to get it sold. You may have stopped noticing the orange shag carpeting 14 years ago, but a realtor will make sure focus on what may be driving buyers away. 
  • And last but not least, realtors are trained negotiators and act as your advocate when sometimes you are too close or emotionally charged to make progress. 

Do you need help finding a realtor you can trust?  I can help you. I run the Corporate Relocation Division for Roger Fazendin Realtors. It is my job to connect corporate transferees with well-matched agents in our firm. If you would like a personal recommendation from me, I would be happy chat with you about your preferences and priorities and help you choose a great agent. 

Just give me a call at 952-449-7112.

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