5 Reasons to Sell Your Minneapolis Condo or Loft This WinterDecember 12, 2019 by Joe Grunnet
As the holidays draw near and the temperatures continue to drop, placing your Minneapolis condo or loft on the market may be the last thing on your mind. But if you’re contemplating the idea of selling, this winter may be the perfect time! With a high demand for more inventory and eager buyers looking for their dream homes in Minneapolis, we wanted to share our top five reasons of why you should put your condo up for sale this winter.
5 Reasons to Sell Your Condo or Loft
1.) Buyer Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) reveals that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase, and they’re in the market right now. More often than not, in many areas of the country, multiple buyers are competing with one another to buy the same home. Take advantage of the buyer activity currently in the market. Learn how with DRG!
2.) There’s Less Competition Now
Inventory is still under the 6-month supply needed for a normal housing market. This means in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market.
- Historically, a homeowner would stay an average of six years in his or her home. Since 2011, that number has hovered between nine and ten years. Today, there is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.
- Many homeowners were reluctant to list their homes over the last couple of years, for fear they would not find a home to move into. That’s all changing now, as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you decide to sell.
3.) Buyers Are Serious at This Time of Year
Traditionally, homeowners think about spring as a great time to list their homes, when more buyer traffic may be out there actively searching. In the winter, however, the buyers who are seeking a home—whether for relocation or otherwise—are serious ones. They’re ready to make offers, and they’re eager to move, often quickly. Your 1-to-2 bedroom condo may be exactly what they’re searching for, so listing when other potential sellers are holding off may be your best opportunity to shine.
4.) There Will Never Be a Better Time to Move Up
If your next move will be into the premium or luxury market, now is the time to move up. There is currently ample inventory for sale at higher price ranges. This means if you’re planning on selling a starter or trade-up home and moving into your dream home, you’ll be able to do that now. Demand for your entry-level home is high, and inventory in the luxury or premium market is, too.
According to CoreLogic, prices are projected to appreciate by 5.6% over the next year. If you’re moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and in your mortgage) if you wait too long.
5.) It’s Time to Move on With Your Life
Look at the reason you’ve decided to sell your 1-to-2 bedroom condo in the first place and determine whether it’s worth waiting. Are you looking to downsize after family member have moved out? Or are you looking to be located in another downtown Minneapolis neighborhood?
Ready to Make the Big Move? DRG Can Help
Only you know the answers to the questions listed above. You have the power to take control of your situation by putting your home on the market this winter. Perhaps the time has come for you and your family to start living the lifestyle you truly desire in a great downtown neighborhood.
If you’re ready to take the next step, contact DRG today to schedule a consultation. We’ll work with you to discuss your situation, needs, and home selling goals, so you find yourself living in your dream home in 2020.