Minneapolis Condos

When is the Best Time to Sell Your Minneapolis Condo?

August 16, 2019 by Joe Grunnet

As summer winds down and crisp autumn air rolls in, many people start to wonder whether it’s time for a change. If you’ve been thinking about selling your home, you may decide that the summer market is the best time to sell a condo. But before rushing into anything, consider all of your options first. For instance, would you benefit more from waiting and putting your home up for sale next spring?

Let’s go over a few benefits to further explore these options.

Selling Your Condo in the Fall

Arguably, the number one advantage of selling your condo right now is the overall lack of inventory we’re seeing in today’s market. That, paired with the number of buyers still looking to buy a condo in Minneapolis, means there’s a lot more demand! When you consider supply and demand, it’s still a seller’s market. In the last month, homes in Minneapolis were only on the market for an average of 15 days with most homes selling for 1% higher than its original purchase price. And while you can argue we didn’t see a huge surge in the market as in years past, slow and steady is still winning the race for seller’s in Minneapolis.

Earlier this month, the Federal Reserve lowered interest rates, which has sparked further interest in new buyers. With the number of buyers continuing to rise, you could argue now is a great time to get your home on the market.

So, before you dive head first in getting your condo on the market right now, consider both sides to the argument.

Selling Your Condo Next Spring

If you’re unsure whether your home is “ready” for today’s competitive market, waiting until spring might position you to receive top dollar for your condo. While today’s “seller’s market” can be enticing, if your home is in need to repairs, paint, or any other touch ups, you might not receive the best offer. Working with an urban realtor and preparing your home accordingly is the best way to ensure you get the purchase price you desire.

However, if you feel your home is in the best condition for sale now, waiting might be the wrong move. While you’ll encounter a high number of buyers in the spring, you also run the risk of competing against higher inventory of homes for sale.

Sell Your Condo with DRG

Whether you’re looking to sell your Minneapolis condo now, or next year, the first step is talking to an urban realtor and exploring all your options in person. Check out our Condo Guide or explore similar homes that match yours on our search page to help you get started. Contact DRG today!

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