Market Update Morrison and Todd Counties July 2019
Thinking about selling a home in Morrison or Todd Counties this Summer?
Right now in Morrison and Todd County we have 223 homes on the market 47 of those homes in Little Falls MN. That’s quite a bit of an increase in inventory with only 160 Active homes earlier this spring.
We are also seeing homes moving faster off the market with Morrison & Todd Counties average days on market dropping from 61 days in May to only 45 Days in June. It DOES depend on the area you live in. For example – Little Falls was an average of 52 days on market while Pierz was 38 days and Royalton only 18 days. Hi I’m Paula Quinn with RE/MAX Central.
I’ve been living in this area almost my entire life and from my experience this is somewhat unusual for this time of year. Generally the pent up demand of Spring buyers would have slowed down, but we still have buyers looking to find that new home. We do anticipate even with family vacations and holidays that the, if there are homes to sell, there will be buyers to buy this summer. If you’re selling or thinking of selling here are some helpful tips when selling in the summer when the housing market seems to slow down a bit here in Central MN.
Number one instead of reducing the price of the home let’s say ten thousand dollars, which really isn’t enough of a reduction to make a big enough impact on the selling, an alternative would be to give a credit for the buyer to buy down their interest rate. Here’s an example we did just recently, for ten thousand dollars we were able to buy down the interest rate from 4% on a FHA loan, down to 3.25% which saved the borrower $200 dollars in their payments. But here’s the cool thing, that by buying the rate down for just ten thousand dollars, that amortized over thirty years would save the buyer $72,000 in payments. If you can buy the rate down, a buyer can save a significant amount over the life of the loan and also more buyers will be able to qualify to purchase your home by utilizing this strategy.
Number two, make sure you price your home accordingly. If you’re over priced you are limiting the amount of buyers who can afford your home. As the cost of a home goes up, the amount of buyers who can qualify goes down. That’s why we see the lower priced homes going more quickly typically with multiple offers and bidding wars. The homes that are more expensive tend to sit longer because not as many people can qualify for the larger monthly mortgage payment.
The third strategy, be sure your home has extensive marketing. Be sure you have a plethora of pictures, use lots of videos and have an extensive online presence. With more inventory on the market that means that there are more homes to choose from. So as buyers are going through pictures and looking at the marketing, they are going to see the homes first that look the best. If your home isn’t marketed properly, it may never get shown because they are looking at homes that “look the best online.” And remember, just putting the house on the MLS and doing an open house isn’t enough. Studies show that buyers do extensive research online when purchasing a home, so it’s essential that you house has a massive on-line digital marketing strategy.
And lastly be sure your home is in show ready condition and made available for showings as much as possible. When a buyer is ready….You and your home needs to be ready too. I know it can be frustrating letting a buyer in on a moments notice, but with the how quickly homes are being sold buyers will be anxious to view yours. We don’t want you losing out on potential buyers and that great offer.
Hope this was helpful and as always feel free to reach out to me, Paula Quinn with RE/MAX Central so I tell you more about how our I utilize the cutting edge of real estate technology and innovation which equates to saving you time by selling your home faster and putting more money into your pocket.
Market Update Morrison and Todd Counties July 2019
