Are You Thinking of Selling in 2014? If so, here's the things you will want to know: Lower supply levels, strong demand and higher prices are among the encouraging developments in 2013 that brought about ongoing market recovery. Consumer purchase demand increased notably, reaching levels not seen since 2005. As the active supply of homes for sale fell to an 11-year low, absorption rates improved to levels not seen since before 2003. Low but upwardly-mobile interest rates, affordable prices and record housing affordability resulted in an 8.8 percent increase in home sales for the 13-county metro. Are You Thinking of Selling in 2014? Get The Facts: • Sellers listed 72,128 properties on the market, a 9.4 percent increase from 2012 and the first gain in seven years. • Buyers closed on 53,087 homes, up 8.8 percent from 2012 and the highest figure since 2005. Search local listing inventory now • Inventory levels dropped 10.5 percent from 2012 to 11,646 units, the lowest level in 11 years. • Months Supply of Inventory dropped 18.8 percent to 2.6 months, also an 11-year low. Check market stats specific to your local market here • The Median Sales Price of closed sales rose 14.4 percent to $192,000, marking a five-year high. • Cumulative Days on Market was down 29.1 percent to 83 days, on average—an eight-year record pace. Check local Days on market, average local price and competing properties I'd like to sell in 2014, What's my home worth? “As always, market conditions vary from neighborhood to neighborhood, but homeowners are feeling energized by these ongoing improvements,” said Michael Hunstad, President of the Saint Paul Area Association of REALTORS®. “Though markets vary, many areas of the metro are seeing homes selling in record time and with multiple offers.” How to Price to Sell&Still; Make a Profit: The asking price you set for your home significantly affects whether you will profit in the sale, how much you will profit and how long your home will sit on the market. The Chris Fritch Team is knowledgeable in your local market and can tell you what's selling - or not selling - this will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won't leave money on the table. Here are some points to consider: Time. Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make money, think about a price that will create some urgency from a potential buyer. Search local listings now. Value vs. Cost. Pricing your home to sell in a timely fashion requires some objectivity. It's important that you not confuse value with cost - in other words, how much you value your home versus what buyers are willing to pay for it. Don't place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants hardwood floors or granite counter tops. Keep it simple. Because time is of the essence, make it easy for the buyers. Remain flexible on when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a desirable move-in date makes for a smoother transition between homes, it could cause you to lose the sale altogether. Are You Thinking of Selling in 2014? Click here for more helpful selling resources. Do you have a question about selling your home in 2014? Ask The Chris Fritch Team. - See more at: http://activerain.com/blogsview/4301165/are-you-thinking-of-selling-in-2014-#sthash.P7mNZrTp.dpuf
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