Jan. 27, 2016
Have you been on the fence about whether to sell your house or not? A lot of people are in the same boat. Maybe they bought at the peak of the market before the crash and aren't aware of what their home is really worth right now. Or, they are worried about not being able to find a house because of the low inventory levels right now. You are not alone if have doubts about what to do.
Let's get into what the market is currently doing. In the Twin Cities metro area the inventory overall is at 3.4 months. That is the lowest since March of 2014. That also puts us still in a sellers market! Anything under 4 months is considered a sellers market. Five months would be a balanced market. Anything 6 months or more would be a buyers market. You only have to look back to April of 2012 to find inventory levels in the Twin cities that were 6 months or more. April of 2012 had a 6.2 month supply of homes. What does that mean? The easy answer is this...if nothing else came on the market it would take 6.2 months to sell all of the properties currently on the market.
Real Estate is an ultra local thing. There are different markets within micro markets. For instance, houses in the $200,000 to $300,000 price range in Longfellow Minneapolis for example, might have a current supply of 1 month. Where houses priced over $700,000 may be a 5 months plus supply. That same thing can be true for many areas of Minneapolis and St. Paul, and even in the suburbs.
If you are thinking about selling... it is important to analyze the inventory levels in your specific price range. That along with the pending ratios will tell you how good of a market it is as it relates to your house.
Back to is now a good time to sell? With the inventory levels being the lowest since 2014, absolutely its a good time to sell. In some neighborhoods there are fewer homes for sale than at any other time that I can remember. This gives you more eyeballs on your home. Already, we have been receiving multiple offers on homes in January. We are also coming up on the time of year when the most number of homes come on the market. So, I couldn't think of a better time to make the move that you been wanting to make.
If you also need to sell your house when you buy a home, you can check your home's value at my website, www.equityeval.com
If you have any real estate questions or would like us to help you buy or sell a home... reach out to us. We'd love to talk to you. 612-564-0840.
Have a great day!