Ask The Expert - April 2020

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Real Estate

Ask The Expert

Question: When is the best time to sell an upper bracket home?

Answer: As we all know, timing is everything — we always want to buy low and sell high. But in upper bracket real estate markets, timing can be tricky due to many factors.   The first factor is inventory. The simple law of supply and demand will always affect the sales price of a home. The higher the number of competing homes on the market, the lower the price. This is also referred to in real estate as Housing Supply. 

    Trends also affect the saleability of a home. Ten years ago it was difficult to sell a mid-century modern home. Today, mid-century modern is popular with many age groups and are many times purchased in multiple offer situations. A good Realtor will advise you of what is trending high with buyers and help you accentuate those attributes of your home when marketing your property.

The third factor is the current buyer pool in your immediate neighborhood. The more unique your home is, the longer it could take to find the right buyer and if your home is not on the market when that buyer comes along, they could miss seeing and purchasing your home. Buyers can’t purchase what is NOT for sale.

   The last and final factor for when to sell your home is ‘real estate on the Internet’. The Minnesota real estate market is much more even throughout the year due to the Internet and being able to see properties at any time, day or night. For example, Minnesotans get bored between the Super Bowl and Summer and love looking at and purchasing homes. Summer can be more sporadic and act like a popcorn machine. You’ll have busy weeks then slow weeks, depending on vacation schedules.

    Whether selling now or in the future, prepping and detailing your home with what buyers are looking for is your best bet in getting it SOLD. Happy Spring market!!