| The average Minnesotan may have noticed it last | | | | parameters. If the buyer is flexible on location and |
| spring (2005). The real estate signs popped up | | | | amenities, they can have upwards of 50 homes |
| right on schedule with the spring tulips just as the | | | | to choose from. With so many options, home |
| snow melted and ground thawed. Soon | | | | buyers are taking their time, becoming educated, |
| neighborhoods were filled with signs advertising | | | | and being very picky before making a home |
| new listings and open houses. But as Memorial | | | | purchase. |
| Day came and went, many Twin City residents | | | | So what should Minnesota homeowners do if they |
| began to question why the house down the block | | | | are considering selling their home? It may be hard |
| had not sold. At spring baseball practices and | | | | to wait out; a typical market swing can last 5-7 |
| graduation parties, people across the metro were | | | | years. (It was a seller's market for almost eight |
| asking, "Hasn't that house been on the market for | | | | years, after all.) |
| over a month?" The usual answer was, | | | | *Get your home in tiptop shape! Fix everything! |
| "Something must be wrong with the house." As | | | | Yes, that does mean you need to put on a new |
| the summer progressed and more houses came | | | | roof or fix the shower or strip off the ugly |
| on the market, observant neighbors began to | | | | wallpaper in the kitchen. Whatever needs repair or |
| realize no "SOLD" signs were going up. Minnesota | | | | is outdated needs to be fixed. Project houses do |
| homeowners were hit with the reality of a | | | | not sell well in a buyer's market unless they are |
| Buyer's Market. | | | | very, low priced. |
| So what is a Buyer's Market? For many | | | | *Work with an experienced Realtor to price your |
| Minnesotan's it may be hard to remember. After | | | | home realistically. The refinance appraisal you |
| all for the past eight years or so we have | | | | received last fall will not be applicable. It is very |
| experienced a red hot seller's market. There were | | | | important to look at the current competition in |
| many, many more buyers looking for houses than | | | | your neighborhood and surrounding areas and |
| sellers wanting to sell. A homeowner who chose | | | | compare all of the amenities. If there is a better |
| to sell could set a price on his property, put the | | | | deal out there, the buyer's won't consider your |
| listing on the MLS and get an offer in days. Many | | | | home at all. |
| sellers were faced with multiple offers with some | | | | *Consider FSBO only as a last resort. This is not a |
| exceeding the asking price by thousands. Ah, the | | | | market where an MLS listing and a sign in the |
| good old days! | | | | yard will sell your home. Work with a professional |
| A Buyer's Market is just the opposite. The Twin | | | | Realtor to get the most from your investment. |
| Cities (and greater Minnesota) now has an | | | | *Be Patient! Even with professional marketing, it |
| inventory of homes on the market that is | | | | will take time but homes do sell in Buyer's |
| expected to last 3-4 months, with no new listings. | | | | markets. It just takes longer both in preparation |
| In a typical area, a buyer might have 10-20 | | | | and duration. |
| homes that will meet their needs and price | | | | Copyright 2006 Teri Eckholm. |