2011 Year End Review

We've all heard the news about the real estate market around the country and in the metro areas, but I'm sure you've wondered how we are doing up here in Northern Minnesota.  Here are the numbers:

654 Listings Sold (up 5.5% from 2010)

2238 Properties for Sale in 2011

$166,463 Average List Price (down only 3.57% from 2010)

$115,183 Average Sale Price (down 10.6% from 2010)

161 Average Days on Market

Statistics in this post were obtained from the Northwest Minnesota MLS.

What do all these numbers mean?  It's taking longer to sell houses for less these days.  I feel that a big part of the 10.6% depreciation that we experienced in 2011 was due to foreclosed home sales.  Many of the foreclosed homes in 2011 were in poor condition, and therefore brought a low sales price which brings down the average.

The good news for buyers is that there are many homes to choose from, sellers are coming down from their original list price an average of 13%, and interest rates are still at all time lows! Have more questions on Northern Minnesota real estate market conditions?  Don't be shy, just ask!

Preparing to Sell

In Northern Minnesota, real estate tends to have a season.  During the coldest of winter months buyers are less active and homes typically don't "show" as well without the green grass and blue skies.  Most sellers wait to put their homes on the market in the spring, unless they have the need to move quicker.  Which brings me to what you can do if you are a seller while you wait for the spring thaw!

1. De-clutter.  Remove as many personal items, family photos, and kick knacks from your home as possible. You want buyers to be able to look at the house instead of focusing on your stuff.

2. Deep Clean.  Pay special attention to those places that get touched often but most people don't think about.  Light switches, door knobs, walls near doors, windows and baseboards.  A clean house shows a buyer that the home is well cared for.

3. Repair.  Fix any of those little nagging items that have been on your list that you may live with day to day but to a buyer they show neglect.

4. Paint.  Freshen up a room or two or just touch up paint as needed.  Make sure to choose neutral colors to appeal to the largest audience.

4. Call ahead of time.  Call me and I'd be happy to walk through your home with you to let you know what I think you could do to help you sell your home faster and for the best price when the time comes.