Wednesday, December 26th, 2012

By Sheree R Curry

We’ve all seen homes for sale that linger on the market until the owners give up, only to list again. That can be a great marketing strategy, if you make changes.

When a home for sale sits on the market for 90 days or more, it’s time to take a closer look at the pricing, marketing, condition or any combination thereof. Some agents say that you shouldn’t even wait that long to reposition.

“If a seller hasn’t had buyers walk through their doors in 30 to 45 days, they need to lower their list price,” says Pat Lashinsky, CEO of ZipRealty, a home listing service. “If the home hasn’t sold in six months, the asking price is off and the condition of the home may not be in the place it needs to be to attract buyers, and it’s time to take it off the market.”

Re-listing the home is a way that sellers can say goodbye to stale and hello to home sale. Here are six ways to land a home sale, whether you’re a new or repeat listing:
1. Drop the price.

In its first days on the market, a five-bedroom split-entry rambler at 1900 Cape Cod Place in Minnetonka, Minn. was listed for $429,900 and a few weeks later dropped to $409,900.

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Tuesday, December 25th, 2012

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Andy Fazendin (2012 President-Elect, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.

Posted in Monthly Skinny Video |
Monday, December 17th, 2012

By Trulia | Published: Oct 14, 2009

Hey – isn’t this the worst real estate downturn since the Great Depression? If that’s true how are some sellers still able to successfully beat the odds and sell for top dollar despite the market conditions? The answer is that they employ time tested and market approved techniques and strategies that give them an all important edge over their competition.

To model the success of these savvy homeowners, let’s take a look at the top 10 tips to sell your home for top dollar:

1. Price your home aggressively

Setting the right price for your home is the single most important decision you will make when you decide to sell. Go too high and you risk turning off every buyer in the marketplace, go too low and you leave money on the table. One simple but powerful technique for pricing your home aggressively is to spend the day looking at your competitors’ homes. By doing so you will be seeing the world through the buyers’ eyes. Be tough and honest with yourself. Compared to the competition what would be a price that would position your home as the best value proposition for buyers in your marketplace?

2. Use price points

Buyers don’t walk into an agent’s office and announce that they would like to see homes priced at a specific price like $227,900 dollars. Instead they ask to see homes between price ranges that are separated by five to ten thousand dollar increments. Because of this, consider setting your price near one of these natural price points. For instance a price $229,900 would probably net you exactly the same number of buyer inquiries as a price of $227,900, but moving your home down to $224,900 (the next price point down) would widen your potential buyer pool.

Full Article Here

 

 

Monday, December 17th, 2012


The chase to 2013 is on, and we are pleased by the prospects ahead. Given the upward progress of the 2012 housing market, many homeowners may find that their properties will be worth more next year. That’s a nice change of pace for potential sellers, and for residential real estate as a whole, and is a direct result of widespread improvements in the marketplace. Most of the positive trends we have seen in 2012 should persist into the new year. Let’s take a peek at what’s happening locally today.

In the Twin Cities region, for the week ending December 8:

  • New Listings increased 3.0% to 942
  • Pending Sales increased 12.6% to 788
  • Inventory decreased 28.8% to 13,832

For the month of November:

  • Median Sales Price increased 16.2% to $172,000
  • Days on Market decreased 26.2% to 103
  • Percent of Original List Price Received increased 3.6% to 94.2%
  • Months Supply of Inventory decreased 40.0% to 3.4

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |
Monday, December 17th, 2012

Despite the dramatic arrival of winter, the housing market has retained much of its summer heat. Three decisive trends continued through November: Buyer activity outperformed year-ago levels, inventory dropped and, for a ninth consecutive month, home prices rose compared to 2011. In simpler terms, more homes sold in less time at higher prices and for closer to asking price than last year. During November, 3,843 homes closed, 20.0 percent higher than November 2011. There were 3,587 pending sales, a 12.6 percent increase over last year.

The median sales price was up 16.9 percent to $173,000. The 10K Housing Value Index showed a more modest 9.1 percent increase to $173,113. The number of homes for sale fell 29.4 percent to 13,860 active listings – the lowest number since January 2003. Consequently, seller sentiment has become even more critical to housing recovery. There is evidence of improvement on this front.

The median sales price has risen for nine consecutive months. Less supply, more demand and a healing distressed segment have enabled this trend. Overall, new listings were up 0.2 percent. However, traditional new listings were up 27.8 percent while foreclosure and short sale new listings fell 21.1 and 45.7 percent, respectively. Thus, a pullback in bank-mediated listings has diluted a significant increase in traditional seller activity.

Similarly, closed sales were up 20.0 percent overall, but traditional sales were up 50.4 percent while foreclosures and short sales were down 14.9 and 2.7 percent, respectively. As for the shifting market share, traditional sales made up 64.2 percent of sales, foreclosures 24.6 percent and short sales 11.2 percent.

Months’ supply of inventory fell 40.6 percent to 3.4 months. Figures below 4.0 months of supply are typically hallmarks of sellers’ markets. Homes tended to sell in 104 days, on average, 25.9 percent quicker than last year. Sellers received 94.3 percent of their list price, on average, up from 90.9 percent last year. Conventional financing comprised 48.5 percent of all closed sales; FHA financing was used on 23.1 percent of sales; cash buyers made up 20.6 percent of sales.

From The Skinny.

Posted in The Skinny |

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