When times are uncertain, as in today's real estate market, consumers can become paralyzed by the bombardment of doom and gloom messages. Two major media bombs seem to be the cause of consumer decision-making paralysis: The first is the belief that we have lost our nest-egg of savings, or equity, in our homes. The second is the possibility of rising unemployment.
Understand: fear can be detrimental to making sound decisions and even self-defeating. Don't be a deer in the headlights. If you are in a quandary over how much your home is worth, how much you think you will not net on the sale, or how much your home will be worth in a few years---if you are allowing television news programs to determine your financial decisions--you have the symptoms of consumer paralysis. Fear takes the joy out of life and out of its possibilities. But realize: fear is manageable and all you need to do is take a few simple steps. Like the deer, it is time to either move back to the shoulder or cross the road.
The steps include: contacting and scheduling a conference with a local Realtor known for having strong market knowledge and a track record of success; taking a few days to digest the local market data and decide what is best for you and your future plans; and staying on the shoulder and avoiding the potential risks of crossing the road may not provide you with a brighter future. Consult an expert to help you make an informed--rather than emotional--decision.
The Data: Foreclosures remain under control. There are only 2.6 foreclosed homes per buyer and they sell in less than a month. Foreclosure buyers can expect to compete in multiple offers and pay full price. Sales are up 22%, January 2009 compared to January 2010 and the average days on market is down 24 days.The number of homes on the market is down 9%, a five year low in homes for sale inventory.Total sold properties is up 22% January to January and the average sales price has increased by 2%.
Safe Crossing: Central Minnesota's market conditions, the low interest rates, and the home buyer and home seller tax credits give green lights for home owners wondering if the time is right to sell. Feel free to contact me for further specifics on the market and enjoy the exhilarating leap across the road.
