First of all, we want to thank you for your patience and continued loyalty.We have spoken with a number of sellers, and there seems to be a shared frustration concerning the housing market.In a nutshell, we are experiencing displaced demand due to the 2009/2010 tax credits. The close of the tax incentives has lead to lagging sales in May, June and July.The low mortgage interest rates have been the motivation for the second trimester home purchasers.In some price brackets and areas, there are excessive numbers of competing properties; occasionally there exists over two years of inventory for the current rate of sales.The overall Central Minnesota inventory is only ten months, and six months of inventory is a balanced market for buyers and sellers.
I am often asked by home sellers: How can we tell when our home will receive an offer?There are two base lines we review on an on-going basis: the number of inquiries and the number of showings.The objective of our marketing is to produce inquiring parties. When potential buyers are attracted to a home, their initial interest is always price.If the price is affordable for them and deemed acceptable (at or close to market value), the potential buyer generally agrees to view the property. If consumers perceive the home to be above market value, they will not set an appointment to view the home. We like to have one to four inquiries every ten days, depending upon the price point of the home.The second factor we track is the number of showings.Homes receiving one or two showings per ten days are being viewed by consumers as being at market, or close to market value. Market value is the price range where homes receive an offer.
If your home is getting very few agent showings; the property is not making the showings list.Agents and buyers are eliminating your home from the entire selection of homes in your price range.Usually home are eliminated from a showing list because of perceived deficiencies.These deficiencies, compared to other homes in the same price range, could be the home is smaller, less finished square feet, a perceived/real location dilemma and/or older or not as many features compared to other homes in your price range.If the showing comments are generic or negative, OR if you are not capturing showings, your house is probably 8 to 10% overpriced for the current market.
I hope this information is helpful for understanding the current market activity and today's buyer behavior.Feel free to give us a call so that we can discuss the activity and pricing of your home.
Steve Hansen, Realtor, Fair Housing and Equal Opportunity
Coldwell Banker Burnet
About Tami DeLand and Steve Hansen's Saint Cloud and Central Minnesota, MN Real Estate Website: The www.I-94homes.com web site provides Saint Cloud, Waite Park, Sartell, Sauk Rapids, St. Joseph, Clearwater, Clear Lake, Avon, Albany, St. Augusta, Rockville, Coldspring, Righmond, Becker, Rice, Royalton, Little Falls, Monticello, St. Michael, Albertville, Rogers, Otsego, Maple Grove, Buffalo, Annanndale, Rockford, Corcoran, and Central Minnesota, Minnesota real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Saint Cloud and Central Minnesota area. Tami DeLand and Steve Hansen (sometimes misspelled as Tammy DiLand, Tammi Deeland, Steven Hanson or Stephen Hanson) have services to help you get the best value for your Saint Cloud and Central Minnesota home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with Saint Cloud and Central Minnesota REALTORs who know the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Saint Cloud and Central Minnesota, MN, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Tami DeLand and Steve Hansen can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Tami and Steve speak your language.
