We are going to make a bold prediction (though with Minnesota, it could be more of a gamble). The snow is behind us! And while spring formally started on March 20th, it seems to have finally sprung.
Timing, Inventory, and Rates
Like trees beginning to bud in our yard, home buyers are scheduling time with their realtors to tour homes and neighborhoods. As we have discussed before, the inventory for homes is declining. Now is the perfect time to list your home if you are looking to sell. Due to the recent trend of rising interest rates for buyers, time could be of the essence as borrowing power decreases.
Freddie Mac, 30-Year Fixed Rate Mortgage average in the United States [MORTGAGE30US], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MORTGAGE30US, April 24, 3018
What’s more, many families with school-aged children will use the next 2-3 months for home tours and purchasing, settling in before the next school year begins. If you own in a highly desired school district, this makes your home even more valuable.
Spring has kicked off another buying cycle with increased competition, bidding wars, quick sales, and above average sale prices.
Days on Market Until Sale
Getting your home on the market couldn’t be easier with the team at Patriot Realty on your side. We have the tools and expertise to help prep, stage, and list your home with increased selling success. To get started, either reach out to us to start a dialogue or download our simple seller checklist.