Perhaps the next few weeks will be the best market for the “traditional or retail sellers” in a long time. With fewer foreclosed properties-or bank-owned as we say-are coming on the market, this might be the perfect time to snag some of those buyers who lost out on purchasing a home because of the mortgage fiasco.
With interest rates still around 4%, there are plenty of opportunities out there for qualified buyers. Not to mention that the home affordability index is at a near all-time high. Even though the number of properties that went "pending"-where the buyer and seller have agreed to price and terms-is lower than it was a year ago, the number of "pending" units has remained fairly steady since the beginning of this summer. (There was a decrease the first week of school, but I call that a seasonal adjustment.)
As a seller, you will need to understand that there is still a "price war and a beauty contest" going on. So, if you want to get your home sold fast, you will still need to price it right and the home must be in great condition. You have to the best value in the market. So, do you wait until Spring to put your home on the market, or do you price it properly, keep it in good condition, and sell your home in Minnetonka now so you can take advantage of the potential bargains in the move up categories?