How Much is Your Home Worth Today?
After our economy fell off the proverbial cliff in 2007, property values depreciated at varying rates over the next five years. Nationally, some markets were hit harder than others – the same is true even within the 7-county metro of the twin cities.
Our home values depreciated due to the impact of the large number of bank-owned and short-sale properties available for purchase (over 9200 homes at its’ height in March, 2011). Most of these properties had mild to significant condition issues which led to the value decline. With competition like that, it made it extremely difficult for traditional sellers, who maintained or even improved their properties, to obtain a reasonable price for the sale of their homes. As a result, if they were able to, most traditional homeowners hunkered down to weather the storm and did not list their properties for sale unless they had to. Today, a dramatically lower 1200 bank-mediated properties are listed for sale in the 7-county metro.
What Does Fewer Bank-Mediated Houses for Sale Mean to Me?
In January, 2013, we were over a year into our market recovery. Since then, the median sales price across the twin cities has increased on an average of 24% with some cities performing better than others:
The bottom line: your home may be worth more than you think it is.
We are currently in a fast real estate market fueled by consistent job growth and continually low interest rates. In January, 2013, the average number of days it took for a property to sell (days on market – DOM) was a reasonable 61 days; roughly 2 months. Today, the DOM is down to an average of 36 days! Updated properties in good condition and priced accurately can sell in under a week – truly a “sellers” market.
If you’d like to know what your property is worth in today’s market, please call or text me at (612) 802-4337 or email me at KateMurphy@EdinaRealty.com. I’d be happy to run a market analysis so you can see your home’s current value – chances are you’ll be pleasantly surprised.
After our economy fell off the proverbial cliff in 2007, property values depreciated at varying rates over the next five years. Nationally, some markets were hit harder than others – the same is true even within the 7-county metro of the twin cities.
Our home values depreciated due to the impact of the large number of bank-owned and short-sale properties available for purchase (over 9200 homes at its’ height in March, 2011). Most of these properties had mild to significant condition issues which led to the value decline. With competition like that, it made it extremely difficult for traditional sellers, who maintained or even improved their properties, to obtain a reasonable price for the sale of their homes. As a result, if they were able to, most traditional homeowners hunkered down to weather the storm and did not list their properties for sale unless they had to. Today, a dramatically lower 1200 bank-mediated properties are listed for sale in the 7-county metro.
What Does Fewer Bank-Mediated Houses for Sale Mean to Me?
In January, 2013, we were over a year into our market recovery. Since then, the median sales price across the twin cities has increased on an average of 24% with some cities performing better than others:
- Brooklyn Park up 27%
- Maplewood up 21%
- Lakeville up 22%
- Eden Prairie up 15%
- Maple Grove up 13%
The bottom line: your home may be worth more than you think it is.
We are currently in a fast real estate market fueled by consistent job growth and continually low interest rates. In January, 2013, the average number of days it took for a property to sell (days on market – DOM) was a reasonable 61 days; roughly 2 months. Today, the DOM is down to an average of 36 days! Updated properties in good condition and priced accurately can sell in under a week – truly a “sellers” market.
If you’d like to know what your property is worth in today’s market, please call or text me at (612) 802-4337 or email me at KateMurphy@EdinaRealty.com. I’d be happy to run a market analysis so you can see your home’s current value – chances are you’ll be pleasantly surprised.