Good News About the St. Cloud Market

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We’ve had a strong market this year! Fortunately, it’s not over yet. There’s still enough time to take advantage of this year’s market. In fact, the spring market starts in only seven weeks!

Our homes average 75 to 80 days on the market. However, well-priced and prepared properties sell normally within three weeks. This time last year, the average time on the market was about 90 to 95 days.

Interestingly enough, we have 181 pending sales during the winter this year! These are homes sold and waiting to close. Last year, we had 128 pending sales during this time.

Typically, if there is less than a six-month supply, the market favors sellers. Conversely, a market with over a six-month supply benefits buyers. Currently, we have a 6.1 month supply, which is excellent news for everyone. This time last year, we had a 6.8 month supply, so the market definitely has improved.

Today, sellers are receiving 97.9% of the listing price. It hasn’t changed much compared to last year’s 97.8% average. However, five years ago, it was 92%!

The fourth quarter isn’t too late to buy or sell! We’d be happy to meet with you soon. There’s a window of opportunity to take advantage of. If you have any questions, give us a call today!

Prepare Your Home to Sell in the Spring

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Our market remained strong throughout the entire year into the fourth quarter. For those of you thinking about selling, our spring market starts in only seven weeks.

On January 2nd, we predict a significant number of buyers will enter the market. Most sellers wait for a magical date in April to list their homes, and as a result, inventory goes up significantly. Over the last decade, 60% of sales in our market take place between January 15th and May 31st. The spring is definitely a good time to sell.

To prepare your home for the spring, give us a call. We'll take a walk through your home, let you know what the competition is doing, and give you some pointers on how to attract buyers to your home. We'll also help you prioritize which repairs and updates will get you the most bang for your buck.

If you have any questions, give us a call or send us an email. We look forward to hearing from you!

Are Home Prices Rising in St. Cloud?

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Today I'll be continuing with a market update, as well as answering some good questions about the market.

Overall, we're seeing a very balanced market right now. We have roughly six months of supply on the market, and this means that buyers and sellers have equally good chances of getting a good deal on a home.

A lot of our listings are selling in 2-8 weeks, and there is a large selection of homes to choose from. On top of this, mortgage rates are still sitting below 4%, so now is a great time to buy.

Sellers will be glad to hear that home prices are rising, and they are predicted to increase over the next year. If you're buying a home, you have an opportunity to ride a nice wave of appreciation.

If you'd like to sell now, you're going to see less competition right now than you would in the early spring. You'll probably find a lot more serious buyers right now than you would during the spring.

The rental market in St. Cloud is also going strong, and so if you would like to invest in rental properties, please don't hesitate to contact me. This is a great way to come up with some passive income for your retirement, or just to put some extra cash in your pocket.

As always, please don't hesitate to contact me about real estate in St. Cloud!

Are You Familiar with These Two Important Real Estate Concepts?

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Today, we want to demystify two real estate processes that often confuse our clients: home inspections and appraisals. What are the benefits of each and how do they differ? We'll quickly cover the basics:

• Appraisal: This is mostly done for the bank. The buyer will pay for this as part of the closing costs. One purpose of an appraisal is to ensure the bank isn't loaning too much money on the property. It's highly regulated by federal guidelines for mortgage underwriting. In short, it determines a property's value and protects the bank from over-lending! It's unusual to have any problems with this part of the process.
• Inspection: This determines the condition of the property for the buyer to make sure they know exactly what it is they are buying. The inspection is typically done within five days following a purchase agreement and is paid for by the buyer. The inspector will come in and do a very thorough walkthrough of the property (3-4 hours) and submit a 10-25 page report. If there are things that need to be improved, the buyer and seller then negotiate how they pertain to the final terms or purchase price.

If you have any questions about these two important real estate processes, don't hesitate to reach out to us. We would love to ensure you are a knowledgeable buyer or seller, so you make nothing but the best real estate decisions! We look forward to hearing from you soon! 

How Can You Determine the Condition of a St. Cloud Home?

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If you're buying a home in St. Cloud you will probably want a way to determine whether or not it is a good home. There are multiple ways that this can be done.

One thing that we always do is have the seller fill out a disclosure detailing the condition of the property, and we can also use a home inspection for a more thorough run-through of the property.

A home inspection is done by a professional home inspector, and this person will go through a property to check on the roof, plumbing, air conditioning, water heater, and other vital systems in the home. This protects buyers from purchasing homes with major problems. If the inspector finds something, the buyer will be notified and the agents will have to come to an agreement on how to fix the problem.

In addition to the inspection, we will do a final walk-through prior to closing, just to make sure that the property is in the same condition as it was when the contract was drafted. You can also take out a home warranty plan that will last for one year and will cover mechanical issues and appliances within the home. This warranty can be extended after a year if you wish to continue using it. This is probably a good idea, as there are almost always things popping up here and there.

If you have any questions about any of these issues or if you would like any help buying or selling a home in St. Cloud, please don't hesitate to contact me!

How to Handle a Multiple Offer Situation in St. Cloud

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I have an update for you since our last video went out, because we've begun to see more homes selling, and some of them are even garnering multiple offers! We haven't seen many multiple offers lately, so I'm going to give you some advice on how to handle them if you're buying or if you're selling.

As a buyer, it's a little risky to be overly aggressive when you're making offers on a home. I've seen a few buyers that have put a lot of faith in a home, and when another buyer comes in and makes a higher offer, the seller will often pick that other offer that is a little higher. This has resulted in them having to buy their 2nd or 3rd choice of home. However, home prices have been rising lately, so you stand to make a very nice investment.  

If you're selling, you need to know that the highest offer will not always be your best offer. So, our market is performing much better than the last time we spoke. It's a balanced market, so it's a good time to be buying or selling. If you need assistance with either, please don't hesitate to contact me! 

You also need to keep in mind that our market is not exactly red hot, so you cannot demand everything of the buyer, or you risk losing out on some buyers. You still have the upper hand, but don't abuse that position or buyers will back out.

Where Can You Find Reliable Market Data for St. Cloud?

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Around 2006 or so, Zillow started to make an impact on the real estate world. Nowadays, there are many websites that provide a wealth of information about the real estate market. While Zillow is a great tool and resource, you should be wary of the information you find there.

It's great that information is more accessible than ever before, but you need to be aware that not everything you see online is accurate. Zillow's Zestimate is notoriously inaccurate (can be off by up to 18%) and it should not be used to determine the sale price of your home.

Sometimes the results are accurate, but a lot of the time they are wildly inaccurate. These algorithms don't take into account comparable properties or updates made to the homes that would otherwise improve the value. Subjective information like curb appeal and the interior design are not factored in, and this is why valuations should only be used as tools, not as measuring sticks for a selling price.

If you need accurate information about your home's value, please contact me or go to the website below to find your home value.

As always, if you ever need assistance with real estate in St Cloud, please don't hesitate to contact me!

What Do Recent Market Trends Mean for You?

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After our last market update, many viewers wrote in with specific questions about where our market is heading. Today, we'll answer a few of them!

Where are home prices trending?
Right now, home prices are increasing gradually in the St. Cloud area. Our sales volume is a bit higher than usual and homes are selling quickly. If this trend continues, you can expect home prices to continue their upward movement.

Are we in a seller's or a buyer's market?
We're in a pretty neutral market at the moment. We have around six months of available inventory on the market right now, so we're about as balanced as we can be.

What can we expect from the market in the next few months?
If inventory stays where it is, we're probably going to continue to see stable conditions in which neither buyers nor sellers have a distinct advantage. If inventory falls, you can expect to see prices rise quicker than they currently are. If inventory goes up and sales slow down, we'll likely see prices stabilize and fall flat.

How do current conditions affect sellers and buyers?
Right now, sales are fairly predictable. If your home is priced well and in good condition, you can expect to sell within 2-8 weeks. If you want to know what buyers are looking for in our market and what your competition is doing to get their homes ready for the market, let us know and we'll fill you in on the details. If you're buying, there is a very good selection, but you need to act fast because the best homes are going quickly.

If you have additional questions about our market, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to give you a hand!

Real Estate in St. Cloud is Looking Up

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Here in St. Cloud we're having a terrific spring market compared to what happened last year. Sales are much more predictable this year, and we're seeing a lot of homes selling in 2-8 weeks. If you get your home on the market now, you will have a good chance at catching buyers when demand is the highest, and this will help you to get top dollar for your home.

Buyers in St. Cloud need to be aware that interest rates are still unbelievably low (below 4%) and affordability is still extremely high. Also, homes are selling quickly, so you need to come in with a good idea of what you want and strike when the time is right.

Overall, it's a great time to enter the real estate market. Affordability is sky-high, and this benefits everyone. Buyers will be able to purchase better homes, and because buyers can afford to purchase them, it makes it easier for sellers to sell them and then move into a new property at an affordable rate. It's a win-win for everyone involved.

If you need help buying or selling in St. Cloud, please don't hesitate to contact me! I'm always here to help you.

What Do Ideal St. Cloud Market Conditions Mean for You?

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As the weather continues to heat up, our sales are getting stronger. If you're thinking about buying a house, or if you know someone who is, now is the time to act! Here's why: 

• Close to record-low interest rates 

• Mortgage underwriting criteria are less stringent 

• Less competition 

 
The market is only going to continue to heat up. The longer you wait, the less likely you'll be able to accomplish your buying or selling goals. More competition means more compromises, and no one wants that. 

If you have any questions, or if you would like real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you take advantage of these great conditions.

Will Your St. Cloud Home Sell if You Price It High?

There are many great St. Cloud area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (320) 240-3363 for a FREE home buying or selling consultation to answer any of your real estate questions.

 

With the spring selling season right around the corner, many people have been coming to us asking about the best strategy for pricing their home. The big question many have asked is, "Can I sell my house if I price it high?" Today, we'll answer just that.

The exciting news in today's market is that we're currently selling homes very near their list price. However, with all the information about the housing market available online, people are really well-informed. This means that buyers have a very good idea of what the market value really is, so it's harder to get them to pay higher prices. Because of this, pricing correctly is more critical now than it's ever been. 

If you want to get as much money as you possibly can, in a short amount of time, give us a call or shoot us an email. We would love to sit down with you and discuss a pricing strategy that will benefit you and your family. If you have any questions about how we can get the job done, or if you would like our help, don't hesitate to give us a call or shoot us an email. We would truly love to give you a hand! 

Good News from the Mortgage Market!

There are many great St. Cloud area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (320) 240-3363 for a FREE home buying or selling consultation to answer any of your real estate questions.

 

I just wanted to update you very quickly about some good news from the mortgage market. If you're looking to buy a home anytime soon, then you're in luck, because they are more affordable than ever!

Interest rates are sitting at all-time lows, and new loan products that are being rolled out will help to push your dollar further than ever before!

New FHA loans will make your mortgage payments more affordable than ever. Also, loan products from Fannie Mae and Freddie Mac are only requiring a 3% down payment on a home!

This increase in affordability will surely draw a lot of buyers into the market this spring, so if you want to buy, please get into contact with me soon. These great offerings won't last long!

Have a great afternoon, and contact me with any questions regarding real estate in St. Cloud.

Things Are Looking up in St. Cloud!

There are many great St. Cloud area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (320) 240-3363 for a FREE home buying or selling consultation to answer any of your real estate questions.

 For those of you in the St. Cloud area who are wondering what our market is up to, we've got exciting news!

The spring market has started off very strong. Our sales have been very strong, especially in our mid-market ($150k-$300k). Sales over $300k are even better - in fact, we've seen more sales than we have in 8 years! The luxury market is even better, the sales and pending sales in the $700k-$1.1 million market are higher than we've ever seen them! 

There's a lot of pent-up demand, and there are many buyers looking to make a discretionary move. Additionally, interest rates are still incredibly low - today, most buyers will get a rate under 4%! This means that for most buyers, a $300,000 loan payment is going to be under $1,500 a month! 

If you have any questions about our ever-changing market, don't hesitate to give me a call or shoot me a quick email. I would love to fill you in!

How Do Interest Rates Affect Your Spending Power in St Cloud?

There are many great St. Cloud area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (320) 240-3363 for a FREE home buying or selling consultation to answer any of your real estate questions.

Although the year has just begun, we're already seeing some interesting trends.We're seeing a lot of people make discretionary moves to the kind of property they've been dreaming about and waiting to purchase for the last four to six years. Additionally, we're seeing an uptick in recreational property sales and an increase in homes on acreages. Homes on the water, both the river and the lake, are selling at a higher rate as well. 

Why is this? Well, interest rates are still historically low, making payments as  affordable as they've ever been! With the future of real estate uncertain, as far as interest rates are concerned, many people are acting now while conditions are great. 

Are you interested in upgrading, investing, or buying a second home? Now is the time to do so. If you would like to discuss your options and see whether it's time to make your move, give us a call or shoot us an email. We would love to hear from you!