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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 Looking to sell in St Cloud? Get a free Home Price Evaluation

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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 Looking to sell in St Cloud? Get a free Home Price Evaluation

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!