Traditional sellers in the Rochester Minnesota real estate market are certainly not finding this the most joyous time to be marketing a home. With the market inundated with foreclosures and short-sales, distress is often felt by sellers not in the same financial crisis as some homeowners, who are either trying to weather dramatically increased mortgage payments, while finding themselves owing more on their mortgage than the house is now worth. Still others face the foreclosure specter.
Buyers are bottom fishing for homes with the full knowledge there is blood in the streets stimulated by the number of home foreclosures. And these Buyers are fishing for the lowest possible prices, further driving down price. Therefore Sellers NOT living under threat of foreclosure, still need to compete with properties, which are.
There are a number of things a “traditional” Seller can do to successfully market their property, and remain competitive. (1) Price the home appropriate to where the market is currently with good comparative sales data in your area. (2) Because many foreclosed homes aren’t in good repair, make certain your home is in tip-top shape. (3) Most bank-owned properties (foreclosures) are being sold “as-is”. Offer your home with a home warranty and preinspection. (4) Make certain your home shows perfectly and appears inviting. Most bank-owned properties are vacant and cold appearing.
Overpricing your home in the current market will cause it to sit idly unsold, and possibly delay any move you anticipate making, indefinitely.
However, slightly under-pricing a home can bolster attention and buyer activity, improving chances to sell more quickly.
As in all housing markets, price and condition are paramount!
The seller that can weather the storm on the selling side can find some great deals as they make the move and purchase upward!
More than ever before, acquiring an experienced Real Estate professional, will pay dividends in assisting you in getting your home SOLD. I look forward to hearing from you!
Working with a professional Realtor in Rochester MN is the one of the most beneficial steps you can take on your journey towards finding a new home, or selling your old home. A local Realtor can also help you search the Rochester MN MLS.
If you would like to explore the possibilities of purchasing Rochester MN real estate, contact us at (507) 421-6845 or email us at info@soldbyjaredjacobs.com today!
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