Home prices in Stillwater, MN rose 10.5% in the first quarter of 2017 over the same period last year. The latest report from Northstar MLS shows the average sale price for a home in Stillwater is $329,217. Last year, that figure was $297,885.
While Stillwater, MN homes are showing significant improvement, there is still some recovery that needs to happen before home prices are restored. While home prices in many communities in the St. Paul and Minneapolis metro area have fully recovered from the recession, Stillwater has a ways to go. (The peak average price of a Stillwater home was $350,466 in September 2007.) With continued low supply of homes for sale in Stillwater, it is our opinion that home prices in Stillwater will continue to rise at a steady pace as home buyers compete for the best homes for sale.
With the Fed planning to raise interest rates over the next year, now is the perfect time to purchase a home in Stillwater, MN! Homes are still very affordable, and interest rates are low. The biggest obstacle to buying a home in Stillwater is your ability to act quickly.
Because of low supply, homes in Stillwater are selling fast, especially if they are moderately priced. In fact, in September 2007 (with record high sale prices) the median “Days on Market” for a home in Stillwater was 139 days. Today, the median “Days on the Market” is only 42 days.
Wow!
So, what does this mean to you?
It means you should be prepared for a competitive buying process.
Expect multiple offers in the first few day on the market on homes priced under $300, especially if they are updated and in great neighborhoods. Higher priced homes are also selling very quickly, but there are fewer buyers in those higher price points, so it’s not unusual to see them stay on the market a bit longer than lower priced homes.
It means you need to be ready.
Get a pre-approval letter from a lender. Sellers often won’t even consider an offer if you don’t have a pre-approval letter. If you have a house to sell, get it ready to go on the market. Clear your calendar so you can see homes as they come on the market.
It means you need strong representation.
If you are planning to buy a home in Stillwater, MN, you need an agent that is available to show you homes that first day, and help you present a strong offer. Because they are a team and work together with every client, John and Becky Durham offer the flexibility to give you the time and attention you need buy a home in Stillwater, MN.
John and Becky would be delighted to set you up with automatic email alerts when homes hit the market that meet your search criteria. There’s no cost for this, and no obligation on your part to use them (although we would love to work with you!)
If you are interested in buying or selling a home in Stillwater, MN, contact John and Becky Durham today! (651) 231-2191. They are top selling Stillwater, MN real estate agents with RE/MAX Results.
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