Woodbury, MN home prices increased 13.1% in June 2017 over the previous year. Demand for homes priced under $360,ooo remains very strong in Woodbury, but supply is not keeping up with demand. This is causing prices to rise as multiple offer situations become common. There is currently only a 2.4 month supply of homes on the market, creating a seller’s market as new listings are not meeting buyer demand.
As you can see from the graph above, the median days on the market is 26 days. Keep in mind that this number does not reflect the actual number of days a home was on the market before an offer was received, but rather until the home went into pending status after an inspection clause was removed and a closing date set. In reality, homes under $360,000 are selling in just a few days, especially when they are:
- well staged & decluttered
- updated with quality finishes (paint, carpets, lighting, updated kitchen & bath, new roof)
- clean & in good repair
- quiet street & great yard
- great schools
- priced correctly
If any of the above bullet points are missed, that’s when buyers will pass you over.
Today’s buyer’s don’t want to settle for a tired, outdated home. They want move-in ready homes they can enjoy right away.
What this data means to Woodbury, MN home sellers
Updated it, stage it, price it RIGHT. Becky Durham is an accredited home stager, and John Durham has a degree in home construction. Together, they are uniquely qualified to help you get the most money possible in the sale of your home in today’s market. (They have handy men and contractors they recommend, if needed.) The caution here is that you have to make sure your house will appraise for the price you are asking. Appraiser’s are often a bit behind the times with regard to seasonal home prices and banks are still edgy about inflated home prices after the housing bubble broke a decade ago. It doesn’t matter if someone offered your high asking price if a bank won’t write a mortgage for your it. John and Becky know the Woodbury home market and can help you price your home right for today’s market.
What this data means to Woodbury, MN home buyers
You need to be ready to ACT FAST. It’s very competitive out there. Get your pre-approval letter from a mortgage lender before you begin your home search. There’s very little wiggle room here. If you are not ready with a pre-approval letter, a seller may reject your offer and go with a buyer who is ready (we have a lender we trust if you need a lender.) If you have a home to sell, get that ready to go on the market. Ideally, you want to have an offer in hand on your current home before looking for a new home. Sellers are often rejecting offers contingent on the sale of a current home, giving preference to buyers who can commit to the transaction. Also understand that if you are seeing a home the day it hits the market and you LOVE it, someone else is loving it, too. Discuss with your agent about submitting a competitive offer, but don’t over pay! Call John and Becky today to learn more about their home buying strategies!
At www.DurhamExecutiveGroup.com, you can sign up to receive alerts the instant a home that meets your search criteria hits the market in Woodbury. Just let John and Becky know which ones you want to see, and they’ll schedule a showing for you right away. If you fall in love with it, they will help you write an offer that will get accepted and guide you through the inspection and title search process through to a successful close, with keys in hand!
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Phone: (651) 231-2191