When states such as California, Florida and Nevada got hit by the real estate downturn, Minnesotans escaped with lesser pain. The Midwestern state never saw skyrocketing home values, so there was a much smaller correction to the market than elsewhere in the country, experts said. Also, Minnesotans are in general financially more conservative and they make higher down payments, so they have been able to weather this storm better than others, said Lois Marris of Keller Williams Premier Realty.
Nevertheless, the repercussions have been felt. Homes are still not as easy to sell as they used to be because of the economic slowdown nationwide. So, if you are selling a house in Minnesota, here are a few handy tips to follow.
Selling a house in Minnesota is all about the price tag:
Price your home correctly, says the Cheryl Brenna Group. Conduct thorough research on the going rate for a comparable home in the same area. At a time when there are a lot of options in the market, you don’t want to price your home too high. But also be mindful of getting too competitive and pricing too low. You could lose a lot of money that way. Hire a real estate agent who could work with you through the process. The Internet may seem very empowering, but you still need a professional to guide you, Marris said.
Market your home:
Be specific in your advertisements. Effective marketing is very essential to lure in buyers. Make sure you hire a real estate agent because they know the latest and greatest technology to market your home, Marris said. Buyers are getting more specific in their home searches on the Internet, she said. They would be as specific in their search as looking for a four bedroom house in a large wooded lot with the view of a pond, she said. “A Realtor® who blogs knows how to include those details in the ad so the listings match the search,” she said. “And they use Twitter, Facebook and blogs to reach out to potential buyers in addition to traditional ways.”
Home location is key:
Like everywhere else, location is key to getting a home off the market quicker. And there’s good news if you are trying to sell a house in Rochester, Mn. The market is slowly moving from a buyer’s paradise to a seller’s domain. “What a lot of people don’t know is business is up significantly,” Marris said. “The statistics are great.”
Dress up your home:
First impressions are most important, whether you’re selling a home in Rochester, Minnesota or anywhere else. Make sure your house is in the perfect condition for showing. Have a neutral decor and strip off any item that lends a personal touch. Pack up all the family and vacation photos. “Make sure the buyers can see themselves in your house rather than your family,” Marris said.
High-End Housing Market Picking Up in Minnesota
Marris said sellers who’ve been in the market for a while shouldn’t feel discouraged. The numbers suggest that the end is in sight. In fall of 2011, sales of homes in Rochester, Minnesota tagged at $500,000 or more were up 133 percent when compared to the previous year, Marris said.
The high-end market came to a standstill when the stock market crashed in 2008. “Buyers in that segment had money to lose and they went into a saving mode,” Marris said. “Also, banks started requiring 20 to 25 percent down payment on luxury homes.” But, banks have now eased their lending terms, and those buyers have recuperated. So, they are out again shopping for their dream home.