Putting your home up for sale can be an exciting yet nerve-wracking process. One of the biggest questions on sellers’ minds is – how long will it actually take to sell my house? In Central Minnesota, there are some key market factors that influence timelines. Understanding these can help set proper expectations. In this blog posts, Minnesota real estate experts Dan Schueller and Diane Pogatchnik take a look at how long most houses take to sell in Central Minnesota.
Key Takeaways:
- The current Central MN housing market favors sellers with low inventory
- Most homes in good condition sell within 1-3 months if priced properly
- Homes priced too high or needing major repairs can take 6+ months
- Working with an experienced agent is crucial for efficient pricing and marketing
Current State of the Central Minnesota Housing Market
The housing market data for the Central Minnesota region through May 2024 shows mixed signals compared to the same period last year. New listings increased by a solid 9.4%, indicating more homes came onto the market. However, pending sales only rose a modest 1.3%, suggesting buyer demand was fairly flat. Closed sales saw a healthy 7.7% jump year-over-year. The median sales price ticked up 1.9% to $336,300, continuing the trend of rising home values. Months supply of inventory rose from 2.3 to 2.6, representing a 13% increase in available homes for sale.
One area of concern is that both the percent of original list price received and days on market worsened slightly compared to 2023. Homes sold for 98% of asking price on average, down 0.4%. Additionally, properties took 45 days to sell, up 2.3% from last year. The declining share of ask received and longer marketing times hint at some loosening in the extreme seller’s market conditions of recent years. Overall, the Central Minnesota housing data depicts a market beginning to rebalance, with more inventory but still robust price appreciation.
If you have concerns about selling your house, be sure to call or text Your Home Sold Guaranteed Realty Exclusive at (218) 656-6469 to learn more about their Guaranteed Sale Program. The best part about the Guaranteed Sale Program is that you eliminate the usual stress and worry that most home sellers have: no conditional offers, no emotional roller coaster, no chance of getting stuck owning two homes. The Guaranteed Home Sale Program makes the house-hunting process a lot more fun because you know your home is guaranteed to sell.
Pricing and Condition Timelines
While overall market conditions are favorable for sellers, how long it actually takes an individual home to sell heavily depends on two key factors – asking price and the condition of the property.
For homes in good, move-in ready condition that are priced at or slightly below comparable recent sales, the average time to sell is currently 1-3 months in most Central Minnesota areas. Reasonably-priced yet outdated homes may spend closer to 3-6 months on market.
On the other hand, homes that are overpriced compared to similar neighborhood properties often linger much longer – 6 months or more in many cases. Houses needing significant repairs or renovations also tend to face extended marketing timelines unless priced accordingly.
Listing Season Impacts
Like many northern climates, Central Minnesota’s housing market does see some seasonality trends as well. The spring and early summer months tend to be the busiest times with more buyers house hunting.
Listings that go active during these prime seasons of March through July often go under contract faster than fall or winter launches. If selling in the less active late fall or winter, be prepared for a potential slower sales process.
However, if you work with the real estate experts at Your Home Sold Guaranteed Realty Exclusive, they can sell your house during those perceived inactive months – at least 1/3 of their buyers and sellers work with Dan and Diane during the winter months.
Managing Expectations and Pricing
So if you’re planning to sell your Central Minnesota home, what timeline should you expect? A fair and data-driven listing price is the biggest factor, along with presenting the property in great shape.
Working with an experienced local realtor who understands current neighborhood sale prices and market dynamics is invaluable. They can provide an accurate pricing strategy to maximize interested buyers while still achieving your financial goals in a reasonable timeframe.
Call Dan and Diane To Sell Your House Fast and For Top Dollar!
Ready to sell your Central Minnesota home efficiently and for top dollar? Call Dan Schueller or Diane Pogatchnik and the real estate professionals at Your Home Sold Guaranteed Realty Exclusive. Their proven marketing system will ensure maximum exposure for your listing.
Get started today with a free, no-obligation home valuation just by calling (218) 656-6469 or texting your property address. Dan and Diane guarantee they will sell your home in an agreed upon timeframe, or they will buy it themselves! Why risk a prolonged listing? Trust this team’s expertise to sell your house quickly.
To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!
