If you’ve been thinking about making a move - whether it be to upgrade, downsize, or move to a new location, you may be wondering when the right time to sell your home will be this year. Many homeowners wait until the spring to start considering, but the real estate market has been booming ever since 2020, and these results have carried into the beginning of 2021. In fact, the market is hotter than EVER before, and that’s something to take advantage of!
Below are just a few of the many reasons why now is the best time to sell your home, and why you shouldn’t wait to do so.
1. Buyer demand is higher than ever
Buyer demand has skyrocketed all over the country - and due to a large increase in the desire for vacation homes with woods, water, and more outdoor space, demand in Minnesota has seen a significant increase specifically! Minnesota has seen a 16% increase in home sales since last year, and the percentage continues to grow. What does this mean for you as a seller? There are LOTS of buyers out there that are bound to be looking for a home just like yours. Buyers are more competitive than ever, meaning you will most likely receive more of a variety of offers, and can sell on your own terms!
2. Mortgage Rates are the lowest they’ve ever been
In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant long-term gains. What this means is that it is less expensive to borrow money for a home loan today than it has been in years past. More buyers are qualifying for homes that wouldn't have qualified at a higher interest rate. All of this results in more buyers eager to look for a new home, and they are more likely to pay more for one!
3. Inventory is extremely low
Nationally, we are seeing a shortage in inventory, meaning there are not enough homes to meet buyer demands. According to the National Association of Realtors (NAR), inventory available today is 2.3-month supply at the current sales pace, which is down from a 2.5-month supply. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply. In Minnesota specifically, there has been a 36% percent drop in inventory. As a seller, this is a very good thing. This not only plays into receiving more offers and being able to sell on your own terms, but it means that your home will have less competition and thus more eyes on it. Due to this low inventory and high buyer demand, homes are selling faster than ever - your home will probably spend less time than average on the market.
4. Home Equity is rising Today’s low inventory of homes on the market is contributing to home price appreciation. Homes are worth more than they ever have been before, because a home for sale is so hard to find! In Minnesota, home prices went up 9.3% in 2020 compared to 2019, from $259,000 to $283,075 - and they are expected to stay consistent (if not increase) in early 2021. That means your home’s market value has likely risen, and you could be selling your home for more money than ever before!
Although the outlook of the real estate market continues to look optimistic for early 2021, these numbers are likely to change later on in the year. It is important to take advantage of this seller’s market and make a move now before things change! These record numbers mean a quick and satisfying selling experience, having the opportunity to negotiate the best possible contracts with buyers who are up against intense competition for finding their dream home.
This sweet spot won’t last forever - come talk to us before more homes are put on the market! We are currently working with multiple different buyers who are eager to find their next home and we might be able to sell your home before it even hits the market
In today’s uncertain job market, you may be searching for (or curious about) a new job venture with more security. Are you looking for a way of making more money or having freedom and flexibility at your job? A real estate profession may be the answer to this.
2020 was a record-hitting year for the real estate market. Nationally, home sales increased by 27% and buyer demand remained stronger than ever. Low mortgage rates, which dropped from 3.90 to 2.90 over the year, were offset by low inventory. Because of these factors, home prices rose an average of 16%! In Minnesota specifically, there were over 83,824 home sales last year, a nearly 10% increase over last year, according to the Minnesota Association of Realtors (MAR).
Real estate agents were busier than ever in 2020 and many saw their own personal best year. Strong growth is expected in 2021 for housing sales, rents, and home prices - national surveys have suggested that as the economy begins to improve, buyers are looking to spend more money. What does all of this mean? The new year is a very good time to become a real estate agent - and here are the reasons why you should consider becoming one yourself.
1. You get to be your own boss
A real estate profession is one of the very few that you are your own boss and work on your own terms. You have a flexible daily schedule and can decide what you do and when you do it - as well as a flexible vacation schedule in which you can vacation and return whenever you decide. Say goodbye to limited PTO! Becoming a real estate agent also gives you location independence, so you can work from home, your office, your car… anywhere you want! You decide how to manage your time, priorities, and how you reach your goals.
2. Choosing real estate can be a quick process compared to other careers, and you don’t need a college degree
Compared to other careers, such as becoming a lawyer or surgeon, becoming a real estate agent is less-time consuming and no college degree is required. This doesn’t mean that it’s an easy choice, but simply that there are accessible educational opportunities that people of varied backgrounds can use to their advantage. All you need is to be 18 years old, have a social security number, and a few other basic requirements. You can even take classes online for further convenience!
3. There’s earning potential, and your business is scalable
One of the best parts about real estate is that there is no limit to how much you can make, like a typical salary-based job. Because you are your own boss and decide how much (and how hard) you work, you are in total control of your earnings. Success will not come overnight, or easily. Real estate is hard work, but if you put in the effort and time it will show. Your real estate business has potential to grow beyond a five- or six-figure income - the sky's the limit!
4. Real estate professionals help people during major life milestones
If you are someone who likes to help others, you will find much satisfaction in real estate. From a new couple buying their first house to families buying a vacation home, you will help people through a new stage in their lives and you can truly be part of a community. When working with clients in real estate,
you sometimes have to wear multiple hats: part counselor, part life coach, and sometimes part mentor. That can be rewarding for those who have a passion for giving back.
5. Real estate is always changing and you never stop learning
Many people dread the idea of sitting in a cubicle doing the same thing every single day - but real estate is far from that. Although an office setting may be a part of your daily work routine, you will always be out in new settings and environments, showing different homes or scoping out new neighborhoods. The real estate industry is also ever-changing in terms of information and trends. As a real estate agent you are constantly adapting to different markets, new trends, and different types of clients with various personalities and challenges. For some, this can be incredibly exciting! No day is the same when working in real estate.
6. Real estate allows you to meet new people and opens doors to unique opportunities
One of the most significant advantages of getting your real estate license is that you will have the opportunity to meet all types of people - including people you otherwise would never ordinarily meet. A career in real estate is the perfect way to be social, network, and learn about people from all different walks of life. In real estate, networking is a crucial part of becoming successful and making more money. As your sphere of influence grows, you will meet more people and acquire more leads. You never know who you might meet, and what opportunities they potentially might have to offer you!
If you are a social, hard-working person who wants to make a difference in others’ lives while bettering your own, real estate is for you! Now is the time to start reaching your full potential and do something rewarding. Don’t wait! If you are interested in going for your real estate license and have questions about being an agent or about the process to become one, we are here to help.
These numbers are provided by the Itasca Board of realtors.
It’s already November and you know what that means, the Winter months are approaching! That being said, it is crucial that you get ready before the unpredictable snowy weather. There are plenty of home maintenance tips that will save you big time and we have the list!
The list contains plenty of must-do’s, which are the ones that will save you not only money on your energy bill, but also the cost of any expensive repairs down the road if you do not get ready beforehand.
Are you ready for the list? Well let’s go --
Take care of your wood floors
The snow and dirt can cause a complete mess on wood floors. Before you let that happen, be sure to mop, sweep, or dust regularly or place mats and rugs in the highest traffic areas in your home. If not, rock salt can cause serious damage to your floors such as serious scratches and cracked floorboards.
Clean your oven
It’s to no surprise that homemade food is even more popular in the Winter months so this is a big tip that should not be overlooked! Make sure to DEEP CLEAN your oven and stovetops. The oven and vents can easily turn into the dirtiest feature in your kitchen because they collect a lot of grime and grease. Not only should you deep clean your oven once and awhile, but clean it regularly between every home cooked meal.
Check out your home’s heating and air conditioning system(s)
Before the weather turns cold, this is the perfect time to change your filters at the very least. Or, if you have a programmable thermostat, you should set your temperatures for the winter to save on heating costs. Make sure to also check the batteries and change them if needed!
Extra tip: Weatherproof your windows to save even more on heating. You can do so by removing any old caulking.
Consider a roof inspection
It is important to check for missing shingles, roof tiles, and damage as part of winter roof maintenance. A damaged roof can not only cause high energy bills during the winter months, but can also cause water damage in your attic or top-room floors. If you can, reach out to professional roof repairs and inspections because they will know exactly what to look for.
Clean your gutters
Once the leaves stop falling, you know it’s time to clean those gutters! If not, it could create all kinds of problems. You wouldn’t want to miss out on this because if you do, the water running down your home can speed up the deterioration of your exterior. This may be the last tip, but it sure is one of the biggest tips you need to follow!
These are just 5 of the most crucial tips you should follow when preparing for the Winter months. If you’d like some more tips, or are in need of hiring professional help, we are happy to assist!
These numbers are from the Itasca Board of Realtors.