Table Of Contents
The Status of the Real Estate Market Right Now
Top Reasons You May Need to Sell Your House in Minnesota Fast
When to Sell Your House
Factors Influencing Whether You’ll Sell Your House Fast in Minnesota
How to Prepare Your House to Sell Fast in Minnesota
The Best Ways to Sell Your Minnesota House
Needing to sell your home fast in Minnesota can be a challenge.
After all, you’ll have to whip your house into selling shape, find a reliable real estate agent to work with, market your house to the right target audience, and hope that someone becomes interested and actually buys your place.
However, because time is of the essence, you may find yourself having trouble finding a buyer willing to pay the asking price of your home. Not to mention, who knows what the market will be like at that very moment.
Seemingly changing every day, will it be a seller’s market? Or a buyer’s market?
Either way, if you need to sell right away, it won’t matter what the market is doing, you’ll just have to find a way to sell.
To help you figure out how to sell your Minnesota house fast, we are giving you the complete rundown with this guide. That way, no matter what situation you’re in, or what situations you run into, you’ll know exactly what to do to sell your home fast, and move forward with your life.
Although time is not always on your side when it comes to selling a house fast, it’s good to know that as of right now, it’s definitely a seller’s market.
Hard to believe, right?
Well believe it. Since the housing crash of 2008 when housing prices fell a record-dropping 12.4%, the market has jumped up an impressive 11.4%. This raised the median house price to $210,200 (up from $180,100 in 2008).
And that’s just the median house price for today. Who knows how high it will be in the months to come.
Adding to this, the National Association of REALTORS® reports 5.51 million existing homes were sold in 2017. And, despite a small dip in those numbers during the first two months of 2018, statistics are showing that the market is on the rise again.
Even states in the Midwest (who saw a 2.4% decrease in home sales in the last 12 months) are seeing things turn around in favor of the seller.
Want to know more? Check out these recent housing market trends in the United States:
- The Midwest is seeing a median home price of $179,400
- First time buyers made up approximately 29% of all home sales in February
- All-cash sales made up 24% of all sales in February
- The average time a property stayed on the market was 37 days, down from 45 days in 2017
And to narrow it down to your particular region, check out these trends specifically related to Midwestern states such as Minnesota:
- Millennials are expected to make up 42% of the buyer pool in cities such as Madison, Wisconsin; Columbus, Ohio; Des Moines, Iowa; and Minneapolis, Minnesota
- Inventory is down nearly 11%, making it harder for people to buy, and easier for people to sell
- Housing prices in Minneapolis are four times greater than median household incomes, making it harder for people to buy starter homes (though not stopping them from doing it)
- The average home price in Minneapolis is now at a record-breaking high of $246,000, which is $16,000 higher than the previous record
However, many sellers think that because inventory is low and demand is high, that selling their Minnesota home fast is not going to be difficult to do. But that is far from the truth, especially if they have to sell right now.
There is much more to selling your home fast than knowing the current state of the housing market.
Selling a house, no matter what state the market is in, takes a lot of time, money, and effort. And sometimes when you are desperate to sell your house immediately, you don’t have the time, money, or desire to put in all that effort.
In fact, it’s times like these that you’ll find yourself needing more help than ever.
There are many reasons why you might find yourself needing to sell your Minnesota house fast.
In fact, you might even consider selling your house as is, so that you can unload it as quickly as possible and move on.
Let’s look at the reasons that would force you to have to sell your Minnesota house fast, so you can identify your specific situation and make an appropriate plan going forward.
It can happen to anyone.
Maybe you lost your job. Maybe you experienced a medical emergency that put you behind on your bills, including your mortgage. Maybe your less-than-great money management skills have finally caught up to you.
Regardless of the reason you’re in a financial crunch, what matters now is that you need to sell your home as quickly as possible so you can get into more affordable housing and decrease your debt.
Don’t let mortgage trouble get the best of you. Consult with professionals if you need help selling your home fast.
Being promoted at your job, or simply getting a new job altogether comes with lots of excitement.
But you’ve got a big problem on your hands: timing.
It can be hard to sell your Minnesota house at the exact moment you need to relocate for your new job. In fact, it can be impossible at times, depending on when you are due to start your new job.
Rather than miss out on a great opportunity, or risk getting in trouble at your new job, get a fair cash offer on your house as soon as possible and move on to bigger and better things, hassle free.
This way, you won’t have to deal with finding a real estate agent, staging your home, and finding prospective buyers, all while preparing for your new job.
Lack of Resources
Selling a home often requires additional expenses for homeowners.
Many buyers today have high expectations for the homes they would consider making an offer on. As a result, turnkey properties attract the most interest.
However, like many sellers, you may not have the extra time or money needed to renovate your home – after all, you’re trying to save as much as you can to purchase your next home. Or perhaps you are concerned about investing in renovations that might not actually bring in the same return as what you spent on them.
In such situations, many homeowners struggle to decide whether to invest back in the house that they want to leave, or drastically reduce the asking price in order to get an offer.
Fortunately, there is another option that you may not have considered yet.
Selling your home to a professional real estate investor means that you’ll be able to get a fair offer on your house, without the hassle of having to renovate it first.
And, because most real estate investors already have the funds available to purchase your home, they are often able to close the deal quickly – making it a great reason to sell your house fast.
Lack of Buyers
Has your house been on the market for some time, with no interest from homebuyers?
If so, you might want to sell your house for cash fast so that you can at least get some money for it. After all, an empty house sitting on the market does you no good financially.
If you’ve been using a real estate agent to help you sell your house, and haven’t received any offers, it’s time to contact real estate investors, such as ours at Homestead Road, that will give you the highest cash offer possible and make getting out of your Minnesota home a breeze.
This way, you can get a fair offer on your house today, receive the cash in hand, and be done with the whole house selling process now.
You Can’t Pay For Two Houses At Once
Perhaps you’ve had your eye on a certain house that just became available.
Now imagine the headache that is going to come with trying to sell your current Minnesota home at the same time you’re trying to buy this new house.
If the house you’ve been eyeing has just been put on the market, chances are other people are going to be jumping on the listing as well.
But the truth is, there is really no way to perfectly time selling your current house and buying a new house at the exact same time.
And because of this, you face many problems:
- Not having the money to put down on your new house because your current house is still for sale
- Successfully buying the house you want, but having to pay two mortgages because your other house hasn’t sold yet
- Not knowing how much money your current house will sell for, making it harder to budget for things like a down payment on your new house
- Trouble getting a mortgage on your new home because your current home is still on the market
- Having to consider renting your current home until it sells (especially if the market is down), which comes with a whole new set of struggles
Avoid all these hassles by requesting a free, no-obligation cash offer on your home today.
By doing this, you’ll know exactly how much money you have to work with when your current house sells, so you can concentrate on grabbing that new home without any worries.
If you’ve recently inherited a home from someone close to you, there’s a chance you might want to get rid of it as soon as possible.
Perhaps the inherited home is too far away, not the right size, or simply not your taste. Perhaps you already own your own home and simply aren’t in need of another home. Or perhaps you need the money from the sale of the house to go toward new expenses.
While Minnesota does not have an inheritance tax, an estate tax is levied on estates exceeding $1.6 million (though this is expected to increase to $2 million this year).
This tax falls onto the estate of the person that has passed, and the beneficiaries or heirs inherit whatever is left over. Many beneficiaries have a difficult time covering this tax on their own, without additional assets, like profits from an inherited home, to put towards the tax.
If you need to sell your inherited home fast, request a no-strings-attached cash offer on your home today.
Additional Reasons to Sell a House Fast
In addition to the above-mentioned reasons for needing to sell your Minnesota house as is, you might also need to move fast because:
- You’ve outgrown your home and you want to purchase a new one before prices continue to creep up, or worse yet, before national interest rates do
- Your personal relationships have seen a change – marriage, divorce, or the addition of a baby all make a difference
- Neighborhood concerns such as an increase in crime may put pressure on you to move quickly
- Retirement may be coming up and the appeal of moving into a retirement community may cause you to want to sell your house fast
- A change in health, such as not being able to navigate stairs anymore, may create a sense of urgency to move
Is now the right time to sell your home? Should you wait until a certain time of the year?
Here are the top considerations for knowing when to sell your home.
To start, you should determine whether it’s truly a good time to sell or not.
For example, Mortgage News Daily will tell you that house sales in the Midwest tend to peak between March and June of every year.
That’s because this is the best time for people who have children in school to buy, as the school year is wrapping up soon. To add to that, yards tend to look their best in the springtime, which helps to boost any home’s curb appeal.
That said, even if it’s the middle of winter when you find yourself needing to sell your house, remember, houses still sell year-round.
Maybe not as many will sell in the winter or during the holidays as the in the spring, but it is still possible to sell your house fast during the off-season with the right investors helping you.
4 Questions to Ask Yourself
Here’s a look at some of the best questions to ask yourself before deciding to sell your Minnesota home:
1. What does my financial situation look like?
Consider how much is left on your mortgage and whether selling is going to cover the loan costs.
If you’re in a bad financial situation, figure out the lowest selling price you’re willing to take. Make sure selling doesn’t put you in a worse financial situation than you are already in.
2. Is my house ready to show?
Make sure your house is clean, the yards are landscaped, and all repairs are handled before you decide to show your home to prospective buyers.
3. What are my actual time constraints to sell the house?
Figure out when you need to leave.
Is it urgent you leave immediately because you’re starting a new job? Are you drowning in debt and staying is making matters worse? Or, are you just interested in moving to a bigger house that you like more?
The answers to these questions will help you define a timeline and decide whether to use a real estate agent, or work with an experienced real estate investor whose main priority is to help you sell your house as fast as possible.
4. What time of the year is it?
It’s important to consider the time of year it is when you decide to sell your home.
That’s because in Minnesota, there is a limited timeframe you can reasonably expect to sell a house before the harsh winter cold comes and selling becomes more difficult.
Evaluating your individual situation will help determine if you can wait until spring or need to close the deal as quickly as possible.
Understanding general housing market trends and your level of urgency to sell your house will help you determine the perfect time to sell.
There are several additional factors that determine how fast you’ll actually be able to sell your house, regardless of what time of year it is.
1. National Economy
As housing prices increase, it’s usually a sign that consumer spending is on the rise, meaning people will be able to buy your house for the asking price.
However, as housing prices continue to increase along with interest rates, people’s spending habits may start to change.
In fact, in recent years it has been more difficult for first-time buyers to secure mortgages and harder to save up large down payments, making people put home buying lower on their list of priorities.
Studies show that though some millennials want to buy a home this year, many face between 10-20 years of saving in order to have the traditional 20% down payment. And with the cost of rent continuing to increase, not to mention the general cost of living that includes the cost of education, healthcare, and retirement, saving for a down payment becomes less of a priority.
Adding to that, when it comes to securing a mortgage, not only will qualifying for the right amount be a struggle, finding an affordable interest rate is something that continues to plague those that want to buy right now.
This means that even though inventory is low and demand is high for housing right now, selling may become a problem if local buyers can’t afford your home.
2. Minnesota Economy
But the problem is, opportunity doesn’t always mean money in the bank to put a down payment on a home.
In fact, there are many things that are keeping interested buyers from purchasing a home in Minnesota. Here are the top ones:
- Not having enough money for a down payment, the monthly mortgage, taxes, and maintenance
- The cost of housing increasing faster than people’s incomes
- A fear of investing in an expensive home after seeing what happened when the bubble burst in 2008
- The rising costs of raw materials and labor to construct new homes are driving costs higher than expected
That said, if people’s incomes aren’t matching the rising costs of buying a home, they simply cannot, and will not buy.
And, even if people do have the funds to buy an expensive home, chances are they won’t because they don’t want to see the housing market crash again and bring them down with it.
This ultimately means that, despite the booming Minnesota economy, you will have more trouble than ever selling your home fast, no matter what condition it is in.
3. Interest Rates
As interest rates continue to rise, nearing the 5% mark, buyers are finding it more difficult to afford housing.
That’s because while purchase prices and interest rates are up, incomes are not rising alongside these two numbers, which is causing concern amongst those interested in buying. This crunch will make it more difficult for you to sell as fast as you want.
4. Neighborhood Trends
It’s important to know the general state of your home’s neighborhood before putting it on the market.
For instance, the demand for housing, how many houses are available for sale, the condition of the homes near yours, and the asking prices of similar houses all play a role in how fast you’ll be able to sell your Minnesota house.
5. Your Real Estate Agent
According to the Association of Real Estate License Law Officials (ARELLOS), there are about 2 million active real estate licensees in the United States.
However, with so many real estate professionals to choose from, it can be difficult to find an agent with the right experience, motivation, network, and resources to sell your house as fast as you want.
6. Your Ideal Buyer
How fast you will be able to sell your Minnesota house depends on the type of house you have and what kind of buyer is best suited for living there.
Is your house more suited to growing families? Would it be more appealing to older buyers?
What types of features would be most important to those buyers?
Is your home close to local amenities such as dining, shopping, entertainment, or parks?
According to a survey conducted by the National Association of Realtors (NAR), 57% of people would trade a big yard for a small yard if it meant they could live in a community that had a shorter commute to work and could walk to places such as schools, stores, restaurants, parks, playgrounds, and recreational areas.
If your house doesn’t have what buyers are looking for, you’ll find your house sitting on the market for longer than you hope. And if this happens, you’re going to right away to get your house off the market.
Preparing your home to sell is a big deal, especially if you’re looking to do it as fast as possible.
That’s why breaking down the most important tasks is the best way to make sure you cover all your bases and can sell your house as soon as possible, and for the right price.
1. Price Your House Wisely
If you price your house too low, you’ll lose money. If you price your house too high, it’ll never sell.
Find the sweet spot to not only sell your house, but sell it fast.
If you are unsure about how much to price your house for, consult an experienced real estate agent or real estate investor. They’ll know the market trends and can help you competitively price your home.
It’s important to remember, however, that if you need to sell your house fast, there’s a chance you won’t get the fair market price for it when selling it traditionally, especially if you decide sell it as is.
In those instances, selling your home to a real estate investor may be more beneficial.
For instance, if you decide to go with real estate investors like Homestead Road, we offer a free, no obligation assessment of how much your house is worth and will make you a fair all cash offer and quick close.
2. Advertise Your Property
The way to get word out that your house is available for sale is to promote it across many channels.
You can list your house in online ads, in the newspaper, on flyers, in the MLS listings, and even on your real estate agent’s website.
Be very descriptive in your home listing. Also use crisp, exciting images, and make your contact information clear so prospective buyers know exactly who to contact when interested.
You can also include information about the local neighborhoods, nearby schools, and crime statistics to ensure people that your house is located in a good neighborhood.
3. Be Ready for Home Showings
You want those who are interested in buying your home to have an easy way to view it.
After all, no one wants to blindly buy a house they’ve never seen before.
Schedule flexible open house times, be available for private showings, and always make sure your house is presentable before showing it to anyone.
For instance, remove all personal items, make sure the house is properly cleaned (even if you’re still living in it), and remove items such as children’s artwork or political items to avoid offending anyone or biasing them against buying from you.
When it comes to cleaning your house before a showing, pay close attention to:
- Dust, dirt, and grime that has built up over years of living there
- The kitchen and bathrooms, including sinks, faucets, toilets, and showers/tubs
- The floors – include a sweep, vacuum, mop, and buffer, depending on the floor type
- Garbage in the home, garage, and front and back yards
- Pets so that no one gets hurt, those allergic aren’t affected, and it’s easier to show the house
As the housing market becomes more competitive thanks to low inventory, you might want to take it a step further and consider staging your home for potential buyers.
After all, 81% of buyers say staged homes make it easier for them to imagine the home as their own.
Adding to that, here are some more startling statistics you might not know about staged homes for sale:
- A study by Coldwell Banker Real Estate Corp. found that staged homes stay on the market for half the time that non-staged homes do, and sell for 6% above asking price
- Home staging is the number one thing you can do to sell your home faster, ahead of cleaning, carpeting, and painting both the interior and exterior of the home
- Since 51% of people look to the internet first to find a new home to buy, it makes sense that a staged home will be more appealing in online photos
- You’ll save approximately $2,122 in mortgage payments staging your home thanks to it selling faster, which is great for those in a financial crisis looking to release themselves from a mortgage they can’t pay
- The most popular rooms to stage and the percentage of people staging them include the living room (83%), kitchen (76%), master bedroom (69%), and the dining room (66%
Staging your home for prospective buyers is one of the best things you can do to sell your house for the most money possible. But again, if you find yourself needing to sell your house fast, staging your home and holding showings can wreak havoc on your time and money and may not be an option.
Requesting a free, no-obligation cash offer on your house is an option, however, and one that can get your Minnesota house off your hands immediately.
4. Maintain Your Home’s Curb Appeal
First impressions are huge when it comes to selling your house. If someone drives up to your house and immediately doesn’t like what they see, you may never be able to secure a sale.
Plus, great curb appeal will help you sell your house for more money and quicker than ever because of its positive effect on prospective buyers.
In fact, some realtors state that exterior home improvements and freshly landscaped yards boost ROI up to 150%.
That’s why the following outdoor maintenance should all be done on a routine basis:
- A fresh coat of paint
- Fix any outdated or broken widows and window coverings
- Repair the rain gutters
- Trim the shrubs, hedges, and plants
- Sweep the walkways
- Clear out the trash
- Pull weeds
You might even want to add some special touches, such as potted flowers, to enhance your house’s exterior a bit more.
Whatever you do, don’t forget about the backyard! It is sometimes easy to do this because it’s not something buyers see when they pull up to the house to attend a showing.
However, most homeowners like to spend a lot of time in a well-maintained backyard, which is why tending to the backyard is just as important as tending to the front yard.
Try washing the deck, and even staining it or painting it so it looks inviting.
Add backyard lawn furniture as a way to stage what it could look like once someone moves in. Even consider adding special outdoor lighting or extra storage areas to make your home stand out.
If you can’t handle this on your own, or just don’t want to, consider hiring a professional landscaper to take care of it for you.
After understanding all the different factors that go into selling your Minnesota house fast, the final thing to do is determine exactly how you want to sell your house.
Your reason for wanting to sell fast, the amount of resources or extra cash you have on hand, and your individual financial situation will all play a role in how fast your house will sell.
1. Use a Real Estate Agent
There are plenty of reasons why using a real estate agent to sell your Minnesota house is a good idea:
- They know how to price your home competitively
- They can stage your home to appeal to a wider buyer base
- They can get you higher offers thanks to an increase in showings
- They can expose your home to a wider buyer pool using a variety of marketing channels
- They can help you find highly qualified buyers and negotiate the best terms
- They can represent you during home inspections to ensure everything stays on track
That said, not everyone wants to deal with the costs or hassles associated with hiring a real estate agent, nor does everyone have the time to deal with one, either.
That’s why our next option is often the best way to sell your Minnesota house fast.
2. Sell Directly to a Real Estate Investor
Whether you are looking to sell your Minnesota house fast, are wanting to sell your house as is – or both – consider selling directly to knowledgeable real estate investors, such as the ones at Homestead Road.
With fair cash offers that come obligation-free, Homestead Road makes selling your Minnesota home a breeze.
Benefits of Selling Your House to Our Real Estate Investors
- Sell your house “as is” for up to 20% above any other offer you’d get using a real estate agent
- Receive stellar customer service since the focus is on helping families get out of bad situations
- Never worry about preparing your house to sell or staging the inside to convince buyers to make a purchase – Homestead Road takes care or fixing up your house using our own professional team
- Save money by not having to hire a real estate agent, fix up your house, or stage it
- Get help with moving costs to help alleviate the stress of moving
- Avoid foreclosure by selling your house as is, right now
- Rest assured your house will be restored using high quality materials and sold to a family who is also trying to find an affordable home to live in
- Avoid typical closing costs associated with selling a house
- Never worry that your house is too rundown or in need of repair, since all homes have the ability to be restored
- Receive individualized advice for your situation that will lead to the best outcome possible, including a quick sell
If you want to sell your Minnesota house as fast as possible for the highest price, contact Homestead Road.
You’ll receive a free, no obligation assessment of your home situation and be able to talk to real estate experts who are experienced in buying houses as is for cash.
In the end, you will find that selling your Minnesota house for cash is a simple, hassle free, and financially sound process when you use Homestead Road.