Today I’m sharing the latest information on home prices and days on market to give sellers a better idea of when they should list.
I’m in the real estate business, so that means my friends and family habitually ask me about timing the market. I’m sure they’re not the only ones wondering whether now is a good time to sell, so I’ll address that topic today.
I’ve done my homework, but before sharing the data with you, let me reiterate that real estate is a local market; the numbers I’m giving you now are relative to Minnesota, so if you’re in a different part of the country, understand that they may not apply to your market.
Prices in the Twin Cities have increased year over year by 4.4%, according to Zillow. What’s supporting this change? Interest rates for the average 30-year fixed mortgage dropped from 4.5% in January 2019 to 3.5% in January 2020, which is great for homebuyers.
Many experts believe prices in 2020 will flatten out or even drop a little.
Naturally, lower interest rates allow buyers to buy more house, and that increase in buying power has a sort of upward pressure on pricing. Secondly, I looked at the average days on market, which has remained relatively unchanged since 2018.
Overall, if you were thinking about selling last year but waited, now is indeed a better time to sell. Of course, the question then becomes, “How long will these favorable conditions continue?” Many experts believe prices in 2020 will flatten out or even drop a little, meaning that right now in 2020 will likely be the best time to sell.
So if you are thinking about selling, we would be happy to give you a no-cost, no-obligation house valuation. Feel free to reach out via phone or email if you’d like us to arrange that service for you, or if you have ideas for topics we can cover in our video blog.