Mike, Home Buyer in Minnetonka, MN

Is there a market in Minnetonka right now for homes around $350K?

Asked by Mike, Minnetonka, MN Mon Apr 20, 2009

We just bought a house in Minnetonka last year for about $330K. We had full intentions of staying in the house forever, but do to some financial changes we would like to move into something with a lower payment. When we bought the house it was covered in wallpaper and older carpeting. In the last year we've updated the whole main level by ripping out the carpet and refinishing the floors and removing all the wallpaper. We've also replaced most the appliances in the house. Is is resonable to think I could get $350K this spring\summer? Is there a market right now for this price range? It's a 2800sq ft house with 3 beds and 2 baths with a large private yard with 2 garages. Thanks

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Yes there is a market for homes in the $350's and this time of year is the best time to sell as our peak sales are between March and July 1. With the $8000 tax credit and low rates there are many new buyers out there and sales are up substantially from prior years.

What isn't as clear is whether your home is worth $350k. You've dome some cosmetic work that often has a huge affect on perceived condition but that may or may not mean a higher sales price. Without seeing your house and comparing with Actives, Pendings and Solds it would be impossible to know for sure.

If you are going to buy again please keep in mind that down payment requirements today are a minimum of 3.5% unless you or your spouse is a vet.

If you'd like to meet to do an in-depth evaluation, please let me know.

Aaron Dickinson
Edina Realty
612-251-5599
Web Reference: http://www.AaronSOLD.com
0 votes Thank Flag Link Mon Apr 20, 2009
MIke,
We provide market updates monthly and this is an excerpt from our March report for Minnetonka.
74% (63 of 85) of the homes pended during the month of March were priced $350,000 or below. Currently 53% of the homes for sale (203 or 385) are priced at $350,000 or below. A 6 month supply of homes is considered a balanced market and currently there is a 4 month supply of homes in this price range. This could indicate a shortage of inventory going into a spring market which could result in stabilizing (or even rising) prices!
Data compiled from RMLS on March 31, 2009.
In other words - yes, Mike, there is a market for homes priced around $350,000. Since the local FHA loan limit is $365,000 and many of the buyers are using this financing, this price range has been selling well.
If you would like a market evaluation, contact us.
0 votes Thank Flag Link Mon Apr 20, 2009
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