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.
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.