Bank-owned homes and HUD homes seem to be selling below market value at about 85% -90 of the asking price.
The terms that a seller is willing to accept also is a consideration. A seller willing to accept a contract for deed without a huge interest rate or huge down-payment can sell a home for considerably more than a comparable home with different terms.
If you are looking for a "bargain" they are out there, but you'll likely benefit from the help of a Realtor. I can help with that part...to contact me, just click on the photo of the ugly fellow in my post here.
For the month of October:
â€¢ Median Sales Price increased 11.4% to $194,900 â€¢ Days on Market decreased 27.2% to 75 â€¢ Percent of Original List Price Received increased 1.4% to 95.8% â€¢ Months Supply of Inventory decreased 12.5% to 3.5
I see someone has already posted here about THE THING!!! That's a great tool to let YOU find just the information you want.
I can also dig up some other specific reports for you if you wish.
I think you already probably know real estate is a little more complicated than that so I won't state the obvious. What I would recommend is to still start researching realtors on Trulia and looking at the recommendations. Feel free to interview a couple of us and then just see how it goes. I have a big feeling that communication is going to be a must with you. That goes for any relocation type client. Finding out if your Realtor is going to be a good fit now is probably a good idea versus waiting until you start writing offers.
Once you get put on our MLS property search you will get a very good feel of the market. Just as far as DOM (days on market) and how quickly properties are moving. Once you start seeing properties go pending within 15 days you know it is going to be close to list price. A good realtor will confirm this with Sold comps.
The planning stage of buying is gathering a lot of information. For out-of-state buyers this is daunting, because you don't have the reference points us locals do. To me it just makes sense to get some help.
Realtor North/NE suburbs
Looks like you are finding out quite a bit about the MSP market. The Thing http://thething.mplsrealtor.com/interactive is a cool tool to use. You can search by zip code, city, etc. Keep in mind that the data is behind the market by about 35 days. In most areas of the MSP market homes are selling for close to list or more. As you know we have half the inventory to sell that we normally do, buyer's interest in is increasing, and mortgage rates are low. With any type of market this leads to higher prices and, probably, to slightly higher mortgage rates as well. If you are considering buying in this market sooner might be better for you than later.
On average sellers are getting upwards of 93% of the asking price for their homes, however it's all relative to neighborhood and the home's pricing as well as the seller situation on whether they get close to asking price. Also, we have reduced inventory which is also bringing about a gradual increase in home prices and, in some cases, multiple offers at this time, so this requires alternative strategies on buyer offers to overcome the competition in some areas.
An Exclusive Buyers Agent can help you clarify with more information, comparable listings and recent solds how to strategize your offer and help you wade through the information necessary to making an informed offer and identify which properties might be the best investment for your needs.
At the same time you would get the highest level of disclosure and loyalty from your agent, disclosure you may not receive unless you use an Exclusive Buyers Agent to purchase because all deals are skewed toward the seller otherwise.
Please view the video on my website at http://www.FindYourMinnesotaHome.com for more information about agency which most agents will not clarify for you, what Exclusive Buyer Agency is, and how to protect your position in the housing market. My website also offers a multitude of information on home pricing, and other information you may find of interest.
Let me know if I can answer other questions for you going forward. You can also check out the Minneapolis Area Realtors Association information on my website on the community page for Minneapolis.
Happy Hunting and let me know if I can help!
This link might help. http://www.spaar.com/member/index.php?strWebAction=the_200
Each area has separate statistics. One of the statistics is "Percent of Original List Price Received". This percentage does not include any "concessions" made by the seller(s), like contributions to the buyers closing costs, etc.
As you can see, each area differs slightly from the others.
The sales price is often only part of the story. Often, sellers will contribute to the buyers' costs at closing which makes the "real" sales price a bit blurry.
The price a buyer can get a home for depends on a number of things. Usually, if the buyers' desired closing date, finance terms, etc. are exactly what the seller was hoping for, the price can possibly go lower since the seller(s) is/are getting exactly what they want/need.
Regardless of the asking price, a good Realtor can make sure you don't overpay for a home and can assist in negotiations. Compared to San Francisco, I think you'll like the way real estate transactions work here. It's different, and many would say "better". Due to the differences, it's important that you understand the procedures here. A good Realtor can help you gain that understanding. If I can help,. let me know.
It will vary from neighborhood to neighborhood but as of 3/1/13 the over all on average single family home selling price is about 1.15% below the list price. Feel free to contact me for any other information and have a great night!
Keller Williams Integrity
2680 Snelling Ave N, #100
Roseville, MN 55113
Visit my website below or see me at: http://www.trulia.com/profile/mattbrownrealtor/
Minneapolis is commanding 94.2% of list price.
Home prices have gone up very nicely. Could we really be getting some equity back?
Months supply....Wow! Low, low, low.
What a great time to sell! And for buyers, it's time to get strategic about those home shopping efforts and be prepared to put in very strong offers.