Sell smaller and buy closer and bigger?

Asked by Newbie Buyer & Seller, Saint Paul, MN Tue Mar 18, 2008

I want to sell my smaller St. Paul house that is 22-28 miles from work and move into a larger house closer to where I work in Eden Prairie. Is this a good time/market to make this transition?

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4
Aaron Dickin…, Agent, Champlin, MN
Thu Mar 20, 2008
BEST ANSWER
You'll want to refer to this page on MAAR's site for info about the market in your neighborhood: http://www.mplsrealtor.com/the100.aspx

I can tell you that depending on when you bought and where you bought, your situation can vary quite greatly as areas of Minneapolis & St. Paul are holding on strong while other areas are very soft right now.

In terms of being a good time to move, I would say yes it is. Eden Prairie itself is still quite expensive but there are great deals to be had not too far down the road. In particular I'm seeing newer homes for great deals in Shakopee, Jordan and Belle Plaine. Since those areas all had huge growth in just the last few years, those are the areas that are suffering the hardest right now and I believe some of these homes are being sold at "fire sale" prices.

Even though Eden Prairie/West Bloomington prices haven't fallen much, the pricing is still much better than it was a couple years ago. Taking advantage of the rates in the 5's certainly will help keep your monthly payments lower as well.

Talk to a few agents face-to-face, find one you like and trust, and explore your options more deeply.
0 votes
Rochelle All…, Agent, Woodbury, MN
Wed Mar 19, 2008
Hello Newbie Buyer,
It is a challenging market to sell your home, but the upside is that you are also buying in this market. Within St. Paul there are some areas that are holding their values while in other areas, average sale prices are down considerably. That being said, with the Fed dropping interest rates again, there are buyers out there and homes are selling. I have been working with a buyer for St Paul and 2 out of the 7 homes that we wanted to set up a showing were already sold.
There is another option that you might want to consider and that would be renting out your smaller home in St. Paul and when the market improves a few years from now, you could put it on the market then. In addition to working with buyers and sellers, our team specializes in Investment Properties, which means I can provide you with guidance and information on what it takes to successfully rent your home. We are holding a Tenants 101 Seminar at the beginning of April. If you are interested in more information about this seminar, or would like to have a free no-obligation market analysis of your home, please let me know.
Warmly,
Rochelle Ann Allison
Keller Williams Premier Realty
Cell: 952-913-7112
Web Reference:  http://www.RochelleAnn.com
1 vote
Emily Best, , Apple Valley, MN
Sun Apr 20, 2008
I recommend that you have several agents come to your home and conduct a current market analysis on your home and see what it could possibly sell for in today's market. They agent should also give you a listing presentation on what they will do to sell your home. Keep in mind that someone who comes in and says your home will sell for a higher price and will take the listing at lower percent probably isn't doing much to market your home. And when your home doesn't sell you might get even less that you could have if it was priced competitively in the first place. Also I suggest that you contact several lenders and shop your mortgage around for the best interest rates. Rates vary from lender to lender as do the products they offer. It is still a good time to sell especially since you are moving up. The reason being that even though you may being selling your home for less than you would have several years ago so are the people whose home you will be buying and you can find some good deals out there. I suggest that you get out a map and draw a radius around where you work and only go as far out as your willing to drive. These are the cities you should search in. If you would like the names of several reputable lenders or a free current market ananlysis on your home please contact me. Happy House Hunting!
Emily Best
Coldwell Banker Burnet
erbest@cbburnet.com
0 votes
Todd Norsted, Agent, Maple Grove, MN
Wed Mar 19, 2008
Newbie......

Buyer's Market, Rates incredibly low! I have yet to see a better time in the last decade when it's a better time to move up! I'd surely be out there looking, if I were you. There are some fantastic buys!

Thanks, Todd Norsted
Web Reference:  http://www.toddnorsted.com
0 votes
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