So Moving's In Your Future?
Let's take a quick look at some of the realities of our current market, and items what you'll want to consider. Yes, 2020 had unprecedented turbulence for numerous reasons. The housing market in our area, thankfully, wasn't one of them. The median sales price in Rochester was up 6.5% from last year, with an average sales price of $300,310 (up 7.6%). The number of homes for sale has decreased over 28% from last year! We are at crazy places for the lack of homes on market--as many of you are aware. The number of closed sales in Olmsted County this past year was up 5.1% (2,778). What does this mean for you?
Rochester & Neighboring Communities Are Desirable
The city & outlying bedroom communities have great reputations for care, service, and things to do. We've heard a lot about the Destination Medical Center initiative, and while some activities were slowed recently, others escalated. Park systems, trails, nature centers, golf, disc golf, biking, hunting, fishing, rafting, & other activities outdoors make this a great area. Within only minutes you can be in the woods, on the open plains, or lost on a trail in a state park:) Rochester held onto a great national reputation as it ranked 5th on Livability's top 100 Best Places to Live . Of course Mayo Clinic allows for the area to thrive, and that seems to be only increasing as the importance of top medical care heightens within our world.
Economic & Social Conditions
A new president & representation are a part of life, just as it always has been in real estate. Can they play a role in what happens in our area? Absolutely. That said, the Rochester area has been well insulated from immediate impact of market trends. It's typical that any significant change hits the coasts first, then the Twin Cities, then our area. We usually have lead time to react on some level, which helps. The benefit of a place where people come for medical treatment from around the world brings diversity, inclusion, and great insight. It's a joy to be in a marketplace that continues to involve people from all socio-economic categories & walks of life. It allows for a diverse pool of both buyers and sellers in real estate, which is exciting and valuable to our area.
What To Expect:
The continued trend toward home prices rising due to scant home availability is important. Sellers...marketing your home to the largest audience possible is where it's at. Demand has hardly been higher. Don't discount your value by selling privately--stats continue to show that homes listed publicly with professional assistance net sellers a higher amount. Let the bidding war happen! Of course strategizing on pricing, improvements, & condition still plays a valuable role. I've been on several appointments lately that started with setting a game plan & ended with a sold sign in a matter of hours. That's actually normal. However, the insight on selecting the offer, looking at the terms listed, and examining the financing/lender involved can be especially critical to getting you successfully to the closing table.
Note that now is the time to get your homework done. Get preapprovals out of the way first. Study the market by looking a price points, both list price and sold prices. Discover the value of hiring an agent who's on the lookout for you & who can jump quickly with you into the pool when a house comes up. Response time is huge, and sound counsel in multiple offer situations is critical. I've found myself doing Zoom, Facetime, & even Snapchat video showings when urgency demands it. Crafting the terms needed, understanding the long term effect of what you are purchasing, and critical thinking are vital in one of the biggest investments you'll make.
As always, if you have questions, love to chat with you about next steps & provide insight to your situation.