If you're looking to sell your house, it may soon be the time to do it.
The real estate market in Minnetonka is gaining momentum compared to the majority of the Twin Cities and national market, according to Adam Fonda, a local real estate agent with Coldwell Banker Burnet.
“Median sales are up two percent compared to last year,” Fonda said. “This up-shift is attributed to the exceptional services that Minnetonka provides, such as schools, parks, shops and local companies hiring new workforce.”
Companies such as Comcast, who recently announced 450 jobs to be added in Minnetonka, are hiring.
Fonda said the national housing market is still recovering, and it will take five to ten years for the damage to be repaired.
Home values slipped a little over five years ago in the Minnetonka area, and currently, the average home is selling for 90 percent of its listing price, Fonda said.
“It’s rare that homeowners get full list price these days unless there are multiple offers from buyers,” said Fonda. “Everyone wants a ‘deal’ these days, and housing is no expectation.”
People might hesitate to sell their home in Minnetonka because they’re afraid they won’t get the value they desire, or they have the fear of not getting any offers.
“Each homeowner’s situation is different from their next-door neighbor,” said Fonda. “If homes are priced correctly to the market conditions then homeowners should receive interest and an offer from a buyer in a few months.”
Bill Harper of Minnetonka said it took him three months to sell his Minnetonka home.
“We were hesitant to put our home on the market during these tough economic times, but we ended up getting over 85-percent of the listing price,” said Harper.
According to Fonda, the housing market will increase from its current levels.
“People will always need to buy and sell real estate,” said Fonda. “If you’re thinking about selling your home in the next year or so, I recommend doing home improvements to increase the value of your home when it comes time to sell. These improvements can be anything from updating the kitchen, repairing the roof, replacing windows, refinishing hardwood floors or adding fresh paint. Every little bit helps.”