Your home may be worth more than you think!

Prices continue to march upward with rising demand for Macalester-Groveland homes. Homes are selling faster due in large part to the limited supply. Multiple offers are becoming more common, and some homes are selling for above asking prices.

Chances are you love living in Mac-Grove, and don't plan on moving anytime soon. Nonetheless, it is hard to ignore the recovering housing market. If you're thinking about selling your current home, here are a few more things to consider:

  • Many buyers who were unable to find a home last year or were outbid in those multiple-offer scenarios, have now added to the already high demand for homes.
  • Rents are increasing, making purchasing a home an even more appealing option than it has always been.
  • Mortgage rates, while still historically low, will likely continue to rise this year and next, causing the current pool of qualified buyers to decrease, which will make the future of home price increases less certain.

The only thing we know for certain is shown in the current market data. Here are the numbers from March 2014 versus March 2013 (in parentheses):

  • Number of Homes for Sale in the Macalester-Groveland Neighborhood: 58 (63)
  • Average Number of Days on Market Until Sale (Accepted Offer): 99 (147)
  • Percent Homes are Selling for of Original List Price: 95.2% (93.8%)
  • Based on homes sold in March in Mac-Grove, the median selling price for traditional sales is: $290,000 (+19.7%)

When considering a move, at the end of the day, you need to make the decision that is best for you (and your family). Having the facts regarding what's going on in your neighborhood is a great place to start. Hope this helps!

Local Market Update – March 2014