Over the last three months, the Twin Cities has seen 13.6% fewer MN Minneapolis MLS listings put onto the MLS than last year. The updated Supply - Demand Ratio also came out this past week. This ratio fell to 8.11 for July of 2008. This number means that there are approximately 8.11 houses on the market for each buyer. This number (8.11) is 1.6% lower than July of 2007. Here's the good news: this is the first time that the supply demand ratio has fallen since these numbers have been counted by the Minneapolis Area Association of Realtors in 2004.
Quote:1. DON'T WAIT AROUND.
Don't try to sit out the market. That's what hundreds of other timid sellers are doing, each of them hoping -- somehow, some way -- that hanging on the sidelines will improve prices and, ultimately improve his or her chances for selling success. It won't. Not if you expect to sell anytime soon. If you want your place sold, the best way to make sure that happens is to put it up for sale.
2. FIX IT UP AND CLEAN IT UP.
Don't spend a lot of money -- absolutely no big-ticket renovations -- but do see that everything is in good repair. And give the place a new paint job and a general sprucing up. As you get closer to the date that the house actually goes up for sale, start moving out by decluttering the place. No buyer wants to see a house filled to the rafters with other people's things. They want to imagine their stuff filling the place. "Stage" the place with only enough furniture to make it look livable; put the rest in storage.
3. PRICE IT CHEAPLY.
Set a realistic, salable price on day one. Don't let the house hang around on the market as you gradually lower the price. Forget what you think the house should be worth or what it was worth three years ago. That's not what it's worth today.
4. HIRE A TOP REAL-ESTATE AGENT.
Get the best, most aggressive selling (listing) agent you can find.
When everything was selling before it even hit the market, of course, you didn't need the best. You just needed the cheapest. But not these days.
Fortunately, in this market, real-estate brokers are even more anxious than you. They're eager to get whatever work they can, so don't rely on your cousin with the real-estate license or your best friend's wife.
Ask, instead, for the local real-estate office's top salesperson. All offices have one or two sellers who greatly outperform their colleagues. That's who you want.
Interview various agents and insist that they present you with a well-conceived marketing plan that goes way beyond the usual Internet page, one or two open houses and a yard sign. (Think about using a professional photographer for multiple shots on the primary Web listing, your house as the featured "home of the week" in the local newspaper, a decorating segment on a morning chat show, a stop on the local garden club's spring tour.)
by DAVID CROOK at WSJ
Right now, the Minnesota MLS are shrinking. The worst mistake is to wait and time the market. If you have to sell, price it sell. We have been seeing a lot of market activity. No matter how slow the market is, there are always buyers who are buying. It takes a good experienced realtor to find those buyers and market your home smartly.