The Rochester Report

Month: August 2016

The Edit: What I Have My Eyes On in August

THE EDIT_ AUGUST

Did you know August is National Coffee Month?  Well, it’s also National Crayon Collection Month & National Peach Month but let’s just go with coffee. Cool?  The Edit is a new series I’ve started to show you what I’ve got my eyes on at the moment.  And what better theme to kick off The Edit with than coffee?!

  1. Coffee tables are a huge part of the design and flow of your space and choosing the wrong size or style can throw off the design really quickly.  This industrial and rustic table from Wayfair.com has great detail and functions well with two separate surfaces for even more storage.
  2. If you love coffee you’ll see why I’ve chosen this beautifully, hand painted water color illustration.  I like adding original art with a funky twist to my home because life’s too short to have boring art that everyone else has.
  3. Investing in good coffee mugs is more important that you think.  How many times have you warmed up your coffee in the microwave only to have burnt, stale coffee? A double insulated mug like this one will cure your under-caffeinated ailments.
  4. Coffee table books are more of an art piece but that doesn’t mean they should collect dust.  It can serve as a great conversational piece so although it’s important for the books to look beautiful in your space; finding a few that speak to your interests will pay off in the end.

As always, you can shop The Edit by clicking on the #’s below.  Did you love The Edit?  If so, send me a message with theme requests!

the august edit

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Tips for Sellers in a Fast Paced Market

TIPS FOR SELLERS IN A FAST MARKET

Sellers absolutely have the upper hand in a fast paced market but it’s a slippery slope with a steep cliff to fall off of if you’re not thoughtful about how you approach the sale of your property.  These are the 3 golden rules to follow to get the most out of a fast paced market.

1. Don’t over price your home.

Supply and demand only goes so far. It’s very possible to be the only house on the block that’s not getting showings. You’ll likely end up with a higher offer in the end if you price appropriately and resist the urge to “test the market”. The more appropriate your price, the more showings you’ll get, and showings lead to offers. The more offers, the higher it drives the price. It’s a tale as old as time; you just have to trust the process. In the end, you’re in the drivers seat but the market will put you in your place if you test its limits too far.

2. Accept all showings.

Buyers in a fast market may very well have lost out on a house or two already and they are prepared to see and offer on a house same day.  Be prepared for lots of showings in one day. Arrange to be away from the house and send the dogs to doggy-daycare. When my husband and I sold our first town house he said to me, “This is ridiculous; it looks like no one lives here”.  He was right; it was outrageous. But I told him if he could deal with it, we’d be back to normal in a day or two. Our town house sold in 5 days. Five days of extreme inconvenience was better in the end for us than 3 months of showings.

3. Treat offers with respect.

Sellers tend to get greedy in times like these but it can and does backfire. Most buyers are on tight timelines with lease end dates or closings of their own and a fast paced market creates more strain. Their fuses are short and an offer is a gift. Treat it as such and respond to any offer within hours. If your agent indicates that multiple offers are likely make it clear to each prospective buyer BEFORE the showings that you’ll be entertaining all offers at a particular time that first day.

ClientReviews

Jenna Martindale | Realtor, Edina Realty | Lic Mn | Information deemed reliable but not guaranteed. | 507-993-7036 | jenna@jennamartindale.com

Tips for Buyers in a Fast Paced Market

tips for buyers in a fast market

Buyers can easily get chewed up and spit out during a fast paced market.  It’s a trying time with hard decisions, tight timelines, and lots of unknowns.  Here are four ways to improve your chances of scoring the property you want.

1. Set up property alerts.

Your agent will be able to set this up for you on a local MLS level but you are free to create your own alerts for syndicated sites like Zillow, Realtor.com, Trulia, etc.  Buyer beware: all syndicated sites are not created equal and may update at different frequencies than your local MLS does.  Either way, alerts should be set up and you need to be prepared to drop everything to see a property or risk losing out on it.

2. Be prepared to make an aggressive offer.

A fast paced market is not for the faint of heart.  Another thing it’s not good for… wishy washy dilly dally types.  You’ll lose out on most of the properties you set your sites on if you aren’t willing to see homes the same day they go on the market.  The brutal reality of a fast paced market is that it’s cut throat and you have to be willing to make sacrifices in your scheduled, just temporarily.

3. Have your financing lined up before you see the house.

A fast paced market means you’ll likely be competing with one or more other buyers vying for a property which means a complete offer is absolutely necessary.  During a fast market it’s unlikely that the sellers will even entertain an offer that doesn’t include a pre-approval letter.

4. Offer a quick close.

Sellers want their money.  Fast.  If there’s a possibility that you can close sooner than you originally thought it’s important to entertain a quicker close.  Asking the seller’s Realtor what their preferred closing date is (even during multiple offers) is not uncommon.  Just make sure your lender can close the deal in the desired timeframe; you will need to pay up on closing day after all.

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Jenna Martindale | Realtor, Edina Realty | Lic Mn | Information deemed reliable but not guaranteed | 507-993-7036 | jenna@jennamartindale.com

The Scoop: July’s Real Estate Market Stats

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Days on market has stayed steady in Rochester with homes taking just over a month to sell.  July is typically a slower month for real estate sales in Rochester.  Some speculate that it’s due to an increase in summer activities.

Home prices have edged up just a notch from June’s numbers but average sale prices have followed right along which is a good sign for home values in Rochester, Minnesota.

The northwest quadrant of Rochester still dominates the market in number of units sold as well as how fast those homes sell once they’re formally listed.

Some additional fun facts about the July real estate market in Rochester, Minnesota:

  • Average Finished Sq. Ft. of Homes Sold = 2,210
  • The Oldest Home Sold in July was Built in 1890 and sold for $65,000, (originally listed for $99,900)
  • The Most Expensive Home to Sell in July Sold for $850,000, (originally listed for $899,900)
  • Ranch Style Homes Sold = 54
  • Two-Story Homes Sold = 42
  • Bi-Level Split Homes Sold = 52

Email me and USPS will deliver a copy of The Scoop to you monthly. 

ClientReviews

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Jenna Martindale | Realtor, Edina Realty | Lic Mn

507-993-7036 | Jenna@JennaMartindale.com

Information deemed reliable but not guaranteed.