Bloomington Homeowners: What are you waiting for?

Posted by Kris Lindahl on Friday, June 5th, 2015 at 1:17pm.

 

The Bloomington housing market is on fire, with homes in good condition, located in decent areas, bringing multiple offers. Now, if you’re a Bloomington homeowner who is considering selling, what are you waiting for???

If you need more convincing, consider that Bloomington’s median sales price increased almost 6 percent over this time last year and now sits at $211,750. Now, as a reminder, the median price represents the middle of the market, meaning half of the homes sold for less than the median and half sold for more.

What’s Going On?

A number of conditions have converged to create the super-heated current real estate market. First, interest rates are still at all-time lows, so homebuyers are encouraged to get into the market now.

Another condition that is fueling this seller’s market is the lack of inventory of available homes. Yes, inventory increased last month over this time last year, but the homes sold quickly, leaving us with only a 2.5 month inventory of available homes.

For some reason, homeowners aren’t getting the message that now is the time to move and get the home on the market.

If you Decide to Jump In

Although this is a seller’s market you still need to prepare your home for the market if you hope to get top dollar. This means giving the exterior some oomph, so that the photos online make it stand out. After all, buyers still pretty much shop online first and their decision as to whether or not to visit your home will be based on the online photos. Get out there and spiff up the landscaping and add some pops of color here and there.

Next, work on the interior. You won’t have time to do this once the house hits the market so get it done now. If you need help with staging ideas, let us know.

Economists expect current market conditions to continue at least until the kids go back to school so you do have a cushion of time beneath you. Not a big one, but at least a bit of time to get the house ready.

Here’s wishing you a wonderful weekend!

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