Michael Juliff - Real Estate Agent

These 3 listings perfectly describe the real estate market we are in right now. They are all in relatively the same neighborhood of south Minneapolis and have very similar finished square footage and layouts.

Listing 1: 4441 42nd Ave S, listed for $375k on 6/18 - received multiple offers and under contract with an inspection contingency on 6/22.

Listing 2: 4917 31st Ave S, listed for $390k on 6/23 - went straight to pending sale on 6/23.

Listing 3: 5732 24th Ave S, listed for $385k on 6/19 - still an active listing with no offers.

These homes have more or less the same number of bedrooms, bathrooms and finished square footage and pricing was similar, but two of the homes were sold their first weekend on market while one remains without any offers.

It tells you a lot about how selective buyers are when purchasing homes. It is also indicative of an opportunity for buyers to not have to compete if they are willing to accept a similar home that isn’t quite ideal for one reason or another (location, condition, layout). In those situations where they aren’t competing with other offers they can negotiate price and seller concessions as well.

The strategies are: 1) compete and outbid for the top homes or 2) pay under asking and get discounted closing costs on homes that might need a little elbow grease. Which buyer are you!?

In the last few months the residential real estate market has started to shift to more of a balanced market and away from the dominant sellers market we have had for the last several years. It could be a temporary swing due to market uncertainty as a result of the Iran war. Or it could be a more permanent shift going forward.

Either way, anyone looking to sell their home right now needs to take into account the change in market dynamics. There is still heavy competition for move in ready homes in great neighborhoods. But I am seeing homes that may not have any real issues - but don’t look picture perfect - sit on the market longer and reduced homebuyer demand for those types of properties.

Home buyers are more selective than ever and it’s becoming more important for sellers to do the little things to get interest and offers. The following list covers the primary ways someone can get their home in tip top shape for listing without breaking the bank.