Market Trends for Sellers in Minnetonka
The real estate market in Minnetonka, MN is very competitive right now. Many sellers think that because of COVID-19 and the challenges that 2020 has brought, the real estate market would be experiencing the same difficulties as the rest of the economy. However, the real estate market is hot, especially in Minnetonka. There are multiple reasons for this. First, there is a significant amount of pent up activity from the months when buyers were stuck in quarantine and unable to proceed with seeing homes and making offers. Homes that would have been sold in the spring are just now being listed, and buyers who would’ve been flocking to open houses in the previous months are now in the business to buy. These buyers have never been more ready to make offers and move. Second, supply and demand has considerably affected the real estate market in the area. Because of the nature of this year, sellers homes are often getting multiple quality offers from buyers . There are far more individuals and families wishing to buy than there are homes available in the area. Homes that are in demand are selling for around 2 percent higher than the initial list price. Even average homes are selling fairly quickly at the full list price. Sellers in Minnetonka are very impressed with the offers they have been receiving from buyers in today’s market. Lastly, the low interest rates are causing buyers, who were looking for a new home prior to the shift in the market to jump on buying homes. This incentive has pushed unsure buyers to be more interested in finding a home, and is also introducing the thought of buying a new home to individuals who might not have even planned to be in the market. In conclusion, if sellers are enlisting the best fit real estate agent that understands how to navigate selling a home in a hot market, they will likely be very satisfied with the offers that come their way.
Minnetonka Home Pricing
The median home value in the Minnetonka, MN is $330,900. However, the average price of a home sold in Minnetonka in the past few months has risen significantly. There was around a 15 percent increase in the prices of homes in the area at the exact time last year. The average amount of time a house sits on the market in the area is 31 days, and less than 1 percent of homes sold have sold under the initial list price. So if you are looking to sell your home, the market is very much so in your favor. Your home will likely get a top dollar offer or multiple winning offers and sell very quickly with the right real estate agent representing you.
Why Your Minnetonka Home has Value
Minnetonka constantly ranks within the top 10 suburban areas to live in Minnesota. It has a population around 52,000. It is located within Hennepin County. Plymouth offers its residents a very unique feel in that it has a mixture of an urban and suburban feel. Individuals looking to buy your home are likely attracted to this area because of the endless amounts of parks, coffee shops, restaurants, and stores. A large draw to Minnetonka is the beautiful scenery from the lakes. In addition to this, many individuals who live in Minnetonka appreciate that they get to experience all four saeasons. Residents rarely find themselves bored or lacking gorgeous views anytime of the year.
The public schools in Minnetonka are renowned. The public school system receives a considerable amount of recognition and awards. There are also a plethora of private school options for students of any age. The excellent school options and the area’s safety attracts many families. It is a perfect place to raise a family, and many adults who have roots in Minnetonka decide to raise their own kids there. Young professionals are also drawn to the area because it has superb employment rates and plenty of job opportunities. UnitedHealth Group and Cargill are large companies who are responsible for attracting a significant amount of educated professionals. A majority of the adult residents have a college education or higher. Businesses are continuing to thrive and expand in Minnetonka. The median household income is around 91,374 dollars a year which is about twice the amount of the national income.
In conclusion, Minnetonka is continuing to rise in popularity and is a very attractive option for young professionals or families wishing to buy a new home. If you are in the market to sell your home, do not underestimate the value that you bring to buyers. You would be wise to find a real estate agent who has a deep understanding of the current market and understands what your Minnetonka home has to offer. That agent will work in your favor to sell your home for a great price that will leave you incredibly satisfied.