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Rates are shifting, prices are climbing, and everyone wants to know where the Twin Cities market is headed. Here’s the reality: if you’re thinking about selling next spring, your prep work actually starts now.
When I sat down with Vinita Sarkar on WCCO radio at the Minnesota State Fair, I shared what I’m seeing in today’s market and the smart steps you can take this fall to be ready for a strong 2025 spring market.
Lower rates don’t mean lower prices. Rates have been moving around a lot. This morning, I checked the Wells Fargo site, and they had a 6.5% conventional rate. Not long ago, we were looking at numbers in the mid-7s. That slight drop is good news.
But here’s the catch: even with rates keeping some people on the sidelines, prices are still climbing. In July, the average sale price in our market hit over $475,000, nearly a peak. I believe rates will continue to ease a little over the next six months, and if they do, prices will likely keep rising.
Turnkey homes are selling fast. Currently, the homes that sell quickly are the turnkey, move-in-ready single-family homes in the first- and second-tier suburbs. We’re still seeing multiple offers on those. On the other hand, homes that aren’t updated or aren’t “market-ready” tend to sit on the market longer. In July, the average days on market was 40, compared to 49 for the year overall. I expect we’ll see days on market creep up more as we move into fall and winter.
How to prepare for spring 2025. If you’re thinking about selling next spring, start preparing now. The spring market here kicks off at the end of February and runs through May. That’s when demand is highest. Here’s what I always tell my clients:
- Get exterior photos done now. March 1st doesn’t look great outside in Minnesota, but you’ll want your online listing to show your home with a lush, green yard.
- Stage smartly. You don’t need to replace everything. Declutter, depersonalize, and let buyers picture themselves in your home.
Three affordable updates that pay off. You don’t need to gut your kitchen to add value. I recommend three things that make a big impact:
- Replace worn flooring or carpet.
- Apply fresh, neutral paint.
- Update dated fixtures, especially those old brass ones.
Do these, and your home feels turnkey without breaking the bank. On top of that, take time now to address any deferred maintenance. Getting competitive bids in September is much less stressful than scrambling in February.
This market can feel uncertain, but preparation makes all the difference. If you’re planning to sell next year, take photos now, make a few affordable updates, and take care of maintenance while you have the time.
The spring market will be strong, and if you’re ready, you can take full advantage. And when you’re ready to take the next step, reach out at (952) 222-9000 or visit JohnSchusterGroup.com. I’m here to help guide you through it.
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