St. Cloud Housing Market Expected to Pick Up This Spring

Spring is just around the corner and longtime realtor Craig Ehrlichman from Premier Real Estate Services says spring is the best time of the year in real estate.  Ehrlichman believes when the temperatures warms up, people want to get out and that leads  people to make a change in regards to their home ownership.

Inventory

Ehrlichman says inventory in the St. Cloud area is good and is starting to increase.  He says there was a time in recent history where inventory was short and homes were selling unusually fast.  Ehrlichman believes we are currently in what he calls a "traditional real estate market".  He describes this as a time where buyers don't have to make an immediate decision in regards to available homes for sale.

Sense of Urgency

Ehrlichman still informs buyers that if an available home checks the boxes for you, there should be a sense of urgency to make a decision.  He doesn't believe we are currently in a buyer or seller market, a little bit of both.  Ehrlichman says there is currently an opportunity for negotiation on most properties and there is enough of a selection for buyers.  He says we're seeing some price reductions but largely values are holding steady for sellers.  Ehrlichman says, on average, sellers are getting 90-95% of their asking price.

Interest Rate

The estimated time a seller is seeing their home on the market is 45-60 days.  Interest rates in Minnesota are hovering around 6%.  Ehrlichman says FHA 15-year loans at 5% are drawing interest from buyers.  New home builds are popular in many communities in the St. Cloud area and Ehrlichman believes there is enough single family homes available for the residents of the St. Cloud Metro area.

Improve Value of Your Home

Ways to improve the look of your home if you are interested in selling, include the following: curb appeal, (how does your home look on the outside), declutter, and make sure everything is working in the home including light bulbs.

If you'd like to listen to my conversation with Craig Ehrlichman, click below.