If you’ve lived in your home for 10, 20, or even 30 years, you’ve probably seen a lot of changes — both in your Twin Cities neighborhood and in the real estate market.
Maybe your home is worth considerably more than what you originally paid for it. Maybe your kids have moved out, you’re thinking about downsizing, or you’re simply starting to wonder what your next chapter looks like.
Whatever has you thinking about a move, you probably have some questions. Where would you go? What is your home worth? And how do you know when is the right time to sell?
These are conversations we enjoy having with potential clients. You don’t have to be ready to put a sign in the yard to start exploring your options.
Here are a few things to consider.
1. You May Have More Equity Than You Realize
One of the biggest advantages of owning a home for many years is the equity you’ve had time to build.
Between paying down your mortgage and changes in Twin Cities’ home values over the years, you may be in a stronger financial position than you think. And if you’ve owned your home for decades, you might be surprised by what that means for your next move.
Of course, every home and situation is different. Your home’s current market value, any remaining mortgage balance, and the costs associated with selling all factor into how much will end up in the bank.
A good starting point is to contact us to provide you a realistic estimate of what your home could sell for in today’s market.
2. You Don’t Have to Make Your Home Perfect Before Selling
We often hear homeowners worry about everything they think they need to do before selling. Maybe the kitchen is dated, the carpet could use replacing, or the exterior needs fresh paint.
It is easy to assume you need to tackle a long list of projects to get top dollar. But that isn’t always the case.
Before spending thousands of dollars on renovations, take a step back and look at your home through the eyes of a potential buyer. Some improvements may be worthwhile, while others might not give you the return you’d expect.
Often, a good cleaning, decluttering, and a few relatively simple updates can make a noticeable difference. Other times, there are repairs worth addressing before listing.
The important thing is to have a plan that makes sense for your home and budget — not to spend money unnecessarily. That is why you should call us early in the process. We will help you prioritize projects and have a long list of vendors we trust in the Twin Cities area!
3. Think About Where You Want to Go Next
For many longtime homeowners, deciding to sell isn’t just about the house. It is about figuring out what comes after.
Maybe you’re ready for a smaller home with less maintenance closer to family, perhaps you’d like a condo in walkable neighborhood like the North Loop, or a one-level townhome in a suburb like New Brighton to age in place? Maybe you love your neighborhood in Northeast Minneapolis, but just want a different layout. Or maybe you have sunshine on your mind and will be moving out of Minnesota!
These decisions can take time, and that is perfectly fine.
If you’re planning to buy another home after selling, it is important to think through how the two transactions will work together. Understanding your budget (and how you will finance the purchase), your timing, and your housing options early can help make the process less stressful.
You don’t need to have every detail figured out before you start the conversation.
4. Is Now a Good Time to Sell?
This is one of the most common questions homeowners ask, and the honest answer is that it depends on your home and your circumstances.
The details matter. Home styles, condition, location, and recent comparable sales all influence pricing and market timing.
Spring often brings more activity to the Twin Cities housing market, but homes sell throughout the year. Rather than waiting for a supposedly perfect time, it is better to understand the current market and how your home and needs fit into that market.
5. Start With a Conversation, Not a Commitment
Selling can feel like a big decision. Gathering information is the most important step of the process.
After 20+ years of selling real estate, we’ve learned that every homeowner has a different set of priorities. Our job is to help you understand your options, answer your questions, and make a plan that works for you.
And if you ultimately decide to stay put? At least you’ll have a better understanding of the process!
Thinking About Selling Your Twin Cities Home? Contact P.S. Real Estate!
At P.S. Real Estate, while our office is on vibrant Johnson Street in Northeast Minneapolis, we work with homeowners throughout the Twin Cities!
If selling has been on your mind, even if you’re months or a year away from making a move, we would be happy to talk through whatever is going through your mind!
No pressure and no obligation. Just a conversation to help you figure out what makes the most sense for you.
Call us at 612.387.1499.
