Minneapolis/St. Paul Nesties
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Best time to put a house on the market?
We own a condo and want to buy a house. When is the best time to put a house on the market? I already found a house that is perfect for us and in our price range but I feel like putting our condo up right now would be a bad idea. There are already 4 condos for sale at our place right now and they are all asking way too much for them and they have been on the market for 5+ months.
Also, is there anything that you can do if you already found a house you want but haven't sold yours yet?
Re: Best time to put a house on the market?
January 31st is the best time to put a house on the market. The Spring market in RE begins on February 1st, and a lot of people think that if its on by March/April they're fine, but it really isn't the case. I'd suggest not putting it on now, typically November and December are the slowest months. Most of the homes sold each year happen between February and April, so to give you the most exposer I'd get it on right away in February.
As far as the other house, can either of you qualify for a mortgage? That's about the only way, or get renters that way you can prove you have income to pay the Condo's mortgage. If you can afford two and can qualify I'd see if you can do it, then find a renter or wait until February to put it on the market. The MLS will let you list a rental property now. If interested you just pay a RE agent $200 to list it and 1st months rent for commission. Its another way to get it out there besides craigslist.
We don't have the option to rent
Our HOA only allows a certain % to be rentals and it's at the max. We also bought our condo when it was in foreclosure so we'd like to use the profit for our down payment. We will definitely put it on MLS on February 1st though! I didn't know that it would be busy then!
Yeah its a common misconception...most people think that if they have it on by March/April they're fine but most people are looking in February for a March/April Close. Don't get me wrong people will still be buying in June/July but you will want the most exposure you can and that comes from being on the market as soon as you can. RE does tend to slow down in June/July because kids are home from school, its summer, vacations, etc. So get it on as soon as you can.
Do you have an FHA loan? Does your HOA allow FHA loans? You could do an assumption that would make your home more marketable? Can the HOA accept DVA financing as well? These are all things to take into consideration because then you'll know how easy it is to sell.
I have one buyer that is buying in Hugo and the community they are looking won't accept FHA financing...that makes it hard to find him something if he isn't qualifiied for conventional.
I don't know your situation, but this sounds nice!