A few years back, selling your house in Minneapolis meant you had to contact a real estate agent. But thanks to technology, things have changed. Today, the real estate market in Minneapolis offers a wide variety of selling options.
However, each method has pros and cons you need to consider before settling on one that suits you best. Then there are factors such as your understanding of the Minneapolis real estate market, the type of home buyers available, and how much you want to get.
So, which is the best way to sell a house in Minneapolis? Read on to learn about this and more.
Why People Look for Alternative Ways to Sell Their House
The traditional way of selling a house in Minneapolis involved using a local real estate agent.
In this method, the agent does all the work. They list your property, market it, and organize showings with prospective buyers and fellow agents. They also help negotiate with buyers to get you the best price and close the deal. The process seems pretty simple.
However, people are seeking alternative ways to sell their homes for several reasons, including:
- Using a realtor costs more: You’ll need to pay the agent about 6% of your home’s sale price.
- Selling through a real estate agent gives you limited control over the pricing and marketing strategies.
- By selling your house using the traditional method, you commit to a long and tedious process involving cleaning, staging, and even taking photos of your home, which the agent will use to convince potential buyers to purchase your house.
- Selling through an agent requires open house events and showings, adding to the workload the process entails.
- Often delays are inevitable, especially where an agent feels that waiting a bit longer may get a higher price. Remember, the agent wants the highest share of your selling price.
How to Sell Your House in Minneapolis
Selling your home is not an easy process. For most prospective homeowners, this is the biggest buy of their lives. They’d want to take their time and analyze every tiny detail carefully. That’s precisely what makes it a complex process.
Fortunately, home sellers like you in Minneapolis have access to several best home-selling options. Your goals and timelines are what will determine the option you choose. But done right, you can even sell your house in 5 days.
However, before you can make this crucial decision, you need to understand all the ins and outs of all these methods of selling a house in Minneapolis. In addition, you should know the state of the Minneapolis real estate market.
Research the Minneapolis Real Estate Market
Knowing what the real estate world in Minneapolis looks like should be your priority before you can advertise your home.
For example, did you know Minneapolis home values increased by 38.8% over the last five years and 8.6% in the previous year? These are the kind of details you need, plus the number of homes available for sale in the market and how long it takes to sell.
Knowing such details about the current real estate market before selling is essential for the following reasons:
- It helps you understand real estate market trends and what buyers are looking for in homes. This helps you know where to make some improvements to make your home more appealing.
- It helps you set the right selling price for your house. The cost of homes keeps changing, and you should be aware of these changes.
- It helps you set timelines. Based on the number of days a house takes in the market, you can estimate when your home is likely to sell, making it easy for you to make other plans related to this sale.
- It enables you to identify your target market. What kind of home do you own? Is it a single-family house? What kind of people is looking for a house like yours? With all these details, you can identify where your potential buyers are likely to come from and focus your marketing efforts in that direction.
After you’re through with your research on the Minneapolis real estate market, it’s time to choose the best way to sell your house.
Selling a House As-Is in MN
You can either fix up or sell your house as-is. Selling as-is is a common practice for home sellers looking to sell their homes.
If you’re not financially ready to make any repairs to your property, as-is home selling is the ideal way to sell your house. It’s a great choice if you want to sell your house for cash.
Buyers of homes in as-is sales know pretty well that they need to do some repairs to spruce it up. Most of these are people who sell the house for a profit after making some improvements.
Some of the benefits of this kind of sale include:
- No investment in repairs.
- A quick sale process.
- It allows you to sell for cash.
Using a Realtor to Sell Your House
This is the traditional way of selling a house. You need to call a local real estate agent who will list your home, market it, and coordinate all the showings.
The realtor also helps you assess offers and negotiate the price and terms with potential buyers until you reach an agreement and seal the deal.
This option involves paying the real estate agent a commission of about 6% here in Minneapolis for their services.
Using a realtor to sell your home in Minneapolis has the following benefits:
- you don’t have much work to do
- you get assistance with negotiations and contracts
- you get to make some connections with industry partners and more companies that buy houses in Minneapolis.
Selling to a Cash Home Buyer
Selling a house for cash in MN involves a cash buyer. Such a buyer pays for the property using their own money without relying on lender financing.
Selling a home for cash in MN mainly involves the following process:
- Finding a cash buyer.
- Receiving a cash offer.
- Reviewing the offer.
- Preparing and agreeing on the purchase contract.
- Signing the purchase contract.
- Identifying any unique requirements.
- Closing the sale.
Cash home buyers include those who buy the property to rent it, iBuyers, and house-flippers.
Alternative Ways to Sell a House in Minneapolis
There are alternative ways you can use to sell your home in Minneapolis. These are all effective. They include:
Trading in
This method is ideal for homeowners looking to buy a new one. It involves finding a buyer for your home and then putting the money into another.
Selling to iBuyers
This is one of the newest options for home sellers available in the Minneapolis real estate market. All you need to do is provide details about your home on any iBuyer’s website.
They’ll give you an offer within a few days, and if you accept it, you select a closing date where you’ll collect your money.
Online Advertising
One of the most effective ways to attract interest from buyers is by advertising your house online.
We’re living in an era where social media is accessible to most people. Therefore, done right, online advertising can generate a considerable amount of interest.
If you plan to sell your Minneapolis home, consider advertising online and employ the following tips:
- Take professional photos and post them.
- Create a virtual walkthrough with a 360 camera showing the property.
- Use Facebook ads to reach more people.
- Have your realtor share the same on their online platforms.
- Create a waiting list.
- Use Facebook and Instagram to drive traffic to your website.
Highlighting Your Houses Uniqueness
Showing what stands out about your home makes it easy for prospective buyers to identify with it. They’re able to relate with features they’d want in their dream home.
Therefore, highlight unique features of your home such as its security system, technology, eco-friendly features, proximity to schools, great view and garden, a new kitchen, and floorplans.
Hosting Fun Open Houses
Fun open houses increase interest in your property.
During the event, do a little scene-setting, such as dressing in period costumes. For example, invite attendees to tea or coffee in your garden or organize a fun ’70s era cocktail party. Let it be complete with martinis. You’ll be surprised by how much interest you’ll draw to your house.
Period property such as Edwardian and Victorian homes can highly benefit from such an open house.
Staging Your House Uniquely
When selling your house in Minneapolis, you need to stage it uniquely, highlighting its strengths and downplaying its weaknesses, ultimately making it stand out.
Some home staging tips to make your home appealing to prospective buyers include:
- Upgrading your curb to make it more appealing.
- Giving your kitchen a facelift.
- Try to look for better ways of placing your furniture to make it more attractive.
- Consider adding a functional office space.
- Make your bathrooms shine and show off your storage.
- Fill the house with pleasant smells.
- Ensure there’s enough lighting and erase any signs of pests.
Final Word
Selling a house is about knowing your goals and priorities and identifying the best way to sell it to help realize that goal. As long as the risks of selling your home are low, these alternative ways of doing so are just as effective as the traditional way of selling property in Minneapolis. The good news is that you could even end up taking less time and making more money. That’s what I call a win-win situation.
Are you ready to sell your house? Buy my house in Minnesota!