Minneapolis Home Selling Guide

December 27, 2020

Minneapolis Home Selling Guide

If you are wondering about real estate Minneapolis homeowners have some surprising things to say. Talking with other people who have sold their homes in your area will give you some insight into what you can expect. Let’s take a look at what we know about selling a home in MN.

Selling a Home in MN

Every city is different when selling a house, this includes different regulations, laws, and even methods of selling. This blog will explain the unique home selling landscape in Minneapolis. It will also explain, based on the experts and the experiences of other homeowners, how to use other options for selling your home to interested buyers.

Let’s get started.

Questions to Ask Yourself If You Want to Sell Your House Fast

If you are one of those people who needs to sell fast to avoid a foreclosure, job change, job loss, health reasons, or some other pressing matter, here are a few questions you need to answer.

  • What is my financial situation right now?
  • How long can I wait if my house does not sell quickly?
  • Is my home in sell-ready condition?
  • How much money will I have to spend to get my home into sell-ready condition?
  • What time of the year is it?
  • Can I afford to use a Realtor, or do I need to find another method of selling my home to potential buyers?

Once you have answered all those questions, those answers will help guide you on how you need to proceed.

Do you need to find a way to sell your home fast? Can you afford to get your home into sell-ready condition, etc?

Assess Your Home’s Repair and Replacement Needs

First, you will need to calculate what your Minnesota home needs in necessary repairs and replacements before you will be able to sell it. There are some things you can not—not do. For example, most insurance companies will not insure a house if the roof needs replaced or if the roof is past a certain age.

That means if you do not replace the roof, it could possibly prevent you from selling your home. A buyer does have some options here, but most people would rather just find a home that is move-in ready, so they don’t have to go through the inconvenience of repairs and replacements, especially after just having gone through the stress of moving. Therefore, keep that in mind.

Decluttering, Cleaning, Staging, and Updating the Curb Appeal of Your Home

Now it is time to get your home ready to put on the market. That means going through everything and throwing out anything you do not need, boxing up anything you do not absolutely have to have for the next few months, then cleaning everything inside and out and top to bottom.

Then you need to go outside and update the curb appeal. You should detail your yard, trim the trees and bushes, add new plants or flowers, etc. Lastly, you can stage your home to highlight its best features.

If all that sounds like a lot you’re right. But the fun is just beginning!

Should You Sell the House Yourself, Use an Agent, or Sell to an Investor?

Selling the house yourself is a monumental task full of stress, inconvenience, overwhelming regulations, laws, and legal paperwork that if you don’t get right, could land you in some serious legal trouble. However, it will help save you some money on real estate commissions…or will it?

Even though you are selling the house yourself, it is wise to at least pay the buyer’s agent commission. Otherwise, most agents will not show your home to their homebuyers, and you still must pay some of the closing costs. That is why selling the home yourself really does not save you all that much money. Alternatively, using a real estate agent to sell your home is much more costly.

What about selling to an all-cash investor? That is the option more and more people are turning to as long as you find one who gives you a fair offer. That leads to the question…how do I know what a fair offer is?

If you calculate what it would cost you to:

  • Find and pay for a real estate agent to sell your home.
  • How much it will cost to do all the repairs and replacements necessary to sell your home. And remember, you legally must disclose any known issues related to your home.
  • How much it will cost to clean and stage your home.
  • The cost of sponsoring one or more open houses.
  • How much it will cost you if your house takes months to sell.
  • And any other costs and expenses related to selling your home (paint, marketing materials, advertising, flowers, staging, cleaning supplies, etc).

How much does that pricing come out to? Probably more than you initially thought…right? Then you take the investor’s offer and add your home tally to that, leave some room for the investor to make a profit. Then that is a fair offer. You might even make more than you would have had you put your house on the market and went through all that hassle.

After Choosing Your Method of Selling the Home

Depending on which route you have chosen to sell your home will determine how you proceed. For example, does the real estate agent take over and you must keep your home clean and tidy 24/7, as well as being ready to drop everything at a moment’s notice so the agent can show your home?

Or, if you are selling the house for sale by owner (FSBO), you need to buy all the advertising materials, ads, banners, etc. Then you need to market your house, show your house, and do all the negotiating and reviewing the counteroffer to make sure you get the best possible sale price. Then you will need to fill out the home sale contract (purchase agreement), disclosure statement, and all the other required legal paperwork.

And lastly, you will need to make sure everything that needs to be done to complete the sale of your Twin Cities, Minnesota home gets done. For example, all the necessary inspections for the mortgage company, insurance company, the home appraisal, title company, etc. And if the insurance company will not insure your home or if the home does not appraise for the amount you sold it for, then you have a whole other host of problems you will have to deal with.

Does all that seem a bit overwhelming?

You bet it is. Maybe your best bet would be to sell your home to an investor.

Let’s take a look at how that would work.

Selling Your Home to an Investor

Selling a home in MN to an area investor is one of the quickest and easiest ways to sell your home. The problem is that before even trying, most people assume they will not receive a fair offer. But that is only because they do not take the time to tally and factor into the price what they would have to spend to sell their home traditionally.

It is only when people see all the costs involved such as commissions, repairs, replacements, staging, cleaning, paint, etc. do they realize that the better option would have been to accept the investor offer. This is because after all has been said and done such an offer usually comes out to about the same as selling their home traditionally.

What’s Next?

Would you like some information about selling your house without a Realtor and without having to do it all yourself for a quick turnaround? If so, we can help. Please Contact OneStep Offer today. We will answer all your questions. Then, if you would like, we will provide you with a fair, all-cash offer on your home. This is a simple, quick, no-obligation, hassle-free way to sell your home without all the time-consuming protocols of selling your home the traditional way.