Ramsey Hill Real Estate Update

It’s that time of year again. The dreariness of January is behind us, and now those looking to move onto the next adventure of life might be thinking of placing their home on the market. I often get the question of when is the best time to sell, and the answer for the most part can depend on who you ask. Statistically, the prime time in the Twin Cities runs from late February to May, as buyers tend to peak with home purchases at the end of June.

So where does that leave home owners, when so many are unsure of the market? In Ramsey Hill, 2009 graced the area with about 41 closed sales, including both single family homes and condo units built before 1920. It took on average 179 days of market time to get each home sold; however, this stat can be a little misleading as some homes sold in less than a month, while others patiently waited for more than three hundred days for that perfect buyer to come along. Much of it comes down to pricing, but with a down market, constantly reducing the price is not always financially feasible to many home owners, and thus they have to wait a little while longer to sell.

The good side of the spectrum is that homes are selling in the neighborhood. Year to date records show that the number of homes sold last year was up 13% from 2008! There are several reasons Ramsey Hill is so desirable to buyers, the top two undeniably being location and style. Not only are the homes in Ramsey Hill with-in short distance from everything under the sun, the neighborhood possesses visual interest and curb appeal through its beautiful parks and some of the best architectural styles in the nation. The area is also stocked with both single family homes and condominiums, allowing people from all walks of life the ability to enjoy what Ramsey Hill has to offer.

One last real estate tidbit is that current inventory is down 26% for the area, good news for those wishing to make 2010 their year to sell. With a decreased number of homes on the market, buyer’s choices are limited, allowing current owners more opportunity to attract the perfect buyer.

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