Real Estate Blog

Hi all and happy Friday!  Here’s what’s happening in the market and this weekend with open houses.

Market Update

Not to sound like a broken record, but the market remains very active with buyers competing for the best listings, while the overpriced or poorly valued homes sit on the market waiting for price reductions.  Here are two things I’ve noticed as I’ve worked in the market this week:

1. Underpricing – I wrote an offer for one of my buyers this week.  We’d seen around 20 homes so far, so we had a good feel for what you get at different listing prices.  The home they offered on felt very underpriced, based on their experience in the other homes we’ve seen.  We talked about it.  We all felt it was underpriced.  Yet, when it came time to make a competitive offer, we used the list price to decide how much over we would go.  Looking back, I think that’s a mistake.
   
   In general, when a listing gets multiple offers and it’s priced realistically for the location, I can look at previous sales data and see how much over we need to go to have a shot at being the winning offeror.  BUT – when the list price is/feels artificially low, the best option may be to offer what our experience tells us it’s worth.  That number would have been higher than what we submitted in our actual offer.  So, when you’re looking at a home that has a price that seems to good to be true, you might want to offer a price that’s in line with your showing experience – as long as that works for you and your budget.  How’d we do?  We were the 4^th best offer among 11 offers
   
   
2. Inspection Bailout – I’m seeing more and more property come back on the market now and here’s what I think is happening – buyers are doing all they can to win the initial bidding war by making strong offers including great pricing and solid terms, but sellers are still allowing inspections.  Buyers, who may feel they’ve overbid, end up getting cold feet and walking on their inspection contingency.  If this is what’s actually happening, expect sellers to begin favoring only offers without inspection contingencies.  I hate to see this trend end up making things even harder on buyers, but I’m afraid that a pick up in inspection contingency cancellations will result in sellers expecting even better terms from buyers.

If you’re ready to sell, let’s talk so that you can both get your home as attractive as possible for sale AND have a pricing strategy that results in the best final price outcome for you.
If you’re thinking of buying, let’s talk because this is a fast moving market and if you’re not working with a seasoned agent, you’ll be pretty frustrated trying to compete with other offers.

Weekend Open Houses

I have an exciting roster of homes to show you this weekend!  Here’s where I’ll be and when:

Saturday, March 9, 2024  10am – 12noon
6308 Linden Lane, Mound, MN – Lakefront!
$575,000   3 bedrooms, 2 bathrooms, 1716 square feet
More info:  https://bit.ly/3IsCSWA

Dutch Lake with 58 ft of lakeshore with panoramic views. Freshly remodeled kitchen, new flooring throughout the home. New roof 2020, new retaining wall, new furnace & A/C 2023. Updated electrical and lighting. Dutch Lake is fully recreational, great for fishing and skiing. Potential room to build garage. Located in the award-winning Westonka school district and close to the Dakota Trail.

Saturday, March 9, 2024  1pm – 3pm
6470 Cedar Court, Minnetrista, MN
$940,000   5 bedrooms, 5 baths, 3 car attached garage, 4661 square feet
More info:  https://bit.ly/4c9xNQM

Meticulously cared for custom 5 bed, 5 bath, oversized 3 car garage home on treed lot located in highly sought-after N. Saunders Lake Development. Welcoming front porch. Main level opens to formal dining room and study. Sun-filled, spacious great room features built-ins, gas FP and tiger wood floors. Gourmet kitchen with granite countertops, large island, and stainless steel appliances. Upper level features built-ins and 4 spacious beds.

Sunday, March 10, 2024  11am – 1pm
16670 Creekside Lane, Minnetonka, MN
$1,079,000   5 bedrooms, 3 bathrooms, 3 car attached garage, 3423 square feet
More info:  https://bit.ly/49IrKAJ

Fully and professionally renovated. High-end finishes thru-out. 1000+ sq. ft. added in 2018, creating a 5 bedroom, 3 bathroom masterpiece. Mint condition. Incredible primary ensuite bedroom...LUXURIOUS! The Great Room is simply...GREAT. Wood burning Fireplace, extra-large windows and doors on 3 sides. Enjoy overlooking the pond and wildlife, with easy access to the maintenance free deck. The beautifully appointed Kitchen is sun-filled and perfect for large gatherings.

Sunday, March 10, 2024  2pm – 4pm
2212 Ferris Lane, #11, Roseville, MN
$650,000   2 bedrooms, 3 bathrooms, 2 car attached garage, 2888 square feet
More info:  https://bit.ly/438226g

Beautifully renovated townhome! Step into an inviting open floor plan, featuring a brand-new kitchen with quartz countertops, seamlessly flowing into a dining space and a spacious living room with a stone fireplace. The large primary suite includes a walk-in closet, and updated full bath that includes a washer and dryer. A three-season porch, surrounded by walls of windows that invites natural light and a gas fireplace.

 As always, I hope you can make an open or two! 

 Have a great weekend,
Mitch