Real Estate Blog

Is it too soon to say, "Happy Spring"?  I know the calendar says it's here, but the weather seems to be in full support right now!

Let's start with what I'm seeing in the housing market this week:
1.  Pricing for the good stuff
I thought I had a solid handle on how much over list price you'd have to bid to have a shot at being the lucky buyer.  I'm not so sure about what that "overbid" number is right now.  I've had two recent buyer experiences where the list price ended up being way, way lower than the actual sales price - the overbid number was super strong.   In these cases, the winning bids were 17% and 22% over ask, respectively.  If you're a buyer in this market, here's a buying strategy to consider:
   a)  See a lot of homes across a wide range of prices (+/- $100,000 from the price you'd like to buy at) in order to get some context, some visual experience behind you;
   b)  When you find "the one", think back over the homes you've already seen;
   c)  Do a gut check between the list price and your "gut price" (based on all the homes you've seen); and
   d)  If you know it's a multiple offer situation, offer closer to your gut price than the list price.
In fact, you need to almost ignore the asking/list price and lean more toward what it looks to be worth based on the homes you've already seen.  If you can't live with that gut price number, then move on to the next one.

2.  I don't want to offend the seller
How many of you have had an opportunity to offer less than the seller is asking?  Maybe the home has been on the market forever, or it needs serious upgrades, but it's still on the market.  I can't count the number of times I've heard, "I don't want to offend the seller"!  Unless you're buying Mom's lifetime home, here's my advice:  PLEASE!
First of all, you should consider buying a home as a business transaction.  It's business.  Your job is to get the best deal possible.  Seller's job is to make as much as possible.  That's why we negotiate.  
When you have the opportunity to bid for something that's been on the market for a long time, I suggest you confer with your agent (I'm available, by the way!) and figure out what offer price makes sense.  Then do it!

3.  Shop for rates
If you're borrowing money to buy your home, shop for rates.  It takes another 30 minutes of your life, but it's always worth it.  I recently had a lender eliminate almost $3,000 in lender fees because my buyer had another offer in hand that was better.  Any good agent has a portfolio of lenders they can refer you to.  Take the time and talk to more than one.  You'll be glad you did.

Open Houses - April 13 and 14
I'll be hosting at three really nice homes this weekend in Minneapolis, Deephaven/Wayzata and Plymouth.  Drop by and say hello!

Saturday, April 13, Noon - 2pm
3725 Westview Drive, Wayzata, MN
$899,000   5 bedrooms,    2 bathrooms,   2 car attached garage,   2,724 sf  on .49 acres
More info here:  https://bit.ly/3xGQDyE
Beautifully updated rambler, just across from Thorpe Park and barely a mile from Lake Minnetonka.  

Saturday, April 13, 3pm - 5pm
5645 Vincent Avenue S, Minneapolis, MN
$900,000   5 bedrooms,    4 bathrooms,   2 car attached garage,   3,463 sf  on .16 acres
More info here:  https://bit.ly/3W3BXDQ
Professionally remodeled two story with open main floor with quartz center island kitchen, custom cabinetry, high-end appliances.  Conveniently located steps from Minnehaha Creek, Lake Harriet, and popular dining options.

Sunday, April 14, 2pm - 4pm
5350 Weston Lane N, Plymouth, MN
$739,900   5 bedrooms,    4 bathrooms,   3 car attached garage,   3,424 sf  on .46 acres
More info here:  https://bit.ly/43V3J7I
 Immaculate "like-new" Ryland Homes build with open concept design, gourmet kitchen, LG SS appl, granite countertops & real wood floors.   Enjoy the convenience of nearby parks, trails, restaurants, & shopping. 

Have a great weekend!  If I can help in your real estate journey, call me!

Mitch