In this article posted at the Minnesota Department of Commerce, you’ll find some of the basic red-flags to watch out for, when working with a Realtor. Not all Realtors develop equally.  Here are some good tips. Chief among them are agents not disclosing which party of the transaction they primarily represent. Also, in my opinion another important one, is communication. Please click here to view this information.

This home is for sale for $349,900. It is a 3+ bedroom, 2+ bath and has a 2+ car garage, with over 1,545 finished square feet of living area. The lower level has additional space to finish out, which can help to add another 200-300 finished square footage. This home is in great condition,  and offers many nice updates, including a newer roof, furnace, central ac, windows, gutters and downspouts, and more. The large back patio is 13×23 feet and features stamped concrete. The lot is a beautifully landscaped lot. Chowen Avenue is one of the premier street near the Edina 50th & France neighborhood, but also near Lake Harriet. The Fulton neighborhood in general is one of Southwest Minneapolis’ premier neighborhoods, and is also one of the few neighborhoods that has held its value quite well over the past few years.

Please click here to view more information on this home and to see additional photos.
To take the video tour, please click here: 5046 Chowen Avenue South Minneapolis

Since February of this year, I’ve been involved in 11 scenarios where my buyers were up against multiple offers. I have been finding this to be happening the most at the price point of $300,000 – $465,000 in the Southwest Minneapolis and the Minneapolis Lakes Area, with single family homes. One set of buyers was in 3 separate multiple offer situations on 3 separate homes in Southwest Minneapolis, when we put their offer in on homes in the mid $400’s price range. They did get the 4th home they put an offer on, and that one also received multiple offers. Amazing.
I was not surprised, as the homes were great, close to Lake Harriet, and all were priced within the range they should have been. All of these homes sold for full list, or over full list price.

I’ve been hearing this same buzz from other agents around the 50th & France office, and some of my friends that are agents with other brokerages. I’ve also been involved in multiple offer scenarios this year in West Bloomington and Nokomis, in the mid and upper $300’s price range.

The difficulty is: I can usually tell when a home is new on the market, priced right and thus stands a very good chance of selling quickly. However, the difficulty is that when buyers have been hearing for 3 years straight that it is their show (and in some cases it still is), they often have a hard time believing that some homes sell immediately, and often for full or over full list price…until they lose the first home they really like…and the second…and so on.

Of course, not all homes are selling this quickly, as there are many homes on the market, but many are in mediocre condition, but still having premium pricing. But when a good home comes on at the right price, you can feel it right away…and so can the other 127 buyers who have just seen it online.

The home usually goes to those who move the fastest and give a good solid price.

The lesson for buyers: If you see a great home on the market, at a good or fair price, in a good neighborhood, don’t try to ’steal it’…as you’ll probably end up losing it. Then you’ll spend the next 2-3 months trying to find that home again, always saying ‘I should have…’

The lesson for sellers: pricing is the key. Really.