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Community Corner

Richfield Homes Selling for Less Than the List Price

Two of the three homes sold this week for less than the list price.

Houses in Minnesota are currently selling for about 91% of the list price. Of the three homes that closed during the last week in the Richfield area, two of those were sold in this range. Only one, a small one-bedroom condo, which was lender-owned and priced under $50,000, sold for list price.

However, many short-sales and lender-owned properties are following this pattern. Also, homes in the upper price range can end up selling for much less, while homes selling at lower price points will more often bring full price. But, this doesn't mean sellers should add 10% to the asking price. Pricing too high will discourage buyers from making offers, or even looking at the home. Price is everything in today’s Richfield housing market.

Here are the details on the three homes that SOLD! last week in Richfield:

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1) 6500 Woodlake Dr.

Listed by: Edina Realty

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High-rise senior condo: one bedroom, one bath

Days on Market: 28

Lender-owned

Closed: Sept. 16, 2011

Original List Price: $49,900

List Price at Time of Offer: $49,900

Sold Price: $49,900

2) 7021 Augsburg Ave. S.

Listed by: Re/Max Results

Single-family home: two bedrooms, two baths

Days on Market: 40

Short-sale

Closed: Sept. 15, 2011

Original List Price: $125,000

List Price at Time of Offer: $125,000

Sold Price: $115,000

3) .

Listed by: Century 21 Luger Realty

Single-family home: four bedrooms, two baths

Days on Market: 29

Closed: Sept. 16, 2011

Original List Price: $219,800

List Price at Time of Offer: $219,800

Sold Price: $210,000

Seller Contribution: $6,300

Stephanie Fox is a licensed real estate agent with Coldwell Banker Burnet.

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