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.