How a Downtown Minneapolis Condos Real Estate Agent Decides on the Listing Price for your Home
When you are ready to sell your Downtown Minneapolis Condos, whether you use a real estate agent or not, you need to have a market analysis in order to price it correctly, according to real estate professional. But trying to do one yourself with online information probably won't be accurate so it is best to utilize the services of a professional.
The most important thing to remember about a market analysis is that you are only being given the information as it is available to the agent. When Downtown Minneapolis Condos sellers put their house on the market they typically have a price in mind before they talk to a real estate agent. They may have an amount that they want to have in order for the sale to be worthwhile for them. And they may even have to clear a certain amount in order to get into their new home. Unfortunately, in a market analysis none of this matters.
When an agent compiles a market analysis they can only use the facts from the computer. The first step is to look at the comparable homes that have sold in the Downtown Minneapolis Condos neighborhood with comparable being the operative word. If the homes that have sold do not closely resemble your home then adjustments have to be made. For instance, if a comparable home has an additional bedroom that yours doesn't then you have to deduct the value of a bedroom.
An important point with sold homes is the sold price at closing- not the asking price. This may differ by tens of thousands of dollars. What someone is asking is irrelevant: what it sells for is what is important. Neighbors may quote prices, what they paid, what it appraised for, etc., but, again, that is not where the information will come from.
If there are foreclosures in the neighborhood within the last six months they will have to be considered as comparables. This will probably bring down the value, but this is the exact same information that the appraiser will use when they appraise it for the lender. There is no way around this.
Another common problem is how much current Downtown Minneapolis Condos for sale are listed for. These homes have not sold yet so their information is irrelevant. Just because someone may be asking more for their home doesn't mean it is worth that much.
There is a lot of free information available to you about buying, selling or investing in Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos. Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.
P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details... 1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.
