Just Listed: 2905 Princeton Ave. South in Fern Hill
You might think a high(!) temperature today of 2° — never mind the windchill — would have a, umm . . . chilling effect on the Twin Cities housing market.🙂
As of late this afternoon, newly-listed 2905 Princeton Avenue South in St. Louis Park’s Fern Hill neighborhood had more than 50 — count ’em, 50(!) showings.
That no doubt reflects pent-up demand, given that the home debuted on MLS almost 3 weeks ago (Jan. 19) as “Coming Soon.”
My guess: a large chunk of today’s showings were requested before the home switched to “Active” very early today (**at 12:15 a.m., to be exact).
“So . . . What’s it Worth?”
What comes next for the 2 BR/2 Bath 1 1/2 story home?
Offers — and likely lots of them.
Which begs question #2: What’s it worth?
Before the home came on the market, you’d estimate its value by analyzing three, similar 1 1/2 story homes that have sold recently, and that are located nearby (or as close as you can find); then testing that price range against competing, “Active” homes.
Realtors call the product of that compare-and-contrast exercise a “Comparative Market Analysis,” or just CMA.
Hurry Up and Wait
What is the house worth now?
Given the showing frenzy, more — likely much more — than the $295,900 asking price.
Or if you prefer, “$1 more than the next highest bidder is willing to pay.”
But first, prospective suitors will have to cool their heels: according to Agent Remarks on MLS, “offers will be reviewed Wednesday evening after 5 p.m.”
See also, ““Coming Soon!” on MLS (New Acronym: “CSN”)“; and “Winter Humor: Minnesota vs. Tampa Bay (& Elsewhere).”