Late Fall Buying Opportunities, or, “Perils of Overpricing” This Cape Cod-style 1 1/2 story in St. Louis Park’s Fern Hill neighborhood originally came on the market almost six months ago, at $539,900. Now? The price just dropped again (yesterday) to $329,900 — down over $200k(!) from June, and a substantial discount from the tax assessed value...Read More
Now, THAT’S Patience Just as broken clocks are accurate twice a day, an overpriced home that sits on the market long enough is likely — eventually — to be overtaken by the next market “up cycle” and once again be well-priced. So, I’m aware of a handful of active listings scattered through the Twin Cities...Read More
Someone who’s interested in this house ” and isn’t afraid it will sell first ” might plausibly sit tight a few more weeks (days??), and see how much lower the Seller will go. —City Lakes Real Estate Blog (June 9, 2012) In a post last week, I noted the aggressive pattern of price reductions (below) on...Read More
Sellers Competing Against Themselves: Exhibit A I’ve certainly seen plenty of listed homes that seem to be stuck in a time warp: seasons come and go, Presidential administrations change — and yet the list price stays the same. And then there’s this house in St. Paul’s Highland Park neighborhood. Since debuting on the market scarcely...Read More
How Long Should Sellers Wait to Reduce Their Price? “If a tree falls in the forest in forest and no one is around to hear it, does it make a sound?” –Philosophy riddle “If a Seller drops their price when the market’s slow, does anyone notice?” –Corollary, Ross Kaplan Not all “days on the market” are...Read More
That’s One Helluva Price Reduction $83 million-plus price reductions — at least in the Twin Cities — do tend to catch your eye. The obvious explanation in this case (for a condo in the former Whitney Hotel along the Mississippi)? Data entry error. The correct — and MUCH lower asking price — popped up on MLS about...Read More
