Luxury Homes in Minnesota Numbers May by Dale Frisch
Luxury Homes in Minnesota Numbers:
If you’re looking at buying or selling a luxury home in Minnesota you need to learn from others that have come before you. Why reinvent the wheel? When looking to sell a luxury home in Minnesota you need to know what others have done before you that has worked to sell their luxury home and what hasn’t worked.
Current Luxury Homes in Minnesota Trends:
If you’re a buyer and not finding the luxury home your looking in the Twin Cities then look up. There is a trend of overpricing in the luxury market. When we look at homes that have sold, several of them will have a history from the prior year when the home was overpriced. There is a certain number of days on market a luxury home should have before it sells. If it is not selling in this market in so many days than the price, condition, marketing or terms are wrong.
If you’re a seller learn from others that have priced it right and priced it wrong. When homeowners price their homes wrong it shows in days in markets. There was a home that was underpriced and it sold in 1 day and sold for $350,000 more than list price. Other Luxury homes that were priced correctly sold in 0 days. Aggressive sellers are moving fast and listening to the feedback. 30 to 60 days on market a price adjustment during the prime season time needs to be made otherwise you will be pricing it correctly the next year. Remember feedback from buyers is like this old story. If one person calls you a horse, they’re crazy. If three people call you a horse, it is a conspiracy. If ten people call you a horse, it’s time to buy a saddle.
Buyers are coming the market looking at numbers, stats, new construction homes and more. They’re tuned into the market. As a seller, if you don’t tune into the feedback, then your not listening to what the market is telling you.