Home Buying in Hopkins>Question Details

G, Home Buyer in 55343

Buying TH up for 92,500, same one down the block sold for 89,900, I don't know where to start -priced fairly for unit not for neighborhood-

Asked by G, 55343 Fri Jan 7, 2011

adivce New renovation - new appliances - new decor, floors, well priced, worried about resale and neighborhood,other similar unit up for 99,900 on market for a year just sold at 89,900. If it was just sold for 89,900 will buyer assume same for this unit? Buyer covering all closing cost so definatly wants to sell, Just don't know a good place to start with offer -

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Hey, G. Not sure if you've already moved forward on this or not, but we really don't have enough info to help you specifically. What about your agent? He/she must have some advice for you about pricing.

That said, in GENERAL, if one sold down the block that's the same unity for $89,9, that's most likely the price point you'll end up at. You could try to start lower. But, one factor is whether this unit is a traditional sale or bank owned or a short sale. All of these negotiating scenarios make a difference.

Are you saying that $92,5 is a fair price for the unit YOU'RE buying or for the other one? Kind of confused! :)

Please seek out a good buyer agent. It doesn't cost you out of pocket and what you can save will be invaluable to you in terms of guidance, advice, input, negotiating savvy, etc. Good luck!
0 votes Thank Flag Link Thu Jan 13, 2011
Also keep in mind that some developments in the western suburbs (like Hopkins) have multi year assessments which MUST be assumed by the buyer (can't be paid off by the seller). If you are looking in a specific area (like Hopkins) your best bet would be to use an agent who actively sells in Hopkins as they will be familiar with these types of assessments. Personally, I haven't had much experience in Hopkins but the assessment issue is the first thing I check when looking at Townhomes and Condos in Hopkins.
0 votes Thank Flag Link Sat Jan 8, 2011
We really don't have enough information to help you fairly price the unit. Really need to see the unit and the competitors. Townhouses can easily vary by these kinds of prices based on what they have in them and the condition.

Would a buyer assume that if one unit sells for "X" all units are the same value? Perhaps but not a savvy one.

As stated, help if available. But you really need some hands on assistance.

Best wishes,

Steele V, Propp
Schatz Group
Hopkins, MN
0 votes Thank Flag Link Fri Jan 7, 2011
You need a realtor to help you, one that understands Hopkins and the area in which this townhome is located. Homes in Hopkins are selling for about 91% of the original list price.
0 votes Thank Flag Link Fri Jan 7, 2011
What is your agent advising...and have you reviewed all recently sold similar properties in the immediate area--if not consider doing so in order to establish a fair offer--keep in mind that any fair offers usually open up the negotiating table....
0 votes Thank Flag Link Fri Jan 7, 2011
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