Market Conditions in Duluth>Question Details

Meezers4me, Other/Just Looking in Texas

Duluth MN market conditions

Asked by Meezers4me, Texas Mon Jan 4, 2010

We have a lease purchase contract on our house with someone trying to sell their home in the Piedmont area of Duluth. Initially (late fall), we had very positive reports on people coming back for second looks, but now their home has been on the market for just over 4 months with no sale and no price reductions. So, now we are starting to wonder how long it will take their house to sell. Is the Duluth market usually frozen until spring or does it pick up after the holidays?

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As a listing agent, when I sell a home contingent on the buyers selling their home, I require regular reports-every two to four weeks on the marketing activity and the activity in the "back-up" home's marketplace. This allows me as a seller's agent and my clients the sellers visibility into the back-up home's probability of sale.
Ask for this report. It should contain:
1. List of active competition - similar competing homes in the vicinity showing the price, #BR,#BA and # of garage stalls, foundation size and finished square feet as well as the style of the competing homes
2. List of homes sold in the recent past. In your case, you may want to see what has sold in the past 2-3 months. Realize that the market is now coming out of a slow period of (a) holidays and (b) the end of the initial tax credit and implementation of the new tax credit extension thru 4/30/2010
3. Marketing activity since the last report (i.e., showings, open houses, advertising, ...)
4. Overall market statistics -- what is the avg days on market until the home is expected to sell, based on similar home statistics over the past 2-3 months

As with most things, the devil is in the details and we live and die by communication and lack of communication.
Good Luck!
Steve
Web Reference: http://TheHoemTeam.com
0 votes Thank Flag Link Mon Jan 4, 2010
As a general rule, the spring market brings more buyers. In Minneapolis the spring market starts in the end of January, I would guess Duluth is a little later. Price is a big factor, if they aren't moving on the listing price, they may have a hard time selling any time of the year.
0 votes Thank Flag Link Mon Jan 4, 2010
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