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Home Selling in Shakopee : Real Estate Advice

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  • Local Info0
  • Home Buying4
  • Home Selling2
  • Market Conditions1

Activity 6
Fri Nov 1, 2013
Mike Westphalen answered:
A realtor is the answer for sure. Realtors can tell you what your home is worth by doing a Comparative Market Analysis (CMA). By doing this, you can determine how much you can walk away with from your home for a downpayment on the next home. Mortgage company will qualify you for a mortgage. Some homeowners can purchase a new home without selling their current home. But, most need to sell their current home first.

Mike Westphalen, Realtor
RE/MAX Advantage Plus
612-978-9786 cell
952-226-7701 fax
Helping sellers and buyers in the Twin Cities and surrounding areas since 2002
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Mon Oct 14, 2013
Christopher Pagli answered:
Have your agent do a comparative market analysis so you can get a good idea where they would comfortably list the home. Nobody can say for sure what it will actually sell for but you are always in control. If you aren't getting offers that will work then you don't have to sell it. I wouldn't make an offer contingent upon your sale until you have a solid buyer that is in contract and close to getting their mortgage commitment. The most important thing to keep in mind is you have to listen to the market when it speaks to you. If the comps are all coming in much lower then what you need to sell for you most likely won't get a buyer to pay what you need. Supply and demand could work in your favor as it is in my area. Just because comps come in low doesn't mean a buyer won't put up more cash needing less of a loan, it depends on how much they want your home.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
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Mon Oct 14, 2013
Alan Mackenthun answered:
As others have mentioned, I'd look at renting the smaller home until you're ready to sell. You can look at doing a short sale, but I wouldn't recommend it as it's hard on your credit and I simply don't think it's good to walk away from a debt you can cover. Talk to a real estate attorney to see if a short sale is possible for you.

Assuming you're not going to do a short sale, you need to figure out how to come up with the difference between what you own on the loan + closing costs and what someone will offer for your home. If you don't have savings or other liquid assets available, then you can consider refinancing your other home. If you have a 401k, you might be able to take a loan from your own 401k account. There's trade offs and additional expenses with either of these options. If you don't have liquid assets, I like the idea of renting the home out for a while. If you can rent it out and get enough to cover the mortgage and all other expenses plus bank a couple hundred a month, then you can use the rent to give you time to save the $s needed to bring to close and the rent can even help build up this sum.

Good luck,
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Mon Jun 6, 2011
Chris Block answered:
Tue Feb 23, 2010
Jody Goode answered:
A lot of good advice below!
The stats show that you will gain more money at the closing table and much more likely to GET to the closing table than if trying to sell yourself or count on the buyers agent to do your work for you without gaining additional income. The buyer's agent has duties signed on with buyer and will do everything in the their buyer's best interest, not yours. Interview agents, learn their strategy, pick the one that makes the most sense and whom will back it up with proof as to a good listing price that will CAUSE it to sell at the highest price that the market is willing to pay. Your home is in a bracket that will definitely benefit from an experienced Realtor.

Any further questions, feel free to contact direct
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Wed Jul 16, 2008
jkgoode answered:

Signing with a realtor who knows your area is extremely important at this point in the market. Shakopee is in the down side on the selling market as compared to some other surrounding communities. Corrent initial pricing, preparing your home for sale and fast & effective marketing are crucial in selling your home at it's best possible price. Trying to save on the commission will only hurt you on your net pocket money if do actually sell on your own. Refer to the statistics below on trying to sell on your own, there are many more stats that confirm that selling on your own means less money in the end and even less chance of actually selling at all.
The marketing required to sell in todays market is key and takes a lot of time, money and effort. You need to know what works and where to put your marketing dollars. A knowledeable realtor can give you the most effective marketing plan, effective exposure in print and e-marketing, and realtor networkworking within MLS, intra-company and other realtors. In my company alone, approx. 8% of homes are sold before being listed! As for unbeleivably low commissions and the help-yourselve's, you get what you pay for ; unbelievably low everything, including net profit.
From recent reports, sellers can net profit up to 20% more when using a full service realtor than than selling on their own. I know the Shakopee area well and can give you a comparable market analysis with a saleable list price, top notch marketing & service, and sell you home at it's highest possible value in today's market in the shortest amount of time possible.
Feel free to contact me if you have interest in obtaining a better net profit, I'd love to help you out!

Jody Goode
Coldwell Banker Burnet
Burnsville, MN
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