Community Corner
Sold: Buyers in Mendota Heights Look for Price First
Two homes changed hands in Mendota Heights last week.
Mendota Heights saw two homes change hands during the last week, each with a different pricing strategy.
The first, a single-family ranch home, was listed at the lower end of what could be considered a reasonable price and was sold the first day on the market. The price accepted, including the seller’s contribution to the buyer’s closing costs was approximately five percent below the list price.
The other, a condominium built four years ago was listed at the higher end of the scale. The condo sold in three months—not bad for a higher-end property—not long after the price was lowered.
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It sold for about a two-thirds of the original list price, including the seller’s contribution.
During the boom, many buyers would find the house of their dreams and then try to find the extra money to buy it. Now, many buyers tend to look at price first. When considering selling a home, home owners should consider listing their homes at the lower end of the recommended price range rather than the top. Homes will sell faster and buyers will be less inclined to submit offers below list price when the price is right.
Find out what's happening in Mendota Heightswith free, real-time updates from Patch.
506 Norma Lane, Mendota Heights
Listed by: Dave Ross Real Estate
Single family home
Three bedrooms, two baths
Days on Market: 1
Closed: August 8, 2011
Original List Price: $229,900
List Price at Time of Offer: $229,900
Sold Price: $225,000
Seller Contribution: $6,158
1320 Riverside Lane #310, Mendota Heights
Listed by: Summit Real Estate Advisors
Four+ level high-rise condo, new construction
Two bedrooms, three baths
Days on Market: 92
Closed: August 5, 2011
Original List Price: $479,900
List Price at Time of Offer: $439,900
Sold Price: $374,900
Seller Contribution: $3,100