How to Identify a "Motivated Seller"

Keys: Price -- and Price Reductions

How do you identify a motivated seller?

No, it's not because they scream on MLS that they're "motivated," "priced to sell," "won't last," etc.

Rather, the home is priced aggressively -- and, if it doesn't sell, is reduced at regular intervals thereafter.

A good example of a home meeting the foregoing description is 6xx Drillane in Hopkins (pictured above).

Pricing Pain & "Fence Sitters"

Since debuting on the market in July at $259,900, here is its price history:

Aug. 24: reduced to $249,900

Aug. 27: reduced to $239,900

Sept. 1: reduced to $234,900

Sept. 15: reduced to $224,900

Oct. 1: reduced to $214,900

Oct. 15: reduced to $209,900

Detect a pattern??

And yes, it's certainly possible that prospective Buyers, watching the relentless price cutting, are holding back, waiting for still more.

But eventually the value will be so irresistible that someone will bite, rather than risk losing out on a great deal to another Buyer not as patient.

In fact, as I've previously blogged, one not uncommon scenario is that, once one "fence sitter" monitoring the property jumps in with an offer, others follow.

The result is multiple offers that produce a price "bounce."

Objections

So, why hasn't it sold yet?

The home needs substantial updating, which can be a hurdle for Buyers at this price point.

Plus, it's a California rambler, which means there's no basement.

Minnesotans -- especially Minnesotans with kids -- prefer basements for their storage and "rec rooms" (perhaps more accurately named "wreck room").

Hint of Mid-Century Modern

See It?

Mid-Century Modern: A design style that emerged in the mid 20th century characterized by clean, simple lines, whether geometric or organic. The movement embraced modern technology and focused on a very livable style.

--Aurora Antique Pavillion

My listing at 601 Drillane in Hopkins (pictured above) has been attracting attention from Buyers interested in Mid-Century Modern architecture.

The home, a California rambler built in 1953, has over 1,800 finished square feet on one level, and sits on a gorgeous, park-like .55 acre near Oakridge in Hopkins. It's listed -- by me! -- for $289k (it's been on the market two weeks).

See the influence?

If you'd like more info, or want to set up a private showing, please call me at 612-925-7701.

First Open Near Oakridge 1- 3 p.m. Today

Where I'm Spending Sunday Afternoon

Where: 601 Drillane Rd (just west of 169, between Minnetonka Blvd. and Highway 7) in Hopkins
What: 4 BR/2BA "California Rambler" with over 1,800 FSF on one level -- all on a gorgeous .55 acre lot
How much: $289,900
When: new on market!

Please join me in the stunning, 3-Season porch of my new listing at 601 Drillane Road in Hopkins.

I'll have homemade lemonade with!

The rest of the home is available for viewing, too. :)