What's Selling: Hopkins

Days on Market: 12

Where: 301 13th Ave. North, near downtown Hopkins

What: 3 BR/2 Bath stucco bungalow with over 1,800 finished square feet; nicely updated.

When: listed 10/29; off market yesterday (11/10)

How much: asking $250k

Who: listing agents -- Stacy and Christina Cranbrook (Edina Realty); selling agent -- Nancy Bourland (Edina Realty)

"We must all hang together, or assuredly we shall all hang separately."

--Benjamin Franklin

The secret to this sale?

The price, location, condition, and curb appeal all helped.

But my educated guess is that the key was the "mini-Broker tour" on Nov. 2 (a week ago Tuesday).

That's when 20 agents with "Active" Hopkins listings -- myself included -- collaborated to all hold our listings open between 11 a.m. and 1 p.m., complete with drawings and catered lunches at many locations.

All that publicity generated lots of traffic, which raised everyone's exposure and resulted in at least two other deals that I'm aware of.

The home is officially "Pending" until it is scheduled to close Dec. 10.

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").