Our house at 3326 Morgan Ave N is on the market as of yesterday and we have our first showing this morning!  With the quality of construction and the price point we are the best house in the North Minneapolis area right now. What really sets us apart is the huge master suite with walk in closet and master bath.  North Minneapolis boasts some great 1.5 story houses but most of them just have the bedroom part in the half story.

It was hard to determine the price point because right now within a 5 block radius of 3326 Morgan Ave N there are “comparable” houses ranging in price from $109,000 to $174,000.  Some “sold” comparables range from $98,000 to $143,000 with a median price of $125,500.  With a flip / rehab, yes, you want to make money but you also need to determine how quickly you want to sell it.  Many flippers get greedy and try to make as much money as possible but end up pricing too high.   As with any smart business decision, you need to take your time / money ratio into consideration.  The longer the house sits on the market, the less money you make in the long run and most likely you will need to lower your price point which never looks good.  I’m confident that we’ve priced our house correctly and fairly for the market.  If we were willing to wait it out we could maybe go a little higher but there is also a strategy of pricing lower and hoping for multiple offers which could push the price up.

Ultimately, it’s a fine dance between buyers and sellers.  If you provide a good, quality product that you can be proud of at a fair price, everyone wins in the end.

Jen McKinnon

Realtor/Investor

AGENT REFERRAL NETWORK

MN Real Estate Team

612.384.1073

jen[at]mnrealestateteam[dot]com