Minneapolis Minnesota Real Estate Blog

Once you've found a condo you're interested in purchasing, the next step is putting an offer on the table. How do you determine that right price for a condo in Minneapolis Minnesota? In this article, I'll show you exactly what you should consider when you're picking a number for your offer.

Tip 1 ñ Understand the Minneapolis Minnesota Real Estate Conditions

The first step is to consider what the market conditions are. Real estate conditions in Minneapolis Minnesota have had both upswings and downswings in the last several years. Is it a buyers market right now, or a seller's market? Is a condo likely to sit on the market for weeks, or is it likely to receive multiple offers?

Look into what other similar condos in the area are selling for, both currently and in the last few months. This will give you a good baseline value to base your offer of.

Tip 2 ñ Understand Your Seller's Mindset

The goal of making an offer isn't to offer market price. The goal of your offer is to make an offer that's as low as possible that will be accepted by the seller.

In order to achieve this, it's important to understand the mindset of the seller.

One thing to look into might be how long the condo has been listed. If it's been listed for several months already, they may be more likely to want to sell for a lower price.

Another thing to look into is how much the seller paid for the property. Although this doesn't affect its current value, it has an impact on the seller's mentality. If the seller is already making a profit no matter how much they sell it for, they're likely to be more lenient. If they're losing big money by selling right now, they may be more likely to pinch pennies.

Tip 3 ñ It's Not Just the Numbers

Your offer must be considered in its entirety. The clauses and contingencies have a big impact on whether or not your offer will be accepted. Work with your real estate agent to craft the best offer possible.

There is a lot of free information available to you about buying, selling or investing in Minneapolis Minnesota real estate. For complete information about the Minneapolis Minnesota real estate market including current condos for sale, property values and more please visit the most complete website online dedicated to everything Minneapolis Minnesota real estate at www.MikeWeiland.com. Please feel free to contact me, Mike Weiland with the Weiland Group of Edina Realty with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 612-735-6834 or email me at mike@mikeweiland.com.

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