Listings, Sales, Prices: All RiseNovember 19, 2019Tags:Market DataPress ReleasesThe Twin Cities real estate market started the fourth quarter of 2019 on a strong note with buyer and seller activity
Selling Your Home On Lake Minnetonka
Selling Your Home On Lake Minnetonka
Lake Minnetonka is a great place to settle down, whether you’re just starting out or retiring to the water. This lake hosts the most shoreline of any Minnesota lake and some of the most beautiful homes in the Minneapolis area. Selling these homes is something that takes skill and know-how, and it certainly isn’t something you should try to do on your own, so we’d say that the first step is to find a real estate agent that you trust to give you sound advice and to put your home in front of the right buyers.
You yourself may have built or purchased a home here, just 15 miles southwest of Minneapolis, for the school systems or for the endless possibilities for water recreation. But, for whatever reason, you are ready to sell your home. It’s understandable. After all, our needs change frequently throughout our lives, but you can be sure that someone out there will be just as happy with your current home as you once were. It’s just a matter of pairing the right buyers to the right homes!
Selling a home in an upscale neighborhood, especially one that is four- or five-bedroom, can be a daunting task since higher priced homes typically take longer to sell. However, there are some steps you can follow to promote a speedy sale! Below are some of our best tips for selling your home on Lake Minnetonka.
Advertise to as many people as possible
You may have noticed lots of construction going on in Lake Minnetonka neighborhoods. In fact, maybe all the new construction is why you’re selling in the first place. A lot of new homes mean that buyers have their choice of homes. With the rise in supply, you’ll need the right kind of advertisement to get your home noticed.
* The Old-Fashioned Way
Call us old school, but we believe that putting your Lake Minnetonka home in papers and magazines is still an excellent way to sell a home. Locals are sure to see your advertisement if they pick up Lake Minnetonka Magazine, Star Tribune Homes Magazine, or the Laker newspaper. An up-to-date advertisement will let potential buyers know that your home is still very much for sale and that you are actively trying to sell it, not testing the waters to see how easy it would be to sell if that’s what you decide to do at a later date.
* Modern Media
Ah, the internet. For all its bad points, we can’t deny that it’s an excellent way to advertise your home. Facebook, Twitter, LinkedIn and, of course, Zillow and Trulia, are excellent places to advertise your Lake Minnetonka home. We mention these specifically because they are mobile responsive sites that look as good on a phone or tablet as they do a computer screen, since many potential buyers will be browsing on their electronic devices rather than a computer.
Advertising to the right people is just as important as how many people you reach. Median prices for Lake Minnetonka homes range from $300,000 in some neighborhoods to $1.8 million in others. Advertising to the right potential buyers is key in finding the one that is interested and is financially capable of buying your home. A good broker can make sure that your home is being seen by the right people.
Feature what makes your home special
This is especially important if you have made improvements and constructed additions. New constructions on Lake Minnetonka are being built at a rapid rate. That means there aren’t a lot of special features being added in along the way. Your established home has been loved and lived in and given many thoughtful additions that will make it more valuable to the next buyer.
Some of these features that homeowners are looking for include the following:
* Home gym
* Walk-in shower
* Walk-in closet
* Home theater
* 3 season or 4 season room
* Large porch or deck
High quality photos can help your home sell online. A wide-angle lens offers a much more thorough result. A virtual tour is another great way to showcase the special features within your home. If a real estate agent is worth your time, he or she will commission a professional photographer to take these photos, or else they’ll have loads of experience themselves.
Sell what’s surrounding your home, too
You aren’t just selling your home. You are selling everything that comes with it. You’ll have some major advantages over people building and selling new constructions. For example, landscaping alone can cost tens of thousands of dollars. Other outdoor features, such as a pool or an outdoor kitchen, will help your home sell faster since the new owners will see these things as bonuses.
You’ve heard the real estate expression, “Location, location, location!” It’s true that a good location can sell your home fast. Things buyers are looking for include good school systems, proximity to major highways, and access to grocery stores, shopping, golf, etc. If your home boasts any of these prime features, you’d be crazy not to advertise these things!
Homes in new neighborhoods tend to be bustling with activity. New homes that are being constructed in the vicinity will bring in contractors of all types. Your established home in a quiet neighborhood may be
exactly what buyers are looking for, so if your Lake Minnetonka home is far from a construction zone, you’ll definitely want to let people know!
Other features can be hard to come by. Acreage, for example, isn’t something that buyers expect to get with a Lake Minnetonka home, so if you have more than a lot, it’s a definite selling point. Being waterfront can also be a big advantage when selling your home, especially if buyers are looking for a place where they can access the water easily and privately. Lake front homes are common, of course, on Lake Minnetonka, but not all are, so be sure to include photos of the water views you have from your home when it’s listed!
Set the price knowledgeably
This is where a real estate agent can really save the day. Most individuals don’t know what their home is really worth, and it can get even more confusing to price a home the more expensive the neighborhood gets. It can be tempting to choose the agent who tells you that he or she can get the most money for your home, but that is, after all, only a promise. Actually selling the home for that price is a whole other story! Your best bet is to choose a realtor who can show you point by point, on paper, why their asking price is the right one.
To effectively price your Lake Minnetonka home, you’ll need a comparative market analysis to determine its true value. A reputable agent will be able to provide this for you. Many of the homes in this area are considered luxury homes, which means every single feature will need to be considered before the correct price is set. Materials used for the countertops, the type of wood floors, and the prevalence of crown molding are just a few of the simplest and most common home features that should be considered when setting that all-important number.
Some realtors will tell you that setting the highest possible price is the way to go, but that’s rarely the best way to get your home sold quickly. Therefore, we would never recommend pricing your home for far more than it’s worth, but do consider all the factors, especially if you and your family have put time and money into making it more desirable.
Remember, though, that you can always come down on the price. If it does seem a little high after having seemingly interested buyers turn away, it may be time to sit down with your broker and have an honest conversation about how much you actually need to profit from the sale. Lowering the price isn’t the popular option, but it is sometimes the best way to get the house sold so you can move on to whatever is next for you and your family.
Selling a high-end home definitely presents its own set of challenges, but with the help of a local, knowledgeable broker, it isn’t impossible. It’s true that many Lake Minnetonka homes have stayed on the market for longer than they should have. Perhaps more aggressive and logical strategies – just like the ones above – could have moved those homes faster and with less anxiety for the sellers!
There are many ways to ensure that your Lake Minnetonka home sells quickly. All of the advice above is what we tell clients on a daily basis. In addition to the tips above, you may also want to consider having a broker open house to better match your home to the most likely buyers. It can be a useful experience if selling your home on Lake Minnetonka is something you need to do on a time limit.