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As a REALTOR®, people across the north and east Minneapolis/St Paul metro area contact me to provide comparative market analyses on their homes. I work hard to get the price right whether it is for a single family home, a townhome, an acreage estate or a lakeshore getaway. Getting the price right is imperative in this changed real estate market. I use a system to check the comparative homes sold in the past 3-4 months and add and subtract for differences in each particular home. But every once in a while there are homes that are affected by what I call the "Busy Road Factor". These are situations that are unique to the property but will dramatically affect the number of interested buyers.
My daily travels as an Anoka & Washington County real estate agent take me along many of the same major roads day after day. County roads are wonderful short cuts through the north and east metro as most are posted 55mph and they crisscross the communities of Ham Lake, Lino Lakes, Forest Lake, Columbus and White Bear Lake. There are many residential developments adjacent to these well-traveled roads.
Of course I notice several for sale signs along these roads as they have become a part of the landscape that doesn't change as quickly as it had in the past. Often a sign goes up and then 6 months or a year later the sign is switched out on the same house when they try a new real estate agent...again and again. In fact there is one home I have watched over the past 3 years switch out every six months to a new broker. I think they are on their sixth agent with no sale yet. I is not just the buyer's market causing this situation. This home and other properties like it located on well traveled roads are affected by "the busy road factor". It is a lethal combination with the buyers' market for a sale of residential home. A home seller is literally dead in the water before the house is listed if they do not account for the negative impact the road will have on their sale price.
"Location, Location Location" is the real estate mantra. If your home is located on a busy road, you cannot change it. But you can change the price. In order to sell, it is necessary to price your home significantly lower than all other homes on the market with similar features to attract buyers.
This phenomena does not only affect properties on busy roads! There are other undesirable location situations that are very tough sells when the market is good but become next to impossible when there are many homes for the buyers to select from. These unwanted locations include properties which are next to or near the following:
So how can you deal with the Busy Road Factor and get the house SOLD?
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Need MORE Home Selling Tips? Click HERE for Teri’s Top Ten Ideas for a QUICK HOME SALE
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Looking for an Anoka County foreclosure, bank-owned or short sale but need to be able to live in the home immediately after closing?
Good news is that foreclosures are not always destroyed homes requiring major rehab. Some of today's foreclosures can be MOVE IN READY! This economy has forced builders and responsible homeowners alike to let amazing properties go back to the bank. Many are still in pristine condition. Some still may require a bit of cleanup or a few cosmetic changes but there are many in move in condition too.
Here are a few of the treasures I noted on the Twin Cities MLS in Anoka County:
If you are in the market for a great deal on a foreclosed home, time to get organized because the rules to buy are a bit different than when working with a traditional seller.
Seven Tips for homebuyers considering a foreclosed home:
Are YOU ready to get a great deal on a foreclosed home? Let me be your professional REALTOR®!
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