Lynn Johnson, Owatonna, MN Real Estate

Pricing decisions are more important than ever for sellers in this real estate market. Here are some things for sellers and future sellers to keep in mind as they contemplate their pricing decision. It's so critical to visit with your real estate professional to get a locally knowledgeable source in determining the best price for your home.

If you price your home too high for the current market -

1. You will lose the excitement that a new listing generates:

Most activity on a listing comes within the first 30 days.

Agents update potential buyers on new listings - buyers decide whether to view a home based on the price and amenities.

An initial high price will discourage buyers.

It's the right buyer at the right time - DON'T MISS OUT ON THAT ONE!!

2. You will lose the most qualified prospects:

Buyers will not "just make an offer" because they probably will never see the property.

Buyers will view the properties that are priced within their price range, knowing that they cannot afford anything above their price ceiling.

3. Overpricing helps sell other homes:

Your home may be used to demonstrate the good value of other properties.

Your objective should be to enter the market in a position that will attract prospects, not drive them away.

4. Your home may become stale on the market:

Prospects may wonder what is wrong with the property (even after you lower our price).

You may even have to settle for less than market value.

A house takes on a reputation surprisingly fast, so don't wear out your welcome on the market.

5. You lose a strong negotiating position when your home is on the market a long time, both financially and through perception.

Provided by Lynn Johnson, Broker/Owner at Coldwell Banker Home Connection, Owatonna, MN

Contact Lynn for all your real estate needs in and around the SE Minnesota area.

This has been a fantastic Fall season. I've been out every day enjoying the explosion of Autumn colors. One of my favorite parks to walk through is Kaplan's Woods which is 225 acres of trails and groomed paths. There is a plethora of nature to enjoy throughout this wonderful park. The best part is that you see different things as the seasons change. Summer brings the lush green forest feel, as Fall arrives you can see through the trees and notice things that have been hidden from view in the past. Winter's a magical time in Kaplan's Woods and the city Parks department does a terrific job of clearing the trails. The paths are also groomed for cross country skiing and snow shoeing which are great ways to enjoy Winter.

Kaplan's Woods is a desirable destination for family photos and graduation pictures with its incredibly picturesque backdrop. We're so fortunate to have a variety of wonderful parks and trailsto enjoy throughout the year. Owatonna offers so many options for families and park goers of all ages. Get outside to play and enjoy!

We were doing some brain storming at last week's staff meeting and as a result we've decided to provide three informational sessions to our sellers and the general public on the "State of the Owatonna Housing Market." We'll be covering different topics such as: showing activity, YTD and year over year sales statistics, state market trends, lender perspectives (how credit issues affect home sales), and tips and ideas for sellers.

Our goal is provide accurate local information about the market, and yet provide sellers with helpful information that can benefit them during this less than stellar market time. It's just one more thing we can try during this market cycle to assure sellers that even though the activity may not provide a good indicator, we are still working hard to get the SOLD results they are looking for. Our mantra has been "this market calls for new actions and activities, we don't know what will work, so at least we'll try." The same old attitudes and sales techniques may be a good foundation, but we're out there trying new ideas, as well.

I'll let you know what kind of response we get from sellers and the community. Stay tuned.

Well, the beauty of Fall surrounds us and we're in the middle of our Coldwell Banker10 day sale promotion. We're hoping to cap off a strong summer with continued sales through the end of the year. So far this year our entire MLS seen residential home sales in Owatonna of 245 with an average sale price of $163,918. Those homes were on the market for an average of 138 days.

We currently have 208 homes on the market for sale. The average list price of those homes is $184,471. We tend to see higher average prices on the active listings because the lower priced homes have been getting more activity due to the strength of first time home buyers in our market. The current listings have been on the market an average of 148 days.

There have been 12 building lots that have sold so far this year. Those lots sold for an average of $48,958. We currently have a good supply of lots available for building with 383 in various developments throughout Owatonna. Those figures are down significantly for lot purchases as compared to previous years. Hopefully we start to see a rebound soon in the new construction demand.

It continues to be a positive time for buyers to purchase a home - we have a great selection, at good values, and rates are very affordable.

This information is from the Southeast Minnesota Association of Realtors.