The other day a familiar duplex came on the market.
For the second summer in a row.
It’s a well-maintained property in a sought-after pocket of Minneapolis. As those kinds of properties are somewhat rare, I was happy to see it on the market again; this time at a price that makes more sense.
The irony is, a client of mine wrote an offer on this property last summer; at a number within negotiating distance of the price it’s listed at now.
The trouble is, my buyer bought a different duplex last summer.
And this year, that lovely duplex will likely generate an offer not too different from the one my clients wrote one year ago.
So, what’s the seller out?
A year of property taxes, insurance, maintenance expenses, water bills and the time and effort spent managing the property; all spent during a year they wanted to be done owning a duplex.
A year of lost time and effort to achieve exactly the same result.
I can’t think of a better way to illustrate the importance of pricing a property correctly the first time it hits the market.
After all, no amount of market recovery will ever reimburse you for lost time.