St. Cloud, MN - Real Estate Blog

Is there a billboard (Franklin Outdoor Advertising or Lamar Advertising Company) somewhere near St Cloud MN that has this statistic printed on it?  I have heard this exact number recently from at least 10 different home buyers that are thinking about writing an offers on foreclosed properties.

Below are the statistics.  Nowhere in my research did I find that foreclosed properties are selling on average for 85% of their asking price. 

*Please note that these are average numbers.  Each real estate transaction is unique and a home's price needs to be evaluated on an individual basis to show what is (or isn't) a good deal.

Under 30 Days on Market: Foreclosed properties are being sold at an average of 98.3% of their original asking prices.

30-60 Days on Market: Foreclosed properties have had price reductions on average of just over 7%.  Homes in this range are selling at 97.8% of their new asking prices (90.9% of original asking prices).

60-100 Days on Market:  Foreclosed properties have had price reductions on average of just over 11%.  Homes in this range are selling at 96.8% of their new asking prices (85.9% of original prices)

100+ Days on Market:  Foreclosed properties on the market more than 100 days have had price reductions on average equaling more than 17% of their original list prices.  These homes are selling at 93.4% of their new listing prices (which equates to 77.4% of the original list price).

So what can you take from these stats?  If you offer 85% of the asking price on a foreclosed property that has been listed for more than 100 days and the bank counters back right in the middle, you are doing an OK job of negotiating.  I'll give you a "C".  You can also guesstimate that if you offer 85% on a foreclosed home that has been listed less than 60 days, the bank won't budge much from their asking price.

Want more information?  Are you curious what the average sales price is for a new construction home in Sartell?  Or how about what percentage of the homes sold on the St Cloud MLS are foreclosures?  Post your questions here and I can pull you just about any stat from the St Cloud MLS.

Jason Tangen, GRI - Real Estate Broker Associate with Edina Realty St Cloud

The 192,326th Best REALTOR in the US. - This is a joke.  I have no way of knowing (or proving) where I would rank in a nationwide "Best REALTOR" contest.  I know that I don't sell as many homes as some of the top producers in the country so I'm not #1.  But I also know that my clients love my services.  Funny enough, this stat would put me in the top 15% of REALTORS nationwide.