New Listing–9961 Lee Drive, Eden Prairie, MN 55347

by Bill Wallace on February 9, 2015

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This weekend I listed this large, 2 story home at 9961 Lee Drive, Eden Prairie, MN 55347. This well maintained home is move in ready, featuring many updates, 5 bedrooms and 4 baths. It sits at the end of a cul de sac and features a private and fenced yard which is more than 1/3 of an acre.

Other features of this home include -

  • Split staircase from 2 story foyer & kitchen
  • Kitchen is huge with granite, large eat-in island and separate work space. Great for parties!
  • Vaulted formal dining room with built in hutch and separate informal dining
  • Vaulted living room with lots of light
  • Large step down family room with gas fireplace
  • Spacious deck off back of home with stairs down to yard
  • Good sized main level laundry room
  • Vaulted master bedroom with walk-in closet. Master bath has dual vanity and jetted tub
  • 3 more good sized bedrooms on upper level
  • Huge lower level family room that has lots of possibilities. 2nd fireplace in lower level, walkout to backyard, exercise space, cedar closet, storage area, large 5th bedroom and 3/4 bath with in-floor heat
  • Attached 3 car garage
  • Very attractive wood fence surrounds the backyard
  • Yard features fire pit with cement base, gardens and retaining walls
  • In ground sprinkler system

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Schools:

You can find additional details about the property including more pictures, virtual tour and a map here – 9961 Lee Drive, Eden Prairie, MN 55347

For more information about this property please contact me

Bill Wallace is a Realtor at RE/MAX Advantage Plus in Spring Park, MN with a focus on West Hennepin County and the Twin Cities including – Eden Prairie, Excelsior, Golden Valley, Hopkins, Lake Minnetonka Area, Long Lake,  Maple Plain, Medina, Minnetonka, Mound, Orono, Plymouth, Spring Park, Wayzata in Hennepin County and Chaska, Chanhassen in Carver County

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Scales

Today I’m going to write about the role of selecting a Realtor and the impact that your choice has on the final sales price. In other words, does a real estate agent really have such super ability to negotiate that they can get you a better price than you would have received with an alternative? Or do most houses sell at their Fair Market Value?

Selecting a Realtor

Yesterday, I wrote an article that outlines my plans to offer a reduced commission rate of 4.7% while still offering full service to any home sellers in the Twin Cities.

There are whole real estate industry articles about how to avoid lowering commissions but my least favorite is – “Mr. Seller, if Bill was so willing to cut his commission, can you imagine what he would do to your asking price during negotiations?”

The problem with this is that it ignores fair market value.

What is Fair Market Value?

Fair Market Value is defined by the IRS in the following way -

Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.

By definition, homes on the MLS are on the open market. Most of the relevant facts are disclosed on the MLS or through a Sellers Disclosure as required by Minnesota law.

Continue reading “The Fallacy of Selecting a Realtor to Get You the Best Price” »

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Full Service Realtor at a Low Fee Commission of 4.7%

by Bill Wallace on March 17, 2014

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Today I am announcing a new low fee commission structure of 4.7% for my Twin Cities home sellers. Keep reading for more information about full service Realtors, how they get paid, what services are provided and how this plan works.

A Realtor’s 2 Jobs

A Realtor has 2 distinct jobs to do in order to make a living.  Everyone sees the part of the job that involves knowing how to help buyers and sellers successfully navigate through the purchase or sale of a home.

The hidden half of the job is finding more clients.

I really enjoy the first half and don’t like the 2nd part as much.

To do the 2nd part well Realtors do things like –

  • Spend lots of money on developing websites
  • Pay other web sites hundreds or thousands of dollars a year in order to buy leads from websites that do generate traffic
  • Do direct mail programs
  • Advertise in local markets via print, radio & even TV
  • Conduct open houses where their goal is to meet potential buyers (not really sell the house they are showing)
  • Inundate their past clients or relationships with reminders that they are in real estate so that they can hopefully get a referral

One real estate marketing site recently estimated that in order to generate $75,000 in earnings that a Realtor should spend $27,200 in web marketing.

I’m hoping that this 4.7% option will spread via word of mouth which will mean I won’t have to spend a lot on marketing.

Continue reading “Full Service Realtor at a Low Fee Commission of 4.7%” »

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Today I have listed this large footprint rambler at 6125 Wynnwood Rd, Golden Valley, MN 55422.  This is a 1 owner home that has been well maintained and is move-in ready.  The home has 3 bedrooms and 2 baths, large room sizes and a wooded and flat yard on a quiet street.

Other features of this home include -

  • Eat in kitchen has pantry, ceramic floors and newer Corian counters
  • Freshly painted main level features large living room with large front windows and gas fireplace
  • Formal dining room with new fixture and built in hutch
  • 24 foot long 3 season porch with great windows toward the back yard runs behind the garage
  • 3 bedrooms on the main floor – there is hardwood under the main floor carpet
  • Main bath has 2 sinks, ceramic floors and lots of cabinet space
  • Huge 37×12 family room with wood burning fireplace and walkout to back
  • 2 non-conforming bedrooms in lower level to use for crafts, exercise, office or add egress
  • Laundry, 3/4 bath and former well room that would make nice wine holding space
  • Under garage room accessible from back yard for tons of additional storage
  • Oversized 2 car garage with built in cabinetry and cement driveway
  • Newer furnace, A/C and water heater
  • Home has steel siding and in ground sprinklers

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Schools:

You can find additional details about the property including more pictures, virtual tour and a map here – 6125 Wynnwood Rd, Golden Valley, MN 55422

For more information about this property please contact me

Bill Wallace is a Realtor at RE/MAX Advantage Plus in Spring Park, MN with a focus on West Hennepin County and the Twin Cities including – Eden Prairie, Excelsior, Golden Valley, Hopkins, Lake Minnetonka Area, Long Lake,  Maple Plain, Medina, Minnetonka, Mound, Orono, Plymouth, Spring Park, Wayzata in Hennepin County and Chaska, Chanhassen in Carver County

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New Listing – 323 Adams Avenue, Edina, MN 55343

May 3, 2013

Yesterday, I listed this large footprint rambler at 323 Adams Avenue, Edina, MN 55343.  This 3 bedroom, 2 bath home is move-in ready, has an updated kitchen and an open living space for the kitchen/dining/family room areas.  It has a number of very nice updates throughout. Other features of this home include – The kitchen […]

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Paying A Higher Realtor Commission For Better Results In Twin Cities?

March 7, 2013

One thing that more people in the Twin Cities and West Hennepin County should be asking is about whether paying a higher Realtor commission to the buyer’s agent will lead to better results.  I know I usually have a discussion with my buyers and sellers to discuss how commissions work and how I get paid […]

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Lake Minnetonka Home Sales February 2013

March 7, 2013

February 2013 saw only 6 home sales close on Lake Minnetonka which was fewer than even the slow month of January.  Each month I plan to outline the sales transactions on Minnesota’s premier lake – you can find my report on the 7 sales in January 2013 here.  As we also noted in a previous […]

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Mound MN Home Sales For February 2013

March 7, 2013

The City of Mound, MN had 9 homes sold during the month of February 2013.  These ranged in price from a $43k bank owned home on Island Park all the way up to an $820k home on Cook’s Bay of Lake Minnetonka. You can get a list, including pictures, of each of these Mound homes […]

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How Accurate Are Automated Home Valuation Sites Like Zillow?

February 21, 2013

One of the ongoing questions in the Twin Cities is how accurate automated home valuation sites like Zillow are at predicting the fair market value for a home?  There are a number of automated solutions out there but the Zillow Zestimate is probably the most well known.  Often times buyers or sellers think they can […]

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Number of Twin Cities Homes On Market At Record Lows

February 19, 2013

The Minneapolis Association of Realtors released their Weekly Market Activity Report yesterday showing the the number of Twin Cities homes on the market is at record lows.  Information from the report included these key statistics – What we are seeing is that inventory is down to 12,225 which is at the lowest point it has […]

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