Do you have your eye on the perfect home but have yet to make a move? You know the house I mean...You have had it saved in your favorites for awhile now and it is priced right. In fact, it is a steal of a deal. You check on it almost daily but you are still on the fence about buying a home and so you just continue to "stalk" the listing but don't act. Maybe you are trying to time the market and see if seller of that "sleeper" is going to drop the price again. Well wake up bargain hunter! It is very possible you are not the only one with an eye on that real estate sleeper. If you wait too long it will be gone.
A real estate "sleeper" is a well priced home that hasn't sold yet. Usually the home is a great property, location, structurally sound and priced well but for one reason or another it hasn't sold. In a winter market, especially just after the holiday season, sleepers can be abundant.
Maybe the home was originally over priced and though it is now priced very well it is being overlooked. Possibly several very similar homes went on the market at the same time. Maybe the seller did receive an offer and the buyer's financing fell through so now it is "back on the market" through no fault of the house itself.
But if you are a buyer sitting on the sidelines and just watching your perfect home for another price reduction, beware. I have sold a couple of sleepers over the years throughout the north and east metro. In each case, there was minimal activity on the property then BAM....we had 3 or 4 qualified parties interested in the home at the same time. In these particular cases, they weren't the cookie-cutter variety either. One particular home in Washington County/Forest Lake area had a one-of-a-kind wooded lot and was in a perfect location. After months on the market, without an additional price reduction, over half a dozen serious buyers suddenly appeared. People were nonchalant when I told stressed that the home had recently seen a sudden surge of interest. Many even "pooh-poohed" the idea and mildly accused me of trying to coerce an offer. When the first offer came in, the seller wasted no time in accepting. Subsequently, I had several parties, buyers and agents alike, in disbelief, that it was suddenly sold!
If the sleeper phenomena had happened only one time over the years, I would consider it a fluke but I have experienced this situation on homes in Washington, Ramsey, Chisago and Anoka Counties as well. In some cases I was the listing agent and others I was representing buyers.
So home buyers heed my warning, if you are on the fence watching a sleeper, now might be the perfect time to make your move...Or someone else might beat you to it!
Current "SLEEPERS" in Anoka County:
|5035 182nd Lane Columbus MN|