4 Ways to Attract a Greater Selling Price for a Duplex in Minneapolis

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How to Sell A Duplex for More than the Asking Price

If you’re looking for tips on selling your St. Paul or Minneapolis duplex, you should know that there’s a certain buyer paying much more than anyone else looking through the Minneapolis duplex listings.

Millennials and other first-time homebuyers are flocking to duplexes in the Twin Cities with the hopes of creating financial margin. They’re not like a typical investor that’s laser-focused on cash flow and working hard to reduce pricing - they’re looking for a better option than renting themselves.We’re not saying that cash flow isn’t important for their investment, we're simply saying they’ll pay a little more for certain value propositions.What increases the selling price for a duplex in Minneapolis or St. Paul?  We’re finding that first-time homebuyers are willing to spend a little more in exchange for these 4 value propositions:

4 Ways to Attract a Greater Asking Price for a Duplex in Minneapolis St. Paul

  1. The property should be in good enough condition that it appeals to a first-time homebuyer.
  2. Since they’re looking to be an owner-occupier and their financing is dependent on it, you should have one unit either vacant or on a month-to-month lease so that they can move in.
  3. The units should be driving rents around the market rate. If your tenants are getting a steal because you hesitated to increase your rates periodically - buyers will offer you less.
  4. List your property with duplex specialists like us so that we can help communicate the value of your property. (OF COURSE!) Remember that a typical real estate agent is ill-equipped to maximize the value of your rental property.

If you focus on these four things, we’re confident that you’ll increase the offers you’ll get for your duplex.

Selling in the Fall, Improving in the SummerIf you need to find better tenants, make improvements to the condition of the home, or free up one of the units on your property, you might want to plan on doing that during the winter so that you’re all set to sell in the fall.

Gear Towards the Owner-Occupier BuyersFirst-time homebuyers are hoping to buy a property where the rent of one unit would cover the mortgage, even if they move out.  This means that it’s critically important to get your own cash flow, tenants, and leases ironed out and attractive. That might sound really difficult, but it could pay off in spades when that millennial or first-time homebuyer comes along looking for the perfect owner-occupier situation.