How do I know if I'm getting a fair price on a Twin Cities home?
Answered by Chris Deutsch, Founder & Editor
Licensed Minnesota Realtor #20382264 ·
The short answer
Fair price isn't what the seller wants, what Zillow estimates, or what someone paid for the house in 2021. Fair price is what comparable homes in the same condition, in the same area, have actually closed for in the last 90 days.
On stage The 60-second answer
Captions on · Transcript below
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Chris's video answer is on its way. Until then, the short answer above says the same thing.
The transcript posts with the video.
The longer answer
I do this homework before you ever make an offer. I pull closed sales — not list prices, actual closed prices — for homes that are genuinely similar: same general square footage, same neighborhood or sub-market, similar age and condition. Then I adjust for the things that actually move value: a finished basement adds more than a newly painted bedroom. A three-car garage in a neighborhood where parking is tight matters. A lot backing to a busy road matters in the other direction.
What I'm building is a picture of what a reasonable buyer paid for something like this, recently, in this market. That's the floor of the conversation.
Zillow's Zestimate is a starting point for curiosity, not for negotiations. It doesn't know about the kitchen remodel, the deferred roof, the noise from the nearby commercial strip, or the fact that the neighbor three doors down just listed for $40,000 less. I do.
If the asking price lands inside the range the comps support, we talk about how to write a competitive offer. If it doesn't, we talk about that too — honestly, with the numbers in front of us, before you're emotionally committed to a price that doesn't hold up.
You should never have to wonder if you paid the right number. That's my job to make sure of.
The next department over
What people in this spot usually ask next.
- Selling processHow do I price my home competitively without leaving money on the table?Read the answer
- Buying processWhat's the difference between principle and value in real estate negotiations?Read the answer
- Myth-busting & headline checksWhat's the Twin Cities real estate market like in 2026?Read the answer
- Buying processHow long does the home buying process actually take?Read the answer
- Divorce & separationDo we have to tell buyers we're selling because of divorce?Read the answer
- Buying processWhat questions should I ask before making an offer on a Twin Cities home?Read the answer
From the editor's desk
“As Founder and Editor, I review, correct, and stand behind every answer.”
Is your situation more specific than the market? That's the one worth talking through.