How do I know if I'm getting a fair price on a Twin Cities home?
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.
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.
I wrote this answer, and I stand behind it. I'm Chris Deutsch, a Minneapolis Realtor (MN #20382264). Twenty-five years of walking these neighborhoods, checking basements, and sitting across kitchen tables from people making exactly this call. I re-check every answer and date it — this one was last verified .
If your situation is more specific than the market, that's the one worth talking through. Email me at chris@lakesarearealty.com.