Shakopee Homes

If you are thinking of purchasing Shakopee homes now is a awesome time to purchase. Interest rates are low, Shakopee homes prices have fallen and I think we could potentially see prices increase relatively soon. Why you may ask? Looking at simply at economics Shakopee homes have decreased their inventory in a market that usually has 350 homes for sale there are currently less than 225. Shakopee homes have also been selling quicker and the good one are sold often in less than 30 days. I think there is a demand coming very soon. There are currently less than 50 vacant lots which should get the attention of national and local builders to start developing land soon. Rumors has it the 41+ acres at the County Rd 78 and Marschall Road crossing has sold and 76 lotswill be developed there with single familyShakopee  homes.

Current Shakopee Homes For Sale


 

Here is a Complete list of all available Shakopee Homes

Before starting to search for Shakopee Homes and contacting a Shakopee Realtor make sure to contact a loan officer to get pre qualified.

Attending first time buyer home classes is a great start. Many buyers are unaware Scott County offers down payment assistance to those who qualify. We are offering classes starting in December for those interested.

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  • shakopee homes

Sold Shakopee Homes | Sold Home Information and Values

Sold Shakopee Homes

Looking back the past six months 344 Shakopee Homes have sold and many are pending or are sold subject to bank approval with offers. As we know Shakopee homes have not been coming on the market as rapidly as they used to.

All Shakopee Homes

344 Shakopee homes have sold over the last six months and the average sales was in the low 180’s range. The average sales price for all homes sold was $182,652 and those homes had on average 3 bedrooms, 2.5 bathrooms was built in 1993 with 2,025 sqft finished. That works out to be an average price per sqft of $87.74. Those homes sat on the market for an average of 135 days. Only 6 Sold Shakopee homes were over $400,000.

Shakopee Single Family Homes

223 of the 344 overall houses sold in Shakopee were considered single family dwellings. 13 sold under $100,000 and 81 under $200,000 bringing good values to the Shakopee real estate market to new buyers. Over the last 6 months single family homes have taken about 4 months to receive an offer.  65% of Sold shakopee homes were single family. The average sales price of single family homes in Shakopee was $222,444 and those homes typically had between 3-4 bedrooms 2.5 bathrooms were built in 1988 and had over 2,300 sqft. The average price per sqft was around $96.15.

Shakopee Town Homes

Typically Shakopee will have a large percentage of town homes sold, often in the mid 40% range. So far this year only about 35% of Shakopee homes sold were town homes, 121 town homes. Shakopee town homes have decreased in value SUBSTAINTILLY over the last 5 years lose almost half of their value. Town homes have lingered on the market about 149 days on average. 42 of the Town homes sold in Shakopee were under $100,000. Average sales prices were $109,316 with about 2.5 bedrooms and close to 2.5 bathrooms, built in 2000 with 1,520 sqft. Average price per sqft was low at $72.58.

Shakopee Acreage Homes

Shakopee acreage homes were far and few between with only 15 Sold Shakopee homes during the last 6 months that were over 1 acre. Of the 15 homes their values were averaging $313,067 with close to 4 bedrooms, 3 bathrooms, over 3000 sqft, built in 1989 and had average price per sqft of $108.76. The lowest price a Shakopee acreage home sold for was a Shakopee foreclosure at $153,000, the highest for $460,000/

Shakopee Foreclosures

111 of the 344 houses sold were Shakopee foreclosures average sales price was only $129,887 with 3 bedrooms, between 2-3 bathrooms, 1,709 sqft and selling quicker than most homes at 118 days on the market.

Here is a look at the last 6 months of Sold Shakopee Homes.

All information contained herein is deemed reliable but not guaranteed and was Copyright (c) 2011 Regional Multiple Listing Service of Minnesota, Inc. All Rights Reserved.

What’s New in The Shakopee Real Estate Market

Sorry, for not posting in a while, but it has been crazy busy lately getting out team website up, www.MnHomesForSale.com and we have been doing some blog posts recently on that website too. The school year is off and running anf my wife is officially back to work and in her new school, Jackson Elementary in Shakopee. Very exciting to have a new building and many new students as well.

The Shakopee real estate market has been extremely busy lately. It almost seems more like a spring real estate market rather than Fall. Shakopee real estate is booming when homes hit the market. It seems everything that is decent is selling within 30 days,  although the average days on market for Shakopee homes pending is currently at 140 days, which is down! 231 Shakopee homes are currently considered active in the Shakopee real estate market. Still an overwhelming amount of Shakopee short sale listings flood the market as 31 of those 231 are sold subject to bank approval. Good Shakopee homes are hard to find these days. I think we will see more Shakopee foreclosure listings hitting the market this fall. I know after talking with other Shakopee real estate agents with Remax that specialize in the foreclosure market that the banks seem to be holding back. There are great options purchasing some shakopee foreclosures such as Fannie Mae listings. You can buy a Fannie mae listing with only 3% down, no mortgage insurance no appriasal and the bank will agree to pay 3.5% of loan costs, awesome deal!

If you need any help searching for Shakopee real estate or have any questions make sure to reach out to us and we would be happy to help.

Shakopee Inventory Down, Shakopee Short Sales Up

The Shakopee real estate inventory seems to be heading lower and lower, however at the same time Shakopee short sales are increasing. The Shakopee real estate market is moving though. I sold a Shakopee foreclosure listing that I put on the market in less than a week and recently  sold a listing of mine on the west side of town on Madison the same day! I did have a buyer for the listing a few weeks in advance and did notify both parties prior to listing the home. With only 260 active homes on the market, good real estate is hard to find. Shakopee town home inventory also seems to be down with only 38% of the active listing classified as Shakopee townhomes. As mentioned in a previous blog, a frustrating stat shows again how few homes are available. Of the 260 active Shakopee homes on the market, 60 actually do have offers, but do still show as active and this does not include the 70 pending homes waiting to close. Those 60 are Shakopee homes that are either subject to inspection, another home or subject to bank approval (which is essentially short sale listings). That brings me to my next CRAZY set of stats including Shakopee short sales :

  • 75 of the 260 active Shakopee homes are short sales, 29% and a high percentage.
  •  If you include Shakopee foreclosures, 39.6% of the market is distressed, which is actually down thankfully.
  • Of the 200 remaining Shakopee homes without offers, 34 are Shakopee short sales, again another positive sign as we are down to only 17% of the market being short sale listings in Shakopee.
  • Only 32% of the remaining 200 Shakopee real estate listings are townhomes. Typically 42-48% of the total sales annually in Shakopee are townhomes.

I remember a time when it was hard to find Shakopee homes for sale under $200,000, today 92 of the 200 listings without offers are under $200,000 and 32 of those are single family homes. Only 36 homes are listed over $350,000 and 15 over $500,000.

 

How Many Homes Do Shakopee Real Estate Agents Sell Annually?

I think many consumers in the market place tend to think that Shakopee real estate agents tend to sell 20, 30 or  even 40 homes per year. According to the National Association of Realtors, average real estate agents sell eight homes per year averaging a sales volume of $1,100,000.  I think the industry has painted a picture that Shakopee real estate agents are selling homes all day long. Shakopee Realtors tend to have many roles as they are almost running a small business in many ways. Typically the real estate brokerage hold a Realtors license, but many expenses and activities are up to the individual real estate agents. Some of the activities in a typical day may be:

  • Finding (prospecting) new business
  • Maintaining current listing inventory
  • Preparing individual marketing materials
  • Preparing listing marketing materials
  • Accounting for their real estate business
  • Website advertising
  • Marketing current listings
  • Managing the needs for their current clients

Often times Shakopee real estate agents have commission splits with their broker. Their real estate broker who holds the Realtors license may put them on a commission split with the brokerage where some newer agent could potentially be on a 50/50 split with their office and an experienced agent may be on a commission split anywhere from 50-99%. Typically with the higher commission splits there will be a “desk rent” in which the Shakopee real estate agents many need to pay a fee each month to the broker. Some of those fees could vary but from what I have seen it’s anywhere from $200-1650 per month. Some real estate companies will also charge transaction fee to their agents per transaction that may be $50-$100 and also take out corporate fees ranging from 1-3% of the gross real estate commission. Obviously these are all examples of what I have personally experienced in my career and may or may not reflect the industry as a whole because I do not know the structure of every company.

Shakopee real estate agents also have many fees they incur such as:

  • Marketing materials
  • Postage
  • Annual Licensing $450 per year
  • Supra Key Dues $152 per year
  • MLS Access Fee $114 per quarter
  • Errors and Omission Insurance $400 yr est
  • 15 Hours of Continuing Education each year
  • Signs
  • Sign installs and removal, typically $40-60 per listing
  • Business Cards
  • Optional Website IDX search $800-$1200 per year
  • Professional photography, which we sure know not many Shakopee Realtors take care of this!
  • Virtual Tours $89-$199 per listing

Average Shakopee real estate agents can easily spend upwards of $10,000-$15,000 per year in real estate related expenses. One thing we at Remax Advantage Plus and The Twin City Real Estate Team have done is to leverage our time and the real estate team philosophy. We have hired interns to do most of our marketing and prospecting for new business so that we may concentrated on client care and taking care of the needs of customers we are working with. We understand how important  the purchase of a home can be and we want to make sure to accommodate. Knowing the urgency of the Shakopee real estate market having only one Realtor can be a hang up if they are busy. Say a brand new Shakopee listing comes on the market and your agent is out of town or busy. You need to get in that house or it could sell! Having a team gives us the ability to have multiple Shakopee real estate agents on our team with the availability to show you the home. Problem solved! If you are search for a Shakopee home for sale make sure to contact us at the Twin City Real Estate Team.

 

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Shakopee New Construction Tips

If you are thinking of building one of the many homes in Shakopee on lots that are available you might consider weighing the positives and negatives of new construction homes in Shakopee.

Positives to New Construction in Shakopee

  • No one has ever lived in the home, clean slate
  • everything is new (roof, siding, mechanicasl, etc)
  • you have the entire history of the home
  • Many new neighbors and friends to meet
  • latest energy effient standards and code standards
  • new current design layouts
  • Taxes are not fully assessed yet

Negatives to New Construction in Shakopee

  • Window treatments needed
  • Landscaping needs to be finished
  • no mature trees typically
  • Might not have neighbors for a few years
  • Dust and messy neighborhood during construction

Shakopee new construction also tends to be more expensive overall. If you look at the current Minnesota MLS data there are 37 active homes in Shakopee with an average list price of $306,392 and an average of 2,331 sqft. Existing homes in Shakopee have an average sales price of only $261,297 for single family homes in which there are 125 homes in Shakopee currently on the market and those homes in Shakopee had an average of 2,434 sqft.

Looking at pending homes in Shakopee there  was even a lower average list price at$254,486 with 2,171 sqft for new construction, and an average sales price of $229,521 for the 32 existing homes in Shakopee with an average of 2,481 sqft.

Looking at the sold homesis hard to gage being many new construction Shakopee builders do not include their sold data in the Minnesota MLS. However taking the data from the Minnesota MLS we have, there were 86 new construction Shakopee homes sold with the last year with an average sales price of $259,297 and had an average of 2032 sqft. The 278 existing Shakopee homes in Shakopee that sold in 2010 averaged a sales price of $227,148 and had 2,333 sqft.

Finding PERFECT Shakopee Homes

If you are searching for the PERFECT Shakopee home I would be very picky. First off it is always best to find a good loan officer to get you preapproved before starting your Shakopee homes search. If you know where you are comfortable from a pricing standpoint your next step should be to contact a Shakopee Realtor to help with your home search. Typically in Minnesota the buyer agent, Shakopee Realtor, that would help you find a home is typically paid by the seller thus no cost to you. Many agents won’t make you sign a buyers contract until you are comfortable with their services.

Once you have both your Shakopee loan officer and Shakopee Realtor it is time to start your Shakopee home search. If you have narrowed your search to just Shakopee homes, you are so much closer that in you were to have multiple areas of interest. The hardest thing for client is find what area they want to be, after that the home search gets a little more simple. Shakopee is redrawing the school boundaries for 2011-12 so make sure you are within the Shakopee elementary school boundaries in which you prefer, and check where day cares boundaries may be also.

Some of the things I try to have clients find in the PERFECT Shakopee home pertains mostly to resale, here are some tips:

Shakopee Townhomes

  • End units generally sell well
  • One car garage homes are tougher to sell
  • townhomes with someone living above or below you can make it more difficult to sell
  • Try to find a home with a basement, large plus
  • Ideally find a townhome with a private master bathroom
  • 3 plus bedrooms always help with resale
  • If you are buying a 2 bedroom, try to also find one with a loft
  • proximity to public transit
  • If you assn has a pool that can help

Entry Level Shakopee Homes For Sale

  • If you can find a 3 car garage, do so
  • Master baths can separate your home from the competition
  • try to find 3 bedrooms on one level, great for families
  • Open floor plans
  • look at the updates. although your payment may be higher at least the 30k for windows, siding & roof won’t be an out of pocket expense.

Move Up Shakopee Homes For Sale

  • In my experience two story homes with 4 bedroom on one level sell better than those with only 3 up
  • many two stories will feature bonus rooms
  • In my opinion always find a 3 car garage, so many homes have been built now with three car garages
  • almost a must to have 1, if not 2 fireplaces
  • three season or four season porches are a plus
  • check mechanicals, windows and roof. these items could be getting towards to end of the life
  • think long term, would you prefer a rambler in 5 or 10 years? consider one now.
  • Main floor office space

Upper Bracket Shakopee Homes For Sale

  • Acreage can set your home apart
  • lake view, access or lake shore
  • custom builtins
  • most prefer walkout basements
  • extensive landscaping
  • outdoor living spaces (fire pits, outdoor fireplaces, pools)
  • Privacy, lot of trees

General Tips

  • most try to avoid backing to Highways and busy roads
  • power lines typically can turn buyers off
  • being close to apartment building can turn buyers off
  • being close to train tracks can stray future buyers