But First . . . a Brief History Lesson I don’t know about other states ” I’m only licensed to sell real estate in Minnesota ” but here, residential property taxes are due twice a year: May 15 and October 15. Those non-randomly chosen dates stretch back to when Minnesota’s economy ” like practically every...Read More
Calculating Premiums & Discounts in a Comparative Market Analysis (“CMA”) How much value do Realtors and Appraisers assign to an upstairs Laundry when estimating a home’s fair market value? The honest answer is, I’ve never seen it broken out as a specific adjustment, with a corresponding price tag (or even range) assigned to it. My...Read More
The Art of Comp Selection One of the trickier home features to account for in a Comparative Market Analysis (“CMA”) is a busy street. For a family with little kids, a busy street may very well be a deal breaker — in which case the discount is theoretically infinite. At the other extreme, an investor looking...Read More
How to Tell, Early On, if a Home is Likely to Appraise The listing agent (representing the Seller) is meeting the Appraiser — representing the Buyer’s mortgage lender — at the house (note: the listing agent should always meet the Appraiser at the house). What should they have with them, to provide to the Appraiser? A. Hard...Read More
“He Who Adjusts Least Adjusts Best” When it comes to pricing a home off of Comp’s (“Comparable Sold Properties”), the trick is to minimize both the number and absolute magnitude of the adjustments. The ideal would be a condo identical to its peers in every respect — floor plan, size, condition, location, market conditions, etc....Read More
But First . . . a Brief History Lesson I don’t know about other states — I’m only licensed to sell real estate in Minnesota — but here, residential property taxes are due twice a year: May 15 and October 15. Those non-randomly chosen dates stretch back to when Minnesota’s economy — like practically every...Read More
