Listing Math, Cont. I viewed a non-MLS listing last week in Minnetonka that is quietly being marketed at $1.7 million. The owner bought the 5,000-plus square foot home a year ago for $1.050 million; did $500k of (very smart) updating; and is leaving another $200k of likely updating for the next owner (the upper level hasn’t been remodeled...Read More
Does Over-Interviewing Lead to Overpricing? Anxious Buyers aren’t the only ones bidding up home prices (or at least list prices) this year. So are some Realtors, including at least a few who should (and do) know better. “Buying the Listing” One of the things that can happen when prospective home Sellers interview lots of agents...Read More
Raindrops & Price Reductions Notwithstanding the news headlines, not every home is selling in multiple offers the first day on the market. In fact, precisely because of those headlines, I’m seeing more Sellers insist on too-high initial asking prices. When a home isn’t selling — or even getting showings — standard operating procedure is to...Read More
Administering Financial Pain People famously dread visiting their dentists; after all, who looks forward to having cavities filled? Unfortunately, for home sellers whose homes are languishing on the market unsold, a visit to their Broker’s office may be more painful, at least financially. That’s because, after 60-90 days of market time without a deal, a 3%...Read More
Free Coaching? In a market where even the real estate pro’s are finding it tough, I see a lot fewer For Sale By Owner’s (“FSBO’s”). From perhaps 12% of the market at the peak five or so years ago, I’d guessimate that percentage is down 50%, to about 6% today. What can be said of that...Read More
Passing on Unsaleable Listings Want a good Realtor to list (and ideally, sell) your home? In a Twin Cities market full of fussy Buyers and lots of inventory (with notable exceptions), you’d better meet the following three criteria. One. Be motivated. No, “motivated” doesn’t mean “desperate.” To a Realtor, a “motivated seller” is someone who’s willing...Read More
