Homes That Don’t Measure Up to Their Asking Price The quick Realtor answer to the question posed above? “No, not if the home’s worth closer to $1.3M.” That’s especially true if the owner with the unrealistic price expectations also expects a drumbeat of expensive marketing over the course of a year (or longer) — the...Read More
Inspection Contingency Leverage The main reason home Sellers love multiple offers is because it bumps their price — if not over asking, then usually pretty close. But there’s a secondary reason Sellers love multiple offers: it can result in the Buyer pulling their punches during the Inspection phase of the deal. Inspection Issues Once the...Read More
Mispriced Properties: Exhibit A Where: 46xx 1st Ave. South in Minneapolis What: Bank-owned (foreclosure) 3 BR/2 BA 1917 stucco home with 2,000 square feet. How (much): asking price — $72,900; sold price — $130,000 When: listed — 4/19/2009; closed –8/18/2009 In my post yesterday (Seller’s Motivation: Is it Relevant?”), I made the case that the...Read More
Sold! (For 1/3 of Tax Assessed Value) What: 3BR/3BA walkout rambler with almost 2,600 FSF Where: 2625 Quentin Ave. South, in St. Louis Park’s Fern Hill neighborhood How much: originally listed for $226,800 on Aug. 5. When: closed Nov. 18 (Thursday); just posted on MLS this morning. “Exhibit A” under the category, “don’t go by...Read More
Realtors & Overpriced Listings “I will not take an overpriced listing.”“I will not take an overpriced listing.”“I will not take an overpriced listing”“I will not take an overpriced listing.” Four down, 496 to go. There are many, many reasons it’s a bad idea for a Realtor to take an overpriced listing. Here are four of...Read More
Memo to Sellers Lots of Sellers, in lieu of reducing a too-high asking price, are instead directing their agents to tell prospective Buyers that “the [asking] price is negotiable.” Here’s a news flash: they already know. In the vast majority of these cases, the issue isn’t that no offers are coming in — low, high,...Read More
