In residential real estate, the competition for business never stops. It’s especially intense during the interviewing stage, before home Buyers and Sellers decide who to hire. But, it continues even after the sale, when agents vie to claim sales credit on MLS, in their marketing materials, etc. All of which is why Buyer’s agents are well-advised to...Read More
Comparing Honey Crisps to Braeburns One of the more quizzical looks Realtors get is when they (try to) explain to a prospective home Seller that their neighbor’s house isn’t a “Comp” (Comparable Sold Property) for pricing theirs. For the uninitiated, a Comp is one of the three homes Realtors and appraisers use to determine fair market value; once...Read More
When Doesn’t “Sold” Mean “Sold?” So, when it comes to residential real estate, when does “Sold” not mean “Sold?” When it means “Pending” (as in, when there’s a big, bold “Sold” sign in front of a “For Sale” home). Huh?!? At least in Minnesota, once the Buyer’s Inspection has been removed,** the convention is to...Read More
March February Madness 24. 31. 17. 28. Football snap count? Try, attendance at open houses hosted by myself and colleagues the last few weekends. By way of comparison, a dozen people at an open house is considered to be a good turnout, and I’ve certainly had my share where I felt like the Maytag repairman. Does...Read More
Gap Between Last Ask, Sold Price One clue that a just-sold home had major inspection issues is when the sales price represents a big discount from the last asking price. So, for example, a house that was listed at $500k, was “Pending” on MLS for six weeks (give or take), then closed for . . ....Read More
Blast from the Past In a sluggish market, the sale — just posted on MLS on Friday — caught my eye: a South Bryn Mawr Colonial listed for $424,900 sold for almost $50k above that. After two months on the market! That didn’t compute, for 3 reasons: 1) there’s a lot of inventory in Bryn...Read More
