China’s Chickens Come Home to Roost** or, Is the Opposite of the “Wealth Effect” the “Poverty Effect??” Normally, I tell prospective home Buyers and Sellers to tune out “macro” factors like the broader economy, (un)employment, etc. and instead focus on “micro” factors affecting the specific property they want to buy or sell. So, forget about...Read More
When Subjectivity Isn’t Just Superficial “If the Comp’s aren’t convincing enough, Realtor “Jane Doe” will take Sellers on tours of comparable properties. “They can see this other house is in much better condition, and it’s priced $20,000 less than theirs. It’s eye-opening.” –Spokane agent, sharing her strategy for working with unrealistic Sellers in “Setting Them Straight”; Realtor Magazine...Read More
Who Should the Listing Agent Meet Personally? Test your knowledge of modern residential real estate practice, and answer the following multiple choice question: Q: Who should the listing agent (representing the Seller) meet at the home? A. The Appraiser working for the Buyer’s lender; B. The home inspector doing the city Truth-in-Sale-of-Housing (“TISH”) inspection; C. The...Read More
Practice Tip for Agents Whose Listing Sold in Multiple Offers “Whoever has the gold, makes the rules.” –The Golden Rule What trumps The Golden Rule (at least temporarily)? What I’ll call “The House Key Rule”: whomever controls access to an MLS-listed home controls the sale. That’s particularly relevant in the wake of multiple offers, when...Read More
“What’s Sauce for the Goose is Sauce for the Gander” I suppose the opposite of that is, “what isn’t sauce for the goose isn’t sauce for the gander.” Huh?!? One of the insights into pricing a “For Sale” home well is recognizing that some properties ARE more difficult to value, due to their uniqueness, location,...Read More
CMA (“Comparative Market Analysis”) Math I just showed an Edina home to clients who expressed serious interest, and want to know when they can double back to see it again. Their inevitable next question for me: “what do you think it’s worth?” While every house is by definition unique, the key to estimating a home’s...Read More
