Handling an estate sale, depending on the circumstances, can be (very) hard for Realtors. That’s especially true if they are close to the family. But, at least one part is easy: setting a price on the home’s value as of the date the former owner (“decedent”) passed away. The heirs typically need that value for...Read More
Seller Misconceptions “Sunk Cost”: a retrospective (past) cost that has already been incurred and cannot be recovered. –Wikipedia What Sellers paid for their home — and how much they subsequently put into it (for improvements, updates, etc.) — are important psychologically.* And, depending on how much the would-be Seller currently owes on their home, the sum of their cost + improvements...Read More
Area Code 612 vs. 619 Listing agents — at least ones who want their deals to close smoothly and on time — now routinely meet Appraisers at the home.* See, “An Ounce of (Real Estate) Prevention.” Their goal? To make sure the Appraiser has all the info they need to support the home’s sale price....Read More
“Those who know, don’t talk; and those who talk, don’t know.” –stock market saying What’s true in the stock market is also true in real estate. Namely, the value of what Realtors call a “Comparative Market Analysis” (“CMA”) that can be had for free is . . . about what you pay for it. As...Read More
Crossing (Appraisal) Bridges When You Come to Them With housing prices now rising in most markets nationally, the risk of homes not appraising is generally receding. But, the risk still isn’t zero. Even so, it’s usually unwise — even if it’s possible — for the Buyer and Seller to address in the Purchase Agreement or...Read More
Why Metro-Wide Housing Prices Are Meaningless; “A Tale of Two Cities Minneapolis Neighborhoods” “It’s not a stock market. It’s a market of stocks.” –old saying “The housing recovery is real and sustained in the metro area, turning a buyer’s market into a seller’s market. But while some neighborhoods soar, others suffer.” –“Inside Twin Cities Housing...Read More
