Multiple Choice Quiz Test your knowledge of today’s real estate market, and answer the following question: Which of the following are to blame when a home does not appraise pursuant to a Purchase Agreement and mortgage application? (Note: the home being appraised is called the “subject home”; its peers, which establish value, are individually known...Read More
Rentals on MLS One of the quirks of following rentals on MLS — available since Sept. 1 — is that there’s no way to track the difference between what landlords are asking, and what they’re actually accepting. Over on the “for sale” side of MLS, Realtors and appraisers alike know to skip homes that are...Read More
What Are They Really Worth? Put it this way: the picture of toilet paper should give you a hint. First, some background. In Minnesota, the first things that typically lead off any offer to purchase residential real estate are the Buyer’s earnest money check, and a pre-approval letter from a lender (unless the Buyer is...Read More
Putting a Price Tag on Proximity to Cedar Lake A client of mine says his engineer son-in-law has done a regression analysis calculating the premium associated with proximity to Minneapolis’ Cedar Lake. His number? $11,000 per block. If that’s correct, that’s a very valuable number to have, because lots of Realtors, appraisers — and their...Read More
“Fair Market Value,” Defined I, along with thousands of other agents, have developed a scientifically proven, 100% reliable way of establishing a home’s value. Ready? Here’s how you’ll know any given home is priced at fair market value: It sells.* Defining “Fair Market Value” That may seem unduly glib (if not harsh). Unfortunately, for many...Read More
“Fat” and “Skinny” Comp’s Due to the lack of good Comp’s — an issue I’ve raised repeatedly on this blog — both appraisers and Realtors find themselves digging for more info on the ones that they do have. So, I’ve been fielding more calls than usual from appraisers who want to debrief me on the...Read More
