Tag

comparable sold property

How Appraisers Account for a Bowling Alley in the Basement (Ideally)

How do appraisers account for a bowling alley in the basement? Or some other unusual feature, like a helicopter landing pad, 10,000 gallon aquarium, basement basketball court, or dozens of other unusual ” and therefore hard to estimate ” home features? They don’t. Huh?? Self-Cancelling Features If it’s possible, the preferred strategy in such situations...
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Can Curb Appeal Be Quantified?

Three Quibbles A new study purports to put a number on the value of curb appeal: 7%. The study’s authors did that by analyzing Google Street View photos and sales data from 88,980 properties in the greater Denver area. Specifically, they performed these three steps: “The researchers manually scored a set of properties, grading 400 images...
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Who Should the Listing Agent Meet at the Seller’s Home?

(Partial) Realtor Job Description 2020: Multiple Choice 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...
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Real Estate Comp’s vs. Publishing Comp’s

Sales Blockbuster a Big Surprise “We like to have a comparison title so that we can do sales forecasts, but in this case none of the comparisons work.” –“The Long Tail of ‘Where the Crawdads Sing”; The New York Times (12/21/19). It turns out that publishers estimate book sales the same way Realtors (and Appraisers)...
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How Much of a Discount For Cash?

Quick Answer: “It Depends ” But Usually Less Than Buyers Think” “At the closing table, the Seller will walk away with a check ” and whether the money comes from the Buyer or the lender doesn’t matter.” —”Do Home Buyers Who Pay Cash Get a Discount?”; The Wall Street Journal. The answer to the question,...
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Spiking the Ball . . . on the 2 Yard Line

When Doesn’t “Sold” Mean “Sold?” 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 switch...
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