Want the science art of doing Comp’s (“Comparable Sold Properties”) in a nutshell? It’s placing a given (“subject”) property on a continuum, between the home just below it in price, and the one immediately above. What could be simpler, right? “This and That” Ahhh, but which two homes are those ” and exactly how much...Read More
Good Luck Finding a Comp (“Comparable Sold Property”) Full disclosure: I haven’t shown the unit, have no firsthand knowledge of its features, and don’t know the Seller or their listing agent or broker. But, based solely on MLS photos and stats, I’m hard-pressed to think of another condo in Minneapolis — or anywhere in Minnesota...Read More
Practice Tips for Newer ” and Not-So-New ” Twin Cities Buyers’ Agents What does the Spring 2019 Parade of Homes ” set to start tomorrow (Saturday, March 2) in the Twin Cities ” have to do with passing out Realtor business cards? Just this: if a Buyer you’re working with goes through a Parade home...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). In plain English: it isn’t relevant ” at least directly ” for pricing their home. For the uninitiated, a Comp is one of the...Read More
“Location, Location, Location” “Context, Context, Context” What can you confidently say about a “For Sale” home whose price was just reduced, days before Christmas? A. The home is now a bargain. B. The Seller is motivated. C. The Seller’s Realtor (listing agent) is motivated. D. The home is better-priced** than it was before. Correct answer:...Read More
“List Price: $325k – $350k” There’s a trend afoot — at least amongst some listing agents — to market an upcoming listing within a price range, as opposed to naming a specific asking price. I’m not a fan, for two reasons: One. When the price is given as a range, Buyers immediately fixate on the lower end,...Read More
