“What Will Buyers Pay?” vs. “What Value Does a Bank Need to Refinance the Current Mortgage?” [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.] If you’re an appraiser or mortgage lender, stop reading now. No? Good. One of...Read More
“So, What’s My House Worth??” With the qualifier that I’ve probably been to less than four cocktail parties in my life, there is an odd parallel between the social banter doctors and Realtors invariably engage in with the public (“civilians”? “non-professionals?” “laypeople”??). For doctors, it’s people asking them about their aches and pains — or...Read More
The High Cost of “Free” Marketing Whenever I hear a national speaker and supposed industry expert exhort Realtors to give away price opinions for free, as a marketing tool, my reaction is always, “How much are you getting paid to speak to all of us today?” (note: Realtors’ term for a formal price opinion is...Read More
Stock “Comp’s” vs. Housing “Comp’s” If you want to buy 100 shares of Google or Amazon, what are the comp’s? How much the last Buyer paid a fraction of a second ago. After all, stock is fungible: every share (at least common) is the same as every other. Nanoseconds vs. Weeks (Months?) Now, assume you...Read More
Last But Definitely Not Least Important Step The way I would do the check is like this: | 7549 ^ subtract | - 3958 | add | ------ | v 3581 | I just add upward, as if it were 3581 + 3958 ------ 7549? “If you have something to sell and want to find...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
