Beauty in the Eye of the Beholder Buyer When should a listing agent (representing the Seller) explicitly market that a home “needs cosmetic updates” (or the equivalent)? Less often than you might guess. Here are my three reasons why: One. The pictures tell the story. Most MLS’s allow 24 photos; websites like EdinaRealty.com effectively allow...Read More
The Waiting (In Between the Buyer’s Inspection and Their Follow-up) “If Buyer does not cancel this Purchase Agreement before the end of the Inspection Period, then this Inspection Contingency shall be removed and this Purchase Agreement shall be in full force and effect.” –Minnesota Purchase Agreement, lines 189. – 191. Anxious Sellers fretting about what...Read More
The Art of Comp Selection One of the trickier home features to account for in a Comparative Market Analysis (“CMA”) is a busy street. For a family with little kids, a busy street may very well be a deal breaker — in which case the discount is theoretically infinite. At the other extreme, an investor looking...Read More
Opportunity? Or Deal Breaker? Water damage in the lower level — explicitly disclosed by the Seller on MLS — represents which of the following: A. A deal breaker. B. An opportunity for the right Buyer. C. Both “A.” and “B.” Answer: “C.” At least in this case, Buyers decided that the Golden Valley rambler (pictured above) was...Read More
Buyer’s Inspection Timetable: From “5-2-1” to “10 Days” I don’t know about jury verdicts, but as a listing agent representing Sellers, hearing from the Buyer’s agent immediately after the home inspection is almost invariably bad. The usual explanation: the inspection turned up one or more deal breakers, and the Buyer is canceling. That said, waiting too...Read More
Dream Home? Maybe Not, But Dream Price Everyone in real estate (and many outside of it) knows the phenomenon: homes on busy streets turn over more often. The explanation is self-evident, right? The occupants get tired of the traffic and move on. That may certainly be true, but as a Realtor, I see another, economics-based...Read More
