Sellers Who “Fall on Their Sword” (or, Did They??) Even in a Seller’s market, not all homes are destined to sell in multiple offers — or at all. When that’s the case, assuming the Seller is genuinely motivated to sell, and the home is already optimally prepped, staged, marketed, etc., a price reduction is indicated....Read More
Answer: It Depends on the Buyer — and the House* It may be a surprise to people who associate Minnesota with year-round Arctic cold, but summers here — while admittedly not long — can be hot and VERY sticky. Hence the locals’ preference for central air conditioning. Which raises the question: if a home lacks...Read More
Consumer Psychology and the Too-Precise Price When you see an oddly-priced “For Sale” home, there are two possible explanations (at least in my experience selling residential real estate): One. Drawing Attention. The way to stand out from homes listed at $389,900, $399,900, etc. is to price at $398,731 or some such (I haven’t seen a home...Read More
“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
Would-Be Home Sellers Beware “If your parents don’t have children, you won’t either.” –old joke. “If your home doesn’t get showings, it won’t get offers, either.” –real estate equivalent Not a few would-be Sellers, arguing for a too-high listing price, rationalize that “Buyers always come in low, so why not leave a little (or a...Read More
Not That There’s Anything Wrong With That . . . (on the contrary) Wanna guess what the phrase, “well-cared home ready for a new owner” invariably means? A. Everything in the house is in working condition. B. The owner’s lived in the home for decades. C. The home is hopelessly dated. Correct answer: all of...Read More
