Three Factors How much do you discount for a one-car garage? The short answer: “it depends.” Specifically, I think that the three most important variables are: One. What is the surrounding housing stock like? In close-in, older Minneapolis neighborhoods, many homes have one car garages (still). Detached, one car garages. When that’s the standard, the...Read More
Three Variables Homes on busy streets typically fetch a discount. Is there an equivalent discount for homes located across from a school? (which, in a way, is really just a subset of the “busy street” discount). I’ve never seen data on this, but I’d guess “yes.” I’d further speculate that the discount varies depending on...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
Items that Trigger a Purchase Agreement Amendment, Post-Inspection Want to know how much it costs to fix a cracked chimney cap? A veteran Realtor probably does. Ditto for a new roof, boiler, electric service panel, or central a/c. However, it’s a good bet that the same agent has only a rough idea how much it costs to...Read More
“Price is What You Pay, Value is What You Get” . . . . When it Comes to Realtors, Too “Price is what you pay, value is what you get.” –Warren Buffett, Berkshire Hathaway Chairman (Note: Edina Realty is a Berkshire Hathaway subsidiary). When someone with a couple blocked arteries needs a heart surgeon, their...Read More
Three Factors How much do you discount for a one-car garage? The short answer: ‘it depends.” Specifically, I think that the three most important variables are: One. What is the surrounding housing stock like? In close-in, older Minneapolis neighborhoods, many homes have one car garages (still). Detached, one car garages. When that’s the standard, the discount...Read More
