Wait a second! Aren’t there still almost three months left in 2016? Not if you’re contemplating buying or selling a home — at least, if a mortgage is involved. Then, the window to complete a deal this year is rapidly closing. That’s because the typical lag time from consummated Purchase Agreement to closing is 6-8...Read More
When the (Earnest Money) Check ISN’T in the Mail Normally, the Buyer’s earnest money check is due as soon as the Buyer and Seller have entered into a valid Purchase Agreement. However, I just handled a deal where the Buyer’s offer stipulated that the earnest money wasn’t due until after the Inspection Contingency had been...Read More
Calendar Confusion Edina Realty – City Lakes has eight homes on today’s Broker Tour (that’s a lot). And it’s not just my office: the list of homes on tour, market-wide, is more characteristic of March or April, not early August, when things are typically slower. That’s good news for Twin Cities Buyers, less so for Sellers, who...Read More
Benign (and Not So Benign) Explanations The benign explanation for why there’s a “For Sale” sign in front of a home, but it’s not formally listed on MLS, is that there’s a brief timing difference. The sign installation companies typically show up anywhere from 3-5 days after receiving an order, and can be behind schedule...Read More
“Why Isn’t My House Selling If the Market’s So Hot?!?” If you estimate — as most Realtors do — that the mainstream media (“MSM”) lags the housing market by 3-4 months, what do you suppose the real estate headline(s) will be in early 2014? That Buyers have become scarcer and more cautious. That’s particularly the...Read More
Q: How long does a property tax hangover last?A: Two years-plusOne of the sticking points, literally, for would-be Buyers of foreclosed properties is an unpleasant hangover from the erstwhile housing boom: bloated property taxes.In today’s, foreclosure-tinged market, it’s not unusual to see homes listed for 30% or less of their assessed tax value (no, that’s...Read More
