Politics isn’t the only field that has incumbents and challengers. Real estate does, too. The “incumbent Realtor” is the Realtor who helped the now-selling homeowner buy the home, however many years back; the challengers are all the other Realtors vying for the listing. Average Realtor “Career”: < 2 Years I’d guesstimate that something like one-third of...Read More
“UB?” How About “UO” (“Uhh, Ohh!”) What’s the counterpart to a FSBO (Realtors’ term for a “For Sale By Owner”)? I suppose that would be an unrepresented Buyer. But interestingly, there’s no analogous, universally recognized term (“UB,” anyone??) One possible reason: the way today’s housing market works, Sellers pay the Buyer’s agent. If the Buyer elects not to...Read More
“So . . . How Long Has it Been on the Market??” First, a definition: “CDOM” stands for “Cumulative Days on the Market” — what non-Realtors call “market time.” As a prospective Home Seller (and their Realtor), it’s your friend on a new listing, neutral after perhaps 6-8 weeks on the market . . . and...Read More
How Much Is a Strong Realtor Really Worth? So, which offer did the Seller of this new-to-market St. Louis Park rambler choose to work with the other week? (Yes, multiple offers can and still do occur in today’s housing market, albeit only for homes in good locations, that are well-priced, and in move-in condition). Was it the highest offer?...Read More
“Here You Go, Arthur!” I’ve certainly heard wackier proposals. So, per Arthur Lee, the Selling agent on my listing at 1901 Fifth Ave. South in Minneapolis (closed this am!) comes this idea: once the Buyer removes their Inspection Contingency and the listing’s status is switched to “Pending” on MLS, the selling agent (representing the Buyer) should...Read More
Quality vs. Quantity What’s the difference between a “retail” Realtor price opinion and a “wholesale” price opinion? (my terms) With the former, the listing agent casts a much broader net, issuing a blanket invitation to, say, all their office colleagues to view the home at a particular time. The catch? In practice, the Realtors who...Read More
