Rules of Thumb Veteran Realtors know that $1 in deferred maintenance subtracts much more than that from a home’s sales price. The ratio can be 3:1, 4:1 or even higher. While the exact amount is house and buyer-specific, at least anecdotally, there seem to be two factors that widen the discount. One. Price Point. First-time Buyers are notoriously...Read More
Question #2: Is That Different Than “Large?” “Original hardwood floors have just been re-done, four oversize bedrooms, tremendous woodwork & period fixtures.” –“Public Remarks,” MLS [Editor’s Note: No, this isn’t another Donald Trump-inspired post. If you’re looking for one of those, check out “Trying to Find Mar-a-Lago? Look for Donald Trump’s Very Big (in fact,...Read More
The Opposite of Buying Down Rates Wait a second! Isn’t borrowers’ goal to pay the lowest interest rate they can on their mortgage? Yes, but — especially for first-time home Buyers — there’s the added consideration of closing costs. On a $200,000 home, a typical amount would be 3%, or $6,000. Conserving Cash A popular...Read More
Sticker Shock (& Disclosure Question) [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 need legal advice, please consult an attorney.] At least some Minneapolis homeowners are suffering sticker shock in the wake of receiving notices from...Read More
“It’s Not My Problem (Really)” — Realtor Edition What’s the difference between a “newbie” Buyer’s agent and a veteran? It’s a long list, but here’s one example: Newbie agent: When the front door knob comes off in their hands during a showing, the newbie agent is convinced that they broke it, and feels terrible. After...Read More
New Investing Stat: “Who’s Made the Most Money for the Most People?” [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.] Statistics geeks realized a long time ago that an individual athlete’s numbers don’t necessarily tell the whole story....Read More
