Gauging Buyer Interest “Please leave lights on. There are multiple showings today.” –Note to Buyers’ agents on Kitchen table at a newly listed home It’s certainly not as important as knowing whether a home is in multiple offers, but one of the things Twin Cities home Buyers are running into these days — especially Buyers...Read More
Fanning the Fear of Loss If the ultimate trump card available to Sellers is the existence of multiple offers (see, “Is it REALLY in Multiples?“), what is the equivalent for Buyers? The threat to move on to another home. So, how credible is such a threat? Interestingly, the three-step analysis for Sellers parallels the one...Read More
Sellers Fret Over Scaring Off Buyers Interesting tidbit from today’s Wall Street Journal (my paraphrase): Whereas a few years ago the two rival Buyers might have been drawn into competitive bidding, this time the Seller “concluded that the risk of the first Buyer terminating its discussions with the Seller outweighed the benefits” of soliciting an...Read More
The “Highest-and-Best, I-Really-Mean-it-This-Time” Offer I’ve previously blogged about the practice of “highest and best” offers (“Highest and Best, Explained.“) Typically used by banks selling foreclosures, “highest and best” is a way to efficiently sort out multiple offers and identify a winning bidder. Implicit in “highest and best” is a quid pro quo between the bank...Read More
Market Snapshot: Case-Shiller vs. Ross Kaplan According to the just-released S&P/Case-Shiller home-price index, Minneapolis home prices rose 1% in May. If you like raw statistics, the May number was 109.77, vs. 108.51 in April. Notwithstanding the “scientific” ring of such precise numbers, my Realtor’s, “boots-on-the-ground” take is that things are much more amorphous. Here’s what...Read More
Home Focus: 38xx Harriet Ave. (South Mpls.) What: 2 BR/2 BA; 1,364 FSF in South Minneapolis’ Kingfield neighborhoodWhen: On market 4/17/09; closed: late MayList Price: $75,000Sold Price: $91,000% Over List: 21% This home sold for $91,000 — a mere 21% over asking price. I was told that there were at least 8 offers on this...Read More