(Over)identifying with Home Sellers “Stockholm Syndrome”: a paradoxical psychological phenomenon wherein hostages express adulation and have positive feelings towards their captors that appear irrational in light of the danger or risk endured by the victims, essentially mistaking a lack of abuse from their captors as an act of kindness. –Wikipedia What’s potentially more harmful to...Read More
Where’d They Get THAT Number?? Ever ask yourself that while looking at a new listing whose asking price seemingly bears no connection to market reality? In my (Realtor’s) experience, a good one-third of the time, the explanation is just one click away — on the property tax statement showing what the owner originally paid for the house. Yup —...Read More
Overpriced + Fat Payout = Overpriced Can a whopper of an agent bonus move what appears to be an overpriced listing? This South Minneapolis duplex (pictured above) would certainly seem to be an excellent test case. Listed Friday for $430,000, what jumped about the listing — besides the modest curb appeal and aggressive asking price...Read More
“Ten Showings, $10,000” I hated discussing ideas with investors. Because I then become a Defender of the Idea, and that influences your thought process. Once you became an idea’s defender you had a hard time changing your mind about it.” –Author Michael Lewis, quoting investor and fund manager Michael Burry in The Big Short (p....Read More
Trees, Forests, & Price Reductions If a tree falls in a forest and no one is around to hear it, does it make a sound? –ancient riddle I don’t know the answer to the tree-forest question, but I do know the answer to this one: “if you drop your price when no one’s paying attention,...Read More
Realtors & Overpriced Listings “I will not take an overpriced listing.”“I will not take an overpriced listing.”“I will not take an overpriced listing”“I will not take an overpriced listing.” Four down, 496 to go. There are many, many reasons it’s a bad idea for a Realtor to take an overpriced listing. Here are four of...Read More
