price cut

Do Realtor Sales Incentives Work?

MLS Agent Remarks: “$10,000 Agent Selling Bonus!” [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] After seeing virtually no sales incentives offered to Buyers’ agents seemingly for years, I’ve now...
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Pricing Fall Listings in Minnesota: Less Margin For Error

“Priced to Sell?”  Not Always Notwithstanding many a listing agent’s assurance to the contrary, not every home is “priced to sell.” When that’s the case, a price reduction is eventually in order. The catch with Minnesota homes that list now and turn out to be overpriced? Four to six weeks into the listing — the...
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On Sale: Sunset Gables by Cedar Lake in Minneapolis

What Sellers Need:  Patience . . . and Price Cuts Not every home on the 2700 block of Ewing Ave. South in Minneapolis is currently for sale. It just seems that way. In fact, on the west side of the street, there is now a stretch of eight homes where four are currently on the...
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Market Shifts & “Long-in-the-Tooth” Listings

“Seller WILL Receive Feedback Directly” “You only find out who is swimming naked when the tide goes out.” –Warren Buffett The housing market equivalent of Buffett’s observation would be, “you only (especially?) find out who’s overpriced when the market shifts.” As local Realtors will tell you, the Twin Cities housing market experienced just such a shift over the Summer. From scarcity and...
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Reading Into a 10% Price Reduction

Educated Guesses Normally, when a house doesn’t sell within 60-90 days, a 3% to 5% price reduction is in order.  See,  “Perils of Overpricing Even (Especially) in a Rising Market”; “Perils of Overpricing“; and “Nurse!  I Need a Price Reduction, Stat!” So, what does it mean when a home listed for $500k (in St. Louis...
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Will Somebody PLEASE Buy This House??

Free by Christmas? Back in the beginning of the Summer, I discussed a Highland Park (St. Paul) home with a particularly tortured price history: May 4:  listed at $699,900 May 10:  reduced to $674,900 May 15:  reduced to $649,900 May 18:  reduced to $624,900 May 21:  reduced to $599,900 May 29:  reduced to $574,900 June 1:...
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