price drop

The OTHER Kind of Pre-List Interest (Hint: They’re Not Representing Buyers)

Which “Hat” is the Other Agent Wearing? Well before a home comes on the market these days, good listing agents (representing the Seller) “prime the pump” with an aggressive, pre-list marketing campaign. That includes using the new “Coming Soon” status on MLS; exposing the home on Edina Realty’s agents-only “Network One” (note: be sure to...
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The Realtor Hippocratic Oath

“First, Do No Harm” What kind of aggressive, transaction-driven Realtor talks their client out of a price decrease? (any prideful homeowner can be talked into a price increase). Actually . . . a good one. I can think of at least two situations where a price drop would — as the medical profession might put...
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2014 Minneapolis Home Prices Per S&P/Case-Shiller: Back to 2008 (& 2003)

Local Home Prices Go Back to the Future With the caveat that a city-wide price index blends neighborhood valleys and peaks into averages, what does the Case-Shiller index say about Minneapolis home prices since 2000? Home prices as of Summer, 2014 are about where they were in 2008. And 2003. Huh?!? Price Roller Coaster The...
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“You Can’t Get a Price Reduction if You Don’t Have the Listing”

Realtor Rationalizations Why would a Realtor quote a would-be Seller an unrealistically high list price? Because the agent believes it’s the only way they’ll get hired. The practice — called “buying the listing” — virtually assures that the home will sit, ignored, while it accumulates market time, until eventually the agent broaches the subject of...
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Realtor Freudian Slips

Raindrops & Price Reductions Notwithstanding the news headlines, not every home is selling in multiple offers the first day on the market. In fact, precisely because of those headlines, I’m seeing more Sellers insist on too-high initial asking prices. When a home isn’t selling — or even getting showings — standard operating procedure is to...
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So, How Low Did It Go?

Someone who’s interested in this house ” and isn’t afraid it will sell first ” might plausibly sit tight a few more weeks (days??), and see how much lower the Seller will go. —City Lakes Real Estate Blog (June 9, 2012) In a post last week, I noted the aggressive pattern of price reductions (below) on...
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