2014: Year of the “Boomerang Buyer”?? If you didn’t know, a “baby boomeranger” is the adult offspring of a Baby Boomer who’s grown up, graduated from college . . . and moved back home with their parents (presumably unemployed — or at least underemployed). That’s bad for the housing market. Replenished Buyer Pool So, what’s...Read More
When the Inspection is Really the First Showing If it hadn’t just happened to my own client, I would have thought it was something straight out of Florida or Southern California, circa 2005 — not Minnesota in 2013. Namely, without so much as viewing my client’s home, an apparently “big bucks,” out-of-state corporate Buyer showed...Read More
Virtuous — and Vicious — Cycles What happens when a for-sale home saddled with sky-high property taxes doesn’t sell? Frequently, the owner opts to rent it out instead. Fast forward 2-3 years, when the surrounding block and similar ones are not-so-suddenly studded with rentals. Prospective home Buyers who want to be surrounded by other homeowners balk —...Read More
Estimating “Rental Turnaround Cost” “Normal Wear and Tear“: The inevitable physical decline of the condition of a property from time and usage. Normal wear-and-tear increases over the useful life of any property or asset. It results from normal usage by its occupants as well as from weather and other natural forces that surround it. Would-be...Read More
You Read it Here First In the course of helping clients find a rental property the last 2 weeks, it’s become abundantly clear that the rental market is much more fragmented and chaotic than the For Sale market. And pricing is much sloppier (what you get for, say, $2,500/mth runs the gamut from properties worth...Read More
