As expectant high school seniors (and their anxious parents) know all too well this time of year, colleges have waiting lists. But so, too, does residential real estate. They’re called “backup offers.” First in Line Such offers are increasingly popular in a screaming Seller’s market, for several reasons. For Sellers, a backup offer ensures that...Read More
Home Buyer Strategy in a Seller’s Market Never negotiate hungry. Or tired. Or driving — especially driving.” –Ross Kaplan, “Negotiating Advice.” While most negotiating advice is focused on the “How” of negotiating, experience has taught me that that can be much less important than the “When” or the “Where.” As in, when to stop negotiating...Read More
“Starter home“: a relatively small, economical house or condominium that meets the requirements of young people buying their first home. While there’s no precise definition, I have two associations with “starter home”: One. Price Point. Starter homes are (well) below the average price for homes in the local market ” whatever that may be. So,...Read More
“10 Showings, $10,000″ ” Updated Realtors have a saying: “10 showings, $10,000.” What that means is, if a home has been shown by 10 agents ” each representing a serious, well-qualified Buyer ” and it still hasn’t sold . . . it’s overpriced by at least $10,000. Of course, $10k presumes an average priced home...Read More
If offering Buyers’ agents 2.7% ” the most common payout in the Twin Cities ” will motivate them to show a “For Sale” home, will offering 3% incentivize them even more? Why not offer 4%?!? Unfortunately for would-be home Sellers, goosing the payout to Buyers agents suffers from diminishing returns ” and at some point,...Read More
The Four Types of Housing Market Participants, in One, Easy-to-Explain Graph Every housing market has its winners and losers. Every housing market. So, a decade ago, when the market was tanking, the big winners were first-time Buyers ” at least ones with (good) jobs and unblemished credit. With rock-bottom prices and an ocean of inventory,...Read More
