Sure, sure, “how many years someone has been in the business” is a rough proxy for how experienced a particular Realtor is. That’s especially so in a field where something like 90% of new entrants last less than two years. But, I’d argue, there are three other metrics that more accurately capture how seasoned/skilled...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
The Harder It is To Sell Listings, the Easier They Are to Get — and Vice Versa “Energy cannot be created or destroyed.” –First Law of Thermodynamics. OK, so residential real estate isn’t governed by anything so fundamental as the three laws of thermodynamics in physics. But, it is characterized by a peculiar sort of...Read More
Striking While the Iron Housing Market is Hot “Seller would like to close in early-mid September.” –MLS Agent Remarks, 9228 Decatur Ave. in Bloomington. The normal lag time from consummated Purchase Agreement to closing is six to eight weeks — faster if the home is vacant, the Buyer is paying cash, or both parties are...Read More
Hint: What’s In Between a Buyer’s and Seller’s Market? Along with most large metro housing markets, the Twin Cities has favored Sellers for so long — about 5 years now — that Buyers and Seller (if not their agents) can be forgiven for forgetting that there are two other kinds of markets. The first is...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
