Will the Backup House Sell in Time? In addition to the usual contingencies for Inspection and Financing, the Buyer making a Contingent offer for a house is adding a third, big one: that’ll they’ll be able to sell their current home — what Realtors call “the backup house” — within 60-90 days. In turn, the salability of...Read More
Setting Reasonable (vs. Inflated) Expectations Conducting multiple offers, well, is one of the biggest challenges facing a listing agent. In turn, that requires properly educating and coaching home sellers about the appropriate response timetable; possible negotiating strategies; offer nuances (“asterisk clause,” anyone?); disclosure choices and obligations; and use of MLS showing instructions. To name just...Read More
Three Key Factors Besides Price Tag, Scope of Work Discounting for a home’s “vintage” condition is inherently subjective. Some Buyers don’t want to tackle anything more challenging than painting a Bedroom (if that). Others — especially if they have contracting skills (or access to them) — are up for remodeling the Kitchen, Bath’s and anything...Read More
“The Preference for Pottery Barn” (Decor) Contrary to popular perception, not every Twin Cities home new to the market is immediately getting snapped up in multiple offers right now. What kind of home is? Here are the four attributes that such homes seem to most often share: One. Price point, i.e., they occupy the lower...Read More
Four Explanations “Man came by to hook up my cable TV We settled in for the night my baby and me We switched ’round and ’round ’til half-past dawn There was fifty-seven channels and nothin’ on” –Bruce Springsteen; lyrics, “57 Channels (And Nothin’ On)”** It’s not just Buyers’ imagination: there really IS a dearth of...Read More
Shift to a Buyer’s Market? “Told ‘Ya So” (Back in September!) Compare the Star Trib headline (above) — just published online — with the excerpt below from this blog: “The Twin Cities housing market experienced a shift over the Summer. From scarcity and multiple offers, we’ve now transitioned to a more balanced market ” or even one that...Read More
