How Full — or Empty — is the Foreclosure Pipeline? Today’s New York Times includes a story that — at least at first blush — has ominous implications for Minneapolis and the overall Twin Cities housing market: In Minneapolis, lenders are bringing in at least six foreclosed homes for each they sell. –Eric Dash, “Banks...Read More
Telling Sellers What They Want to Hear — Initially It doesn’t happen to me that often, but — believe it or not — there are occasions when I interview for a listing, and the would-be client decides to go with another Realtor. In fact, I fielded a phone call informing me of that news earlier this week....Read More
Pop Quiz “Nov. 21, 2010.” “July 9, 2010.” “Oct. 10, 2010.” What exactly are those dates? A. When Realtors submitted offers on short sales in the Twin Cities, and are still waiting for formal responses from the bank(s). B. The expiration date(s) of various food items left in the Edina Realty – City Lakes fridge. Answer: ...Read More
Yields Down in Housing, Too Yield to a saver is how much interest they get on their savings. To an airline or hotel, it’s how much money they make from a given seat or room, respectively. So, what’s “yield” to a Realtor? It’s how many clients they need to be actively working with to net a prescribed number...Read More
Trifecta of Turn-off’s We may be small, but we’re slow. –Cal Tech football slogan Want to assure that (practically) no Realtors show your property? Start out with a short sale, requiring the bank(s) holding the mortgage to voluntarily take a haircut — which they’re loathe to do. That means the already long odds of closing any deal these days suddenly got...Read More
Comparing Apples and Oranges: Case Study #17 I’ve posted previously about how a slow market — combined with a relatively unique property — can bedevil Realtors and appraisers alike trying to estimate a home’s value. That’s because to be valid, a comparative market analysis must include three sales of similar properties no further back than...Read More
