Realtor-Speak, Translated I don’t know about other listing agents (representing Sellers), but I have to suppress an eye roll when, following a showing, the Buyer’s agent contacts me and asks to be “kept in the loop” if something happens. That “something,” of course, is another offer. Sometimes, Buyers need a day or two to put...Read More
Realtor Shorthand for Minneapolis Neighborhoods A knowledgeable Twin Cities Buyer’s agent would never say they had a client looking for a home near Lake Harriet in Minneapolis (“Lake Harriet-ish,” I suppose). Instead, they’d name the various neighborhoods adjacent to it: Linden Hills, Lynnhurst, East Harriet, and Fulton (just to the southwest) — each with (surprisingly)...Read More
Using a Lowball Offer . . . to Get One That Isn’t “A crisis is a terrible thing to waste.” –Paul Romer (repeated by Rahm Emanuel and many, many others) “A lowball offer is a terrible thing to waste.” –Ross Kaplan [Editor’s Note: a least in the Twin Cities, lowball offers on well-priced, well-marketed homes...Read More
. . . . Housing Market, That Is Never mind the heat and humidity the past week . . . how hot is the Southwest Minneapolis housing market? At least for well-priced, well marketed homes under $400k . . . very (hot). Instant Multiples The home at 3537 Aldrich — listed for $339,900 by Edina...Read More
Ala Carte Disclosure vs. “All or Nothing” Unlike, say, Minnesota’s mandatory Seller Disclosure, home sellers in multiple offers have complete discretion over whom they tell. To be sure, the default is telling everyone: the more Buyers competing for a home, the higher the price (at least usually). That’s why Edina Realty’s standard listing contract states...Read More
30-Year Mortgages @ 3%?? For the moment, mortgage rates have bottomed, and may be even be climbing a bit. But, broader market forces (as they say) definitely seem to be tugging rates lower this Summer. Brexit Financial Aftermath There is now a stunning $10 billion-plus in negative-yielding government bonds globally (think, Germany, Switzerland, and — surprisingly,...Read More
