Housing Market Misnomers One of the biggest misconceptions in residential real estate is that, to be a teardown, a home must first be falling down. Hardly. All “teardown” means is that the home is less valuable than the land underneath it. That can be the case for at least two reasons other than physical condition:...Read More
April 12, 2020: Record Easter Snowfall in Twin Cities Thanks to a record 4″ (and still falling) snow today, area “For Sale” homes that had embarrassingly unseasonal exterior photos . . . suddenly don’t. But here’s an educated guess: even when warmer weather returns — 60’s are forecast here next week — the (literally) frozen-in-time...Read More
“Sellers Who Don’t Have to Sell,” or Picking Up Their Marbles & Going Staying Home Would-be forecasters trying to divine the future of home prices, post-pandemic, would be wise to remember the aftermath of The 2008 Financial Crash (sorry, I never bought “The Great Recession” label). Namely, housing prices weakened much more slowly than stocks, employment, and...Read More
“Outside the Reasonable Control of the Delayed Party” [Note to Readers: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] At least one Twin Cities broker — Edina Realty — is now including...Read More
Consumer Psychology and the Too-Precise Price When you see an oddly-priced “For Sale” home, there are two possible explanations (at least in my experience selling residential real estate): One. Drawing Attention. The way to stand out from homes listed at $389,900, $399,900, etc. is to price at $398,731 or some such (I haven’t seen a home...Read More
“Build It and They Will Come” Real Estate Development “Silicon Valley Spec House Seeks $42.8 Million.” —Headline, The Wall Street Journal. For the uninitiated, a “spec” or “speculative” house is a home that a developer first builds, then tries to sell. That’s opposed to a home that’s commissioned by/for an existing client, and built according...Read More
