Sizing Up (What’s Left of) the Summer Market Maybe it’s just the unseasonably cool weather prompting thoughts of Fall(!), but here’s how I see the Twin Cities housing market shaping up between now and Thanksgiving, when things traditionally slow down. Basically, I think the sub-$500k market has different qualities before and after Labor Day (housing...Read More
“Sold, Subject to Inspection” — Explained Upper bracket Twin Cities homes may not be moving quickly (if at all), but the pace of sales for more affordable housing — say, under $300k — is surprisingly brisk. Accordingly, more would-be Buyers are being told that the home that they just asked to see is already “sold,...Read More
$1 Million Buys a Lot of Home — Again As recently as 3 years ago, a million dollar home wasn’t such a big deal in the Twin Cities. Suburbs such as Edina and Minnetonka had literally hundreds of them; closer in, in Minneapolis, a home didn’t even have to be particularly impressive if it was...Read More
Today’s Housing MarketThe general public — and particularly Sellers — may not have absorbed the reality of lower housing prices. But Realtors sure have. Three years ago, a $200k deal was nothing to get excited about (to say the least). Now, it qualifies as an above average transaction in the Twin Cities (completely true; many...Read More
Is Zillow Getting Smarter?I’ve discussed third-party real estate sites such as Zillow and Trulia previously on this blog (“Trulia Hits — and Mostly Misses“; “Zestimates Wildly Off-Target“). The verdict? In most cases, you’d be better off throwing darts to establish your home’s value. That’s because publicly available housing statistics — and dated ones at that...Read More
The Goldilocks Approach to Appraisals Just like Goldilocks preferred the porridge that was neither too hot nor too cold, appraisers like to see a home that prices in the middle of its peer group. In appraiser lingo, such a home is said to “bracket.” In plain English, that means it’s priced more than a slightly...Read More
