Bare Cupboards, or “Yes, We Have No Bananas” The big story in the Twin Cities housing market this year — besides infinitesimal interest rates and firming if not rising prices in many neighborhoods — is the lean inventory (hmm . . . do you suppose there’s a connection amongst all those things?). Metro-wide, listings are at...Read More
A Housing Deal — if You Can Afford It Quick! Assuming the Buyer has the financial wherewithal, which is a better deal: buying a $300,000 house for $320,000, or getting a $425,000 house for $400,000? Don’t follow? In the Twin Cities housing market right now, homes in move-in condition at a price that first-time Buyers...Read More
Mortgage Finance True or False True or false: being underwater (owing more on a home than the home’s worth) precludes an owner from refinancing. Answer: False. You’re excused for answering “true”; normally, if the homeowner has no equity, there’s no collateral to secure the lender’s mortgage. Today is most certainly not a “normal” environment, though....Read More
A Short Brief Short Sale Q&A Question #1: When doesn’t a homeowner care what their home sells for? Answer: When they’re not receiving the proceeds. Question #2: When does a homeowner not care what the Realtor’s commission is? Answer: When they’re not paying it. Question #3: When do both of the above apply? Answer: In...Read More
Wall Street: Tens of Billions Everyone Else: Trillions . . . in Debt If you are just joining The Crash of ’08 “in progress” (as it were), here’s where things stand: Wide swaths of the country are broke. Their houses are underwater, their jobs (if they have them) are under pressure, and their savings (if they have them)...Read More
Earning Goodwill — But Not a Listing In my post, “When Realtor MLS Statistics Are Misleading,” I talked about all the things that take up Realtors’ time these days, but aren’t necessarily captured in their MLS sales statistics — or are easily missed. The list includes pre-list (non-MLS) sales; acting as a Facilitator; handling the...Read More
