Robert Guthridge's Blog

This video is part of the Danielle Lazier + Associates Monthly Market Update Video Series . Each week, we provide you with a short video with updated information about San Francisco real estate and the neighborhoods you love. Let us know if there is something specific you’d like to know. Inner Mission Real Estate – September 2017 Welcome to September’s Inner Mission Market Update. The number of active listings was down 38% from one year earlier and up 50% from the previous month. As you can see, the median listing price for the month was just under $1.1 million, while the median sales price was just over $1 million. Compared to last year, the average number of days that units spent on the market before being sold was down 16%. The number of units sold decreased 50% year-over-year and decreased 20% month-over-month. The Take Home Number of active listings: Down 38% year-over-year Number of active listings: Up 50% month-over-month Median listing price: Just under $1.1 million ...

Divorce Settlement Screw-Up’s:  Exhibit A Test your knowledge of mortgage finance, and answer the following question (aired at a continuing ed class yesterday): If a deed is given from an ex-husband to an ex-wife,** the ex-wife is automatically the sole owner of the real property and the sole obligor on the mortgage. A. True B. False. Answer :  False. Ex-Spouse:  “Please Send Me a Check for $100,000” How can the above legal subtlety come back to, umm . . . haunt someone? Consider this not-so-hypothetical example:  a husband and wife own a $1 million home, with a $950,000 mortgage against it. They divorce. As part of the divorce settlement, the husband quitclaims his interest in the home to his spouse. The housing market subsequently falls (remember that?), reducing the home’s value to $750,000. Voila! The home is a now a short sale, which means that in order to sell the house, the spouse must plug the $200,000 hole. Unless the wife refinanced the mort...

More Like, “The Witching Minute” At least when it comes to continuing education, the witching hour for Realtors is actually more of a minute:  9:16 a.m., to be specific. That’s when agents arriving for a course are told that they’ve missed the first 15 minutes, and won’t receive credit. Thankfully, me and several dozen Edina Realty colleagues got a reprieve yesterday when, due to widespread parking problems, the start of the class was delayed from 9 a.m. until 9:15 a.m. I’m not sure if anyone tried to sneak in after 9:30 a.m. (I always try to sit in front).   P.S.: Arguably, the real witching hour for Realtors is actually midnight, December 31. That’s because the most common listing expiration date, by far, is the last day of the year. See also , “ Exclusions & Protected Lists: Why They’re Seldom a Factor in Residential Real Estate .” from RSSMix.com Mix ID 8230700 http://ift.tt/2lyirQz via IFTTT

It’s that time of year again — San Francisco property tax season. Paid in two installments, property taxes are paid in November/December and February/April. That is, the first installment will be due on November 1st, and considered delinquent after December 11th. The second installment for this year will similarly come due in February 2018, and be considered overdue some time in April. So, if, by November 1st, you still have not received your bill, we suggest that you contact the Tax Collector, through the SFGOV Property Tax Site . Be also aware that any property you have recently purchased may necessitate a supplemental bill, to be paid alongside your primary bill. It’s no secret that San Francisco property taxes are going up. 1978’s Proposition 13 s a nominal limit on property tax increases at 2% per annum, (or the rate of inflation), but additional increases or special taxes can be approved on a case-by-case basis, like last September’s (2016) 0.008% supplementary increase. San F...

Is it Halloween Yet? I’m a big fan of dramatically lit homes. And with the seasonal change, we’re heading into ever-shorter Fall days. And yet, the technique doesn’t work all the time — and can even backfire: especially for smaller homes, interior lighting at night can produce an (unhelpful) “Jack-o-Lantern effect.” The (kind of) scientific explanation? The ratio of (orange) interior lights to (white) exterior is lopsided in a small house with lots of windows, making it seem like a back-lit pumpkin. A back-lit pumpkin, of course, is the reverse combination, i.e., interior white and exterior orange (dyslexia helps with that one). See also , “ Great Idea for Fall Listings: “Virtual Twilight.” from RSSMix.com Mix ID 8230700 http://ift.tt/2iLqwAc via IFTTT

Last week, I bought my third rental property of the year and my 19th rental overall. I have sold a couple of my rentals and do not currently own 19, but I have bought 19 houses that were or will be rentals for at least a couple of years. I have 20 flips going at the moment as well, three of which are rented out, but I am not counting those as rentals since I plan to sell them within one year of buying them. I found this rental through a contractor who saw the property on Facebook Marketplace. The The post Rental Property Number 19 Has Been Purchased (My 3rd Commercial Rental) appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2xyfWz2 via IFTTT

Competing Business Models:  Referral Fees vs. Advertising (Wanna Guess From Whom??) [ Editor’s Note :  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] With artificial intelligence gaining momentum, it was only a matter of time before Alexa, Siri, or another digital personal assistant was asked — and answered — the question, “How much is my house worth? At least in the YouTube video I saw, once the user provides an address, Alexa actually gives a specific dollar amount (with the inevitable qualifier, “approximately”). Better Than a “Zestimate?”  So, how close did Alexa come? Since I don’t know anything about either the home in question or location (Aurora, Colorado), I have no way of knowing whether the amount is remotely accurate. But then, neither does Alexa. Instead, it quickly became clear that Amazon’s busi...

I’m a big fan of backlit homes, photographed at dusk:  few things in real estate marketing are as dramatic. But, the timing can be tricky. In Minnesota in the Summer, it can require meeting the photographer at the house after 9 p.m. — not exactly a convenient time for professionals (or homeowners). Furthermore, the time window for getting just the right shot, when the sky is the perfect twilight color, is exceedingly short:  perhaps 6-8 minutes. That’s a lot of pressure. All of which is why recreating the effect digitally is a terrific idea. VHT Studios, one of my favorite photographers, just rolled out the new feature; the “before” and “after” photos above are from their marketing. See also , “ Fetching Home Photos “; “ Back-lit Shots:  Now THAT’S Dramatic !”; “The Jack O’Lantern House “; and “Nighttime Shots:  Hits and Misses.” from RSSMix.com Mix ID 8230700 http://ift.tt/2zL5WDe via IFTTT

Not Exactly a Non-Issue, But . . . [ Editor’s Note : 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.] “To your knowledge, have any of the following previously existed or do they currently exist on the property? Check ‘Yes’ or ‘No'” (Note:  list includes asbestos, lead, mold, and animal/insect/pest infestation). –Minnesota Seller Disclosure; page 6, line 264. One of the most common Buyer questions that can arise after a first showing  — especially for older homes in Minneapolis and the first-ring suburbs — is whether the tiles in the basement contain asbestos. My sentiments on the subject:  1) for homes built between roughly between the 1920’s and 1960’s, the surprise would be if the basement tiles weren’t made of asbestos; and 2) that said, unless the owner has had the tiles tested, they’re legitimately al...

The Unmotivated Unrealistic Buyer, Circa 2017, or, “Waiting for Godot, Home Buyer Version” In a housing market characterized by an ongoing, acute shortage of inventory, it’s an all too familiar lament:  frustrated Buyers (and Buyers’ agents) who bemoan that they “just can’t find what they’re looking for.” I’m certainly sympathetic — to a point. However, as the months (and years!) go by, it turns out that at least some Buyers’ underlying problem isn’t a lack of housing choices, but an unrealistic budget. In Realtor parlance, they’re simply a variation of what’s known as an “unmotivated Buyer.” The Too-Long Home Search So, someone only willing (or able) to pay $425k for a $500k house will never find what they’re looking for. Long before the home drops into the low $400’s, someone will snatch it up. Or, more realistically, given today’s housing market, drive the home into multiples, and end up paying over ask, leaving even strong, motivated Buyers in their dust. Conversely...

I just heard through the grapevine about a Realtor who was in competition for a listing, and apparently lost out because the Seller objected to a term the agent used. The offending word? “Homework.” Realtor Job Interview (“ Consultation?!?” ) So, prior to their meeting**, the agent requested that the prospective Seller pull together some key information. The items included a list of recent improvements; their mortgage balance; and any especially flattering, out-of-season photos they might have. All par for the course. However, instead of calling it “Seller Prep,” and explaining that marshaling that info would make for a more efficient, productive meeting, the Realtor characterized their request as “homework.” The Seller, who was older, balked. P.S.: Personally, my guess is that there was more to the story than that. **Typically known as a “listing presentation” — essentially, a job interview for Realtors. However, I know of some agents who prefer to call it a “...

“Fake it till you make it.” –Career advice to newbie real estate agents. In a hyper-competitive field where sales bluster is an ever-present temptation, real estate agents aren’t exactly the type to betray ignorance or confess a lack of confidence. And even consummate Realtors with years of experience can’t predict the future, any more than Wall Street analysts, economists, or politicians can. Which is why no agent is likely to publish a tell-all with these four confessions: One .  “I don’t know who’s going to buy your home.” Combine a highly fragmented market and a big metro area, and there are literally  hundreds  of active, local real estate agents (out of something like  10,000  licensed Twin Cities Realtors) who could potentially bring the Buyer for any given listing (Note:  which agents are likely to  show  a given home is easier to predict). It wasn’t until after a decade selling homes that I worked on a transaction with the same age...

Competing Business Models:  Referrals vs. Advertising [ Editor’s Note :  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] With artificial intelligence gaining momentum, it was only a matter of time before Alexa, Siri, or another digital personal assistant was asked — and answered — the question, “How much is my house worth? At least in the YouTube video I saw, once the user provides an address, Alexa actually gives a specific dollar amount (with the inevitable qualifier, “approximately”). Better Than a “Zestimate?” How close did Alexa come? Since I don’t know anything about either the home in question or location (Aurora, Colorado), I have no way of knowing whether the amount is remotely accurate. But then, neither does Alexa. Instead, it quickly became clear what Amazon’s business model is (at least for now), when A...

I’m a big fan of backlit homes, photographed at dusk:  few things in real estate marketing are as dramatic. But, the timing can be tricky. In Minnesota in the Summer, it can require meeting the photographer at the house after 9 p.m. — not exactly a convenient time for professionals (or homeowners). Furthermore, the time window for getting just the right shot, when the sky is the perfect twilight color, is exceedingly short:  perhaps 6-8 minutes. That’s a lot of pressure. All of which is why recreating the effect digitally is a terrific idea. VHT Studios, one of my favorite photographers, just rolled out the new feature; the “before” and “after” photos above are from their marketing. See also , “ Fetching Home Photos “; “ Back-lit Shots:  Now THAT’S Dramatic !”; “The Jack O’Lantern House “; and “Nighttime Shots:  Hits and Misses.” from RSSMix.com Mix ID 8230700 http://ift.tt/2zL5WDe via IFTTT

Not Exactly a Non-Issue, But . . . [ Editor’s Note : 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.] “To your knowledge, have any of the following previously existed or do they currently exist on the property? Check ‘Yes’ or ‘No'” (Note:  list includes asbestos, lead, mold, and animal/insect/pest infestation). –Minnesota Seller Disclosure; page 6, line 264. One of the most common Buyer questions that can arise after a first showing  — especially for older homes in Minneapolis and the first-ring suburbs — is whether the tiles in the basement contain asbestos. My sentiments on the subject:  1) for homes built between roughly between the 1920’s and 1960’s, the surprise would be if the basement tiles weren’t made of asbestos; and 2) that said, unless the owner has had the tiles tested, they’re legitimately al...

The Unmotivated Unrealistic Buyer, Circa 2017, or, “Waiting for Godot, Home Buyer Version” In a housing market characterized by an ongoing, acute shortage of inventory, it’s an all too familiar lament:  frustrated Buyers (and Buyers’ agents) who bemoan that they “just can’t find what they’re looking for.” I’m certainly sympathetic — to a point. However, as the months (and years!) go by, it turns out that at least some Buyers’ underlying problem isn’t a lack of housing choices, but an unrealistic budget. In Realtor parlance, they’re simply a variation of what’s known as an “unmotivated Buyer.” The Too-Long Home Search So, someone only willing (or able) to pay $425k for a $500k house will never find what they’re looking for. Long before the home drops into the low $400’s, someone will snatch it up. Or, more realistically, given today’s housing market, drive the home into multiples, and end up paying over ask, leaving even strong, motivated Buyers in their dust. Conversely...

I just heard through the grapevine about a Realtor who was in competition for a listing, and apparently lost out because the Seller objected to a term the agent used. The offending word? “Homework.” Realtor Job Interview (“ Consultation?!?” ) So, prior to their meeting**, the agent requested that the prospective Seller pull together some key information. The items included a list of recent improvements; their mortgage balance; and any especially flattering, out-of-season photos they might have. All par for the course. However, instead of calling it “Seller Prep,” and explaining that marshaling that info would make for a more efficient, productive meeting, the Realtor characterized their request as “homework.” The Seller, who was older, balked. P.S.: Personally, my guess is that there was more to the story than that. **Typically known as a “listing presentation” — essentially, a job interview for Realtors. However, I know of some agents who prefer to call it a “...

“Fake it till you make it.” –Career advice to newbie real estate agents. In a hyper-competitive field where sales bluster is an ever-present temptation, real estate agents aren’t exactly the type to betray ignorance or confess a lack of confidence. And even consummate Realtors with years of experience can’t predict the future, any more than Wall Street analysts, economists, or politicians can. Which is why no agent is likely to publish a tell-all with these four confessions: One .  “I don’t know who’s going to buy your home.” Combine a highly fragmented market and a big metro area, and there are literally  hundreds  of active, local real estate agents (out of something like  10,000  licensed Twin Cities Realtors) who could potentially bring the Buyer for any given listing (Note:  which agents are likely to  show  a given home is easier to predict). It wasn’t until after a decade selling homes that I worked on a transaction with the same age...

It’s time to get your Commercial Geek Speak on! This is your official invitation to join the RPR Commercial Team, Emily Line and Nate Graham, as they dish up dynamic data for you and your leadership to share with respective markets. The name of the game is all about REALTORS® building community, so don’t miss out on grabbing analytics that support your Association’s voice! from RSSMix.com Mix ID 8230700 http://ift.tt/2zxs3gt via IFTTT

Competing Business Models:  Referrals vs. Advertising [ Editor’s Note :  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] With artificial intelligence gaining momentum, it was only a matter of time before Alexa, Siri, or another digital personal assistant was asked — and answered — the question, “How much is my house worth? At least in the YouTube video I saw, once the user provides an address, Alexa actually gives a specific dollar amount (with the inevitable qualifier, “approximately”). Better Than a “Zestimate?” How close did Alexa come? Since I don’t know anything about either the home in question or location (Aurora, Colorado), I have no way of knowing whether the amount is remotely accurate. But then, neither does Alexa. Instead, it quickly became clear what Amazon’s business model is (at least for now), when A...

I’m a big fan of backlit homes, photographed at dusk:  few things in real estate marketing are as dramatic. But, the timing can be tricky. In Minnesota in the Summer, it can require meeting the photographer at the house after 9 p.m. — not exactly a convenient time for professionals (or homeowners). Furthermore, the time window for getting just the right shot, when the sky is the perfect twilight color, is exceedingly short:  perhaps 6-8 minutes. That’s a lot of pressure. All of which is why recreating the effect digitally is a terrific idea. VHT Studios, one of my favorite photographers, just rolled out the new feature; the “before” and “after” photos above are from their marketing. See also , “ Fetching Home Photos “; “ Back-lit Shots:  Now THAT’S Dramatic !”; “The Jack O’Lantern House “; and “Nighttime Shots:  Hits and Misses.” from RSSMix.com Mix ID 8230700 http://ift.tt/2zL5WDe via IFTTT

Not Exactly a Non-Issue, But . . . [ Editor’s Note : 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.] “To your knowledge, have any of the following previously existed or do they currently exist on the property? Check ‘Yes’ or ‘No'” (Note:  list includes asbestos, lead, mold, and animal/insect/pest infestation). –Minnesota Seller Disclosure; page 6, line 264. One of the most common Buyer questions that can arise after a first showing  — especially for older homes in Minneapolis and the first-ring suburbs — is whether the tiles in the basement contain asbestos. My sentiments on the subject:  1) for homes built between roughly between the 1920’s and 1960’s, the surprise would be if the basement tiles weren’t made of asbestos; and 2) that said, unless the owner has had the tiles tested, they’re legitimately al...

The Unmotivated Unrealistic Buyer, Circa 2017, or, “Waiting for Godot, Home Buyer Version” In a housing market characterized by an ongoing, acute shortage of inventory, it’s an all too familiar lament:  frustrated Buyers (and Buyers’ agents) who bemoan that they “just can’t find what they’re looking for.” I’m certainly sympathetic — to a point. However, as the months (and years!) go by, it turns out that at least some Buyers’ underlying problem isn’t a lack of housing choices, but an unrealistic budget. In Realtor parlance, they’re simply a variation of what’s known as an “unmotivated Buyer.” The Too-Long Home Search So, someone only willing (or able) to pay $425k for a $500k house will never find what they’re looking for. Long before the home drops into the low $400’s, someone will snatch it up. Or, more realistically, given today’s housing market, drive the home into multiples, and end up paying over ask, leaving even strong, motivated Buyers in their dust. Conversely...

I just heard through the grapevine about a Realtor who was in competition for a listing, and apparently lost out because the Seller objected to a term the agent used. The offending word? “Homework.” Realtor Job Interview (“ Consultation?!?” ) So, prior to their meeting**, the agent requested that the prospective Seller pull together some key information. The items included a list of recent improvements; their mortgage balance; and any especially flattering, out-of-season photos they might have. All par for the course. However, instead of calling it “Seller Prep,” and explaining that marshaling that info would make for a more efficient, productive meeting, the Realtor characterized their request as “homework.” The Seller, who was older, balked. P.S.: Personally, my guess is that there was more to the story than that. **Typically known as a “listing presentation” — essentially, a job interview for Realtors. However, I know of some agents who prefer to call it a “...

“Fake it till you make it.” –Career advice to newbie real estate agents. In a hyper-competitive field where sales bluster is an ever-present temptation, real estate agents aren’t exactly the type to betray ignorance or confess a lack of confidence. And even consummate Realtors with years of experience can’t predict the future, any more than Wall Street analysts, economists, or politicians can. Which is why no agent is likely to publish a tell-all with these four confessions: One .  “I don’t know who’s going to buy your home.” Combine a highly fragmented market and a big metro area, and there are literally  hundreds  of active, local real estate agents (out of something like  10,000  licensed Twin Cities Realtors) who could potentially bring the Buyer for any given listing (Note:  which agents are likely to  show  a given home is easier to predict). It wasn’t until after a decade selling homes that I worked on a transaction with the same age...

Tenth(!) Straight Year on the List It’s out:  the 2017 list of “Super Real Estate Agents.” Jointly compiled by Mpls. St. Paul magazine, Twin Cities Business , and Crescendo Business Services, the annual list identifies the top 5% of the Twin Cities real estate agent population. Their selection process: “First, tens of thousands of home buyers who have purchased a home for $250,000 or more are asked to name and evaluate agents they’ve worked with directly. Both positive and negative responses are included.  To ensure the list is based on client satisfaction, no agent can pay to appear on it. Next, a panel of industry experts reviews each agent on the preliminary list.  Panelists may recommend additional agents for inclusion or removal, based on a series of objective criteria.  Each panelist remains anonymous, and receives only one portion of the preliminary list.” –“Top of the Housing Game”;  Mpls. St. Paul magazine (Nov., 2017). According to the m...

Competing Business Models:  Referrals vs. Advertising [ Editor’s Note :  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] With artificial intelligence gaining momentum, it was only a matter of time before Alexa, Siri, or another digital personal assistant was asked — and answered — the question, “How much is my house worth? At least in the YouTube video I saw, once the user provides an address, Alexa actually provides a specific dollar amount (with the inevitable qualifier, “approximately”). vs. Zillow, Trulia, etc. How close did Alexa come? Since I don’t know anything about either the home in question or location (Aurora, Colorado), I have no way of knowing whether the amount is remotely accurate. But then, neither does Alexa. Instead, it quickly became clear what Amazon’s business model is, at least for now, when A...

I’m a big fan of backlit homes, photographed at dusk:  there a few things more dramatic and emotional in real estate marketing. But, the timing can be tricky. In Minnesota in the Summer, it means meeting the photographer as late as 9 p.m. — not exactly a convenient time for professionals (or homeowners). Furthermore, the time window for getting just the right shot, when the sky is the perfect twilight color, is exceedingly short:  perhaps 6-8 minutes. That’s a lot of pressure. All of which is why recreating the effect digitally is a terrific idea. VHT Studios, one of my favorite photographers, just rolled out the new feature; the “before” and “after” photos above are from their marketing. See also , “ Fetching Home Photos “; “ Back-lit Shots:  Now THAT’S Dramatic !”; “The Jack O’Lantern House “; and “Nighttime Shots:  Hits and Misses.” from RSSMix.com Mix ID 8230700 http://ift.tt/2zL5WDe via IFTTT

Not Exactly a Non-Issue, But . . . [ Editor’s Note : 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.] “To your knowledge, have any of the following previously existed or do they currently exist on the property? Check ‘Yes’ or ‘No'” (Note:  list includes asbestos, lead, mold, and animal/insect/pest infestation). –Minnesota Seller Disclosure; page 6, line 264. One of the most common Buyer questions that can arise after a first showing  — especially for older homes in Minneapolis and the first-ring suburbs — is whether the tiles in the basement contain asbestos. My sentiments on the subject:  1) for homes built between roughly between the 1920’s and 1960’s, the surprise would be if the basement tiles weren’t made of asbestos; and 2) that said, unless the owner has had the tiles tested, they’re legitimately al...

The Unmotivated Unrealistic Buyer, Circa 2017, or, “Waiting for Godot, Home Buyer Version” In a housing market characterized by an ongoing, acute shortage of inventory, it’s an all too familiar lament:  frustrated Buyers (and Buyers’ agents) who bemoan that they “just can’t find what they’re looking for.” I’m certainly sympathetic — to a point. However, as the months (and years!) go by, it turns out that at least some Buyers’ underlying problem isn’t a lack of housing choices, but an unrealistic budget. In Realtor parlance, they’re simply a variation of what’s known as an “unmotivated Buyer.” The Too-Long Home Search So, someone only willing (or able) to pay $425k for a $500k house will never find what they’re looking for. Long before the home drops into the low $400’s, someone will snatch it up. Or, more realistically, given today’s housing market, drive the home into multiples, and end up paying over ask, leaving even strong, motivated Buyers in their dust. Conversely...

I just heard through the grapevine about a Realtor who was in competition for a listing, and apparently lost out because the Seller objected to a term the agent used. The offending word? “Homework.” Realtor Job Interview (“ Consultation?!?” ) So, prior to their meeting**, the agent requested that the prospective Seller pull together some key information. The items included a list of recent improvements; their mortgage balance; and any especially flattering, out-of-season photos they might have. All par for the course. However, instead of calling it “Seller Prep,” and explaining that marshaling that info would make for a more efficient, productive meeting, the Realtor characterized their request as “homework.” The Seller, who was older, balked. P.S.: Personally, my guess is that there was more to the story than that. **Typically known as a “listing presentation” — essentially, a job interview for Realtors. However, I know of some agents who prefer to call it a “...

“Fake it till you make it.” –Career advice to newbie real estate agents. In a hyper-competitive field where sales bluster is an ever-present temptation, real estate agents aren’t exactly the type to betray ignorance or confess a lack of confidence. And even consummate Realtors with years of experience can’t predict the future, any more than Wall Street analysts, economists, or politicians can. Which is why no agent is likely to publish a tell-all with these four confessions: One .  “I don’t know who’s going to buy your home.” Combine a highly fragmented market and a big metro area, and there are literally  hundreds  of active, local real estate agents (out of something like  10,000  licensed Twin Cities Realtors) who could potentially bring the Buyer for any given listing (Note:  which agents are likely to  show  a given home is easier to predict). It wasn’t until after a decade selling homes that I worked on a transaction with the same age...

Tenth(!) Straight Year on the List It’s out:  the 2017 list of “Super Real Estate Agents.” Jointly compiled by Mpls. St. Paul magazine, Twin Cities Business , and Crescendo Business Services, the annual list identifies the top 5% of the Twin Cities real estate agent population. Their selection process: “First, tens of thousands of home buyers who have purchased a home for $250,000 or more are asked to name and evaluate agents they’ve worked with directly. Both positive and negative responses are included.  To ensure the list is based on client satisfaction, no agent can pay to appear on it. Next, a panel of industry experts reviews each agent on the preliminary list.  Panelists may recommend additional agents for inclusion or removal, based on a series of objective criteria.  Each panelist remains anonymous, and receives only one portion of the preliminary list.” –“Top of the Housing Game”;  Mpls. St. Paul magazine (Nov., 2017). According to the m...

I’m a big fan of backlit homes, photographed at dusk:  there a few thing more dramatic and emotional in real estate marketing. But, the timing can be tricky. In Minnesota in the Summer, it means meeting the photographer as late as 9 p.m. — not exactly a convenient time for professionals (or homeowners). Furthermore, the time window for getting just the right shot, when the sky is the perfect color, is exceedingly short:  perhaps 6-8 minutes. That’s a lot of pressure. All of which is why recreating the effect digitally is a terrific idea. VHT Studios, one of my favorite photographers, just rolled out the new feature; the “before” and “after” photos above are from their marketing. See also , “ Fetching Home Photos “; “ Back-lit Shots:  Now THAT’S Dramatic !”; “The Jack O’Lantern House “; and “Nighttime Shots:  Hits and Misses.” from RSSMix.com Mix ID 8230700 http://ift.tt/2zL5WDe via IFTTT

Not Exactly a Non-Issue, But . . . [ Editor’s Note : 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.] “To your knowledge, have any of the following previously existed or do they currently exist on the property? Check ‘Yes’ or ‘No'” (Note:  list includes asbestos, lead, mold, and animal/insect/pest infestation). –Minnesota Seller Disclosure; page 6, line 264. One of the most common Buyer questions that can arise after a first showing  — especially for older homes in Minneapolis and the first-ring suburbs — is whether the tiles in the basement contain asbestos. My sentiments on the subject:  1) for homes built between roughly between the 1920’s and 1960’s, the surprise would be if the basement tiles weren’t made of asbestos; and 2) that said, unless the owner has had the tiles tested, they’re legitimately al...

A lot of people prefer to pay cash for everything they buy. This seems like a good idea because you know you can afford what you are purchasing. But there are also huge downsides to paying cash for everything. I am a real estate agent and real estate investor and have seen many people run into problems because they use cash to buy everything. I believe one of the best ways to invest money is by leveraging the cash you have. That means you invest a little but use a loan to invest even more money. This strategy works great The post Why You Should Not Pay Cash for Everything appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2zJBlpE via IFTTT

The Unmotivated Unrealistic Buyer, Circa 2017, or, “Waiting for Godot, Home Buyer Version” In a housing market characterized by an ongoing, acute shortage of inventory, it’s an all too familiar lament:  frustrated Buyers (and Buyers’ agents) who bemoan that they “just can’t find what they’re looking for.” I’m certainly sympathetic — to a point. However, as the months (and years!) go by, it turns out that at least some Buyers’ underlying problem isn’t a lack of housing choices, but an unrealistic budget. In Realtor parlance, they’re simply a variation of what’s known as an “unmotivated Buyer.” Priced Out So, someone only willing (or able) to pay $425k for a $500k house will never find what they’re looking for. Long before the home drops into the low $400’s, someone will snatch it up. Or, more realistically, given today’s housing market, drive the home into multiples, and end up paying over ask, leaving even strong, motivated Buyers in their dust. Estimating Value While ...

I just heard through the grapevine about a Realtor who was in competition for a listing, and apparently lost out because the Seller objected to a term the agent used. The offending word? “Homework.” Realtor Job Interview (“ Consultation?!?” ) So, prior to their meeting**, the agent requested that the prospective Seller pull together some key information. The list included a list of recent improvements; their mortgage balance; and any especially flattering, out-of-season photos they might have. All par for the course. However, instead of calling it “Seller Prep,” and explaining that marshaling that info would make for a more efficient, productive meeting, the Realtor characterized their request as “homework.” The Seller, who was older, balked. P.S.: Personally, my guess is that there was more to the story than that. **Typically known as a “listing presentation” — essentially, a job interview for Realtors. However, I know of some agents who prefer to call it a “...

Chris Prefontaine has been in the real estate industry for many years as an agent, broker, landlord, flipper, developer, builder, and landlord. He was hit hard during the housing crash and decided he needed a new strategy to make money in real estate. His plan was to make a lot money without using any of his own money. He was able to do this by finding properties he could lease to own, which he could then turn around and lease himself. You can listen to how he made a lot of money in real estate, lost most of it, and The post Podcast 124: Building a Rental Property Empire without Money with Chris Prefontaine appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2h75bNV via IFTTT