Robert Guthridge's Blog

It Depends Who’s Talking “Have you ever noticed that their stuff is sh*t and your sh*t is stuff?” —George Carlin Part of real estate sales — make that a big part — is handling clients with sensitivity and respect. That’s especially true for elderly clients, who haven’t moved in decades and have strong emotional ties to their home. And everything in it, valuable or not. Eye of the Beholder So . . . Realtors’ term for emptying out a house full of accumulated items with little or no market value is “trash-out” ( as in , “Does anyone know of an affordable contractor who can do a trash-out for an upcoming listing?”). Clients prefer to use (and hear) the word “de-clutter.” Ultimately, what matters isn’t the verbiage — it’s that the home is emptied out and prepped for sale (staging, fresh paint, any needed repairs done, city inspection, etc.) before coming on the market. S ee also:  “ Real Estate Euphemisms “; “ Real Estate Clichés and How to Avoid Them “; “ Show and Se...

Opaque Crystal Balls No, that’s not the title of the recent article forecasting what’s next for the U.S. housing market — or a satirical headline from The Onion . This is the article’s actual title, from  The New York Times (4/22/2021): U.S. Home Sales Are Surging. When Does the Music Stop?” So, when does the music stop? According to the article, “rising mortgage rates and incredibly tight inventory in some markets . . . will likely keep demand strong through the rest of 2021, even as price growth moderates.” Broken Clocks & Housing Pundits Of course, to point out the obvious, almost no one — in or out of the housing market — predicted that a Pandemic would paralyze the U.S. and global economy starting early last year. Meanwhile, the handful of experts who did forecast an imminent pandemic also forecast one in 2019, 2018, 2017, 2016, etc. (sort of like stock market perma-bears who perpetually predict “The Big Crash!”). Even if someone knew there was going to be...

Tudors aren’t everyone’s cup of tea. The knocks? For starters, at least in the Twin Cities, many Tudors date to the 1920’s and 1930’s. Translation: even if they’re in magnificent condition . . . they’re old. Such Tudors often have formal (vs. open concept) floor plans typical of that era, and — unless their original hot water heat system (boiler) has been converted to forced air — either may not have central air conditioning at all, or may use a system of “mini-split” a/c units that don’t require installing new ductwork. Finally, Tudors often have some other features (like stucco exteriors, steeply pitched roofs and gables, dark(er) interiors, and older windows) that are turn-off’s for at least some Buyers. Pro’s Ahh , but to Tudor fans (I’m one), those are mere quibbles compared to the genre’s myriad charms. That includes built-in buffets, hardwood floors, crown moldings, gorgeous millwork, and fireplaces — lots and lots of fireplaces. And while it’s purely anecdotal, I can’...

Quick! What’s the region in red called? “What’s the Matter With Kansas Iowa?”** In modern English, a shibboleth can have a sociological meaning, referring to any in-group word or phrase that can distinguish members from outsiders – even when not used by a hostile other group. It is also sometimes used in a broader sense to mean jargon, the proper use of which identifies speakers as members of a particular group or subculture. –Wikipedia Once upon a time, if you were a Twin Cities Realtor trying to drum up business around the City Lakes, you had be careful to call it “Lake Calhoun,” not “Calhoun Lake” (the lake was renamed “Bde Maka Ska” in 2018). See , “Calhoun Lake??” Is that by Isles Lake? .” Similarly, if you’re a national correspondent for The New York Times doing a deep dive on Iowa politics, post-Trump(?), you’d better refer to the region as the locals do. That is , “Upper Midwest,” not “northern Midwest.” Shibboleths Then & Now Unlike in biblical times, trippi...

Listing Agents Who Call the Buyer’s Lender As a Buyer’s agent, how can you tell if the listing agent (representing the Seller) is taking your client’s offer seriously? They call the Buyer’s lender — specifically, the lender on the Buyer’s Pre-Approval letter — and verify key information. Like , whether they’ve previously worked with the Buyer; the type of loan being applied for (conventional, FHA, etc.); and any other circumstances likely to affect that Buyer’s creditworthiness — and therefore their odds of getting a mortgage. Of course, if the home has received multiple offers, the listing agent will also want to confirm whether the Buyer can afford not just the list price, but the (much) higher amount they’re offering to pay; and whether the Buyer has the wherewithal to make up any deficit if the home appraises low. Qualifying the Buyer — and the Buyer’s Lender When I’m the listing agent, I also like to vet the lender, their institution (if it’s not a “name brand” like We...

“I’ll List Your House for $700k $750k $800k!!” Anxious Buyers aren’t the only ones bidding up home prices this year. So are some Realtors, including at least a few who should (and do) know better. Housing Market Icaruses One of the things that can happen when prospective home Sellers interview lots of agents in an overheated housing market is that one (or more) quote an unrealistically high asking price to get the listing. After all, Realtors are competitive, too. The practice — called “buying the listing” — virtually ensures that the home will debut on the market overpriced. What happens next? Usually, nothing. Negative Feedback The home doesn’t get shown, or, if it does, the feedback is uniformly negative (if not harsh) because the house is underwhelming compared to its (better-priced) peers. Eventually, a price reduction (or several) are necessary to re-attract prospective Buyers and ultimately sell the property. Unfortunately, by then, the damage is usually done. Ho...

When a buyer agrees to purchase a property from a seller, the buyer usually pays earnest money as a deposit on the home. The earnest money amount varies based on the type of deal being done, and the price of the home. The earnest money goes along with the contract to buy and sell but ... Read more from RSSMix.com Mix ID 8230700 https://ift.tt/3gNbV34 via IFTTT