Archive for 'Questions and Answers' Category
Q&A - How Long Should it Take to Sell My Home?
9 May 2008If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!According to the RMLS’s analysis of the 13 county Twin Cities metro area, the average home is selling in 165 days. But also according to the RMLS, that home is only selling for 91.7% of original list price.
Now I’m [...]
Q&A: When Will the Twin Cities Real Estate Market Hit Bottom?
8 April 2008This question comes up with both my clients and my coworkers: “When will we hit bottom?”
The problem with that question is that there is more than one answer. Are we talking about:
Lowest sales price?
Fewest units sold in a month?
Highest supply of homes on the market?
Longest days on market?
Lowest (or highest) affordability?
Depending on who you are [...]
Q&A: How Much Off the Price of a House Can I Offer?
1 April 2008Question: I’ve been reading in the newspaper and seeing on TV that houses are not selling for what they are listed for. How much can I take off the asking price?
Answer: Houses are selling on average for 91% of their original list price, which is to say that this is an average. Homes that are [...]
Q&A: How Long to Hear Back on a Short Sale?
31 March 2008Question: I submitted an offer on a listing where the seller needs to get approval of a short sale from their bank(s)…how long will it take to hear back?
Answer: Responses from banks on short sales is typically taking anywhere from 2 weeks to 2 months, with 1+ months being the most typical. Most lenders are [...]
Q&A: What Counts as Finished Square Feet?
28 March 2008Question: How do I know what is considered “finished square feet” in a home?
Answer: The typical definition of finished square feet includes all of the following:
A permanent heat source (i.e. not a portable heater)
Permanent lighting
Finished walls (painted concrete block is ok)
Finished ceiling (but not necessarily ceiling tiles or drywall, as in a loft)
Finished floors
Ceiling height [...]
Q&A: Will My City See Appreciation in the Next 5 Years?
26 March 2008Question:With houses having fallen in price over the last few year, will {Minneapolis / Brooklyn Park / Crystal / Apple Valley / Chaska / St. Paul / Woodbury / etc} going to see appreciation in the next 5 years?
Answer: There is no crystal ball that will foretell the future but based on what I’m seeing and [...]
Q&A: Is Now a Good Time to Buy Up?
25 March 2008Question: “I own a smaller home and am thinking about buying a bigger one… is now a good time to buy up?”
Answer: Part of the answer depends on where/what you are selling and where/what you are buying. The general rule of thumb is that this is a good time to make a move if you’re [...]
New Regular Feature: Questions & Answers
24 March 2008I’m going to start regularly posting questions I receive from clients and the answers I’ve provided them. If you have questions you’d like answers to, please do not hesitate to ask!
Each Q&A will be a separate blog post and there is now a category called: “Questions and Answers” as well, which will contain all the [...]