“Buyer’s market” means that the buyers have the upper hand; there’s more supply than demand. When it comes to selling your home, it’s safe to say that you’re competing in one of recent history’s toughest real estate markets. This is a true buyer’s market, where supply far outweighs demand. So how do you go about selling your Minneapolis loft condo in these conditions?
Interview Minneapolis Real Estate Agents
Don’t pick an agent based on looks. An agent who drives a new Range Rover may very well just be someone who lives beyond his or her means. Instead, create a list of the top Minneapolis real estate agents in the area and interview them. Ask:
• About their experiences in selling homes in your area this year and last year – not in years gone by
• What they’d recommend to make your home more marketable
• How they would market your Minneapolis loft condo
If, after interviewing, there is more than one with excellent experience and great marketing plans, choose the one you feel most comfortable working with.
Fix it up
While interviewing, Minneapolis real estate agents will look at your Minneapolis loft condo (otherwise, how could they answer two of your questions?). They may tell you that your home is out of date. They may tell you that the cracks in the wall don’t “add character” to the Twin Cities loft. No, neither does the wild 70’s style carpeting in the living room.
You might even take an extra step and hire a home inspector to get a better idea of any issues.
Then, build a list of needed home improvements – and then improve. If you need to hire a contractor, again, interview!
Set a good price
These days, most buyers want the deals, and some are willing to compromise on interior decorating in order to get them. Sit down with your agent; find a high and a low selling price. Set the best price you can afford based on what Minneapolis condos are going for in the area, and be willing to negotiate.
The worst things you could do are hire a poor agent, leave your loft repairs up to the buyer and overprice your Minneapolis loft condo. Follow the three simple tips above and you’ll get your “Sold!” sign!
If you’re ready to sell your home, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
By now, everyone has heard, and understands, the term “down market.” It sounds like a really bad thing, doesn’t it? However, with the help of your Minneapolis real estate agent, you can take advantage of the many wonderful bargains to be had. Here are a few tips on how to do just that:
#1. Do Your Research
Right now, you have agreat advantage as a buyer. Condo and loft prices are generally lower and sellers or normally more willing to negotiate. In addition, there are tons of listings available, so you aren’t stuck with only two or three choices. This is where your Minneapolis real estate agent comes in.
Once you know the area you’re interested in, you’ll need to know the price range in the area. Knowing what the expensive, median and low prices are can give you room to bargain. Look online, but also check with your agent. If they don’t know the area themselves, a good agent will have contacts that do.
#2. Get Organized
Organization is essential in a down market. You aren’t the only one looking for a bargain on your new home, and if you find one you like but delay the buying process, you could lose a great deal. To cover for this possibility, make sure you’re prepared to buy at a moment’s notice.
Get pre-approved for a mortgage (not pre-qualified) and have someone on hand for the closing paperwork. Have a home inspector and insurance agent close by, as well as your real estate agent. The more necessary people you have lined up, the better the chance of getting the deal you’re hoping for.
#3. Use Your Agent
If someone wants to sell his or her home in a hurry, you have better bargaining power. This is the best place to take advantage of your real estate agent. You want those motivated sellers, and a good agent knows how to spot them. As well, they can find out if there’s been a price drop and if the Minneapolis condo has been on the market for a long time.
A Minneapolis real estate agent is a great asset in a down market. If you’re going to hire one, make sure you take advantage of their knowledge and expertise, no matter whether you’re selling or buying.
If you’re looking for a bargain on a great Minneapolis loft or condo, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
Every industry has a few myths. Look at science – according to myth, if you’re a scientist, you’re also a lone wolf and a geek. Now, I’ve known one or two scientists, and they were anything but. Minneapolis real estate agents carry around a few myths of their own, passed around from homeowner to homeowner since the dawn of time.
Myth #1: Every agent drives a brand new, high-end car. Now, I don’t know about other Minneapolis real estate agents, but I tooled around town for several years in a used older-model Honda. Not very hip, but it got me where I needed to go. While it’s true I now have a newer car, it’s definitely not brand new, and certainly not high-end.
Myth #2: Lenders and inspectors give agents kickbacks. Not unless those lenders, inspectors and agents want to go to jail. You see, in 1974, the Real Estate Settlement Procedures Act was passed. The RESPA says receiving or giving kickbacks is illegal. I don’t know about anybody else, but I’d rather keep my real estate license.
Myth #3: Agents make a lot of money. Those that pass this little myth around have never asked an agent. Remember the Honda from Myth #1? Once all of our fees are paid, such as MLS fees, overhead, insurance and other expenses, most agents average a salary of around $36,000. For those that don’t know, middle class is somewhere around $75,000 and above.
Myth #4: Agents will say anything to get a sale. Some agents might lie to you, but most won’t. Personal reputation is especially important in the real estate business. An agent with a reputation for lying soon ends up out of work or without a license. Most agents, like me, are in this business because they love to work with people.
Myth #5: The higher the sale price, the more agents make. Many think that agents would be ecstatic if they sold a house for $10,000 more than expected because of their real estate agents’ commission. If they are, they’re ecstatic for the client, not themselves. While the seller makes around $10,000, the agent makes about $150. With today’s prices, $150 doesn’t go very far and certainly isn’t worth comprising their integrity.
The next time you think about Minneapolis real estate agents and everything you know about them, consider where you got the information. Is it something that “everybody knows” or something you know from experience?
If you’re looking for a professional agent who puts your needs first, you’ve found him. To learn more about me and the services I offer, visit my website at www.cityoflofts.com.
I’m going to tell something that may (or may not) shock you – Minneapolis real estate agents are a dime a dozen. No, no, really. However (and this is a big “but”), great agents are few and far between. Does that mean the others are out to scam the unwary buyer and seller? Not at all.
So what’s the difference? One of the biggest differences is in what they know. A great agent knows what’s going on in their chosen city and throughout the neighborhoods. They do their homework and are seldom surprised by rising trends.
What kind of homework? I’m glad you asked!
1. Keeping an eye on local pricing. Minneapolis real estate agents have to pay attention to the prices in their area. Are they high? Are they low? Are they steady? They have to know so they have an idea of which houses are priced at “fair” market value and which are overpriced or underpriced.
2. Knowing what’s up-and-coming. Agents have to stay aware of new infrastructure possibilities. For instance, there may be plans for a new shopping center to be built. That shopping center will help the community grow, and could become an attractive addition for homebuyers in the area.
3. Who’s taxing and how much? In large metropolitan areas, you have two towns side by side with completely different tax bases. Town one may have rising property taxes, while town two has consistently low property taxes. Those towns with lower property taxes are generally in higher demand than others.
4. Watching the surrounding area. If a large area is overpriced, that general means the outskirts are going to become more in demand. As well, if there are any major train or bus routes getting ready to be installed, these places may become more desirable.
5. Which school ranks best? Schools moving up the A-list of a state mean desirable places for parents. Agents who keep their eye on school rankings are agents who know a particular area’s target market!
In short, great Minneapolis real estate agents keep their fingers on the pulse of the city’s real estate market. This helps buyers looking for the perfect place, and sellers looking for the perfect buyer. Remember – your agent doesn’t have to know everything. They just have to know what’s important to your loft and condo needs!
If you’re ready to work with a real estate agent who’s in the know on what’s happening in the downtown real estate market in Minneapolis, give me a call today at 612.877.1676 or email me at ben@cityoflofts.com.
Even with all the existing lofts up for sale, some people just have to have new construction. It’s clean, it’s new and nobody else has lived in it. Understandable, but a word to the wise. If you go for a newly constructed loft, bring your Minneapolis real estate agent.
Why? Isn’t there a site agent on hand to help you? Well, yes… and no. Here are a few good reasons why a personal agent, or buyer’s agent, is a good idea:
Conflict of Interests
While the builder has an agent on site, that agent is not working in your best interests. Consider, if the site agent got a better deal for you (which takes money out of the builder’s hands), would they still have a job? No. However, your own agent is there to make sure you get a good deal. End of story.
Being Informed
A builder’s agent doesn’t have to tell you about the negatives of a deal. They’ll push the positives and even sometimes use high-pressure tactics to get you to sign the contract. Having your own Minneapolis real estate agent is having a professional you know is on your side. It’s knowing the drawbacks of the transaction as well as the positives.
Contacts
Agents get around; they go everywhere. As a result, they tend to gather a lot of professional contacts and information. If you’re looking at a builder with a bad reputation, your agent might have heard about it. Your agent will have contacts to good loft inspectors to go through the condo when it’s finished. Your agent will know if the builder’s lender is reputable, and if not, your agent will be able to recommend a highly regarded lender to you. In short, your Minneapolis real estate agent is a rolodex of loft and condo buying and selling resources.
If you’re looking at new construction and need a personal real estate agent, I can help. Call me today at 612-877-1676 or email me at ben@cityoflofts.com for more information.
