Real Estate Radio Hour

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It would be helpful to understand the approach each Realtor takes on: Do they always send the MLS listing first?  Do they always check for sump-pumps?  Are radon mitigation systems necessary?  What basic checks can you do for major utilities (e.g. furnace, water softener) at a showing?  What prior house maintenance can we ideally or practically expect from existing homeowners?  

 Should I dump my realtor? Or am I overreacting?  My husband and I recently made an offer on a property that has been on the market for 158 days. We offered 8% below listing and our agent told us it was a lowball offer. However, two hours after sending our offer, he posted a video of the property to social media, essentially advertising it as if it was still on the market. We feel like this was unprofessional of him and are not sure if we should continue to work with this agent or if we are overreacting.  

Housing affordability hits historic low https://thehill.com/business/3881539-...

Summary A recent study conducted by the National Association of Realtors (NAR) found that housing affordability in the United States has hit a historic low. The median family income of Americans is now only enough to afford the median-priced home in one-third of the country, and many major metropolitan areas have median family incomes that can't even cover the median-priced home. The NAR predicts that this lack of affordability will have a negative impact on the housing market.  

How in the WORLD are people handling the interest rates ? Homes are still moving since inventory is low- but how is anyone handling this market after a year of shopping? I'm feeling very distressed about the current housing market. Last year, when I started looking for a home, inventory was low but manageable. Now, even with my budget of $530k, I'm having difficulty finding anything decent within an hour radius. I'm worried that the market will continue to be so competitive, and I'm trying to come to terms with how much it has changed in the last 1.5 years.  

Social Media Reacts  Real Estate Role Play  Fix This Listing  Photo Credit: https://thehill.com/business/3881539-...

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Closing Table Meltdown Stories  When the closer asked the buyer if they have made any large purchases since applying for their loan: he said 'no, except for my new truck yesterday.'  Once had a buyer and seller squabbling over $300, something insignificant that came up during the final walk through. This was about 10 years ago when both agents, the buyer, the seller and both their attorneys were all sitting there with the title closer. Finally one of the attorneys stood up, whipped out his wallet and threw three crisp $100 dollar bills out on the table. 🫠 The buyer proceeded to pick up the money and we closed. 😂  I have a fun one. A completely uneventful contract made it all the way to the closing table. Everybody signed their documents. In my state you sit at the table and wait till everything is finalized, the loan is funded, deed recorded, and then everybody walks away with their keys and checks. The buyer, seller, their agents, and the loan officer are sitting at the table chit chatting when the buyer mentions that they're going to go out immediately and start enjoying their retirement in the beautiful lake house he just bought. He had retired the day before from the job that qualified him for the loan. No one walked away with keys or checks that day.   Is there ever a time to not buy? It seems like every realtor always has the same response, “now is the time to buy”. We are on the fence of finally buying our first home this year (most likely new build) with everything going on last year and this year.  Are These Good Listing Photos?  https://www.redfin.com/FL/Miami-Shore... Questions: I recently closed on my home, but the weeks leading up to it were a nightmare. The buyer's agent gave the buyers a key to my home without my permission and they started doing renovations. I had to tell them to leave immediately and took the supra off the door to prevent them from coming back. On the day of closing, the buyers changed their downpayment to zero. I have filed a complaint with the realtor association for my state, but is there anything else I can do?  I am looking to buy a house that is listed at a price I am willing to pay, however, the seller is not considering my offer as they want it at a higher price. Can I take any action if they are not following the listing price, considering it has been on the market for 120 days?  We found the perfect home for our family and offered the asking price. The seller countered with 4500 for closing and requested that they stay for 2 weeks after closing for free, and $100 a day after 2 weeks if it goes past that. I'm not comfortable with this, but we countered with 4500 in closing and that they vacate at closing. Is this a normal request?  Social Media Reacts   Sell This Listing

Since the early 2010s, Tricon Residential, Progress Residential, American Homes 4 Rent, Invitation Homes. By 2030, the institutions may hold some 7.6 million homes, or more than 40% of all single-family rentals on the market, according to the 2022 forecast by MetLife Investment Management.  https://www.cnbc.com/2023/02/21/how-w... 

 Went under contract for a new build 6 months ago and now that same floor plan is selling for 80k less. The house isn’t done being built yet. I’m second guessing the entire thing now. Any input would be nice.  

 What would you do if your buyer’s agent posted a house he showed you - that you found and that he hadn’t ever seen before - on his Instagram story (with 30k followers) and told people to DM him about it?   

Help: I inherited a crackhouse. I need advice from a real estate agent. I recently inherited a house from my father in a small town in southwest Minnesota. It has been in my family for generations and is surrounded by trash and two live-in crackheads with a pitbull. My grandfather put me on the deed but wants nothing to do with it. I have called the electric company to get the utilities shut off, as it has been illegally powered. Can I sell the house as-is to an investor?  

Solution For Lower Income Workers To Afford Homes?  The pandemic has created a major issue for lower income workers, who are now priced out of almost every housing market. This is due to cash-flush remote workers, investors, and investment funds competing for properties, driving up prices significantly. Rents have increased two to three times the cost of a modest home mortgage at the rates prior to the pandemic, and mortgage payments are twice what they were a year ago.  In response to this issue, some potential solutions include:  * Regulating short term rentals  * Prohibiting private equity, venture capital and other investment entities  * Low-income first time home buyers granted special mortgage rates  * Examining the free market rules  

 Social Reacts 

 Sell This Listing

  Photo Credit: https://www.reimaginerpe.org/book/exp...

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My Agent Competed Against Me  

My agent competed with me while representing me and submitted a higher offer, purchased the house and living in it. I just found out about it 6 months after it has happened. What can I do about it?  

What's the most ridiculous, funny, or silly buyer's "demands" you've ever had?   

Hutchinson movie theater with 4 apartments above lists for $1M https://nypost.com/2023/02/13/minneso... 

Charming Downtown Rosemount Building On Sale For $950K https://patch.com/minnesota/applevall... 

Social Media Reacts 

 Real Estate Role Play  

Sell This Listing

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Today's Schedule:  

Redfin stopped showing difference between sold at and listed at price...  

Appraisal came in at under $100,000, anyone have any experience with something like this?  

Why must all new subdivisions have an HOA?  

Thoughts on buying a house in front of a graveyard?  

Real Estate Makeover  

Role Playing   

Social Media Reacts  

Photo Credit: Extreme Makeover: Home Edition

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Real Estate Role Play... Chris & Andy test each other in different situations.   

Guess The Price!  Will give you listing details, you guess the price.   

Minnesota Realtors names new CEO after longtime leader announces plans to retire https://www.bizjournals.com/twincitie...

Landmark Properties to Expand into Minnesota with Luxury High-Rise Student Housing Community in Minneapolis https://www.prnewswire.com/news-relea... New Scam Alert Targeting Property Owners  https://y105fm.com/beware-new-scam-ta... 

Suspicious Neighbor...Why would a large law firm buy a residential house?  

Dream House Ended Up Being A Meth House...  

Social Media Reacts

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Mortgage demand jumps nearly 28% in one week, as interest rates drop to lowest point in months  https://www.cnbc.com/amp/2023/01/18/m... Seller's agent accidentally sent incriminating texts to my agent after inspection..  

My husband and I are seriously considering buying a modular home. I would love to hear from anyone who’s familiar with modular homes and the whole modular home process!   

Seller credits are masking the magnitude of price drops...  

Supreme Court To Decide If “Home Equity Theft” Is Unconstitutional (Minnesota Case) https://www.forbes.com/sites/nicksibi... 

Minnesota Apple Orchard And Vineyard On Sale For $5.5 Million https://patch.com/minnesota/maplegrov... 

Social Reacts Sell This Listing!  

Photo Credit: https://www.chrislengquist.com/day-5-...

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The average mortgage cost reaches 45% of household income, highest level in 40 years. 

 At 45% of median household income the average mortgage cost is now much higher than even the peak of the 2000s housing bubble. 

The only period in history in which the number was over 45% was the late 1970s to early 1980s. How do you foresee this number returning to the historic norm? Will household salary increase or will the monthly payment cost decrease? Or will it not return to normal and beat out the all time peak of ~53%?  The tides have turned... 

Contractors Are Back? I recently bought a cabin on a few acres for $10K under asking and have been chipping away at DIY projects like insulation, vapor barrier, and hot water heater. My contractor neighbor recently asked me if he could demo my stoop due to a large remodel cancelling, and if this goes well, I have more work for him. I'm hoping that this is a sign that contractors are becoming more willing and available to take on smaller jobs, and that those who have been waiting patiently and being frugal can start to get call backs on their projects.  

Meet the neighbors before putting in an offer?  We are planning to move out of state and want to meet our potential future neighbors before making an offer on a house. Is this strange and what is the best way to go about this without invading others privacy?  

New Redfin Data Dropped... The median sale price ended the winter season on a high note, increasing from 352k to 370k with an 11 day increase in DOM and a 5.2% YOY increase in median price. Interest rates dropping over the past month have put interest back into the market, and this should be reflected in the coming months.  

Consumer prices fell 0.1% in December, in line with expectations from economists (attached) https://www.cnbc.com/2023/01/12/consu...

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Is Modern Transitional The Look For 2023?   

What is something your current home has shown you is a must NOT have in your next house? (Thread) https://www.reddit.com/r/RealEstate/c... What style do you think will come next after this whole grey everything trend dies? 

 Do I need Owners title insurance?

I'm purchasing a town home that was built in 2020 for 560,000. The lenders title insurance fee is 1650 which I understand is required but there is an additional charge for Owners title insurance at 1600. Im a first time home buyer so don't understand these charges but is it necessary for a townhome that was just built in 2020?  MDH: Radon testing during house sales declines nearly 40% in Minnesota https://bringmethenews.com/minnesota-... Tribal attorney, activist Tara Houska buys Rainy Lake's Bald Rock Point for $3.1M https://bringmethenews.com/minnesota-... Kris Lindahl Suing A Copycat Politcian  Social Reacts   Sell This Home!   Phot Credit: https://listwithclever.com/real-estat...

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Real Trends:

Agents gear up for a turbulent 2023 housing market

https://www.realtrends.com/.../agents-gear-up-for-a.../

Citing costs, University of Minnesota might sell president's St. Paul mansion

Good Investment?

https://www.bizjournals.com/.../university-minnesota-sell...

Per my realtor "No one truly likes their first house, it's just to build equity"

My husband and I are wanting to buy a house but I refuse to be rushed into a home just to get one. After looking for a bit, haven't found one and my realtor told us we need to be fine with a house that is just ok. Is this bullshit?

What is the equivalence of changing oil in car that I can do with my house to keep it in a good shape?

Am I crazy to want to buy a house for its location vs something move in ready with a baby on the way?

social reacts

BUY, SELL - Minnesota Cities For 2023

(you buying a city / selling it for this next year)

Cambodian Slum

Photo Credit:

https://therealdeal.com/.../housing-market-to-sink-to-a.../