Lori's Blog

Who's got the scoop on Open Houses

Lori Melstrom ; Realtor, GRI, Edina Realty (Edina Realty) — Sun, 30 Mar 2008 12:10:33 -0500

I've been trying to hold open houses every weekend.

It seems it is getting harder and harder to get peoples contact information out of them.

I greet them at the door- get their first names.

I walk with them through the house asking questions- usually they talk with me- at least a little.

Most people are getting their housing information off the web... it seems they don't need us to send them info anymore.

I try to talk about why they need representation. Some get it- most don't.

We roll through the home and by the time they get near the front door again- they are rushing to get their shoes on and run out the door.....

They take a card, run out the door and I never hear from them again.

Am I asking the wrong questions? Should I be firmer up front with getting info before they look at the house?

No one seems to want to fill in a register.

Anyone have some really good ideas?

Cute Little Home In NE Minneapolis

Lori Melstrom ; Realtor, GRI, Edina Realty (Edina Realty) — Mon, 17 Mar 2008 00:40:36 -0500

I have this adorable 1900 built home in NE Minneapolis that is getting no showings- or the wrong kind of showings. It is technically a 2 Bedroom- but really only a functional 1 bedroom with a main floor office space. I keep getting families with 2-3 kids looking at it. It obviously looks bigger from the street than it really is.

Any ideas on how to change my marketing to attract the right buyers? How do you say- Great Single person home without implying "no kids"

What's Up with this Market Place?

Lori Melstrom ; Realtor, GRI, Edina Realty (Edina Realty) — Sun, 16 Mar 2008 23:07:15 -0500

OK, You tell me what you want to talk about- I'll share my thoughts- Isn't that what Blogging is all about?

Recently the most asked question I get is what is going on with this market place- why is it taking so long to sell my home- or should I even try?

I still say the answer is YES!

Here in Metro Minnesota- we have experienced appreciation rates as high as 12% annually. And yes, I'm a home owner and I too enjoyed the equity in my home skyrocketing each year. But all good things have to eventually come to an end. National appreciation rates are more like 5% and we have had an exceptionally good run. Housing prices were reaching un-affordable levels for most of the average home buyers. Our market needed this correction. Your investment is not failing- it is just flat at the moment. I always tell clients to never 100% finance your home- EVER! If you already did- and now your upside down- well, this is what happens when you use up all your equity. Your home did not loose it- you used it for other things. Your home still gained value at an incredible rate on your investment over the last 3-20 years. Don't blame the house for your financing errors.

OK, with that said- If your smart- and you would still really like to move- you just have to be realistic. The days of Sellers asking incredible prices for homes and getting into multiple offers are over for now. The good news is whatever you feel you are loosing on your home sale- we can make it up on the deals being offered on home buying- It all evens out in the end.

When will this market get back into shape? When consumer buyers return to the market. The Fed's are trying to stimulate the mortgage market, and interest rates are really historically very good. You can't wait for the "bottom"- it's not going to show itself- the time is now. When the "first time/low end" buyers return and start purchasing- then everything migrates uphill and things will get back on track. With all the press on this subject and the "scary" news media- we have to focus on instilling confidence in the first time buyers and the rest will take care of itself.

The problem I am having is- my first time home buyers are overwhelmed at the amount of choices. They can't seem to commit to one house- when 3 more come on every day. I am spending much more time with each one and showing many more homes than is normal. I can't seem to get them to commit. If anyone has any ideas on this- I'd be happy to listen. I have never been a hard closer- and it's tough to keep to the philosophy of the houses sell themselves when there are so many to choose from.

Just my thoughts