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55430 : Real Estate Advice

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  • Local Info1
  • Home Buying1
  • Home Selling3
  • Market Conditions0

Activity 6
Fri Dec 5, 2014
John and Becky Durham answered:
Ted,

The market in the Twin Cities is different than it was pre-recession. What we are seeing now is that the best homes are selling the fastest, while homes that need work or have wonky floor plans or are over priced are lingering on the market.

The problem with waiting to do the repairs is the bad impression that you will give potential buyers. Most buyers these days are not looking for a fixer upper, they have neither the time or talent to DIY. Bad siding and carpet will not give a very good first impression, and many buyers may wonder what else you have not maintained. You just may get an open-minded buyer who sees the potential in your home and will make an offer, but you'll go round and round about what products to use, costing, etc.

You home will likely sell without doing the work, but if you are serious about offering to do carpet and siding as part of the deal, why not just do it now? You have a better chance of getting a better price and terms with a shorter time on the market.

John Durham
Durham Executive Group
RE/MAX Results - Woodbury, MN
651-231-2191
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0 votes 9 answers Share Flag
Thu Nov 13, 2014
Teri Eckholm answered:
Hi Ted,

Trulia and similar sites, pick up this incorrect information from past MLS listings or tax records.. Once your home is listed for sale, it should update automatically but not always. I often have to log into different sites and manually update the info to reflect updates on my listings. When you start to interview potential listing agents ask how familiar they are with updating the information on Trulia manually. If it is important to you to see that it is correct, you will want to be certain that you list with an agent that knows how to make sure all the updates are reflected accurately on the big home search sites

BTW I do work in the Twin Cities north metro and would be happy to answer any additional questions you have on listing or selling your home.

Warm Regards,
Teri
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Sun Nov 9, 2014
ted.mclaughlin answered:
To add some additional details, (sorry this is going so long), since I had been planning on selling later this week I was going to take out a personal loan to completely pay off my mortgage.

Now that I'm thinking about renting I was wondering if the mortgage is deductible? If so then I definitely don't want to take out the personal loan. And since I need new siding and carpet to sell I was wondering if I should rent it first so I could have those costs would be tax deductible?

The value of my house has been gradually improving over the last couple years. I was thinking that if I rented it for 2 to 2.5 years, deduct the costs for improving it for sale, then selling it before the Capital Gains thing expires. That way, hopefully, the value of the house will have appreciated even more. Even if it doesn't it will hopefully not go down. If the economy serious tanks and the value drops off then I could just keep renting it.

Does all of that make sense?

(and thanks for reading all of this :-)
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0 votes 1 answer Share Flag
Tue May 7, 2013
Jeff Jorgenson answered:
Depends on the area of Brooklyn Center
0 votes 10 answers Share Flag
Sun Jul 11, 2010
Mack McCoy answered:
I would bet that most major metropolitan areas have some landlord or property-manager association that compiles market data.

Here in Seattle, residential real estate investors are wise to consult the excellent data compiled and published by Dupre+Scott. ... more
0 votes 8 answers Share Flag
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