Winner of the national medal of technology and the Honeywell Foundation providing the benefits of control worldwide. And good morning. This is midday on Minnesota Public Radio. I'm Gary acting glad you could join us will these are very good times for people in the Twin Cities area who are trying to sell their home home sales or orderly were up 37% last month sale prices were up about 7 % and in many cases homes, reportedly, we're being sold before they are even advertised this hour we're going to take a look at what's behind the boom and what it means for you and yours if you're in the market to buy or sell George Carvel is with us to take your questions. He holds the distinguished chair and real estate at the University of st. Thomas and st. Paul. Also, this hour is Barbara Brennan realtor with Coldwell Banker Burnet Realty. She's out in the front lines are a matter fact for the past three years. She has been one of that Company's top 5 sales agents. So we invite you to give us a call with your questions and comments were talking about the real estate market this hour and if you have a question or a comment Number to call Twin Cities to 276 thousand 2276 thousand if you're calling from outside the Twin Cities, you can reach us toll-free at 1 800 to +422-828-227-6004. 1 800-242-2828 Barbara and George Carvel. Thanks for coming in. Today is it true is the market really is hot as we've been told or is this one of those media Fabrications houses are selling not only before and ahead can go in in certain cases. There's three to five offers coming in on the same property bidding up prices up. 10:20 even in some cases more than $30,000 in asking it's been wild. How long is this been going on just the last month or so or the last couple of months? We've had an extremely wonderful weather is everyone knows interest rates are low. And actually the inventory is a little lower than it's been in some of the past Springs. So it's made the combination of weather interest rates and supply and demand such that it is certainly a seller's market George Carver as long as people remain confident in the economy. Generally as long as unemployment remains low or Employment High as long as interest rates remain low as a matter of fact that I think there is some concern and what's happening here in the housing market was reflected in the Wall Street Journal today with an article describing what may be the Federal Reserve system's need to raise interest rates in the next month because of the economy. Heating up in this phenomena taking place nachos to Minneapolis-Saint Paul, but throughout the United States and if that happens, I might add that if interest rates rise, it's going to have some adverse effects in the stock markets in the idea being that it would slow down the economy generally matter fact last I heard on the way over here. The stock market was off 120 points this morning just based on the fear of that the potential increase the rates now is this real estate boom just current just in the Twin City area or all across the state of Minnesota station throughout the US in 1997 as I recall both Portland and Salt Lake City. So I'll median housing prices increased over 20% in 1997 in Minneapolis-Saint Paul. The market was up 5% Nationally the markets were up 5% So we begin to see some of the effects of General economic Prosperity on the West Coast. It is Salt Lake City and in Las Vegas and Phoenix, but it appears to be spreading into the Twin Cities as well. So the effects are felt throughout the us, but you have to understand that doesn't mean it's uniformly so and it doesn't mean the same sort of phenomena is occurring in Detroit Lakes. For example Barbara across the Twin City area are all boats rising at this point. I mean is that is to say even those areas that perhaps in the past in terms of location where all that great are they benefiting as well or is this still location location location location location location could be doing slightly better but across-the-board every area is doing phenomenally. Well, it's a case of if your house is stage correctly and is in I guess I say, we're in Show Business and if your house shows well is priced. Well, you should sell it quickly. I would think it would be even easier or you wouldn't have to do quite so much preparation out of cell if you if you were one of those folks who really doesn't want to spend all that time painting and cleaning and so on. Can you just announce to somebody I'm selling my house and and expect to get a lot of money for it. We are in Show Business when you sell your home, I think when you look at who the buyers are in a lot have to income family. So he has a husband and wife both working. Their ideal is to move into a place that looks sharp. That doesn't need a lot of work. It's a perception that you've maintained your home. Well over the years and would be an easy transition for a buyer to to move into so I do think it's still very very important to have your house in spotless condition when you put it on the market that will certainly help the sale of a home but this phenomenon of multiple offers and wedding prices extends Beyond even though the presentation of a home to Quick story some developers. I was talking with I had a subdivision with the average price on the Lots within the division was about 35,000. They sold it out last week $41,000 a lot. So in other words were talking about Builders bidding. Prices for lots to build homes on another quick story HUD home repossession there a wreck they have all need all kinds of work Payne furnaces may not operate how to put a price on the home of 90. Mm. And with most HUD homes, you historically always receive multiple offers, but generally less than the 90 mm HUD wants home sold for 104000. So in other words is this concern for finding housing and the public concern and willingness to bit up prices is extending across even those that aren't presented. Well, WellCare everything know about the real estate market to specifically in the Twin Cities, but really all across the state of Minnesota. If you'd like to join our conversation, give us a call Barbara brenn is with us. She's a realtor with Coldwell Banker Burnet and George Carvel is with us. She holds the distinguish. Chair and real estate at the University of St. Thomas Twin City area number to join our conversation is 2 to 76,000 to 276 thousand and outside the Twin Cities one 802-422-2828 227-6000 or one 800-242-2828. First place has multiple offers on my real estate broker and a lot of times I've been going out for a client has been looking for a long time and a lot of Agents. You home before print and I think it's service to the average consumer a listing agent will have a property sold either through their office or to their own fire and they come off as being is doing a good really good job for their for their client with a seller and they hadn't really given it time on the market 3 or 4 days to get all the potential off. Which may bring in more money but yet they come off is doing a great service for their for their client went all they did is just sell it right away and they didn't give it up before time on the market and I wanted to see what the agent had to say about that and then feed the cats out there. We have to check the computers every moment to see what's new on the market. We try to give our sellers the best service and have it to give it the most exposure but as I said earlier things are wild and they are selling so quickly and it's a tough. To decide. You know, how much exposure is enough if you get a full price offer immediately or you get much higher than your asking immediately. Is that enough in his The Cellar satisfied if they've got a lot of kids in the house do they just as soon have showings over and I think Every agent now is trying to be cognizant of the fact we want to get as many buyers in as we can and sometimes word-of-mouth things sell before they go on the market and but we try to do the best to get everyone in the door of this pressure to make sure that you don't get out bid for a home and let you move quickly. Is there a danger that a lot of people at this point or buying homes of their going to come to regret down the road that they that they actually did move too fast that they should have waited should have looked around a little bit more but we're so afraid of getting priced out of the market that they end up buying a house. They really don't want inflation and housing prices raises. All boats are all Yachts is Warren Buffett said if inflation continues in the economy, even at a 2% rate and that's as low as it's been for nearly thirty years, ultimately know they won't regret it in the short run if they have to Yes, there's always a risk that they've overpaid in their panic and that's something we're sellers and buyers need to temper their judgment and consider weather. In fact, they may be getting more than that. Hold could be re self sold for in the reasonable future but that again depends on what rates of inflation we experience and housing prices this year next year and the year after a little more sophisticated than they used to be and they have seen a lot of property there a certain buyers that have been three involved in three or four or more multiple offers. So they actually have seen what's happened in the marketplace and I'm pretty aware of what's out there and hopefully are making a wise decision for themselves personally. So whatever happens down the roads are happy with their real estate decision when people get involved in these multiple-offer situations, is there a kind of frenzy that sets in an occasion when people start trying to outbid each other and and wake up in the morning. Wishing they hadn't done what they what they just got done doing is that this at it just doesn't take a life of its own on. I think it's the reverse of that. I think if they when they wake up in the morning with regrets when they find they didn't get the homeless that they hadn't been more not whether they suffer buyer's remorse later on or not. I suppose that's a possibility for the one that did get the whole but usually the four or five who did not say that I told you not to give you just hear the conversation or for 199. We have to move up we sold our house. We have no place to go where to put everything in storage Morena your question, please I love North Minneapolis and we found her home for about 12 years. We have an older home there. And my question is do you see what is the inner city of those are home values going up? We do have the city putting a lot of money into the inner city, and I'm just wondering if you can give me any any clue as So that market generally would housing prices are inflating those that are in the best locations. Will experience the greatest price increases but when housing prices are homes are in high demand and housing prices are rising they generally will rise in the inner city as well. Although why not as much again that's going to depend on how much money is poured in by the city weather the problems in the neighborhoods are dealt with it also depends on the style in architecture of the homes that you're speaking about many of them become candidates for purchase and remodeling and a lot of inner-city neighborhoods have been the expression has been gentrified and the housing prices of accelerated in the extreme. Are there many new homes new single homes in Minneapolis and Saint Paul to choose from or if somebody's looking for one of those bait suburbs is almost exclusively available in the suburbs. Yeah for the most part that would be a Suburban Market. There are some new constructions going on and probably more likely in the multifamily housing with a few condo or townhouse projects going out. But if you want a new single-family home chances are you'll be heading to the second tier suburbs even know that's another thing we heard several years ago that these condos and Townhomes. Perhaps weren't all that gray to buy because nobody would want to buy a used one. Are they being swept up in this fast pot Market to if we want to consider what people want to buy? The first desire is for a detached single-family home is removed. If it can't afford that's when we've had high interest rates are the prices of Ben on fordable. The next best choice would be a townhome for the entry is at ground level where there may be a small private that yard in the rear and there's grass in the front there. Typically two-story units third choice would be a condominium when I say, I'm what I'm referring to as a high-rise the idea of being on the 13th floor is not necessarily as attracted to most people as a townhome or is this a detached single-family home with all of its own affordable of the last option of course has rental property. I would tend to disagree just slightly and this is certainly my forte multi-family housing. This is my 20th year in real estate and for the first 10 years work for various kind of Indian developers in the city and it has become a hundred Market probably in the last year or two's and it has been in the 18 years before certainly but with the population growing older Baby Boomers giving up their single family homes wanting a change of Lifestyle. It has been an extremely strong market and this spring we have experienced multiple offers on high-rise Condominiums as well as Townhomes. Just saying someone is it's been in the in the single-family home market like all my question has to do with selling her home. Without an agent like that and I don't blame them but we are selling to move to Los Angeles area. So we feel like we need to keep every time that we can in our pocket and wondering what the market this hard what the wisdom would be installing trying to sell a house by yourself or whether or not agents are mutable to taking a lesser percentage, you know it doing left work or we would like the expertise of an agent to a certain extent but wondering if there's a way to work at both ways your cake and eat it too has work for free. No, they don't know you questions a reasonable one. And as far as needing to hang on to everything you can that's certainly going to be the case. You'll find housing prices in California to be at least double if not more of the price of equivalent property in Minneapolis-Saint Paul. You can always try to negotiate a commission. And that isn't to say that the real some people will negotiate some will not if you want the services of a realtor. You may try to talk to them about what services you want and correspondingly talk about a reduced commission. If you're looking for some lesser level of services and it's simply a matter of talking to the agents themselves will present your offers to the broker some declined to negotiate others are quite amenable to it Barbara. What's your scent sorrow given the fact that it's so easy to sell a house right now are more people trying to do it themselves. They're more than ever and maybe we just make it look easy to to get the house stage to get it priced right to get it the exposure Uniden. We talkin about multiple offers quite a bit today and I think without the Synergy of a real estate agent involved in the real estate Community involved. I'm not saying you at your house won't sell quickly, but To get asking price or more or significantly more I think and if that is the case the agent more than pays for themselves. They are Commission in the seller pays that seller pays buyer. Do they have to pay anything? We're talking this hour about the real estate and the booming a housing market, especially in the Twin City metropolitan area are gas George Carvel who holds of the singles chair in real estate at the University of st. Thomas is with us. She's a realtor with Coldwell Banker Burnet Realty one of the stars at that company and if you'd like to get us a call with your questions and comments the number in the Twin Cities is227 6000 to 276 thousand out side the Twin Cities 1 800 24228 to a next college from Duluth gym. Good morning to your guests feel about de agent selling their own listing to a prospective buyer seems to me it's almost like a conflict of interest. It's like going through a divorce and using the same attorney. Well, this is Agent has an obligation in as much as their license by the state of Minnesota to disclose the fact that they are licensed and entering into that negotiation with the potential buyer in a fact. It's a warning that says look, I'm knowledgeable. I know about real estate and I'm telling you this when I inform you that I am a licensed real estate agent. Then the buyer simply has to decide whether they choose to work with that agent or not in my experience most agents represent their properties fairly and honestly and with there's generally no danger if they fail to make the disclosure there in violation of the Minnesota license law. Calm your next go ahead plays morning. I just wanted to pass along a little bit of advice that we learn the hard way. We bought our house last year and when we chose an agent, unfortunately, we didn't shop around and we chose someone who we had known for quite some time and trusted etcetera etcetera. Unfortunately, he didn't fill out our paperwork very well left a lot of blanks and things like that. My wife and I ended up losing about $3,600 in the deal. He told stories and half-truths and his broker back him up and we did go to court and unfortunately my wife and I lost we have been told by several other people that we should have appealed, but we just We're tired of fighting it I guess even though it seems that Bloomin markets make it a lot easier for people who aren't any good at Selling Houses to sell them. Okay. Well, thanks for call Tom Barbara. You don't fall into that category. Obviously, what should people look for when they go shopping for an agent. How can they be sure that the person they're they're signing up with is a somebody's going to do a good job for him in the real estate business in there is excessive excessive training. Now that goes on even for the newest of Agents it probably if you're looking for an agent someone that kind of keys into the areas that would be somewhat of an area expert of where you want to live could ideally be a very good selection for you so that they know market value. They know actually street names and how to get around if it's certain areas and that could be a very good way. It's a comfort level you've got to trust this person and I think maybe if you feel so inclined to interview more than one it probably might not be to your it may be to your advantage to a potential buyer or seller assumed that everybody has about the same level of expertise in terms of filling out paperwork in the rest. So then it becomes a matter of who's got the better personality and and maybe knowledge of a specific geographic area. I don't think so Gary. That's like suggesting that all Physicians are equally knowledgeable are all attorneys are equally confident. They've all passed the bar exam, but that doesn't mean that they practice law with the same Effectiveness and that's true love real estate licensees as well. I would suggest that if you're going to select a realtor that what you I want to do is approach it just like you would select and any other professional that's a combination of what is their educational background and you haven't right to ask about what that is their experience. How long have you been in the business of what kind of work are they done in this General neighborhood with this type and style of Home references? Ask for references people that have been buyers and sellers working with the agent you're interviewing and call them up and not just one but call several and lastly you're quite right personality is an issue even if confidence is equal in all cases. That doesn't mean that you was an individual can work equally well with just any individual licensee. So you want to choose them by somebody that you feel comfortable and talking with and working with I always recommend that you do multiple interviews and for sellers of homes. One of the easiest ways to do that is to contact several agents may be based on the recommendation of friends. Ask for the market valuation of their home. They will provide that at Will charge and in turn then you have an opportunity to talk to an interview several different sources at the same time as you're getting information on properly pricing your property and then from that you can go ahead and and I take make a reasonable Choice houses are selling like hotcakes. And we thought today would be a good day to find out just what is actually happening out there with the market and to give you an opportunity to get some of your questions answered. So give us a call. If you got a question about the real estate market George Carvel is with us. He's from University of st. Thomas and Barbara brenn is whether she's a realtor with Coldwell Banker Burnet to 276 thousand is our Twin City area number to 276 thousand outside the Twin Cities one 800-242-2828 and we'll get this more callers and just a moment. I'm learning Benson on Monday. It's all things considered feminist Mysteries a Duluth press called spinsters ink takes a different approach to the mystery Market them in his Mysteries may have the time-honored mystery components like corpses and dodgy sounds But the sleuth tends to take a very different approach to solving the crime and life in general that story and the rest of the day's news on Mondays All Things Considered weekdays at 3 on Minnesota Public Radio W FM 91.1 in the Twin Cities. We've been airing a series of broadcasts and stories about to religion and everyday life and that series continues today are mid day program over the noon hour will be hearing from Lynn Neary who covers religion for national public radio, and she'll give us an idea of what does some of the more interesting stories the chisa run across the last few years. So the role of religion in news coverage, you can hear that over the noon hour today part of our midday program major funding for Minnesota Public Radio documentary fund has provided by Phyllis Taylor in memory of Walter stremmel another beautiful day across Minnesota. Great day to do well to go looking for a house or pretty much anything really Hot sunny skies with highest basically 60 to 70° clear tonight with lows upper 20s or 30s sunny and warmer tomorrow highs upper 60s to the upper 70s the Twin Cities Sunny this afternoon with a high in the mid to Upper 60s clear tonight with aloe and do upper 30s, and then tomorrow sunny sky with a high near 70 degrees right now around the area Duluth with a sunny Sky 48° Houghton has a fair sky in 48° Fargo sunny and 58th Sioux Falls fair and 49 St. Cloud fair and 50 Rochester Fair and 48. The Twin City temperature is 51 degrees and skies are fair or talking to her about the real estate market. It's booming and a couple of folks have joined us today who know all about it and are here to take your questions George Carvel University of St. Thomas and real estate realtor Barbara bread who is with Coldwell Banker birr to 276 thousand or one 802-4228. 28 is number to call with your question Jan. Hi, good morning. And thanks for taking my call my concerns a patio home and I did not hear you touch on a dispersed townhome condo rental that type of thing but it is this structure is a four-unit structure developed Corner bases. Anyway, my question concerns the biotic factor in buying one of these units we are being told for this unit. The retail price is $98 and the Buy-Back price would be $93,000 what that means. I can give you some points that were explained. He said if you take the buyout you would pay $93,000 for the home if the home indeed needs to be sold in 3 to 4 to 10 years. You would still receive $93 to $10,000 on resale depending on the market and therein lies. Christian if the market goes up do you get more than 93,000 as a retail price or if it goes down do you get the estimated price at the down price. Let me let me interject information that I can give you a little guidance. Apparently that you know what you said. You can buy the home for 98,000. Whoever is selling whoever holds the title now developer Builder. Whoever that happens to be is essentially telling you that they will repurchase the home within a certain. Of time for $93,000. Should you need to sell it they're offering you some form of guarantee consequently the kind of the question that comes up is what is the financial credit the standing of whoever is providing the grind t for 5 years from now if it should turn out you want to sell that property for $93,000 what meant you don't have to answer this, but what? Makes you believe they have the financial capacity to act on their promise II is is that it sounds like there's enough information in the contract for some contingencies you get $93,000 depending upon what the economy is in rather than having you try to read the contract and have us here to interpret that I would suggest with that complication you had best seek the advice of a competent real estate attorney have them read over these Clauses and explain to you very clearly the conditions under which this buyback offer operates sound reasonable jam it sure does it explains a lot of things. May I ask what in the world is a patio home duplex without a basement to home side by side. And whether each individual and separate living units or you call it a 2 unit condo or a 2-unit townhome would be another inscription you can have four of them. If it up six of them you could have eight of them is a block you're connected together when we talked about Townhomes generally to get to space they tend to be two story and they tend to be like row houses. If you ever seen them in the Baltimore or Philadelphia him--no de Simon side-by-side sort of stacked. The patio homes are a little spread out to tend to be one floor. They tend to be handicap friendly that wider doors roll Hill. How do I say roll bars grab bars in the bathrooms in that that type of thing. I mean they may not as well, but I'm just a different one story to story with basement without a basement. OK Mark your question, please. Certainly and days. What what's the incentive for really paying such a high price for the seller would like to talk about six to seven 8% or whatever seems like is this a time when you could unbundle some of these Services when there's not as much question with the houses Worth or is it by working with a realtor guarantees that you're going to get more than what is that crank the price up so that you are covering that cost? I let him go ahead and answer the question, but she's a realtor and the reactions. I'm not a realtor to let me answer the question maybe have a little more objectivity to it because I think In my personal opinion the services of a realtor well worth the price being paid. There's a number of things are involved. One of them happens to be properly pricing the home one of the greatest risks of an individual selling the home themselves Gary is that they really don't know what the market is. They has their property tax statement. They have their neighbors giving them input. They may read and look in the paper. But the fact is is if I want to look for homes that are below the market price one of the best places to find them is for sale by owners and the other risk is equally as bad because they don't know the market. They overprice it even in a strong Market you can over price of home meaning that it sits there and sit there and sit there until it becomes shopworn and doesn't move. So pricing is one of the creative elements of the broker provide. Another one is knowledge of the marketplace meaning of what they're in a position to advise you as to the reasonableness of the offers you're receiving to advise you not necessarily to it. Except even though you have multiple offers to guide you so that you might wait to maximize the price that would be available to you. I find that Council to be quite advantageous. They scream buyers. I mean if you want to sit home every weekend and evening the answering the phone and showing people through the house many of whom are not for me actually qualified to buy it, but are simply curious for some people Sunday entertainment is going and looking at houses not with the intent to buy but just for their own Amusement the screening process their realtor provides, I think his invaluable simply because I take my time is important not only for work but for recreation and as much as I personally objective pain a 7% commission, I've got to tell you something it's cheaper than what it cost me to commit my time took to achieve the same goal if you want to add something professional serve. Cuz I think it pays for itself. I absolutely think it pays for itself. And in addition to just the presentation in the sales part of it for the most part the real estate agent that you choose will be familiar with your area and there are disclosures and there are inspections and there are regulations for selling your property that you may not be aware of that are a requirement to sell your home and they will be able to coordinate getting all the necessary documentation taken care of absolutely correct cancel seller liability for the failure to disclose material facts that would influence the purchase of the home knowledge of Road improvements knowledge of Assessments different apps are not disclosed effective heating systems has been some serious problems in those instances with from the failure to disclose the effective heating system and I think the realtors in the best position to guy. Somebody to ensure that they're complying with their particular Community suburb or County requirements for disclosure to buyers have lived with a market it being as hot as it is right. Now. How is that affected people's decision as to whether to actually sell their home or to stay where they are in and fix it up and maybe expand it. So do people are people more inclined to stay and fix up their own home rather than wrestle with that. Wild Market out there or are they more inclined to sell and move? I think you've got both cases going on. Some people are choosing to remodel the growth in expenditures for remodeling in the United States is hitting record levels. It's also one of the reasons local company or national company who is local the Home Depot has been so successful the amount of Home Remodeling and Home Improvements taking place has been accelerating part of that is because people have said look, I can't sell my smaller home. It's going to be less costly for me to add on and provide the amenities a new kitchen new bathrooms extra bedrooms that I would like you had on the other hand. There's a significant proportion of that market who is selling selling successfully and moving on to the largest and biggest homes that we built in this country since about 1915 to 1920 Fashion Place. Goodnight, I guess I I just started listening a few minutes ago, and I'm not sure if you cover this or not, but as a buyer would you suggest? Me getting a lawyer on my side throughout the whole process. I know that I have to get someone at the closing, but would you suggest getting someone just for me? Certainly, a real estate contract is a legally binding contract and it does say on every page if you so desire, please seek legal advice. So we never want to say you don't need a real estate attorney yet. However in The majority of the cases the purchase agreement is extremely thorough and detailed about every occurrence that can happen and with a real estate professional helping you, there might be no need to have both a real estate agent and attorney fight as I said, we certainly don't want to say don't have an attorney. I've got to go a little further that Barbara is that you are so easy to believe that everything has been clearly explained in many cases. It has been where have to sign agreements and not read and all the great detail. What our obligations are in the purchase agreement. There is a lot of proverbial small print and personally I don't use an attorney but I'm familiar with real estate transactions and I I suggest for anybody who is not familiar with him and not comfortable with what's going on with the claw. Some of the tourney are relatively nominal to just have somebody review and explain and answer any questions. They may have regarding that purchase agreement, but I would tell you one thing that the attorneys not qualified to do an S to advise you on the price John your question Place. Hi, I recently did and I are home. And as soon as we put the bit in we discovered that there were two other bids and that You know, if you really wanted to be a player the way it was described was we probably have to up our bid to to stay in and I come I've lived in the three other states before I moved to Minnesota and I've always learned that multiple bids simultaneous bids. Are you legal in other states? Is that true in Minnesota? I don't believe it's true in other states either realtor in Minnesota and to my knowledge everywhere else has an obligation to prevent present all Bonafide legal offers to purchase that property you could be selling your home for a hundred and fifty thousand and if I give Barbara a purchase offer with earnest money deposit and I want to purchase it for 75,000. She can look me and say I'm not going to present that offer. That's ridiculous. I'm going to tell Barbara she has a legal obligation to present the offer whether it's ridiculous or not. So what I would tell you when multiple offers come in that Realtor is going to present all of them to the purchaser or excuse me to the South And this and the offers can continue to go in until the seller accepts one here that there are more than one offer. There is more than one offer coming in. She will alert every other agents that they are going to be having multiple offers. They'll be a time and place where every agent will come and present their offer to the seller. So so it's all aboveboard. So everyone is aware of what's Happening whether there's two or four everybody will be aware of it. The seller will review each offer individually and respond to the one that they wish to work with just an aside if you are going to be getting into the house hunting Market it probably is a good idea to get pre-approved for a mortgage because when you're in a multiple-offer situation obviously price term and condition of your offer are very Important and if you already have a lender that is sent you a letter that says you are pre-approved for a loan. It can make the process much easier for you to be maybe the winner in a multiple-offer and it works like an auction then. Well, it's not like an auction you have to understand that the seller is represented by their agents are realtor and that Realtor will advise them as they best see fit. But the decision to accept or not accept any of the offers is the sellers and solely the sellers they could receive multiple offers and decide to accept none of them wanting to wait and see if more come in and a higher price yet can be obtained. They may choose to accept less than the highest price because his Barber indicated perhaps the next load highest price that buyer has a letter of commitment for a mortgage loan. They don't want to accept an offer Gary and then find out 30 days later that the buyer doesn't qualify for a loan. So they may not accept the highest offer but people have to understand is a seller has no obligation. Listen to accept the highest price. There may be other terms and conditions that are involved such as that somebody may put in a certain things have to be repaired. Somebody else made the man that they riding tractor lawn mower be left behind. Somebody else may want to swing set or the curtains these usually involve more than just a straight purchase offer with a down payment on a mortgage that is often other addenda that are associated with that agreement that against the choice. I mean if the seller wants to take makes up the lowest price. It happened not not the Realtors decision in the same things true in the gentleman called earlier was saying well, these homes are being sold before they even reach the MLS. Listen as soon as the offers come the realtor has an obligation resent them. And if the seller chooses to accept an offer before it's reached MLS, that's not the Realtors decision. That's the seller's decision and they have every right to do so, they don't want the real trust no obligation to place that property on the market in delay presentation to purchase offers until such time as this gentleman that called earlier. Thanks that would allow for better Market exposure question. I'm a resident of the Lyndale neighborhood in South Minneapolis, and I bought my home in 1990 and it's that time it was the duplex conversion and over the course of the last eight years my wife and I have re convert it back to single family home have done a considerable amount of restoration replace the roof at the exterior painted it done some work on some rooms on the second floor, but we have yet to do the bathrooms. A realtor who lives in our neighborhood came and said, you know God's G your lease is the market value your place. Once you get all this finished will be about $120,000 and I bought the house for 72. And we have a job offer a possibility in Chicago. They could come through in the next few months. And what I was wondering is if we get this job, what should I do with the house? Should we hold on to it for a year or so to make sure that things go well in Chicago and to rent it out. I'm in somehow maximize its market value and then sell it when we decided we really really want to stay in Chicago or should we sell it when we go what's going to happen to our homestead tax credit those kinds of things. Okay boy, that's really a personal decision. If I knew what the market would be like in real estate a year from now, I would be so Clairvoyant. I would probably not be working anymore cuz I have made so much money. So I guess we can always look at are you going to maximize your sale price today? This is what you would get a year from now. Do you indeed want to be a landlord technically, you should alert the county that you have moved and your taxes would become non-homestead. So your expenses would be higher as I said, it is a question to do you want to be a landlord? If you do think you are going to be back in a year is this where you'd like to live a year from now to so it it's I would say sort of a more personal decision. Then it is a financial decision because we don't know what next year will bring your question. Yes. We're in a 45 year old home in a Northern suburb that has built up around us with very nice homes in the last 15 years when we think of selling now as we get older we have only a single bathroom in our house a single under house garage and we still have a well and I'm Wondering how negative these things are in in the sale of our home in this neighborhood that has you know, two and three car garages and double bass Although our house is every bit as well kept in and updated in every other respect. If I'm looking for a two car garage in multiple bathrooms and I like chlorinated City Water. I would say it's all very negative on the other hand if what I want is a smaller home with a single bath and all I needs a single-car garage and I like the idea that I have my own water supply and and water the lawn or used as much of it as I like. It's all very positive. It's neither good nor bad. It's just that you fit in a particular Market category you appeal to a buyer to who those things are not advantageous May. In fact be viewed advantageous lie about a timer. Mike go ahead High. I've got an older House in South Minneapolis opposite sitting vacant now and it's a nice house except for the kitchen and the bathroom need to be remodeled. Is it worth my while to invest the time and the money and remodel those bathrooms just to sell the house, you know remodel those rooms just to sell the house or is it more frugal and smart to just sell it as it is and and and I'll take the difference. I guess my gut reaction is if it's clean and in or if you can just clean it up and make it well presentable yet. It might be better to take advantage of the market. Now then to go to the work and expense of of remodeling it and maybe I'm going on in the fall and then we don't know what the fall market will bring and then you're second-guessing what you're updating for someone else anyway, and your choices may not be the new buyers first choice and what they would do for their own remodeling job right now. I couldn't possibly be any any livelier it can get Lively or that's for sure that the Lively or it gets the greater the likelihood of Federal Reserve action to raise interest rates to slow. The economy down consumer confidence is at the highest levels that we've had in many many years unemployment is at the lowest levels in many many years. All these things are foretell at some point of a need to slow the economy down so I would like to see them get a whole lot better be nice if they could just stay where they're at Barbara. What's your best guess how you been in the business for a long time and what you're reading the frenzy being quite this great for from January till and we're almost in May so it's it's it's been extremely busy. And as I said, I can't remember that happening before so I guess my take on it was if you are thinking and wanting to be a seller now would be the time to maybe be a seller when inventories are low and demand is high and Down the road. We'll all hope for the best that I can stay this good throughout the year for coming in and real estate at the University of st. Thomas and st. Paul Barbara brenn going just this hour. She's a realtor with Coldwell Banker Coldwell Banker Burnet Realty one of their top sales agents these past several years and we appreciate all of your calls will continue with midday in just a moment. Sometimes it's all a matter of semantics. I don't think I said people of all Races. I think there was a, in there just like you, didn't come over on Me on the radio. I Talk of the Nation we examine issues II problems and occasionally learn a lesson in humor. No grammar. Test required. I'm your host Ray Suarez. Join me for Talk of the Nation from NPR news. Talk of the Nation begins at 1 here on Minnesota Public Radio National Public Radio is Lynn Neary will be along over the noon hour talking about her work as a religion reporter for National Public Radio time now for Garrison.