Your National Resource For Duplex Ownership

National Resources for Duplex Owners

Welcome to DuplexChick, your online destination for duplex ownership information.

Whether you're thinking of buying your first duplex home, or an experienced investor looking to sell, DuplexChick can provide you with up-to-date market information, tips on investment property ownership, and when youíre ready to buy or sell, help you find a Realtor who specializes in these unique properties right in your area.

Considering Buying? See how a duplex specialist can help you get a better deal

Considering Buying?

While every Realtor can sell you a home, not every agent can do the necessary financial analysis to find a duplex that is a good investment. Click here for a neighborhood duplex specialist who can help you meet your financial goals.

Sign Up For Our Free Duplex Buyer's Guide

Considering Buying? See how a duplex specialist can help you get a better deal

Considering Buying?

Unlike single family home owners, duplex owners facing foreclosure must also contend with potential tax consequences. Whether you are an owner occupant or duplex investor enduring the stress of being behind on mortgage payments, or needing to sell even though you owe more than your duplex is worth, a short sale can help reduce damage to your credit and tax obligations.

During this stressful time, let one of our Realtors who is an expert carry the load.

Thinking of Selling?

What If I Need To Sell? Regardless of market conditions, learn the tips and tricks to maximize your equity!

Sign Up For Our Free Duplex Seller's Guide

Kari Lundin, Keller Williams Realty Integrity

7401 Metro Blvd Suite 350, Edina, MN 55439 tel. (612) 290-5998

Featured Articles

Where To Look For The Best Rental Returns 04.16.14

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return on investmentLate last month the real estate information company RealtyTrac published a report detailing the best and worst markets in the nation for rental returns.

Their measure of gross rental yields was determined using the median sales price for over 1500 counties in the nation, and the average fair market rent for a three bedroom home for 2014 as determined by the Department of Housing and Urban Development (HUD).

That fair market rent was multiplied by 12 months, then that total was divided by the media sales price in each county.

Wayne County, Michigan– home to Detroit, topped the nation for highest rental returns with an estimated yield of 30 percent.

Of course, the higher the risk, the higher the reward. And Detroit’s lingering economic doldrums may make it difficult to fill rental vacancies.

New York County, New York (home to New York city) had the worst rate of return in the nation at just three percent.

In the Twin Cities, the seven county metro area seemed to hover at yields of 7-8 percent.

That’s still a pretty good return compared to a savings account.

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Minneapolis Duplex Market Reverses Itself 04.15.14

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blipOK, I’m officially going to call it a blip.

For months now Twin Cities duplex sellers with equity in their properties have dominated every category of duplex sales.

For the week ending April 5, 2014, however, they slipped ever so slightly.

Last year, traditional duplex sellers had 59.1 of the sales that pended the first week in April. This year, they finished with 57.9 percent. Granted, it’s a small decline, but it is nonetheless a reversal of the trend of the last 12-18 months.

As always, a higher percentage of bank owned or mediated sales leads to lower sales prices. This held true in early April as well, when the average off-market list price was $163,658; down slightly from the week last year’s average sales price of $164,508.

Before we all worry that the sky is falling, it’s important to note there is absolutely no statistical evidence of an increase of foreclosure activity. It is more likely a simple anomaly we won’t see again.

Evidence of this may be found in the 82.14 percent of the new listings for the week that are being offered for sale by traditional sellers. They, coupled with newly listed distressed properties, brought 28 new duplexes to the market. This was down one from last year’s 29; 58.6 percent of which were listed by equity sellers.

The single family home market finally saw a slight increase in new listings; up 6.1 percent from the same week in 2013. However, it’s important to note that pending sales decreased as well, dropping 7.1 percent.

In March, the Median Sales Price for Twin Cities homes was $190,000. This was a 7.6 percent increase over last year.  On average, listings spend just 95 days on the market, and sell for 95 percent of what the price they were put on the market for.

In other words, in spite of our statistical blip, it remains a seller’s market.

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Some Realtors Are Liars 04.14.14

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Young woman making a lie with long noseIf you want me to tell you what your duplex is worth, I will tell you the truth.

If you want a Realtor to tell you what you wish your duplex was worth, it isn’t me.

But there are plenty of agents who will.

The market determines the value of your duplex. Not you. Not me.

It isn’t worth the total of what you have in to it. Or what your friends tell you that you should be able to get based on what they’ve seen for sale in the neighborhood.

Single family home sales have little to nothing to do with duplex values.

And any Realtor who goes along with your hopes or friends opinions of value without market data to back it up is lying to you.

In the real estate industry, what they’re doing is called “buying a listing”.  They’re telling you what you want to hear, knowing full well that at some point, you will finally realize through either a lack of showings or a sale that the property is simply overpriced.

And they hope at that point, you’ll see the light and agree to lower your price.

There wouldn’t be anything wrong with this if it weren’t for statistics from the National Association of Realtors that sellers who price their properties correctly from the start ultimately net more money thanks to immediate influx of buyers waiting for inventory to come on the market.

When a property is for sale for an abnormally long period of time, it leads buyers to believe there’s something wrong with it.

And, just like new technology at an electronics store, they will wait until it goes on sale to either look at it or buy it.

Ironically, had that new gadget come on the market near their price range to begin with, they would have looked at it and perhaps, even found a way to pay a little more. This is especially true if it was the only one on the market, with multiple buyers vying for it.

So, in the end, the Realtor who agreed to your price not only lacked integrity, but ultimately cost you money.

And wasn’t money the reason you listed with him in the first place?

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