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 youĂ­re 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

Why Higher Rent Could Mean Higher Interest Rates 09.25.15

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Washington, DC - Federal Reserve HeadquartersFederal Reserve Chairwoman Janet Yellen caused a bit of a stir the other day when she indicated the Fed will likely be raising interest rates by the end of the year.

While the Fed’s short term rate (the one that makes the news) has some impact on mortgage rates, it isn’t the only factor. In fact, mortgage rates are just as tied to the rate of inflation, the budget deficit and debt, household savings, how much money is being printed and the government’s willingness to insure mortgages.

In a recent column in Forbes magazine, by National Association of Realtor’s Chief Economist Lawrence Yun, mortgage rates may hit 4.5 percent by the end of 2015, and in the next two to three years, rise to 5.5 or 6 percent.

This may be impacted, however, by a sudden rise in inflation. Things that contribute to inflation are housing shortages, which force rent prices to rise, and owner-equivalent rent, which is a comparison of the cost of owning the property you live in vs. what it would be worth as a rental. Those two factors alone count for 30 percent of what the government uses to calculate the Consumer Price Index.

And unless homebuilders start new construction of housing for the growing population and banks start easing lending criteria, rents are sure to rise.

While rising interest rates may impact duplex investors ability to borrow inexpensively and maximize cash flow, it’s important to remember rising interest rates are also the result of an improving economy. And that’s never a bad thing.

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Minneapolis Duplex Sales Head Toward Fall 09.17.15

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Minneapolis Duplex SalesLet’s get back on track this fall by taking a look at what happened in the Minneapolis and St Paul duplex market the last week of August, 2015.

There were 25 duplex, triplex and fourplex sellers who accepted purchase agreements during the week. As you may have heard, our market has decidedly shifted toward traditional sellers, and this was the case here too. Seventy-five percent of the owners have equity in their properties they will take home from closing.

There were just 12 pended sales last year during the same week; most likely as Labor Day fell earlier. Of these, 83.3 percent had equity in their properties.

For buyers, there were 26 new listings during the last week of August in 2015 to choose from. Seventy-six percent of the sellers will not have to consult with a lender in order to receive permission to sell. Last year, there were just 9 new listings. All of those sellers had equity in their properties.

As we get deeper into fall, and past the threat or reality of changing interest rates, we will be able to get a better idea as to where the Minneapolis duplex market stands.

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The Real Costs Of Selling Your Duplex Yourself 08.24.15

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Sell Your Duplex YourselfBy now, you’ve probably heard it’s been a little bit of a duplex sellers market.

And perhaps you’ve been thinking if duplexes are selling so quickly, maybe you could try selling it yourself.

Many duplex owners would like to “save the commission” charged by Realtors. After all, an average commission may run around 6 percent. On a $200,000 house, that’s $12,000, right?

You may even have heard there are services out there that, for a fee, will help you get your duplex on the multiple listing service (MLS), and help you on an a la carte basis.

This is true. But have you ever totaled all their fees and charges up? Let’s compare an average Realtor’s commission, with the cost of selling it yourself.

Here in the Twin Cities, there’s a service that has a sliding scale for “For Sale By Owner” services. To put your property on the MLS, enter the description, “share” it with top websites (which the MLS shares automatically) and upload six photos to the MLS, this company charges $399.

$12,000 – $399 = $11,601.

Now, if your property is on the MLS, then you are advertising for agents to bring buyers. If an agent does, then their broker expects you to compensate them for helping sell your house. On average, the payout for a buyer’s agent’s commission on the sale of a $200,000 house is $5,400.

$12,000- $399 – $5400 = $6201.

Now let’s imagine you want a few more photos on the MLS, and even 25 color brochures, a yard sign, and some open house signs. For that, the service will charge you $698.

So, $12,000 – $698 – $5400 = $6102.

Better yet, let’s imagine you want a lockbox, signs, twice as many brochures, a professional photo shoot, listing in the open house directory and even a duplex market analysis. How much is that? $2895.

$12,000- $2895 – $5200 = $3905.

So, in exchange for doing all of the leg work yourself to sell your duplex, you save $3905. That’s pretty good, right?

Absolutely, except for two key points.

1. If your duplex doesn’t sell, you paid $2895 for nothing. An agent and all the services he or she provides is absolutely free to you until your property sells. No upfront money to take out of your savings account or add on to your credit card.

2. One of a Realtor’s most important jobs is to negotiate on your behalf. As an experienced agent, I am confident I can negotiate $4000 more for your duplex than you can pocket on your own. And if I don’t, you don’t even have to pay me for it.

According to a National Association of Realtors survey, in 2013, only 9 percent of all houses sold with the owners selling it themselves. These properties typically had a lower median selling price. In fact, it was 13 percent lower.

Have you ever tried to save a little, and it ended up costing you a lot?

This could too.

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