Friday, August 21, 2015

Moving, Millienials and Multiples—Buying is Not So Easy



Earlier this week I received a call from my electrician. I wasn’t surprised by the call since we have an open permit on work he completed a few weeks ago. But things have been crazy busy in real estate for me as well as construction for his business so it hasn’t been a priority.  Interestingly, the call had less to do about my electrical job and more to do with my real estate expertise.

 It turns out that his twenty four year old son is buying a first home and after being in the fourth multiple-offer situation in less than a month, my electrician was wondering if this is normal. His son’s price range was very low as is the case with many younger, millennial buyers and he was looking for something “move-in ready” too.  So yes, it is an extremely very common predicament in the greater Minneapolis/St Paul real estate market.


Right now there is kind of a perfect storm of demand for homes under $150,000—and in some neighborhoods of $200,000, $300,000 and more.


Housing Inventory is Down

  • Rising rents—An average of 15% across the country between 2009 and 2014
  • Low interest rates—Rates remain around 4%
  • Construction investors—Planning to refurbish and flip
  • Real estate investors—Planning to refurbish and rent
There has always been a demand for lower priced homes in the Twin Cities. Especially the ones that are move in ready.  These are the ones with “good bones” ; i.e. structurally sound but might need minor elbow grease and cosmetics. 

But as rents rise, so does interest in purchasing a home.  A recent article questioned whether millenials are too scared to own a home; I find in Minnesota, this is to the contrary. Many millenials are starting to ask the question, “Should I make that purchase after all? It will be cheaper than renting.”  I have spoken with several 20-somethings who are starting to think trading off the option of mobility for more cash in the wallet might be a good plan.  But, they are going to have to pack their patience and be ready to write an offer on the spot for the best houses. And, they will have to keep that signing pen at the ready too because they probably won’t get the first home they write on. The demand is HUGE for lower priced properties with “good bones”.


There are ways to write a standout offer in a stack of multiples and I share these tips with buyers I am representing. Contact me for more details.


Need to know more about buying or selling a Twin Cities home? Let me be your professional guide. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2015 www.terieckholm.com

Wednesday, August 12, 2015

Summer’s ending—Is there still time to sell my Minnesota home?



August is a time for endings and new beginnings. The last summer barbeques are being scheduled for the upcoming Labor Day holiday and plans are being made for the new school year. No one is thinking of moving in the Minneapolis/St Paul area, are they?

This is a common misconception of Minnesota home sellers. Often they think they “missed out” on the busy season in real estate by late summer. But surprisingly, listing a home in late August into September, and even October, can be a very wise decision indeed.


June and July are busy months for many things, including vacations. Many homes listed during this time have lingered on the market, partially due to there being an influx of listings at this “good” time.  Not all home buyers need to work around a school schedule but are very busy in the summer months. They want to move before the snow flies so they really get busy looking for homes in the late summer and fall. 


I have watched this trend for several years now. The market seems to pick up a bit just after Labor Day through mid-November. It cools off again over the holidays due to busy schedules, but it homes don’t completely stop selling either.  The traditional theory of listing a Minnesota home in May-June to get the best price is simply not true. Homes do sell year round and the fall colors can be a huge boost to your curb appeal too!



Need to know more about buying or selling a Twin Cities home? Let me be your professional guide. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2015 www.terieckholm.com

Thursday, August 6, 2015

Being a REALTOR Blogger--Sharing in Person Instead.


This past week clients of mine celebrated the 8th birthday of their daughter. This was significant to me because they closed on their home the day after she was born. Yep, dad left mom at the hospital to do the final walk through and picked them up in time for the closing. It was a very eventful few days for the family.

I also remember this family as the first to contact me via my blog. I started blogging about 3 months prior to getting their phone call asking for help with a purchase. It was eye-opening. So few real estate agents were blogging at the time that my posts really stood out. I wrote about the north and east Twin Cities metro...and they really wanted to move out to this area. So they found me.

That was nearly 9 years ago now. Blogging is now an almost required part of real estate marketing which does make it much more difficult to stand out. There are so many blogs that people have a hard time finding one that is authentic. That is all the posts are really written by a person who sells real estate and shares their knowledge via their blog. Many agents just repost writings from another source or have a social media savvy assistant write up a daily/weekly article.

I haven't been posting as often. I do write my own posts so sometime I get busy selling real estate and don't have time to write. But that doesn't mean I am no longer interest
ed in helping people buy and sell homes. It just means I don't have as much time to share my experiences and knowledge via the internet....I'm sharing in person instead.  

Need to know more about buying or selling a Twin Cities home? Let me be your professional guide. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2015 www.terieckholm.com

PRICE DROP on Vintage Triplex! 1225 2nd St S, Stillwater MN

Welcome Home! 
1225 2nd St S, Stillwater MN
Attractively Priced at:  $ 349,900 Now $299,000

3BR/4BA/3Car Turn-of-the-Century Gem!




Updated inside & out this unique turn-of-the century treasure in the desirable South Hill neighborhood of Stillwater has been re-imagined as a triplex but could suit the needs of a single family too. With 2 spacious main floor bedrooms, a update/upgraded full bath on main, updated kitchen, 3 season porch, main floor family room & 2 in-law apartments, this is the perfect owner occupied rental. This lovely home is walking/biking distance to shopping, parks & restaurants in historic downtown Stillwater and the St. Croix River.

  • Upgrades Throughout!—Charming home on corner lot with updates & upgrades throughout! Much larger than it appears with 3700+ Finished Square Feet!

230th St Lane

  •  Move in Ready & One level main floor living!—High ceilings, Original woodwork, new carpet and freshly painted walls on main floor. Master suite plus 2nd bedroom. Main floor family room, dining room, living room & traditional 3 season back porch. Upgraded bath with whirlpool & separate shower too!

  • Kitchen on main floor just updated with new counters, sink, faucet, flooring, paint & stainless steel appliances.

230th St Lane

  •  Upper level 1 BR  Apartment --Loads of storage & charm! Full kitchen with new flooring. All appliances included. Spacious loft living area, 3/4 bath and good sized bedroom.


  • Studio in lower level --Separate entrance off driveway & spacious layout make this a great rental opportunity or location for a home office.

  • Huge 3 Stall Heated  Garage—Oversized garage and cement driveway allow for plenty of off street parking and even room for a boat or ATV storage. 230th St Lane
  • Recent Updates include—Water Softener for main floor NEW in May 2015. NEW roof w/architectural shingles 2010.  Exterior & interior of main floor painted May 2015. NEW main floor kitchen appliances May 2015. New carpeting in main level May 2015, New flooring main & upper kitchen May 2015.
 

Great Location! Just minutes from Historic downtown Stillwater and lift bridge over the St. Croix River. Easy commute via Hwy 36 to either downtown St Paul /35E or Minneapolis/35W. Walk/bike to parks, shopping, restaurants and more!

Need additional information on how to buy this beautiful home?


Teri Eckholm REALTOR® with Boardman Realty 

Need to know more about buying or selling a Twin Cities home? Let me be your professional guide. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2015 www.terieckholm.com

Wednesday, July 15, 2015

Free Money? Not Really--The True Story of Seller Paid Closing Costs


It is a very exciting day! You've just met with your loan officer and are pre-approved for your first home loan. You are ready to start shopping! You are certain you have enough money in the bank for your down payment. After all, your loan officer said, the seller will pay your closing costs, so you're covered right? 

Well, not so fast! It's not like sellers are handing out free money. So what's real story?

When a home buyer writes up an offer for a home, they can ASK the seller to pay closing costs up to a certain percentage allowed by the loan program. But the seller does not have to agree. If they do agree, it is like asking the seller to reduce their price. 

For example, if a buyer writes an offer of $200,000 on a home listed for $200,000 and requests the seller contribute $5000 to their closing costs, it is not a full priced offer. The seller will only get $195,000 for the sale. 

This is very important for a first time home buyer to understand when negotiating a home purchase. Starter homes in the Minneapolis/St Paul area are being snapped up very quickly. Most homes listed under $200,000 will have multiple offers shortly after hitting the market. If in a multiple offer situation, you need to write an offer that is attractive to the seller. Sellers do not want to give away money to you or anyone else. However, sellers do pay reasonable closing costs for buyers all of the time. It is all part of the negotiations.

Need More Tips on How to Write an Offer on YOUR First Home? Let me help! If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2015 www.terieckholm.com

Tuesday, July 7, 2015

How Do I Sell My Hugo Minnesota Home?



Are planning to sell your home in Hugo, Minnesota soon and need more information on where to start? 

When you need to sell a home in the Hugo area, I will help you get the process started quickly. My innovative marketing and top notch negotiating skills will get you the best possible price too.  A market analysis by a professional REALTOR® is your first step in the process.

The Hugo market is HOT! Home buyers are looking for homes right now because inventory is extremely low in the north and east Minneapolis/St. Paul metro. Since June 1, 2015, 19 homes went into pending status and 12 homes have sold in Hugo. Homes listed in the 55038/Hugo area sold quickly too with in an average 27 days on the market. Prices ranged from the affordable townhouses to the high end, newly constructed acreage estates.

For additional information about working with me, visit my website and read testimonials from past satisfied clients. Or better yet call me, Teri Eckholm/Boardman Realty 651-336-7073 and arrange a no cost/obligation market analysis on your home today.

FYI-- I do answer my own phone so when you call, you will be talking directly to me!


(Sales statistics from Northstar MLS/Minnesota real estate listings as of 7/7/15).


Need to know more about buying or selling a Twin Cities home? Let me be your professional guide. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2015 www.terieckholm.com

Friday, June 26, 2015

Ten Reasons STILLWATER, MN is a GREAT Place to call HOME!


Living in Stillwater Minnesota just sounds peaceful, doesn’t it? The city was named for the still waters of the St. Croix River that separates Minnesota from Wisconsin and has roots deep in Minnesota history. In fact, Stillwater is often referred to as the birth place of Minnesota.  Those deep roots are just one of the things that drawn over 18,000 people to life in this historic community.

Here is a top ten list of reasons why this Stillwater is such a great place to live:


#10-Antique & Eclectic Shopping. An afternoon stroll down Stillwater’s Main Street is full of eye candy! With dozens of shops with unique and antique wares, it is like visiting a museum or history center but with price tags! 


#9-Local Police and Fire. The city is proud to have its own police force as well as a professional fire department with full time firefighters on staff providing protection to over 60 square miles of the greater Stillwater community.


#8-Community Schools. Go Ponies! Being #1 means much more in Stillwater School District #834. The very first Minnesota school was constructed in Stillwater in 1848; one year before Minnesota became a territory.  And just two years later, Stillwater was the very first school district too. Today the district has expanded to 10 community based elementary schools, 2 junior highs and one high school.  It encompasses 150 square miles and serves 18 communities along the St. Croix River.


#7-Parks, Playgrounds and Trails. "Where can I play?" With 37 playgrounds, parks and trails located throughout the community, this is hardly ever an issue for residents in Stillwater.  The adorable Teddy Bear Park is a favorite summer spot for the 7 and under crowd.  There is a skateboard park and dog park too. No one is left out, young or old.  


#6-St. Croix River and Ariel Lift Bridge. Stillwater, MN made Forbes magazine as one of the “Top 10 Prettiest Towns in America” and residents agree. The St. Croix River, Lowell Park and the historic Ariel Lift Bridge is a wonderful view from shore walking or biking or a relaxing riverboat ride. While the adventurous might try a jump on a paddle board, kayak, Segway or hot air balloon to explore the sites.


#5-Historic Caves. Step back into the 1800’s on a walking tour of the Joseph Wolf Brewery /Sandstone Caves. The tour is full of history and a little mystery located right downtown at the Luna Rossa Trattoria & Wine Bar.


#4-Local Hospital. Most suburban residents have a bit of a drive when there is a medical emergency but not the residents of Stillwater. Lakeview Hospital , located in the heart of the city, is a full service hospital with 24/7 urgent and/or emergency care.


#3-Conveniently Located.
Just off Hwy 36 and east of the St. Croix River, it is a short commute to either downtown Minneapolis or St. Paul.


#2-Eclectic Options for Living. Whether you want the convenience of a low-maintenance condo with a river view, a historic Victorian up on the hill or a single family home in a newer development, there is a plethora of options in Stillwater.


#1-Friendly People.
The number one reason for living in Stillwater is the welcoming community atmosphere. Isn't that what most people search for in a place to call home?



FEATURED STILLWATER LISTING:


1225 2nd St S, Stillwater MN

Tuesday, June 23, 2015

What Makes a GREAT Multigenerational Home?


When I started in the real estate business over 15 years ago, my very first clients was young couple with 2 school aged daughters looking for a home that could accommodate the girls’ grandma living with them.  They wanted an “in-law” suite which was very hard to find at the time because few single family homes were designed for multigenerational living. 

In the past few years, this is a much more common request. Many of today’s home buyers look for housing to accommodate two, three or more generations in one home. Not only do they want to bring aging parents/grandparents into the home, some families have grown children back from college or with children of their own, moving back to the family home to reduce expenses or have more childcare options. Siblings, cousins, aunts, uncles and other family members chose to buy a first home together to share expenses. (Think of the popular TV show, Mike & Molly). There are a plethora of reasons for multigenerational living but what should a home buyer look for when shopping?

Privacy—Everyone needs their own space. Having multiple family/living rooms as well as bedrooms is the ideal way allow some much needed privacy for individual family members.Separate kitchens, bathrooms & entrances make life less chaotic when family members have different schedules.


Accessibility—Older generations in the family might require one level living or options with minimal stairs in the home.  A main floor laundry, kitchen, bathroom & bedroom might be required.  Accessible doorways and hallways that accommodate wheelchairs and/or walkers are also something to consider. Minimal stairs into main floor is ideal.


Open Floor Plan—An open floor plan is desirable for times when all generations gather together. 


Affordable
—With housing prices on the rise, it is essential to consider the long term plans of each member of the family and budget for changes to the situation in the future.


Featured Multigenerational Listing in Stillwater Minnesota

 

1225 2nd St, Stillwater MN


Need to know more about buying or selling a Twin Cities home? Let me be your professional guide. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2015 www.terieckholm.com