Saturday, January 20, 2018

White Bear Lake MN | 2018 Housing Market Update Snapshot of Home Sales Statistics





The housing market in White Bear Lake, Minnesota is booming. This northeast suburb of the Minneapolis/St. Paul metro area had less homes list but almost an equal number of sold in the year over year statistic from 2016. The effect on average price was a solid 4.5% increase. While not as impressive as the 8.8% increase the previous year, this was none the less a sign that home sellers in  the White Bear Lake housing market is still remain in control when negotiating. In 2017, White Bear Lake homes sold for an average $245,347 and an average price per square foot $141/sq ft. Homes were selling at a faster pace in 2017 too, It took an average 43 days to sell in the city of White Bear Lake this past year. Sellers are in a strong negotiating position and offers are being accepted very close to the listed price. Last year sellers in the White Bear Lake area received an average of over 98% of asking price.

As we start 2018, housing inventory levels are very low for homes in the White Bear Lake area so it remains a seller’s market, giving the negotiating advantage to a home seller. With continued low interest rates, home buyers seeking their dream homes have started very early this year and homes listing now are getting showings and offers. Home owners wanting to take advantage of this strong market might want to list asap. There is a huge demand for affordably priced starter homes in the White Bear Lake Area! With home inventory is low, the negotiating edge goes to the seller but as more homes list in the spring, the market will level out a bit as we go toward summer.


 
Need more information on the White Bear Lake housing and real estate market?  Message Me on Facebook






READY to Make YOUR Move? It IS essential to have a knowledgeable agent at your side. 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 at 651-336-7073 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 2018 terieckholm.com


Thursday, January 18, 2018

Twin Cities North and East Metro | Wondering If You Can Buy Your First Home?

 

Are YOU facing the home buying dilemma? When is the right time to buy a first home in the North and East Twin Cities Metro? Funny thing is, there is no right answer. We are fortunate in the Minneapolis St Paul area. Homes are affordable for both single people and couples. There are abundant down payment resources available for Minnesota home buyers too. 

Today I would like to talk more about the topic: Wondering If You Can Buy Your First Home?

There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family, others might think they are too young, and still, others might think their current income would never enable them to qualify for a mortgage.
We want to share what the typical first-time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & Sellers. Here are some interesting revelations on the first-time buyer:
Wondering If You Can Buy Your First Home? | Simplifying The Market

Bottom Line

You may not be much different than many people who have already purchased their first homes. Let’s meet to determine if your dream home is within your grasp.

Source: KCM Teri Eckholm Blog

 

READY to Make YOUR Move? It IS essential to have a knowledgeable agent at your side. 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 at 651-336-7073 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 2018 terieckholm.com

Monday, January 8, 2018

Real Estate Word of the Day: What is a Buyer's Agent?


Buying a home is not an every day event. The average person purchases real estate once every eight years .Whether you are a first time buyer or someone who hasn’t purchased a home for several years, sometimes a refresher on real estate terms can be very helpful. I often notice my Minneapolis/St Paul buyers (and sellers) with a glazed look on their face when certain terms come up so I thought an online real estate glossary would be helpful. The real estate term for today is:

Buyer’s Agent An individual contracted by the buyers to represent them in the purchase of their home.

When buying a house, the home is listed by a broker or company. The REALTOR® that lists the home is the listing agent for the home and is under contract with
fiduciary duties to the seller. When a buyer calls on a sign or enters an open house, the information they provide is shared with the seller because the listing agent is required to disclose all information to their client.

A buyer can have their own representation when purchasing a home. They do not have to work with the listing agent. In fact, almost all of the home buyers I have worked with prefer to have their own agent working on their behalf. If a buyer signs a contract to work exclusively with a specific REALTOR® that agent will work on behalf of the buyer to get the best deal while keeping all their client's private information confidential. As a buyer’s agent, I can show my clients any listed home in the Twin Cities metro. Best of all, it doesn’t cost anything additional to retain your own real estate agent when purchasing  because the fee is paid for by the seller of the home with a shared commission.


REQUEST A FREE HOMEBUYER'S GUIDE

 
READY to Make YOUR Move? It IS essential to have a knowledgeable agent at your side. 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 at 651-336-7073 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 2017 terieckholm.com


Tuesday, November 7, 2017

Twin Cities North and East Metro | Thinking About Buying? Know Your Credit Score



Thinking About Buying? Know Your Credit Score | Simplifying The Market
Buying a home in the Minneapolis St Paul area is much easier than in other areas of the country. Why? Affordability. I have had first time home buyers in the North and East Twin Cities Metro as young as 18 years old who made the leap into home ownership over the years. All of my young home buyers retained and improved their investments. But the first step in any real estate investment requires a hard look at numbers. 

Today I would like to discuss the topic: Thinking of Buying  a Home? Know Your Credit Score.

Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.
Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.’
Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for improving your credit score:

  • Make payments, including rent, credit cards, and car loans, on time.
  • Keep your spending to no more than 30% of your limit on credit cards.
  • Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
  • Check for errors on your credit report and work toward fixing them.
  • Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
  • Work with a credit counselor or a lender to improve your score.
Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.

  Source: KCM Teri Eckholm Blog


READY to Make YOUR Move? It IS essential to have a knowledgeable agent at your side. 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 at 651-336-7073 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 2017 terieckholm.com

Friday, October 20, 2017

What is Your Story?




A relative of mine recently spent some time in a transitional care facility. This is not a fun situation of course but often a necessary step in recovery.  She said her favorite pastime was to ask the other transient residents at mealtime to “Tell me your story.” It was a distraction from their situations and often they found common ground that they walked upon at one time or another in the Minneapolis/St. Paul metro area.

As a REALTOR® I don’t always have an opportunity to hear my clients’ whole life stories, though while working with them, bits and pieces come out.  Some of them are funny, many are melancholy and most cannot be repeated without breaking my fiduciary duties to privacy. However, there is one common thread. House buying and selling is very personal. While at the core, it is a business transaction, the personal element cannot be ignored.  I try hard to remember this. Based on testimonials from my past home seller’s, I think I do a pretty good job of respecting their memories.  I, likewise, feel honored to be a part of my new home buyers as they write a new chapter in their life story.  And I always work for the happily ever after ending. 


READY to Make YOUR Move? It IS essential to have a knowledgeable agent at your side. 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 at 651-336-7073 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 2017 terieckholm.com


Thursday, October 19, 2017

Blaine MN | Millennials Flock to Low Down Payment Programs

Millennials Flock to Low Down Payment Programs | MyKCM

We are fortunate in Minnesota and the Twin Cities to have a number of down payment resources available to first time homebuyers. In particular, buyers considering the Blaine 55449 zip code can find programs in not only the State of Minnesota but throughout Anoka County too. In other areas of Minneapolis/St Paul there are similar opportunities. 

Wondering if there are funds available for you? Find out now using this tool to check for down payment funds available for your situation. Not a millennial? No problem. This tool is for all generations.

Today I would like to discuss a bit more about how Millenials Flock to Low Down Payment Programs


A recent report released by Down Payment Resource shows that 65% of first-time homebuyers purchased their homes with a down payment of 6% or less in the month of January.
The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings from December.
An article by DS News points to the new wave of millennial homebuyers:
“It seems that the long-awaited influx of millennial home buyers is beginning. Ellie Mae reported that mortgages to millennial borrowers for new home purchases continued their ascent in January, accounting for 84 percent of closed loans.”
Among millennials who purchased homes in January, FHA loans remained popular, making up 35% of all loans closed. Ellie Mae’s Executive Vice President of Corporate Strategy Joe Tyrrell gave some insight into why:
“It is not surprising to see Millennial borrowers leverage FHA loans because they typically offer lower down payments and lower average FICO score requirements than conventional loans. Across the board, we're continuing to see strong interest in homeownership from this younger generation.”

Bottom Line

If you are one of the many millennials who is debating a home purchase this year, let's get together to help you understand your options and set you on the path to preapproval.

 Source: KCM Teri Eckholm Blog


READY to Make YOUR Move? It IS essential to have a knowledgeable agent at your side. 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 at 651-336-7073 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 2017 terieckholm.com

Thursday, October 12, 2017

Blaine MN | A Tale of Two Markets...or Three


A Tale of Two Markets: A 6-Month Update | Simplifying The Market

Blaine, MN | A Tale of Two Markets...or Three


While it is said that all real estate is local, the market in Blaine, Minnesota is following a pattern seen across the country, there is a discrepancy across markets. There is a continued lack of inventory in the starter homes while in high end homes there is an abundance. 

One difference I am seeing in and around the greater Blaine 55449 zip code is that there is a bit of a leveling off of the mid-range or move-up homes sales as the market seems to be come a bit more balanced for this price point. A quick look at the MLS today showed that there were only 7 homes available under $200K but more than triple the amount in the $200K to 300K price point with 21 active homes. Over $300K there were quadruple active listings with 109 homes currently available.

Real estate is often the biggest investment a person will make in their lifetime. Understanding the nuances of the local neighborhoods is essential. 

Today I would like to explore this further with A Tale of Two Markets 

Six months ago, I reported that the mismatch between the type of inventory of homes for sale and the demand of buyers in the US was causing the formation of two markets.
In the starter and trade-up home categories, there were significantly more buyers than there were homes for sale, causing a seller’s market. In the premium, or luxury, home categories, the opposite was true as there was a surplus of these homes compared to the buyers that were out searching for their dream homes, which created a buyer’s market.
According to the National Association of Realtors latest Existing Home Sales Report, the inventory of existing homes for sale in today’s market is at a 4.2-month supply. Inventory is now 6.5% lower than this time last year, marking the 27th consecutive month of year-over-year decreases.

Looking at the latest report from Trulia, we can see that not much has changed, and in fact, recent natural disasters across the country have made inventory conditions even more dire.
Trulia’s market mismatch score measures the search interest of buyers against the category of homes that are available on the market. For example: “if 60% of buyers are searching for starter homes but only 40% of listings are starter homes, [the] market mismatch score for starter homes would be 20.”

The results of their latest analysis are detailed in the chart below.

A Tale of Two Markets: A 6-Month Update | Simplifying The Market

Nationally, buyers are searching for starter and trade-up homes and are coming up short with the listings available, which is leading to a highly competitive seller’s market in these categories.

Premium home buyers, on the other hand, have the best chance of less competition and more inventory of listings in their price range with a 14.7-point surplus, which is creating more of a buyer’s market.

Bottom Line

Real estate is local. If you are thinking about buying OR selling this fall, let’s get together to discuss the exact market conditions in your area.

Source: KCM Teri Eckholm Blog


READY to Make YOUR Move? It IS essential to have a knowledgeable agent at your side. 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 at 651-336-7073 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 2017 terieckholm.com