During the past decade we have experienced some highs and lows in the real estate market in Minneapolis, St. Paul and the extended Twin Cities suburbs. In the later part of the decade, home sellers began to count market time in months rather than days. Home buyers stayed hidden in the woodwork coaxed out only by extremely low prices on bank-owned foreclosures and tax credits offered by the government. We have been through the proverbial wringer during the past ten years, with terms like short-sale and REO that were once seldom heard when describing Minnesota real estate creep into the media on a daily basis. And then there is that abundant inventory...In every price range and most locations there are several OPTIONS at all price points on the market. Town homes, single family, split levels, ramblers, two stories, remodels, foreclosures, short sales and new construction. No longer flying off the market as soon as they were listed as in the early 2000's. The bubble popped and we are working our way toward recovery.
As a REALTOR® working in Washington and Anoka Counties, including Ham Lake, White Bear Lake and all communities in the Forest Lake School District, I keep a close eye on the Twin Cities real estate market. During the last few months of the year, I noticed bit of a change in the wind. Activity was starting to pick up and inventory is leveling off. Sellers that need to sell choice to price their homes attractively to entice buyers. Buyers balancing for months even years at the top of the fence jumped into the real estate market and wrote purchase agreements. Negotiations were made and offers accepted. The Twin Cities real estate market took one baby step toward forward at the end of 2010.
So what does that mean for those considering purchasing a home or selling their property in 2011? From Ham Lake to Forest Lake and East Bethel to East St Paul we have a strong foundation in our real estate market. Our communities have long been some of the most affordable areas in the country. With continued low interest rates, there will be opportunities to buy a Minnesota home. Even lakeshore and acreage has become more affordable. As we move forward into 2011, we should all Resolve to be Real Estate Savvy!
Resolutions for Sellers
*Team up with a professional REALTOR®
*Price your home correctly from the start
*Make all repairs
*Make each showing count by staging the home for sale.
*Be willing to negotiate.Resolutions for Buyers
*Team up with a trusted REALTOR®
*Get Pre-approved and check in with your Loan Officer regularly to discuss market changes.
*Write realistic offers that encourage negotiation.
*Understand the foreclosure and short sale process—While prices can seem like a deal, the assumed risk to buyers on an as-is sale can be great.
Resolutions for Homeowners
*Even if this isn’t the year for you to sell, there are things a homeowner should be doing to maintain and retain property value.
*Maintain the interior and exterior of your home and make repairs on a continual basis rather than deferring to time of sale.
*Stay current with your mortgage and discuss any financial problems with your lender immediately.
*Be a good steward of your neighborhood.Resolutions for Investors*Team up with a professional REALTOR®
*Take advantage of the abundance of foreclosures that are continually hitting the market.
*If holding the property, offer a safe and maintained residence at a fair price to the renters
*If flipping or repairing/reselling the property, be realistic with the numbers. Don’t over invest in materials and curb enthusiastic inflated resale estimates. 2011 buyers are market wise!
*Be a good steward of your properties and the communities in which they are located.
*Maintain the properties to retain value for portfolio as well as the neighborhood.
If buyers, sellers, homeowners, investors and real estate professional alike work together to maintain slight momentum in the market, 2011 could be another babystep forward toward recovery in the Twin Cities real estate market.
Copyright 2011 terieckholm.com