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

$70K PRICE DROP on Vintage Triplex!

Welcome Home! 
12XX 2nd St S, Stillwater MN
This Home is SOLD!

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




Updated inside and 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 and restaurants in historic downtown Stillwater and the St. Croix River.


 

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 or sell a beautiful home in Stillwater, Minnesota?

 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