Friday, July 8, 2016

It's a Crazy Market for First Time Buyers!

I haven't written a blog post since March. It's not that I have been slacking off or there is nothing to write about in the Minneapolis/St Paul real estate market. On the contrary, I have been just too darn busy writing offers for buyers. (And fielding them for my sellers). It is not a market where you write one offer per buyer when they find their perfect dream home. Oh no, I am talking multiple offers for the same buyers on dream home after dream home until they get an offer that is accepted.

First time home buyers are having the most difficult time with this market. They don't have time to think or process whether or not the house is a good investment. They have to make a decision and write up an offer immediately. And not just any reasonable starting offer, it has to be a good offer because 9 times out of 10, there will be multiple offers.

Advice for Home Buyers

1. Work with an EXPERIENCED Realtor. My 15+ years of experience means something. I know how to negotiate and write a good offer that will increase your chances of getting it accepted. There are tricks to this trade and an experienced agent will coach buyers to write the best offer for the situation.

2. Be Preapproved. Your offer will not be taken seriously if it doesn't have a pre-approval letter (or proof of funds when paying cash).

Advice for Sellers

If you are selling in this market, it might cross your mind that you do not need an agent. Statistics show that homes sell faster and for more money if it is listed on with an agent. There are numerous hiccups in a home sale that can arise in a frantic market like we are seeing in the Twin Cities metro. Not only is it difficult to assess multiple purchase agreements should there be more than one offer. Buyers rush writing offers to get in first. This often leads to buyer' remorse before the sale closes. There is additional negotiation that happens after the inspection. With a good agent by your side, a seller can focus on packing rather than dealing with the details of the closing process.

READY TO MAKE YOUR MOVE? 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 2016