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

Rent Continues to Rise in Minneapolis & St Paul MN

The September Rent report just released by ABODO shows te average rate to lease a one bedroom apartment in St Paul to be increasing ...