I came across this market update posted on YouTube from the Minneapolis Association of Realtors which is a very good explanation snapshot of condition of the Twin Cities real estate market today. It is cautiously optimistic about the housing market conditions this fall. Take a look...
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet. 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 2008 terieckholm.com
Information on the housing market and tips on how to buy and sell a home in Minneapolis/St Paul. Specializing in Lakeshore and Acreage homes.
Showing posts with label 2008 Real Estate Market. Show all posts
Showing posts with label 2008 Real Estate Market. Show all posts
Tuesday, October 28, 2008
Wednesday, July 2, 2008
Ham Lake, MN Real Estate Market Statistics Mid Year 2008
Even though existing single family home sales in Ham Lake, Minnesota remained sluggish during the first half of 2008 the numbers show that homes are still selling. The Days on Market (DOM) statistic has stayed pretty consistent with 217 days as compared to 214 in the first quarter and 220 in the fourth quarter of 2007. However, homes in the higher price categories remain stalled.
For the first six months of 2008, only one home is in pending and one sold in the over $500,000 price category. While that three days on the market for the high price point looks like a bright beacon, it is not reflective of the actual market. Since DOM is based on sold properties and only one property sold, the number is an anomaly. The very low DOM for this price point can be attributed to one very unique home on Majestic Oaks Golf Course that sold as soon as it listed. This shows that unique properties priced correctly are selling but is not indicitive of the market when looking at whole picture including the market time of active homes.
Currently, active homes priced over half a million have an average CDOM of 257 as of 7/1/08. One property has been on the market over 600 days! With 67 listings currently on the market priced at $400,000 or more, Ham Lake continues to be over saturated with high end homes.
Lower priced homes under $300,000 are showing some good activity. If homes continue to sell at this current rate, we are looking at just over a year’s worth of inventory in the lower priced categories. In the $300,000-400,000 price range things are moving a bit slower with about 17 months of inventory but not a bad pace considering the changed market place.
An excellent opportunity remains for move up buyers. If you have a starter home in good condition and well priced, it should sell in a decent time frame. Move up buyers with sold homes have quite a selection of properties to choose from in the higher price categories. After 300+ days on the market, many homeowners and builders are ready to negotiate with a strong, non-contingent buyer!
Mid-Year Ham Lake residential real estate statistics for single family homes:
Under $300,000~ 54 Active Listings, 5 Pending Listings, 23 Sold Listings, DOM 184 (New Construction Subgroup ~ 1 Active, 0 Pending, 0 Sold)
$300,000-400,000~ 27 Active Listings, 2 Pending Listings, 10 Sold Listings, DOM 229 (New Construction Subgroup ~ 4 Active, 0 Pending, 3 Sold)
$400,000-500,000~ 30 Active Listings, 4 Pending Listings, 10 Sold Listings, DOM 287 (New Construction Subgroup ~ 3 Active, 1 Pending, 2 Sold)
$500,000 and Up~ 37 Active Listings, 1 Pending Listings, 1 Sold Listings, DOM 3 (New Construction Subgroup ~ 10 Active, 1 Pending, 0 Sold)
Lakeshore available in the City of Ham Lake:
6 Active Listings on Ham Lake lakeshore with prices ranging from: $259,900-$1,350,000
1 Home on Coon Lake
1 Home on Ham Lake
1 Home on Lake Amelia
1 Home on Lake Emily
1 Home on Lake Netta
1 Home on Little Coon Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/08 through 3/31/08.
Photo Featured Listing in Ham Lake, Minnesota: 15139 E Vermillion Circle NE, 55304
Other Anoka and Chisago County Listings:601 86th Lane NW, Coon Rapids, MN 55433
401 Village Parkway, Circle Pines, MN 55014
25797 Freeport Avenue, Wyoming, MN 55092
Articles on Ham Lake, Lakeshore and Minnesota that might be of interest:
Copyright 2008 terieckholm.com
For the first six months of 2008, only one home is in pending and one sold in the over $500,000 price category. While that three days on the market for the high price point looks like a bright beacon, it is not reflective of the actual market. Since DOM is based on sold properties and only one property sold, the number is an anomaly. The very low DOM for this price point can be attributed to one very unique home on Majestic Oaks Golf Course that sold as soon as it listed. This shows that unique properties priced correctly are selling but is not indicitive of the market when looking at whole picture including the market time of active homes.
Currently, active homes priced over half a million have an average CDOM of 257 as of 7/1/08. One property has been on the market over 600 days! With 67 listings currently on the market priced at $400,000 or more, Ham Lake continues to be over saturated with high end homes.
Lower priced homes under $300,000 are showing some good activity. If homes continue to sell at this current rate, we are looking at just over a year’s worth of inventory in the lower priced categories. In the $300,000-400,000 price range things are moving a bit slower with about 17 months of inventory but not a bad pace considering the changed market place.
An excellent opportunity remains for move up buyers. If you have a starter home in good condition and well priced, it should sell in a decent time frame. Move up buyers with sold homes have quite a selection of properties to choose from in the higher price categories. After 300+ days on the market, many homeowners and builders are ready to negotiate with a strong, non-contingent buyer!
Mid-Year Ham Lake residential real estate statistics for single family homes:
Under $300,000~ 54 Active Listings, 5 Pending Listings, 23 Sold Listings, DOM 184 (New Construction Subgroup ~ 1 Active, 0 Pending, 0 Sold)
$300,000-400,000~ 27 Active Listings, 2 Pending Listings, 10 Sold Listings, DOM 229 (New Construction Subgroup ~ 4 Active, 0 Pending, 3 Sold)
$400,000-500,000~ 30 Active Listings, 4 Pending Listings, 10 Sold Listings, DOM 287 (New Construction Subgroup ~ 3 Active, 1 Pending, 2 Sold)
$500,000 and Up~ 37 Active Listings, 1 Pending Listings, 1 Sold Listings, DOM 3 (New Construction Subgroup ~ 10 Active, 1 Pending, 0 Sold)
Lakeshore available in the City of Ham Lake:
6 Active Listings on Ham Lake lakeshore with prices ranging from: $259,900-$1,350,000
1 Home on Coon Lake
1 Home on Ham Lake
1 Home on Lake Amelia
1 Home on Lake Emily
1 Home on Lake Netta
1 Home on Little Coon Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/08 through 3/31/08.
Photo Featured Listing in Ham Lake, Minnesota: 15139 E Vermillion Circle NE, 55304
Other Anoka and Chisago County Listings:601 86th Lane NW, Coon Rapids, MN 55433
401 Village Parkway, Circle Pines, MN 55014
25797 Freeport Avenue, Wyoming, MN 55092
Articles on Ham Lake, Lakeshore and Minnesota that might be of interest:
- Where's the Playground? A Key to Parks in Ham Lake Minnesota
- Does "Minnesota Nice" Affect the Real Estate Market? "Yah, You Betcha!"
- Dreaming of Life on MN Acreage?--What YOU Need to Know Before YOUR Move!
- Affordable Minnesota Lakeshore
Copyright 2008 terieckholm.com
Monday, January 14, 2008
January Thaw Brings Out Home Buyers in the Twin Cities North Metro—Is Real Estate Making a Comeback?
With the Minnesota Vikings out of the playoffs, Sundays are once again a good opportunity to sell real estate. At my first open house of the year yesterday, I wasn’t able to sit down for a minute and read a chapter in the great novel I had brought with me. As soon as the sign was placed on the snow bank at the end of the drive, buyers started coming through the door.
What?!! Buyers???
On NBC's Today Show this morning, a real estate expert implied that there are no homebuyers to be found. Well that so called expert wasn’t in Forest Lake, Minnesota yesterday. The beautiful sunny day and well priced split level brought out several interested parties.
First time buyers
Move up Buyers
Empty Nesters
Sure some could have been tire-kickers, killing time on a Sunday afternoon. But it is my expert real estate opinion that most were seriously considering making a move. Will any of them write an offer on that particular house? Possibly, but that is not the point. The good news is I believe almost everyone I spoke with yesterday will be making a move this year! It is exciting to see the market charging up for a great 2008!
People, NOW is a great time to move!
Sellers, NOW is the time to start getting your home ready for the spring market. Ignore the naysayers! It is time become educated on how to get your home priced and prepared properly to be sold quickly. A quickie, internet market estimate for pricing just won’t do. Call a real estate expert in your market to pave the way to your new home.
As an expert in the northern Twin Cities suburbs, I have been successfully listing and selling homes throughout Anoka, Washington and Chisago Counties last year. I know what it takes to get a home sold in this changed market. My list to sold ratio was 71% last year—Yep, I sold 5 out of 7 homes I listed in 2007!
Buyers, NOW is the time to write that offer. With so many wonderful homes on the market, you really have a chance to be selective. But don’t wait too long as more buyers are getting that spring buying fever, homes will start disappearing from the active MLS and go into pending sales. It happens every year whether we are in a slower market or not, spring fever and the real estate market go hand-in-hand in Minnesota.
Buyers get educated and sign a buyer's representation agreement! Yesterday almost all of the buyers that came into my open house were not represented by a Realtor. I had the opportunity to educate several people on why having a Realtor working for you does not cost anything and can actually SAVE money.
Rent VS Buy? It's Time to Revisit the Question!
Real Estate Agent Selection Primer—How to Choose to the Right Realtor for You!
First Time Buyers: Helping Define YOUR Dream
Dreaming of life on MN Acreage? What YOU need to know Before You Make Your Move!
***********************************************************************************
If the January thaw gave you a bit of spring moving fever and you need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. 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 2008 Teri Eckholm http://www.terieckholm.com/
What?!! Buyers???
On NBC's Today Show this morning, a real estate expert implied that there are no homebuyers to be found. Well that so called expert wasn’t in Forest Lake, Minnesota yesterday. The beautiful sunny day and well priced split level brought out several interested parties.
First time buyers
Move up Buyers
Empty Nesters
Sure some could have been tire-kickers, killing time on a Sunday afternoon. But it is my expert real estate opinion that most were seriously considering making a move. Will any of them write an offer on that particular house? Possibly, but that is not the point. The good news is I believe almost everyone I spoke with yesterday will be making a move this year! It is exciting to see the market charging up for a great 2008!
People, NOW is a great time to move!
Sellers, NOW is the time to start getting your home ready for the spring market. Ignore the naysayers! It is time become educated on how to get your home priced and prepared properly to be sold quickly. A quickie, internet market estimate for pricing just won’t do. Call a real estate expert in your market to pave the way to your new home.
As an expert in the northern Twin Cities suburbs, I have been successfully listing and selling homes throughout Anoka, Washington and Chisago Counties last year. I know what it takes to get a home sold in this changed market. My list to sold ratio was 71% last year—Yep, I sold 5 out of 7 homes I listed in 2007!
Buyers, NOW is the time to write that offer. With so many wonderful homes on the market, you really have a chance to be selective. But don’t wait too long as more buyers are getting that spring buying fever, homes will start disappearing from the active MLS and go into pending sales. It happens every year whether we are in a slower market or not, spring fever and the real estate market go hand-in-hand in Minnesota.
Buyers get educated and sign a buyer's representation agreement! Yesterday almost all of the buyers that came into my open house were not represented by a Realtor. I had the opportunity to educate several people on why having a Realtor working for you does not cost anything and can actually SAVE money.
Don't let the media dictate whether you make a move in 2008 or not. Team up with a good Realtor and make 2008 the year that your housing dreams come true!
Additional Articles for Home Sellers:
Top 10 Ideas to Get Your Home Ready to SELL!
Open Houses—Do they Work in a Buyer’s Market?
What is your Realtor’s List-to-sales Ratio?
Is the "Busy Road Factor" Affecting the Sale of Your Listing?
Rent VS Buy? It's Time to Revisit the Question!
Real Estate Agent Selection Primer—How to Choose to the Right Realtor for You!
First Time Buyers: Helping Define YOUR Dream
Dreaming of life on MN Acreage? What YOU need to know Before You Make Your Move!
***********************************************************************************
If the January thaw gave you a bit of spring moving fever and you need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. 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 2008 Teri Eckholm http://www.terieckholm.com/
Tuesday, January 1, 2008
Real Estate Resolutions for Home Buyers and Sellers in Minnesota
2007 brought a changed real estate market to Minneapolis, St. Paul and the extended Twin Cities suburbs. Home sellers counted market time in months rather than days. Home buyers stayed hidden in the woodwork in the first six months of the year. Those who ventured out to open houses or showings with real estate agents were often confused by the smorgasbord of properties available. In every price range and most locations there were several OPTIONS. Town homes, single family, split levels, ramblers, two stories, remodels, foreclosures, short sales and new construction.
As a Realtor serving Anoka County, Ham Lake and 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. Frustrated sellers were tired of showings and lowered prices. Buyers teetering on the edge of the proverbial pool took the plunge and wrote offers. Negotiations were made and offers accepted. The Twin Cities real estate market took one baby step toward forward at the end of 2007.
So what does that mean for those considering purchasing a home or selling their property in 2008? From Ham Lake to Forest Lake and East Bethel to East St Paul we have a strong foundation to our real estate market. Keeping the property value base strong is essential to all Minnesotans. In 2008, we should all Resolve to be Real Estate Savvy!
Resolutions for Sellers
*Team up with a professional Realtor
*Price right from the start
*Make all repairs
*Declutter
*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 change.
*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 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 will hit the market in 2008.
*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. 2008 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 that started at the end of 2007, 2008 could be the cornerstone of a great recovery for the Twin Cities real estate market.
As a Realtor serving Anoka County, Ham Lake and 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. Frustrated sellers were tired of showings and lowered prices. Buyers teetering on the edge of the proverbial pool took the plunge and wrote offers. Negotiations were made and offers accepted. The Twin Cities real estate market took one baby step toward forward at the end of 2007.
So what does that mean for those considering purchasing a home or selling their property in 2008? From Ham Lake to Forest Lake and East Bethel to East St Paul we have a strong foundation to our real estate market. Keeping the property value base strong is essential to all Minnesotans. In 2008, we should all Resolve to be Real Estate Savvy!
Resolutions for Sellers
*Team up with a professional Realtor
*Price right from the start
*Make all repairs
*Declutter
*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 change.
*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 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 will hit the market in 2008.
*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. 2008 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 that started at the end of 2007, 2008 could be the cornerstone of a great recovery for the Twin Cities real estate market.
****************************************************************
If you are buying, selling or relocating to Minnesota and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. 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.
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