It’s a Seller’s Market in the Twin Cities, so Why should I pay a BUYER’S Closing Costs?

The market is hot and sellers are in the driver’s seat once again in the housing market. So why in the world would any one of them be expected to kick in for a buyer’s closing costs? 

One of the items on the seller’s estimate of proceeds included in every market analysis I do has a place for a “Seller's contribution to a Buyer’s Closing Costs.” I always include several thousand dollars as an estimate to prepare my clients that this could come up at negotiations. A significant portion of buyers, whether using  FHA , VA or conventional financing, will require assistance with their closing costs. 

Just the other day, a potential seller said that he didn’t think he should have to pay a first time buyer’s closing costs.  I had to explain to him that buyers in ALL price points, whether purchasing a first home or moving up to a second property, might ask for seller concessions. You might be asked in negotiations to contribute to a buyer's closing costs so they can BUY your house! 


After our conversation, I decided to see what how often homebuyers are asking for closing costs in the Minneapolis/St Paul north metro. I looked at the sales of single family residential homes in Anoka County during June 2016. Even I was surprised by the results, well over 50% of homebuyers received closing cost assistance during the month. But when I broke it down by price, I was even more surprised. I found that in the price ranges from $100,000-$400,000 more than 60% of buyers negotiated for the seller to pay some closing costs. And from $400K to $500K, over 50% still requested and received assistance. Even with homes sold at over $500,000, 1 in 4 buyers received seller paid assistance. 

I decided to look at all four north metro counties to see if this was just an Anoka County phenomena. Nope….nearly the same results when I reviewed the aggregate of sales for Anoka, Chisago, Ramsey and Washington Counties together. 

Why Do So Many Buyers Need Help? Today most buyers are required to put down a minimum of 3% of the purchase price of the home as a down payment. If a buyer wants to avoid private mortgage insurance using conventional financing, this will require 20% down. The closing costs for a buyer include title insurance, home owner’s insurance, appraisals, loan origination fees, name search fees, filing fees and more. As a REALTOR® working throughout communities in Anoka County and the north metro Minneapolis/St Paul area, I see these closing costs will run anywhere from $4000-$8000 and even more for more expensive homes. Add this amount with a required down payment and few buyers will have sufficient funds to purchase a home.

Understanding Closing Cost Assistance Buyers have the option of waiting and saving additional money to cover the down payment and closing costs or asking for seller assistance. In many cases a financial institution will allow a seller to assist a buyer by paying either points to reduce the interest rates and/or closing costs.

How does this work? Let’s say that a home is on the market for $200,000. The buyer writes their offer for $200,000 and their financial institution allows up to 3% seller’s assistance with fees and closing costs. They decide to ask the seller in their purchase agreement for $5000 in seller paid concessions, thus the net offer to purchase the home is $195,000. If the offer is accepted, the seller’s proceeds at closing would then be reduced by the $5000. Sellers do not have to come up with the funds in cash if there is sufficient equity in the home to cover both the buyer's and the seller's costs.

If a seller does not want to pay the closing costs, the buyer in many cases, will not be able to purchase the home. 

Sellers Can Still Receive a Full Priced Offer! Take that example with the home listed at $200,000, if a buyer wants to offer full price but needs $5000 in closing costs, he would just write the offer price at $205,000 . The seller's net offer is full priced.

When a seller looks at their home sale as a business deal where the bottom line is key, being open to assisting a buyer with closing costs is a very smart decision. As long as a seller is happy with the NET number received, it doesn't matter whether some of the proceeds went to pay closing costs or not. 
  
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 2016 www.terieckholm.com

The BIG Affect a Rise in Interest & Price has on Home Affordability

 

(Or Why NOW may truly be the best time to buy a house.)

For a number of years the housing market in the Minneapolis/St Paul metro has be extremely affordable. Even with the rise in housing prices since the beginning of the year, our market continues to be affordable compared to other areas of the country. A home buyer can find a very good quality starter home for under $200,000 in the Twin Cities if they are flexible with their location. But that appears to be changing.

Housing prices are on the rise across the metro area. And, interest rates won’t be at historically low levels forever. In fact, rates have crept up a bit in the past few weeks. So when a REALTOR® tells you “NOW is the Best Time to Buy”, I’m not just marketing. It will be more expensive to purchase a home next year if the economy and real estate market continue to improve.

Don’t just take my word for it. An article I read on the KCM (Keeping Current Matters) Blog today,  Buying a House: Is NOW the Time? reiterates this point. It shows how the slight uptick in the market really affects the payment on an every day starter home purchase from 2012 to 2013. This is based on prices rising 10% from June 2012 to June 2013. According to KCM, a home priced at $200,000 in June of 2012 would have roughly $100/month higher payment if purchased today. And  the required down payment for the same house would be higher too.

Home prices in Twin Cities north and east metro are continuing to rise. In Anoka County MN, the average sales price of a single family home is up 14% since the beginning of the year. The average sales price of Washington County homes is up 4.5% and Chisago County has seen a dramatic  23% increase in average home value just in 2013.  These rising prices did affect by buying clients this year. Most had to spend more than they had expected as prices changed dramatically from the time they initially began the buying process about 6-12 months ago. Whether they were looking at townhomes in Hugo or single family homes in Blaine, prices jumped since the beginning of the year and it did affect where they bought and what the paid for a home. Almost all buyers were in multiple offer situations too.

Local real estate market remain poised for continued improvement affecting home prices AND interest rates. I don’t need a crystal ball to know that this could be the best time to purchase. Of course, I could look back with my 20/20 hindsight and say that last year was better too. But there are still MANY OPPORTUNITIES in this market still. It would be wise to listen up and realize it isn’t just marketing puffery, NOW is a great time to buy a home!

Copyright 2013 www.terieckholm.com

Ham Lake, MN Real Estate Market Statistics Mid Year 2010

The City of Ham Lake has a rich history. Incorporated in 1974, Ham Lake became a city after over a hundred years of humble but steady growth. The area was first settled in 1855 by a group of Scottish men on the southwest side of Ham Lake. Though, I can only assume that the lake itself got its name due to its unusual “ham hock” shape, the community started out with a different name. The original name of the community was Glen Carey, which is the Scottish translation of “beautiful valley”. Following a prairie fire in 1857, the first settlers moved but the community was resettled again. The new Scandinavian settlers had a hard time with the pronunciation of Glen Carey and soon the fledging community was known as Ham Lake. Anoka County officially was recognized it as a township in 1871. In the early 1900’s Central Avenue (Highway 65) was a slow commute as it was a wagon trail through the sand and swampland. And we think going through stop light after stop light slows traffic. Though it was graveled and paved at some point, it 1954 before was expanded to four lanes.

Those four lanes are in full use now as more and more people look to buying acreage, executive, luxury and lakeshore homes in the Ham Lake area. The real estate market is not quite as sluggish in Ham Lake, MN as it was in early 2009. Homes are selling again. There are bright spots across the board with homes selling in all price categories. Even several higher priced homes moved off the MLS in the first half of 2010.

Inventory is moving at a pretty good pace for most price points in Ham Lake. There are currently 117 homes active on the market. Homes listed at higher prices are starting to sell again. With only 7 listed homes over $500,000 and 3 sold in the first half of 2010 and one in pending, the absorption rate is just over a year. Lower priced inventory has continued to sell well. With 35 actives and 35 sales in the first half of 2010, it seems that homes under $200K are selling twice as fast as the half million plus properties in Ham Lake. The only price point with an over abundance of listings seems to be $400,000-$500,000 range. With 14 actives and only 4 sales in 6 months, there is well over a years worth of inventory and the cumulative time on the market seems to reflect this as well. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is again over 6 months but in some price points it could take a year or longer. Right now inventory levels indicate there is about 10 months of inventory in the Ham Lake area and homes are selling again in every price point. But since the tax credit for home buyers has now expired, having your home properly priced and prepared for showings will be essential to sell a home in this Anoka County community as we continue into the second half of 2010.

First Half 2010 Ham Lake residential real estate statistics for single family homes:

Under $200,000~ 35 Active Listings, 4 Pending Listings, 35 Sold Listings, CDOM 105 (New Construction Subgroup ~ 0 Active, 0 Pending, 1 Sold)

$200,000-300,000 ~ 39 Active Listings, 7 Pending Listings, 20 Sold Listings, CDOM 187 (New Construction Subgroup ~ 1 Active, 1 Pending, 1 Sold)

$300,000-400,000 ~ 22 Active Listings, 4 Pending Listings, 12 Sold Listings, CDOM 312 (New Construction Subgroup ~ 5 Active, 1 Pending, 2 Sold)

$400,000-$500,000 ~ 14 Active Listings, 2 Pending Listings, 4 Sold Listings, CDOM 333 (New Construction Subgroup ~ 1 Active, 1 Pending, 3 Sold)

$500,000 and Up~ 7 Active Listings, 2 Pending Listings, 3 Sold Listings, CDOM 220 (New Construction Subgroup ~ 2 Active, 2 Pending, 0 Sold)

Lakeshore available in the City of Ham Lake
11 Active Listings

Ham Lake lakeshore price range: $100,000-$774,900

6 Homes on Coon Lake
2 Homes on Ham Lake
1 Home on Lake Netta
2 Home on Little Coon Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 6/30/10.

Click HERE to Search for Minnesota Lakeshore or Acreage Homes!


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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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 2010 Teri Eckholm 

Blaine, MN Real Estate Market Statistics First Quarter 2010

The community of Blaine has continued to grow and expand in the north metro of the Twin Cities despite the economic downturn. Just drive down Highway 65 and see the Main Street (125th) overpass to get an idea of how the significant changes have affected the community. Though housing construction had slowed during 2008, it has not stopped and continues to be a force in 2009. New developments expand the housing base, especially in the townhome and lower level price points. Conveniently located along 35W and Highway 65 and connected by Highway 10 just north of the Twin Cities, Blaine is an attractive location for both business and residential development. The community is served by three school districts; Anoka Hennepin District #11, Centennial District #12, and Spring Lake Park District #16. Blaine is best known for the National Sports Center a sport and meeting facility that hosts an annual worldwide soccer event and Tournament Players Club golf course where the PGA Senior tour is played every summer.

Builders’ incentives to home buyers have required home sellers to be very competitive with housing prices making homes in the Blaine area extremely affordable. As I predicted, this affordability did continue throughout 2009. Home sold more quickly in 2009 and at better prices than in 2008 (Click Here to see stats for Blaine for the first quarter of 2008). The homes that are selling best in Blaine continue to be in the under $200,000 price point. There is currently only about 5 months of single family homes in prices under $200,000 in Blaine.

I would speculate that the tax credit incentive boosted the lower end sales considerably by enticing first time buyers into the market. Cumulative days of the market (CDOM) picked up a bit in the lower price points as compared with 2009 by a few days. It is good to note that there were a few more sales in the higher price points too. There is approximately 9 and 11 months of inventory of single family homes in the $200,000- $300,000 and $300,000-$400,000 ranges, respectively. It is also important to note that there are fewer new construction properties in the over $500,000 price range and that builders are starting to construct both townhomes AND single family homes under $200,000. Builders seem to finally realize that buyers are not buying as many “McMansions” in Blaine as they had in years past.

The townhome and condominium market is still selling slower than single family homes but inventory levels have come down considerably in the past year in Blaine. Existing townhome sellers must continue to be aggressive in their pricing to compete with builders if they want to sell their properties in this market. Townhomes under $200,000 have about an 16-18 month absorption rate but little is selling in higher price ranges so it is difficult to assess how long the current new townhome inventory will stay on the market.2009 Average Sales Price of all homes sold in Blaine:
· All Homes $196,174
· Single Family Homes $216,254
· Townhomes/Condos $150,523

2009 Average Cumulative Days on Market in Blaine:

· All Homes 143
· Single Family Homes 140
· Townhomes/Condos 150

1st Quarter Blaine residential real estate statistics for single family homes:

Under $200,000~ 104 Active Listings, 53 Pending Listings, 59 Sold Listings, 115 CDOM (New Construction Subgroup 4 Active, 2 Pending, 0 Sold)
$200,000-300,000~109 Active Listings, 33 Pending Listings, 34 Sold Listings, 167 CDOM (New Construction Subgroup 35 Active, 15 Pending, 7 Sold, 113 CDOM)
$300,000-$400,000 ~40 Active Listings, 10 Pending Listings, 16 Sold Listings, 119 CDOM (New Construction Subgroup 14 Active, 5 Pending, 7 Sold, 119 CDOM)
$400,000-$500,000 ~ 21 Active Listings, 3 Pending Listings, 4 Sold Listings, 319 CDOM (New Construction Subgroup 4 Active, 1 Pending, 3 Sold, 378 CDOM)
$500,000-$1,000,000~ 20 Active Listings, 4 Pending Listings, 3 Sold Listings, 156 CDOM (New Construction Subgroup 10 Active, 3 Pending, 1 Sold, 47 CDOM)
$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (No New Construction over $1,000,000)
1st Quarter Blaine residential real estate statistics for townhomes and condos:

Under $200,000~ 115 Active Listings, 40 Pending Listings, 20 Sold Listings, 95 CDOM (New Construction Subgroup 14 Active, 6 Pending, 7 Sold, 40 CDOM)
$200,000-300,000~18 Active Listings, 7 Pending Listings, 0 Sold Listings (New Construction Subgroup 10 Active, 6 Pending, 0 Sold)
$300,000-$400,000 ~ 4 Active Listings, 1 Pending Listings, 2 Sold Listings, 193 CDOM (New Construction Subgroup 3 Active, 1 Pending, 1 Sold, 151 CDOM)
$400,000-$500,000 ~4 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)
$500,000-$1,000,000~ 5 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)
For additional information on any current Blaine real estate listing or for additional information on buying a home in Blaine contact Teri Eckholm directly at 651-336-7073.
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 3/31/10.

Copyright 2010 Teri Eckholm 

Lino Lakes, MN Real Estate Market Statistics First Quarter 2010

Looking for a good deal on lakeshore or acreage in the Twin Cities area north metro? Lino Lakes, MN in Anoka County might be just the ticket. Just north of the Minneapolis and St. Paul, Lino Lakes is an eclectic area of real estate with acreage, lake homes, townhomes, single family starter homes and country estates. First quarter sales have been very good in the lower price points with bank owned and lender mediated properties impacting the sales. Homes in higher price points and those offered by traditional sellers had longer market times but some properties were selling.

Lino Lakes has a good mixture of lakeshore, acreage and townhome residences but is more known for having a bit of space between the houses. It conveniently located near the junction of the 35E and 35W split, just north of the Twin Cities, Lino Lakes is a 33 square miles treasure. With 13 lakes and acres of beautiful protected wetland, the community is served by three school districts; Centennial District #12, Forest Lake District #831, and White Bear Lake District #624. The gem attraction is the pristine 2,700-acre Rice Creek Chain of Lakes Regional Park Reserve is situated within the heart of the city. Lino Lakes is committed to maintain this treasure and its natural settings and wildlife habitats for years to come.

Lino Lakes single family homes are lingering on the market a couple of weeks less in 2010 than in the first quarter of 2009. The first quarter cumulative days on market (CDOM) statistic is a bit lower than for the average CDOM of 2008 (178 versus 192) Looking at current inventory levels and the rate of sales for homes priced under $300,000, there is about 11-12 months of inventory. This is just a bit higher absorption rate than last year at this time.

While homes under $200,000 in Lino Lakes appear to have about 6 months of inventory, homes in the $200,000- $300,000 price point are looking at 2.5 times the inventory and market time. While homes in the higher price ranges are looking at a couple of years worth of inventory.Townhomes are doing much better than last year with about 5 months of inventory. Last year at this time Lino Lakes had nearly 3 years of townhouse inventory. High inventory combined with continued low interest rates make it a great time to consider buying Lino Lakes home.

1st Quarter 2010 Average Sales Price of all homes sold in Lino Lakes:
· All Homes $204,323
· Single Family Homes $231,710
· Townhomes/Condos $140,422

1st Quarter 2010 Average Cumulative Days on Market in Lino Lakes:· All Homes 178
· Single Family Homes 191
· Townhomes/Condos 146

1st Quarter Lino Lakes residential real estate statistics for single family homes:

Under $200,000~ 14 Active Listings, 7 Pending Listings, 7 Sold Listings, 122 CDOM

$200,000-$300,000 ~ 51 Active Listings, 13 Pending Listings, 10 Sold Listings, 234 CDOM

$300,000-$400,000 ~ 29 Active Listings, 3 Pending Listings, 3 Sold Listings, 126 CDOM

$400,000-$500,000 ~ 16 Active Listings, 0 Pending Listings, 1 Sold Listings, 297 CDOM

$500,000 and Up~ 12 Active Listings, 0 Pending Listings, 0 Sold Listings

1st Quarter Lino Lakes residential real estate statistics for townhomes and condos:

Under $200,000~ 16 Active Listings, 9 Pending Listings, 9 Sold Listings, 146 CDOM

$200,000-$300,000 ~ 8 Active Listings, 1 Pending Listings, 0 Sold Listings

Lakeshore available in Lino Lakes as of 4/20/2010

6 Active ListingsLino Lakes lakeshore price range: $304,500-$1,118,0001 Home on Amelia Lake
2 Homes on Baldwin Lake
3 Homes on Reshanau LakeAcreage properties available in Lino Lakes as of 4/20/201016 properties listed on 1-2 Acres priced between $189,900-$595,000.
3 properties listed on 2.1-5 Acres priced between $163,000-$269,900
6 properties listed on 5.1-10 Acres priced between $309,500-$1,118,000
1 property listed on 29 Acres priced at $749,900
1 property listed on 80 Acres priced at $6,000,000

For additional information on any current Lino Lakes real estate listing or for additional information on buying a home in Lino Lakes contact Teri Eckholm directly at 651-336-7073.

**All Statistical information sold based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 3/31/10.

Copyright 2010 Teri Eckholm 

Ham Lake, MN Real Estate Market Statistics 1st Quarter 2010

The City of Ham Lake has a rich history. Incorporated in 1974, Ham Lake became a city after over a hundred years of humble but steady growth. The area was first settled in 1855 by a group of Scottish men on the southwest side of Ham Lake. Though, I can only assume that the lake itself got its name due to its unusual “ham hock” shape, the community started out with a different name. The original name of the community was Glen Carey, which is the Scottish translation of “beautiful valley”. Following a prairie fire in 1857, the first settlers moved but the community was resettled again. The new Scandinavian settlers had a hard time with the pronunciation of Glen Carey and soon the fledging community was known as Ham Lake. Anoka County officially was recognized it as a township in 1871. In the early 1900’s Central Avenue (Highway 65) was a slow commute as it was a wagon trail through the sand and swampland. And we think going through stop light after stop light slows traffic. Though it was graveled and paved at some point, it 1954 before was expanded to four lanes.
Those four lanes are in full use now as more and more people look to buying acreage, executive, luxury and lakeshore homes in the Ham Lake area. The real estate market is not quite as sluggish in Ham Lake, MN as it was in early 2009. Homes are selling again. There are bright spots across the board with homes selling in all price categories under $400,000. New construction sales have picked up a bit with 2 sold and 4 pending compared with zero sold in the first quarter of 2009. The average Cumulative Days-on-Market (CDOM) is down for the first quarter in Ham Lake at 181 days compared to 249 for the same time period in 2009 so there are signs of an improving market. However, first quarter average sales prices were much lower at $216,291 compared with an average sales price of $247,748 for all of 2009. (See homes sales snapshots below for additional details.)
Inventory is down in Ham Lake from the levels seen in 2009; most notably in the higher price points. There are currently 101 homes active on the market compared to 110 in January of 2009. Homes listed at higher prices continue to take months to sell but lower priced inventory seems to sell. There still are more Ham Lake homes than Ham Lake buyers but there are only a handful of homes over $500,000 this year compared to 20 last year. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is approximately 6-8 months. Right now inventory levels indicate there is about 11 months of inventory in the Ham Lake area and homes are selling again in every price point. But as in 2009, having your home properly priced and prepared for showings is essential to sell a home in this Anoka County community in 2010.
First Quarter 2009 Ham Lake residential real estate statistics for single family homes:
Under $200,000~ 19 Active Listings, 15 Pending Listings, 13 Sold Listings, CDOM 82 (All existing homes)

$200,000-300,000 ~ 41 Active Listings, 10 Pending Listings, 9 Sold Listings, CDOM 295 (New Construction Subgroup ~ 4 Active, 1 Pending, 1 Sold)

$300,000-400,000 ~ 22 Active Listings, 7 Pending Listings, 2 Sold Listings, CDOM 260 (New Construction Subgroup ~ 5 Active, 2 Pending, 0 Sold)

$400,000-$500,000 ~ 13 Active Listings, 2 Pending Listings, 2 Sold Listings, CDOM 174 (New Construction Subgroup ~ 2 Active, 0 Pending, 1 Sold)

$500,000 and Up~ 6 Active Listings, 3 Pending Listings, 1 Sold Listings, CDOM 525 (New Construction Subgroup ~ 1 Active, 1 Pending, 0 Sold)
Lakeshore available in the City of Ham Lake11 Active Listings

Ham Lake lakeshore price range: $135,000-$774,900

5 Homes on Coon Lake
3 Homes on Ham Lake
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 1/1/10 through 3/31/10.



Copyright 2010 Teri Eckholm

I’m not going to give my house away—But do you want to sell it?

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Traditional home sellers are cautiously entering the market again. They have heard the recent news that home sales have rebounded in the Twin Cities area. True, the number of homes sold is up this is a good thing. Homes are selling again in Minnesota.

I have noticed an uptick on the number of requests for market analyses in the past few weeks. Many sellers are realistic about the housing market and realize that they will not get the price they could have sold for a few years ago. They have witnessed what neighboring foreclosed and short sale properties have sold for. They have received their tax assessed valuation in the mail and know it is 20-40% less than a few years ago. But still some would-be spring home sellers are looking at the recent news reports through rose-colored glasses, forgetting that the average price of a home is still down considerably.

The internet has changed things. Homebuyers have an abundance of information at their fingertips these days. With a click or two of a mouse, they can discover when a home was last sold, what price it sold for, what the current assessed value is and more. They know what other homes in the neighborhood sold for too. There are websites that will analyze the cost per square foot of all homes currently active on the market in a particular area—Today it doesn’t take a rocket scientist to tell if your home is over priced. Buyers just won’t consider it at all!

It is always a tough conversation to have with a seller. They made an investment by when they purchased their home. They worked hard and spend additional money to fix up their property inside and out. And now it is often worth less than the initial investment that they made. To sell for less than what they paid for the home leads some to think, I'm giving my home away.

But are they really? No buyer wants to overpay for a home. No professional appraiser will overvalue a home. No bank will give a loan to a borrower for more than a home appraises for today. Sadly, traditional sellers that have to sell at these lower values are not giving away their homes; they are starting over and moving on.

One of the testimonials I recently received for a townhome sold in this market gives an optimistic way to view the market. "We couldn’t have asked for a better person to work with. We were very pleased with the attention and effort you put into selling our townhome. The fact that we were able to sell our home in the worst market decades speaks volumes about the way it was marketed." Here is a family that lost tens of thousand dollars on the sale, but was elated with my work as they had to relocate. They priced their house correctly, even though it meant that they would lose money and it sold.

The truth is homes are selling again, but at much lower prices. A home is only worth what someone wants to pay for it today. Unfortunately, homeowners must choose whether to take a loss now and move on or stay put until values increase. And even a cloudy crystal ball indicates that could be a long wait indeed.

Copyright 2010 Teri Eckholm 

2009 Real Estate Sales Statistics for the North and East Metro—Snapshot VS Detailed Report

Real estate marketing statistics can be confusing. Local television news reports can seem to be conflicting and if you are a home owner or home buyer, you may have trouble understanding what you hear. On one channel there will be a news report proclaiming good news with rising average sales prices for several consecutive months in the Twin Cities metro area flip channels and there another talking head giving gloomy report of how foreclosures and short sales are causing a significant decline in the market value of homes in the Minneapolis/St. Paul area.

Since January, I have been posting real estate market statistics for the communities in the north metro where I do the bulk of my business. While I work in Anoka County, Southern Chisago County, North and Eastern Ramsey County and North Washington County, the focus of my business is Ham Lake, Blaine, Lino Lakes and all communities in the Forest Lake and Centennial school districts. That does include a good number of communities so it takes a bit of time to pull all of the information together.

There are two types of reports that I post. The first is a quick snapshot that includes information taken directly from the Minneapolis Area Association of REALTORS® website’s Top 100+ Report (a comprehensive database with statistics for 205 different Twin Cities communities). I pull these stats into a chart and post along with a quick synopsis of what happened during the past year. I have done quite a few of these "short and sweet" looks into the basic real estate housing stats for several north and east metro communities.

Housing Statistic Snapshots

• 2009 Year End Snapshot of Andover, MN Home Sales Statistics


• 2009 Year End Snapshot of Blaine, MN Home Sales Statistics


• 2009 Year End Snapshot of Centerville Market Statistics


• 2009 Year End Snapshot of Chisago City, MN Home Sales Statistics


• 2009 Year End Snapshot of Circle Pines, MN Home Sales Statistics


• 2009 Year End Snapshot of Columbus, MN Home Sales Statistics


• 2009 Year End Snapshot of Coon Rapids Market Statistics


• 2009 Year End Snapshot of East Bethel, MN Home Sales Statistics


• 2009 Year End Snapshot of Forest Lake MN Home Sales Statistics


• 2009 Year End Snapshot of Ham Lake, MN Home Sales Statistics


• 2009 Year End Snapshot of Hugo, MN Home Sales Statistics


• 2009 Year End Snapshot of Lino Lakes, MN Home Sales Statistics


• 2009 Year End Snapshot of Linwood, MN Home Sales Statistics


• 2009 Year End Snapshot of Mahtomedi, MN Home Sales Statistics


• 2009 Year End Snapshot of North St. Paul, MN Home Sales Statistics


• 2009 Year End Snapshot of Oakdale, MN Home Sales Statistics


• 2009 Year End Snapshot of White Bear Lake, MN Home Sales Statistics


• 2009 Year End Snapshot of White Bear Township, MN Home Sales Statistics


• 2009 Year End Snapshot of Wyoming, MN Home Sales Statistics

But as is said, the devil is in the details . I have another version of market reports for specific communities are not snapshots. In the communities that I work in on a daily basis, I want to really help people to understand the market so I take good hard look at the real estate sales on a quarterly basis and post a more detailed report. I also post a year end review several communities I work in and know well.
Detailed Statistic Reports
Blaine, MN Year End Real Estate Market Statistics 2009
Forest Lake, MN Year End Real Estate Market Statistics for 2009
Ham Lake, MN Year End Real Estate Market Statistics for 2009
Lino Lakes, MN Year End Real Estate Market Statistics 2009
White Bear Lake, MN Year End Real Estate Market Statistics 2009
When I take the time to pull statistics directly from the Twin Cities Multiple Listing Service (MLS) I look for specific details like cumulative days on the market (CDOM). This comes into play every time a home is relisted as a new listing in the MLS. The snapshots DOM do not take relisting into account so the time on the market appears to be much shorter than it really is in some area.
I also look at CDOM by price point. Homes in the lower price ranges are selling much more quickly that in the higher price points. A quick overview does not get that specific.
Since each community is so different, I will examine different things in different areas. Blaine has an abundance of townhomes. Since townhomes are lingering on the market in all price points, this does have an affect on the CDOM if the sales are looked as an aggregate. But if the townhomes and single family homes are looked at separately, the details give home buyers and sellers more useful information than a one-size-fits-all quick look at the market. Now in Forest Lake, lakeshore homes are a focus while in Ham Lake and Lino Lakes, acreage comes into play.
Knowing how to pull the right comparables and read the market comes from knowing a specific area and what makes the community different. Finding a REALTOR® that knows the details is imperative when buying or selling in this topsy-turvey, continually changing real estate market. There is no one-size-fits-all agent when buying or selling a home today. It is necessary to work with an expert.


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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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 2010 Teri Eckholm

January and February 2010 Twin Cities Real Estate Market Video Updates—A Video Double Feature!

The February Monthly Skinny from the Minneapolis Area Association of REALTORS® was released last week. They say time flies when you are having fun...Well, I have been having fun working with several buyers and traditional sellers to get their homes prepared for the spring market so I missed posting the January Skinny. So...It is Double Feature time!

The January Skinny was a year end update for 2009 as we closed the book and took a huge step toward a balanced market in the Twin Cities. As many of the community snapshots I have posted over the past 3-4 weeks have stated, this is due to many factors. Most noteably, historic affordability, low interest rates, the first time buyer tax credit and pent up demand.





The February Skinny recaps a slow start to 2010. While traditional sales were finally up, home prices are stabilizing and market times are down, there is still reason to be concern. The tax credit for homebuyers that has spurred home sales over the past few months will soon expire. Add to that, the Federal Reserve has announced it will no longer purchase mortgage backed securities which is predicted to cause interest rates to rise...2010 will be an interesting year for buyers, sellers and home owners.









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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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 2010 Teri Eckholm

Blaine, MN Year End Real Estate Market Statistics 2009

Blaine has continued to expand and develop by leaps and bounds in the north metro of the Twin Cities during the past few years. Just drive down Highway 65 and see the Main Street (125th) overpass as well as several others in different phases of construction and all of the new retail establishments to get an idea of how the changes have affected the community. Though housing construction slowed during 2009, it has not completely stopped. New developments have continued to expand the housing base, especially in the townhome and lower level price points. Conveniently located along 35W and Highway 65 and connected by Highway 10 just north of the Twin Cities, Blaine is an attractive location for both business and residential development. The community is served by three school districts; Anoka Hennepin District #11, Centennial District #12, and Spring Lake Park District #16. Blaine is best known for the National Sports Center a sport and meeting facility that hosts an annual worldwide soccer event and Tournament Players Club golf course where the PGA Senior tour is played every summer.

Builders’ incentives to home buyers have required home sellers to be very competitive with housing prices making homes in the Blaine area. While existing single family homes are holding their own in the competition against builders, it does not appear to be the same case in the existing townhome market. Over 77% of the townhomes sold at prices over $200,000 were new construction. Existing townhome sellers in Blaine really need to be competitive to sell when in competition with a brand new property. Homes remained affordable throughout 2009 and with 874 homes sold, Blaine’s inventory of property for sale is very manageable across all price points. Currently there is 2-6 months of inventory for homes with price points under $500,000 and just under 18 months of inventory for homes priced over $500,000. These are better inventory statistics for Blaine than I have seen in the past 3 years! The overall CDOM statistic at 143 for Blaine is down from 154 in 2008 and is significantly better than any of the surrounding communities in the north metro such as Forest Lake, Lino Lakes and Ham Lake.

The townhome and condominium market has exploded in Blaine and builders have pulled out all the stops bringing pricing down. There is considerably less new construction townhome inventory on the market with about 7 months of inventory compared with 18 months at the end of 2008 and nearly 3 years of inventory in 2007. Existing townhome sellers have their work cut out for them as they continue to sharpen their pencils and make their prices very attractive. Pricy existing executive townhomes listed over $500,000 are currently at a standstill with 5 listed homes and no buyers in the past year.

2009 Average Sales Price of all homes sold in Blaine:

All Homes $195,793
Single Family Homes $215,361
Townhomes/Condos $150,823

2009 Average Cumulative Days on Market in Blaine:

All Homes 143
Single Family Homes 140
Townhomes/Condos 153

Year End Blaine residential real estate statistics for single family homes:

Under $200,000~ 78 Active Listings, 35 Pending Listings, 331 Sold Listings, 117 CDOM (New Construction Subgroup 3 Active, 9 Pending, 4 Sold, 256 CDOM)

$200,000-300,000~80 Active Listings, 13 Pending Listings, 172 Sold Listings, 132 CDOM (New Construction Subgroup 22 Active, 4 Pending, 36 Sold, 136 CDOM)

$300,000-$400,000 ~ 29 Active Listings, 10 Pending Listings, 63 Sold Listings, 217 CDOM (New Construction Subgroup 13 Active, 4 Pending, 30 Sold, 239 CDOM)

$400,000-$500,000 ~ 11 Active Listings, 2 Pending Listings, 27 Sold Listings, 284 CDOM (New Construction Subgroup 3 Active, 2 Pending, 9 Sold, 259 CDOM)

$500,000-$1,000,000~ 23 Active Listings, 5 Pending Listings, 16 Sold Listings, 272 CDOM (New Construction Subgroup 9 Active, 3 Pending, 5 Sold, 135 CDOM)

$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (All existing homes)

Year End Blaine residential real estate statistics for townhomes and condos:

Under $200,000~ 87 Active Listings, 22 Pending Listings, 243 Sold Listings, 147 CDOM (New Construction Subgroup 17 Active, 0 Pending, 48 Sold, 241 CDOM)

$200,000-300,000~19 Active Listings, 2 Pending Listings, 12 Sold Listings, 276 CDOM (New Construction Subgroup 10 Active, 2 Pending, 11 Sold, 252 CDOM)

$300,000-$400,000 ~ 5 Active Listings, 0 Pending Listings, 7 Sold Listings, 259 CDOM (New Construction Subgroup 5 Active, 0 Pending, 4 Sold, 361 CDOM )

$400,000-$500,000 ~ 0 Active Listings, 0 Pending Listings, 3 Sold Listings, 359 CDOM (New Construction Subgroup 0 Active, 0 Pending, 2 Sold, 410 CDOM)

$500,000-$1,000,000~ 5 Active Listings, 0 Pending Listings, 0 Sold Listings (No New Construction activity)

For additional information on any current Blaine real estate listing or for additional information on buying a home in Blaine contact Teri Eckholm directly at 651-336-7073.
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 12/30/09.

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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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 2010 Teri Eckholm http://www.terieckholm.com/

Lino Lakes, MN Year End Real Estate Market Statistics 2009

Like much of the real estate in the Minneapolis/St. Paul area, Lino Lakes, MN in Anoka County has seen reduced inventory and increased market times in 2009. This year nearly twice as many properties sold but the average selling price was directly affected by the bank owned and lender mediated properties on the market. Traditional homes had longer market times but properties were selling throughout the Lino Lakes area.

Though Lino Lakes has a good mixture of lakeshore, acreage and townhome residences but is more known for having a bit of space between the houses. It conveniently located near the junction of the 35E and 35W split, just north of the Twin Cities, Lino Lakes is a 33 square miles treasure. With 13 lakes and acres of beautiful protected wetland, the community is served by three school districts; Centennial District #12, Forest Lake District #831, and White Bear Lake District #624. The gem attraction is the pristine 2,700-acre Rice Creek Chain of Lakes Regional Park Reserve is situated within the heart of the city. Lino Lakes is committed to maintain this treasure and its natural settings and wildlife habitats for years to come.

The year end numbers for Lino Lakes sales show area homes were selling slower than last year with an average of 170 cumulative days on the market (CDOM) for sold properties compared with 160 CDOM in 2008. But current inventory levels are much lower than last year. Looking at homes priced under $300,000, there is about 4-5 months of inventory. This time last year, there were nearly 12 months of inventory in this price category.

And the lower inventories are also in higher price points too. Based on the year end statistics, it will now take about 6 months to sell the current inventory of homes with a $300,000-$400,000 price tag. This is down considerably in Lino Lakes from last year when the inventory level hovered around the 12 month mark for absorption. In the $400,000-$500,000 we are just under that one year time period for absorption while over half a million homes there is about 3 YEARS of inventory. While this is not ideal, it is certainly with in the norm when compared to surrounding Anoka County areas.
2009 Average Sales Price of all homes sold in Lino Lakes:
All Homes $229,622
Single Family Homes $251,780
Townhomes/Condos $150,266
2009 Average Cumulative Days on Market in Lino Lakes:
All Homes 170
Single Family Homes 174
Townhomes/Condos 150

4th Quarter Lino Lakes residential real estate statistics for single family homes:
Under $200,000~ 10 Active Listings, 3 Pending Listings, 49 Sold Listings, 155 CDOM
$200,000-$300,000 ~ 32 Active Listings, 3 Pending Listings, 57 Sold Listings, 180 CDOM
$300,000-$400,000 ~ 16 Active Listings, 2 Pending Listings, 33 Sold Listings, 192 CDOM
$400,000-$500,000 ~ 9 Active Listings, 0 Pending Listings, 10 Sold Listings, 167 CDOM
$500,000 and Up~ 11 Active Listings, 0 Pending Listings, 4 Sold Listings, 262 CDOM
Year End 2009 Lino Lakes residential real estate statistics for townhomes and condos:
Under $200,000~ 23 Active Listings, 6 Pending Listings, 39 Sold Listings, 143 CDOM
$200,000-300,000~5 Active Listings, 0 Pending Listings, 2 Sold Listings, 258 CDOM
$300,000-$400,000 ~ 0 Active Listings, 0 Pending Listings, 2 Sold Listings, 165 CDOM
Lakeshore available in Lino Lakes3 Active Listings

Lino Lakes lakeshore price range: $595,000-$1,118,000
1 Home on Amelia Lake
2 Homes on Reshanau Lake

Acreage properties available in Lino Lakes

16 properties listed on 1-3 Acres priced between $126,000-$595,000.
7 properties listed on 5-10 Acres priced between $300,000-$805,000
1 property listed on 29 Acres priced at $749,000
1 property listed on 80 Acres priced at $6,000,000
For additional information on any current Lino Lakes real estate listing or for additional information on buying a home in Lino Lakes contact Teri Eckholm directly at 651-336-7073.
**All Statistical information sold based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 12/31/09.
 

Copyright 2010 Teri Eckholm http://www.terieckholm.com/

December 2009 Twin Cities Real Estate Market Video Update—Continuing Signs of Recovery!

In the December Monthly Skinny from the Minneapolis Area Association of REALTORS® provides a snapshot of the Twin Cities real estate market as we wrap up 2009.
Though there still are challenges in the upper brackets of the housing market, there has been a continued trend of recovery. Though we did still see a 3% month-to-month drop in median home prices, from $175,000 to $170,000, this is lowest drop in two years. Strong home sales added to shrinking supply equates to a stabilizing home market. This month's Skinny notes that our Twin Cities was affected by the $8000 tax credit as part of this recovery. There is hope that the extended and expanded tax credit will continue to stabilize the Twin Cites home marketing into 2010 but only time will tell. Also predictions for the 2010 national market by Lawrence Yun, Chief Economist for the National Association of REALTORS® were shared in this month’s report.
Enjoy the last video update for the Twin Cities real estate market for 2009.



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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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 2009 Teri Eckholm http://www.terieckholm.com/

November 2009 Twin Cities Real Estate Market Video Update—Affects of the $8000 Tax Credit!

As we cruise into the cold of winter, we can take a few minutes to review how the fall market energized the Twin Cities real estate market as we view the November Monthly Skinny from the Minneapolis Area Association of REALTORS®.

This month's Skinny examines how the Twin Cities was affected by the $8000 tax credit in the month of October. The announcement of the extension and expansion came late enough into the month that many buyers did not want to risk missing the original November 30th deadline. Almost 4700 purchase agreements were signed in the month of October. The affects of the first time buyer credits were most noteable on homes under $200,000. Also the inventory of foreclosure homes is down considerably now while homes in a short sale position are not selling so quickly. The obvious reason for this is that the approval of the purchase for a lender-owned home is within days while a home in a short sale position will take weeks or even months to obtain all of the approvals required for a closing. As noted in the video it will be interesting to see how the extended and expanded tax credit will affect the real estate market during the next few months. Most first time buyers that wanted to buy may have already purchased a home to meet the original deadline but the expansion for previous homeowners does create a new wild card.

Enjoy the video and lets hope these positive signs for Twin Cities real estate continue into 2010.



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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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 2009 Teri Eckholm http://www.terieckholm.com/

October 2009 Twin Cities Real Estate Market Video Update—Not a Total Comeback but Still Moving Forward!

Althought it is the last day of October, there is still time to share this month's update from the Minneapolis Area Association of REALTORS®.

The October Monthly Skinny points out that even in the cooler September temperatures, theTwin Cities real estate market was hotter than average for early fall. The Twin Cities area saw a 23.5% increase in pending sales in September 2009 as compared to September 2008. Many of these purchase agreements were for homes in the very affordable under $120,000 price range. No doubt due this surge in sales contracts were due to the soon to expire tax credit for first time home buyers. That credit has been such a boon to the lower priced homes that it has really worked down the amount of bank owned properties and there is considerably less inventory in that category going forward. Short sale properties did not see nearly the same amount of action as there is often timeframe issues when placing an offer on a home that is in a short sale position. With the tax credit deadline looming few first time buyers want to take a chance on a short sale not closing prior to the November 30, 2009 expiration date of the credit as it stands today. Yes, the credit could be extended but it is obvious from the numbers that few buyers wanted to take that chance.

So how does this compare to the real estate market is that for single family homes in Anoka County, Ham Lake, Forest Lake and throughout the Twin Cities north metro? The north metro market has had a similar pattern to the rest of the metro area. We are still dealing with a stagnant townhomes and condo market and single family homes in the higher price points. In both of these catagories, there continues to be some amazing opportunities for buyers as compared to just a few years ago. Move up buyers and downsizers can benefit in this market if they own a home valued under $200,000, the price-point where most first time buyers are looking. Seniors who are down sizing from a reasonably sized/priced home can sell to first time buyers and obtain a condo at a steal of a price. Young families who have overgrown their starter home can move up to a larger home in the $250,000-$300,000 price range and have quite a selection to choose from.

Enjoy the video and remember that positive trends don't equate a comeback as there are still many challenges facing the Twin Cities real estate market. But we are moving forward.



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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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 2009 Teri Eckholm http://www.terieckholm.com/

Ham Lake, MN Real Estate Market Statistics for 3rd Quarter 2009

It will probably not come as a surprise that the unique Ham Lake name wasn't the first choice by the settler's to the area. After all, not many towns would chose to be named after a cut of pork (but the lake really does look like a ham hock from an aerial view). Incorporated in 1974, Ham Lake became a city after over a hundred years of humble but steady growth. The area was first settled in 1855 by a group of Scottish men on the southwest side of Ham Lake. The original name of the community was Glen Carey, which is the Scottish translation of "beautiful valley". Following a prairie fire in 1857, the first settlers moved but the community was resettled again. The new Scandinavian settlers had a hard time with the pronunciation of Glen Carey and soon the fledging community was known as Ham Lake...most probably because the lake in the area has a unique "ham-hock" shape. Anoka County officially was recognized Ham Lake as a township in 1871. In the early 1900's Central Avenue (Highway 65) was a slow commute as it was a wagon trail through the sand and swampland. And we think going through stop light after stop light slows traffic. Though it was graveled and paved at some point, it 1954 before was expanded to four lanes.
There are still four lanes on Highway 65 but traffic is traveling at a brisk 65 mph round the clock now as more people commute to the north. There are many people who look to the Ham Lake area for acreage, executive, luxury and lakeshore homes. However, lately the real estate market has been quite sluggish throughout Anoka County. Ham Lake, MN is seeing homes sell in 2009. There are bright spots across the board with homes selling in all price categories under $400,000, but the bulk of sales is found in the under $300,000 price categories.
New construction sales are not just stagnant; they have completely stopped with only one builder owned new construction home sold since the first of the year. The average Cumulative Days-on-Market (CDOM) is bouncing around in this Anoka County town…down a bit from first quarter in Ham Lake at 202 days, to 158 in the 2nd quarter and back up to 175 for the 3rd quarter.
Inventory is down in Ham Lake from the levels seen in 2008. There are currently 122 homes listed as active on the Twin Cities MLS but a good portion of those homes are in high price categories that are not seeing much activity. Homes over $500K continue to linger on the market for month after month. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is approximately 6-8 months but high priced homes are selling in 2-3 years! Right now average inventory levels indicate there is about 15-16 months of inventory in Ham Lake. Having a good price strategy for your home and being prepared for showings will be essential if planning to sell a home in this Anoka County community in 2009.
3rd Quarter 2009 Ham Lake residential real estate statistics for single family homes:
Under $200,000~ 25 Active Listings, 6 Pending Listings, 10 Sold Listings, CDOM 202 (All existing homes)
$200,000-300,000~ 33 Active Listings, 2 Pending Listings, 10 Sold Listings, CDOM 120 (New Construction Subgroup ~ 2 Active, 0 Pending, 0 Sold)
$300,000-400,000~ 36 Active Listings, 5 Pending Listings, 3 Sold Listings, CDOM 295 (New Construction Subgroup ~ 8 Active, 1 Pending, 0 Sold)
$400,000-$500,000~ 9 Active Listings, 1 Pending Listings, 1 Sold Listings, CDOM 130 (New Construction Subgroup ~ 2 Active, 0 Pending, 0 Sold)
$500,000 and Up~ 19 Active Listings, 1 Pending Listings, 0 Sold Listings, (New Construction Subgroup ~ 2 Active, 0 Pending, 0 Sold)
Lakeshore available in the City of Ham Lake
6 Active Listings
Ham Lake lakeshore price range: $185,000-$950,000
7 Homes on Coon Lake
1 Home on Lake Netta
1 Home on Ham Lake
2 Homes on Little Coon Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7/1/09 through 9/30/09.

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

September 2009 Twin Cities Real Estate Market Video Update—Real Estate Statistical Crystal Ball Fuzzy after Tax Credit Expires

In the September Monthly Skinny produced by the Minneapolis Area Association of REALTORS®, it appears there are indications of a continued improving market. We have now experienced fourteen consecutive months of increased pending sales as compared to the same month the year before. Of these sales, 40% were still lender mediated (bank owned, foreclosures and short sales) but traditional sellers are starting to see more action. This is especially true for those with homes priced under $150,000. As most of this activity has been generated by the soon to expire, first time buyer tax credit, the crystal ball is fuzzy going forward as to whether the momentum of the 2009 market will continue into 2010.

My take on the market is that this report is spot-on for single family homes in Anoka County, Ham Lake, Forest Lake and throughout the Twin Cities north metro. What it doesn't mention is that townhomes and condos still have stagnant sales as have homes in the higher price points. In both of these catagories, there continues to be some amazing price opportunities as compared to the previous few years. Move up buyers and downsizers can benefit in this market if they own a home valued under $200,000, the price-point where most first time buyers are looking. Seniors who are down sizing from a reasonably sized/priced home can sell to first time buyers and obtain a condo at a steal of a price. Young families who have overgrown their starter home can move up to a larger home in the $250,000-$300,000 price range and have quite a selection to choose from.

Enjoy the video and lets hope when the crystal ball clears for 2010, the real estate statistical news remains just as positive as it has been this past year!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/