Real Estate Resolutions for Minnesota Home Buyers and Sellers in 2012

As 2011 comes to a close, I noticed a change in the real estate market across the north and east Minneapolis/St Paul metro area.  Home sellers were seeing a more active market during the last quarter and many received purchase agreements. Home buyers who for several years had the luxury of the upper hand in negotiations, suddenly found they were in multiple offer situations when they submitted a contract for a seller's consideration. While there still is a good range of inventory in the higher priced categories, first time buyers had less options than a year or two ago.  Yet a tenacious Twin Cities home buyer can still find good options in almost every price range throughout the metro area. Town homes, single family, split levels, ramblers, two stories, remodels, foreclosures, short sales and new construction.

As a REALTOR® serving Lino Lakes, Ham Lake and communities in the Forest Lake School District, I keep a close eye on the north and east Twin Cities real estate market. During the last few months of the year, I noticed bit of a change in the wind. Activity has continued to improve. Motivated sellers are pricing their homes to be attractive to the more educated home buyers of the current market. Buyers teetering on the edge of the proverbial home buying pool took the plunge and wrote offers as interest rates hit record breaking lows. Negotiations were made and offers accepted. The Minneapolis/St Paul real estate market took one tentative step toward as 2011 came to a close.

So what does that mean for those considering purchasing a home or selling their property in 2012? From Ham Lake to Forest Lake and Lino Lakes to Shoreview, we have begun to build a strong foundation in our real estate market again. Keeping the property value base strong is essential to all Minnesotans. In 2012, homeowners should  RESOLVE to be Real Estate Savvy!

Resolutions for Home Sellers

*Team up with a professional REALTOR®
*Set the right price when first listed
*Make all necessary repairs
*Declutter
*Make each showing count by staging the home for sale.
*Be ready and willing to negotiate.

Resolutions for Buyers

*Team up with a professional REALTOR®
*Get pre-approved for a mortgage  before you start your home search. Check in with your Loan Officer on a regular basis to discuss any change in your financial status or the loan market.
*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 is great.

Resolutions for Homeowners

*Even if you do not plan to sell your home in 2012, there are things a homeowner should be doing to maintain and retain property value.
*Keep the interior and exterior of your home in good repair on a continual basis rather than deferring until 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®
*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. 2012 home buyers are educated in the value of real estate and won't over pay!
*Be a good steward of your properties and the communities in which they are located.
*Maintain the properties to retain value for your 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 2011, 2012 could make additional strides toward recovery for the Twin Cities real estate market.

Copyright 2011 www.terieckholm.com

Change the Clock and Spring Forward on that Housing Purchase!

In the debate on daylights savings time, I am on the progressive side who likes the change. Sure it messes with some old software so a clock or two is out of sync, but the tradeoff is well worth it. We get an hour more of evening daylight weeks early than in the past. This is a tremendous help to buyers, sellers and Realtors!

The traditional winter slow down in housing sales can be attributed to a plethora of reasons: cold, snow, holidays, school year, etc., but it really boils down to one factor. People don’t buy homes in the dark. It the winter daylight hours are short. Most people work that 9 to 5 shift so are not able to view homes in the daylight during the work week. It is tough to tie up weekends looking for homes so the process is delayed until spring and summer when people have more flexibility and more light in their evening schedules.

In this changed real estate market many homes are vacant. It is difficult to assess the condition of a foreclosed home that has the utilities turned off without light. Sure a flashlight, or better yet a half dozen flashlights, would help. But it stigmatizes the home further by giving it an “old haunted house” feel. Most vacant properties look a bit better in the light of day! Sunshine gives a better perspective on the work that would need to be done on the home.

Owner occupied homes also look better with the warm spring rays shining through the windows! People get a better idea of the colors and space inside the home. It is also easier to view the exterior for features or necessary repairs and to walk the property lines in the late afternoon sunshine!

Spring forward and get in gear! If you are thinking of making a move this year, you have been given a few extra weeks in the spring market to see homes. Remember it is the early bird that catches the worm! The first spring buyers have an awesome selection of properties across the Twin Cities metro! And those savvy sellers who put their homes on the market in the early spring attract those motivated family buyers who want to move as soon as the school ends.

Featured Homes “JUST LISTED” in the North and East Metro:

15139 E Vermillion Circle NE, Ham Lake, MN 55304
29541 Shoreview Circle, Lindstrom, MN 55449

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

Are Homes Really a Good Investment?—Is NOW the time to Buy a House?

Annual housing numbers were released this week and there were no surprises that the housing market was down in 2007. I say there were no surprises because the double digit increases in value seen a few years ago throughout the Twin Cities and Minnesota could not continue. Everyone working in the real estate industry knew the market was ready to correct.

In the north and east metro counties (Anoka County, Chisago County and Washington County), I have notice the market correction building for the past few years. In the northern suburbs we feel the trend sooner than in the heart of the metro. So the slower market is no big news bulletin. **View Twin Cities Housing Statistics Here**

The real news is that the real estate market is poised to turn in the other direction. Who wouldn’t want to get in on the ground floor of a historically-solid performing entity?

Though real estate has peaks and valleys, it is still a good investment. Even with the recent price drop, Twin Cities home values are up significantly from where stood in the mid-1990’s. The astronomical, unrealistic pricing is gone but the core value is holding strong. Real Estate remains a good investment if people once again start treating it as such.

Glenn Dorfman of the Minnesota Association of Realtors (MAR) suggests we all look at the real estate market with a dose of realism. His recent podcast, “Not optimism, not pessimism, but REALISM...” explores the idea that everyone must look at real estate as the long term investment that it is.

Facts and common sense are what a strong real estate market is built on. Outrageous increases in property value are an abnormality in the market. Historically, housing has shown continuous, MODERATE increases. Due to the outrageous increases in the past decade, the market needed to correct.

So what does this mean to the average home owner? Think of your home purchase as a LONGTERM investment. Almost every financial planner I have ever met would strongly advise against ever borrowing against a 401K program. It is a long term investment for your retirement and the penalties are harsh if not repaid.

Borrowing against the equity in your home has similar consequences. So why would anyone think that removing equity from their home is a smart option?

So is NOW a good time to buy? In a word, Yes! Smart buyers will get in the game! Low interest rates, negotiating sellers and massive inventory give a savvy buyer options! There is no way of telling whether any market has hit bottom until the prices start going up again. Work with a Realtor, knowledgeable in your community to find a good deal!

As Dorfman says, “residential homes are long term investments in the same way that stocks are...flipping, greed and making fast money is mostly myth.”

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

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.

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

A Realtor’s Role—A Glimpse and Opportunity to Become a Friend

This holiday season I was blessed with a ringing cell phone. Not just one client or contact but several. New prospects. Current buyers and sellers. Past clients and friends. And of course other agents.

Each situation and reason for calling was unique. As I consider each of these contacts I realize once again how my position as a Realtor provides a glimpse like a look through the keyhole into lives. Each phone call is the beginning to a story and often the caller is asking me to play a role. When I answer a call, it could be a romantic love story and exciting adventure or sad tragic tale. As a professional real estate agent, I play this role throughout the year but during the past few weeks many stories tugged at my heart.

Just before Thanksgiving, I received a call from a young man asking to see a listing of mine in Forest Lake. He and his fiancé just drove by the home and wanted to see it the next day as they were excited by the idea of purchasing their first home. Over these past few weeks, I shared many evenings of showing homes and meeting with their families. This excited young couple decided on property and if all goes according to plan they will start the New Year in their new home.

A week before Christmas I received a response to a newspaper advertisement for a Ham Lake lakeshore home. The gentleman caller is looking for something private on a full recreational lake. During the conversation he shared that he had just finished building a beautiful lake home in Alexandria two years ago. He had lost his lovely bride of 61 years a short time ago and he didn’t want to go there anymore. He was contemplating a new lakehome nearer the cities.

Last week I showed a home a few days before Christmas. It was perfect for my clients! I called the listing agent and left a voicemail. A day later I receive a call. The agent had a family medical emergency. He had another agent to handle his files but that agent decided to go on a holiday leave. Patiently and professionally, I dealt with the original agent. Unfortunately, the medical situation was serious and the family member died. Negotiations though delayed at times have been successful for both parties.

The calls don't always go as expected and the topics do not always stay exactly on real estate. A Realtor works with people and families all in different stages of life. This is important to me and the part of real estate that I truly enjoy.

As I review the holiday cards I receive from past clients sharing photos of growing grandchildren or news of adoptions and births, I realize that the role of Realtor is more than being a sales person or processor of paperwork. As I step into my clients’ lives to assist them with the sale of their property or purchase of their first home, I get a glimpse of their world and the opportunity to become their friend.

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 2007 Teri Eckholm http://www.terieckholm.com/

Twas the Week Before Christmas and all through the County—I’m Showing Houses!

Here it is a week prior to the Christmas Holidays and I am frantically getting ready as I always do this time of year. But in the midst of shopping for presents, sending packages, wrapping gifts and baking cookies, I have to set up and show homes to clients.

A normal year would see a slow down around the holidays but this year real estate has been anything but normal. Buyers have been out there all year long but with change on the horizon for 2008 in the mortgage industry, some buyers are very motivated to find the perfect home now!

So off we went this weekend for showings throughout White Bear Lake, Forest Lake and Hugo and Ham Lake….Surprisingly most of the homes we saw were well prepared for our visit. Christmas trees were lit and added extra sparkle. Sidewalks were shoveled at most homes. And the chocolate chip cookies were a nice touch…Hope they were meant for us and not Santa.

Not all stockings were hung with care in preparation for our visit. The one home owner that did not bother to shovel their driveway after the huge 8-12 inch snowfall last week, did miss out on a sales opportunity. The home was not bad inside but when a homeowner doesn’t bother to maintain the exterior, the interior is reviewed with an extra critical eye. The potential sale was lost as my buyers trekked up the hard packed uneven snow banks to the front door. The Rainbow Goldfish crackers left in a pile on the table were not as appealing as the cookies at the other home either.

Sellers make the most of this week and the opportunity it presents! If a buyer requests a showing on your home, make it available and make them welcome. Many buyers are very serious this time of year! A beautifully prepared home could mean the best present of all for a seller; an acceptable offer all wrapped up for the holidays!

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 2007 Teri Eckholm http://www.terieckholm.com/

Are Buyers and Sellers Psyched Out in the Minnesota Real Estate Market?

“Psychological factors are currently the biggest drag on the housing market, in addition to a disruption from tighter credit for subprime borrowers.”
— Lawrence Yun, senior economist for the National Association of Realtors
June 25, 2007

This statement issued three months ago by Yun is still true in Minnesota today. We have low interest rates and unemployment rates below the national average yet the housing market is flat. Areas of Anoka and Washington Counties including Blaine, Ham Lake, Lino Lakes and Forest Lake have been over developed. There are several new construction homes and developments sitting empty awaiting new home buyers for, in some cases, years. In this current real estate market situation, the basic economics of supply and demand applies. When prices are too high, demand will remain low.

Home sellers in Minnesota that have gotten the message have been able to sell their homes. Existing home inventories are still high but down a bit from earlier in the year. If your home is currently on the market and not selling, there is a 2-Step approach to getting SOLD:

1. Look at what needs to be done to get your home in tip-top condition. If you have been receiving feedback from showings about ugly counters, worn carpeting, gaudy paint, old roof, etc., take action! Buyers move on to the homes in move-in condition.


2. Check your pricing against what is on the market and what has SOLD. Don’t look at solds from last year! Look in the past 3 months and what is in pending. If nothing has sold, then others in your market are pricing their homes too high as well. Work with your Realtor to make certain your home is the “best deal” in the neighborhood.

If this seems too difficult because you do not want to “give your home away”, take it off of the market. I have heard several sellers make the “I’m not going to give away my home” statement. My questions to them are “when did you buy?” and “what did you pay?” Most often the answer is years ago and for substantially less than what they are asking for the home. But these homeowners felt the over inflated prices of the last few years were “money in the bank”. This is an unfortunate misconception that keeps people from moving on to their next home.

If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage properties! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2007 www.terieckholm.com

Buyers Continue to Have the Upper Hand in the Twin Cities Real Estate Market

The Statistics are out for August and the numbers show that in the 13 County Twin Cities metro, home buyers continue to have the edge over sellers in the real estate market. Affordability is up. Closed sale prices are down. Home inventory per buyers remains in the 10 to 1 range. The good news for sellers is that homes are continuing to sell but at lower prices.

Opportunity is knocking. Have you seen the new ads by the Twin Cities Builders Association? In the television spot, there are doorknockers gone wild--knocking endlessly to get out the message that it is time for buyers to buy. It is more than a promotion for their new blog/website, it emphasizes the fact that the market hasn’t been this good for buyers in years. Buying now is a great investment opportunity.
Compound the increased inventory with the Federal Reserve cutting the interest rates by half a percentage point yesterday; it is an awesome time for buyers to step into homeownership!
As a Realtor working in the north metro counties of Anoka, Chisago, Ramsey and Washington, I see these trends first hand. From Ham Lake to White Bear Lake and Blaine to Forest Lake, homes are selling when sellers take the time to prepare the home for sale AND price properly. With an abundance of inventory on the housing market, buyers have literally dozens of options. Overwhelmed, they will weed out the overpriced, overlook homes with bad photos, and take time to consider all options prior to writing an offer.


2 truths of the current real estate market:

1. It is a Great Time to Buy a Home!


2. Selling a Home takes Preparation, Patience and Willingness to Negotiate.

AWESOME Featured Listings:

• 1988 Robin Lane N, Centerville, MN 55038
• 3608 Woodland Dr. NE, Ham Lake MN 55304
• 20685 Georgia Ave N, Forest Lake, MN 55025

If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage properties! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2007 www.terieckholm.com/

Mid-Year 2007 Real Estate Market Statistics for Forest Lake Minnesota--Including Lakeshore Statistics

The first half of 2007 has been a mixed bag for the Forest Lake real estate market in northern Washington County. Homes in priced below $300,000 are selling well but time on the market is lengthy in all price categories. Per the St. Paul Area Association of Realtors, sales for the 13 county Twin Cities area are down 16% in the first half of 2007 compared with sales in the first half of 2006. The average home price fell 2%.
This mid-year update for Forest Lake real estate reflects the sluggish market with many listings. Homes are stagnant in the high price ranges with the exception of lakeshore. 4 of the 7 homes priced over $400,000 were lake homes. Homes in Forest Lake are moving a bit faster selling with 168 DOM, than those in neighboring Ham Lake and Lino Lakes which have an average DOM of 173 and 208 respectively. (Click here for complete Lino Lakes Statistics.) (Click here for complete Ham Lake Statistics.)

The following are statistics of current single family residential market activity in the Forest Lake area for the first six months of 2007:

Under $300,000~ 88 Active Listings, 9 Pending Listings, 45 Sold Listings; Average Cumulative Days on Market for Sold Listings: 150

$300,000-400,000 ~ 53 Active Listings, 0 Pending Listings, 14 Sold Listings; Average Cumulative Days on Market for Sold Listings: 204

$400,000-$500,000 ~ 24 Active Listings, 0 Pending Listings, 1 Sold Listings; Average Cumulative Days on Market for Sold Listings: 181

$500,000 and Up~ 42 Active Listings, 2 Pending Listings, 6 Sold Listings; Average Cumulative Days on Market for Sold Listings: 155

Lakeshore available in Forest Lake:
61 Active Listings, 3 Pending Listings, 5 Sold Listings
Forest Lake lakeshore price range: $334,900-$749,000

• 48 Home on Forest Lake


• 10 Home on Clear Lake


• 2 Homes on Sylvan Lake


• 1 Home on Natural Environmental Wetland or NEDS Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/07 through 6/30/07.

Selling Tips: With homes in Washington and Anoka County staying on the market for months, it is important for sellers to remember to keep the front of the home showing ready at all times.
Here are a few quick tips to keep your home looking hot from the street:

• Flowers add color! If your spring blooms haven't blossomed yet, buy a dried floral wreath or colorful flag.


• Spruce up the landscaping with new wood chips. Make certain all of the landscaping bricks in the retaining wall are in place.


• Pick up trash from the yard.


• Rake any leaves that have blown in over the winter.


• Fix up that rusted mailbox at the end of the driveway.


• Seal coat the blacktop drive.
  Move Boats, Trailers and Campers to another location.


• Wash dirt and cobwebs from front of home paying special attention to door where buyers will enter. Paint door if necessary.


• Replace tattered American flags with new ones. (Remember proper to dispose of old one properly.)
  Repair any wind damage to gutters, siding, shutters and storm doors. If the shutters or trim has faded, replace or repaint.


• Paint or stain siding and front deck as necessary.

Buying Tips: There are many awesome deals on homes throughout the north and east Twin Cities metro for home buyers looking for a great opportunity to purchase a lakeshore or acreage home. But keep in mind that there are many misconceptions in a buyers market too. Here are a few points to remember as you consider purchasing a home in today’s market.

• A home with a high DOM is not always a problem house. The only problem with the home could be that it was priced too high when first listed.


• Not all sellers are so desperate that they will take any written offer. Sellers will not give away their homes. Homes are selling for fair prices in this market but not less than what they are worth.


• Buyers in this market it is more important than ever to have an experienced Realtor on your side to assist with negotiations. It is not a time to view homes “agent-free”. The listing agent represents the seller. With widely fluctuating prices, it is imperative to have someone representing YOUR interests in the transaction.

Featured Listings in the north and east Twin Cities:

• 1517 128th Ave NE, Blaine, MN 55449


• 5065 E Vermillion Circle NE, Ham Lake, MN 55304


• 1988 Robin Lane N, Centerville, MN 55038

Articles on Lakeshore and Minnesota that might be of interest:

• Relocating to Forest Lake Minnesota? The Schools are Full of Ranger Pride
• 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
• There's More to Minnesota than 10,000 Lakes--Much More!

If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage properties! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2007  www.terieckholm.com/

Myths of a Buyers Market

For the better part of two, maybe three, years, communities throughout the Twin Cities, Minnesota and the entire U.S. have been in the throws of a full fledged buyers market. Sellers have adjusted their minds and their prices. They have roll up their sleeves and worked to make their homes shine for the periodic showings. Homes are selling…Just not as quickly as they sold in the past decade. So when a Realtor shows a potential buyer a listing, the sellers want it to make the short list of second showing homes.

With years upon years of sellers running the show, it is hard for the average person to understand why a home is not selling. Heck, it’s hard for the average real estate agent. Basically, the homes-for-sale inventory is way up. Buyers have 50-100 homes that will meet their needs. They have become very selective when writing their offers. They want the best deal on a place to call home. Buyers in many cases are no longer buying with just their hearts; their heads are 100% in the game.

Working with both buyers and sellers throughout Anoka County in this changed market, I have noticed some interesting patterns of thinking on both sides of the transaction. Not all buyers or sellers have a firm grasp of what is happen in the real estate market which is causing some misunderstandings and frustration. It is not just in Ham Lake and Forest Lake that these situations arise, in speaking with other agents and several buyers and sellers, these misunderstandings are widespread.

Myth 1~A home with a high DOM (Days on Market) is a “problem” house.
Agents are as guilty of this assumption as their clients. Often in this market, homes just slightly overpriced can sit for months with nothing wrong per say, except price. When the price is adjusted, the DOM is still there, but the “problem” is gone. There are many GREAT homes now properly priced with high DOMs.
Myth 2~ Sellers are desperate and will take ANY Offer.
Everyone seems to have heard of someone who got that great deal on a house. Stories of sellers who needed to sell and gave away the property just to get out are running rampant over the proverbial office water cooler. When I hear a story like this from buyers, I ask them if they actually saw the paperwork. If they have not, I remind them not to believe everything they hear. Contrary to all of the stories flying around, people don’t give away houses. They just don’t. Reality is sellers will accept a fair price for their home based on current market conditions. If a seller has their home priced fairly, they won’t want to come down another $20,000-$40,000.

Myth 3~ Buyers who write “lowball” offers should be looking for homes in that lower price range.
Again, sellers and their agents alike often think that a very low or “lowball” offer on a home is a junk offer. They will often send it back without a counter offer assuming the buyer is looking out of their price range and can’t afford to spend more. Hence, the low offer.

But in many cases, the buyers are not writing an offer at the top of their game. Consider the situation of an entry level buyer in a starter home. It is imperative that a first time buyer not overpay. If their game plan is to sell again in 3-5 years, they will never have enough equity as the market is expected to stay flat for several years. Interested buyers want to start the negotiations at a lower amount and if they believe the home is not priced correctly, it might appear to be a lowball offer. A smart buyer’s agent will submit the offer with a competitive market analysis (CMA) to support the low offer. Sellers receiving an offer with a CMA attached would be wise to carefully consider the offer before throwing it back. The first offer could be the best and only offer a seller will see for months.

The bottom-line here is that we are in a changed market where buyers have a bit of the upper hand. But that doesn’t mean that buyers and sellers cannot find common ground and negotiate purchase agreements that are acceptable to both sides. Agents play a more important role than ever by making certain that clients have an understanding of the market and how their offer or pricing is being perceived. Choosing to work with a professional Realtor has never been a more important decision than it is today.


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If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage properties! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.


Copyright 2007 Teri Eckholm 

Nosy Neighbors SELL Homes!

Open houses are not for every home. In fact as the buyer’s market of 2005 stretches into 2006 and 2007, I find myself sitting in fewer and fewer residential properties on beautiful sunny Sunday afternoons awaiting that perfect buyer.


This is not for the reasons one might expect. I actually love doing open houses and have been very successful at them. And by success I mean not just for myself by meeting new potential clients to take to “other” homes. I mean that I have actually SOLD homes at houses I have held open for my sellers.

Now first of all, everything must fall into place…

1. The house has to be great.



2. The location has to be wonderful.



3. The price has to be right.

Open Houses work for me!
One of the number one reasons agents and sellers avoid open houses is the infamous “NOSY Neighbor”! Some agents insist that these unwelcome attendees are the only ones who show up. Homeowners dread the thought that Mrs. J down the street who walks past the house everyday is going to come in and tell everyone what the house looks like inside. And how this is a bad thing when your house is for sale?

The Nosy Neighbors are the open house attendees that show up about 30 minutes after the signs are out and the door is opened. They come in with an apologetic, “Don’t mind me, I just live up the street and always wanted to see what they did with the place.”
Remember now, I like open houses so I welcome these neighbors like the guests that they are. I have found neighbors to be the best source of buyers. The so-called “Nosy” ones are usually the people who LOVE their community. Neighborhood residents are engaging. They tell stories about the home and how much they will miss the people that live in it. And, on some occasions, these neighbors excite the real buyers in the room.

Late last summer, with the Twin Cities spiraling into a full-fledged buyers market, I was able to secure an acceptable purchase agreement for my seller the day after an open house. Around 20 minutes after opening the door, a couple of delightful young mom’s with kids in tow, walked up the driveway and through the door. “Just from around the corner and stopping to take a peek”, they said. I knew that this particular home was very well priced with an attractive, modified two-story floorplan. But the home next door was also for sale and had been for over 2 months. The Blaine location was ideal but being within shouting distance of the regional Anoka County airport was not. So I had my work cut out for me.

Since I had just open the doors, these gals were my first visitors and I was alone in the home. So, they pulled up a chair and started to swap stories. They knew the Grandma that had lived in the home as she walked the winding neighborhood streets and sometimes got lost. They were aware of the home for sale next door and provided details of the condition of that listing. As the conversation went on, more people started to arrive, but the “nosy neighbors” stayed comfortably in the kitchen enjoying chocolates from my candy dish.

When new guests came in to view the home, I did my regular greeting, “Hi there. My name is Teri. Feel free to take a look around and ask questions. Don’t forget to sign in!” etc. One young couple with a chubby little bundled dressed in pink seemed very interested in the home. The questions became very specific right away and the young mother shared that she had viewed the home yesterday with her father and agent while her husband was working. It was ironically the exact same floor plan they had just priced out building with the exact same builder but in a different development a few miles away. They had stopped in so the husband could see the home too.

As those in custom home construction know, a brand new home built to the buyers specifications is thousands more than an existing home that is 4-5 years old. This is due to price increases in materials and labor for the most part. But also there is value in what the homeowner adds after purchase like privacy fencing, window treatments and landscaping.

When neighbors realized that this young couple was very interested in the home, they chimed into the conversation. One gal asked this if this was their only child and started to tell about the other kids and families in the area. They must have felt a kindred spirit in this young mom as they started to create an energy and excitement about the neighborhood that I alone could not have created.

The young couple was SOLD.
The next day, their agent presented a non-contingent purchase agreement as the young couple decided to risk owning two homes in this buyers market rather than let this ideal home slip through their fingers!

Some might think that this is a fluke occurrence and that the neighbors could have been a detriment in this situation. I have held many open houses and this situation is not unique. Neighbors who love their neighborhood, help SELL the house. They pick up information for relatives and friends that are currently in the market for a home and pass it on to them. People sell neighborhoods they love.

So let this be a lesson to all sellers and sellers’ agents. Don’t avoid open houses because neighbors might drop in! There is no such thing as a “Nosy Neighbor”. Neighbors can be Assets to the Sale of the home! And neighbors, don’t apologize as you enter one of my open houses. You are more than welcome!
Here's another great post on Open Houses: Open Houses-Do they Work in a Buyer's Market?
If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage properties! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2007 terieckholm.com

Mortgage Options are Changing

Did you know that over three dozen subprime lenders have gone out of business since the beginning of 2007?

The mortgage industry is changing and if you are in the market to purchase a home, it is imperative to understand what is going on. Pre-approval with a trusted, experienced loan officer will be more important than ever in the coming months as the industry deals with the fallout.

Don't be frightened out of the home buying market. Be informed and get pre-approved. It is still a buyers' market in Minnesota. There a large number of good homes at the best prices the Twin Cities has seen in years. It is still a great time to buy a home.

If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2007 terieckholm.com