What Makes a GREAT Multigenerational Home?

When I started in the real estate business over 15 years ago, my very first clients was young couple with 2 school aged daughters looking for a home that could accommodate the girls’ grandma living with them.  They wanted an “in-law” suite which was very hard to find at the time because few single family homes were designed for multigenerational living. 

In the past few years, this is a much more common request. Many of today’s home buyers look for housing to accommodate two, three or more generations in one home. Not only do they want to bring aging parents/grandparents into the home, some families have grown children back from college or with children of their own, moving back to the family home to reduce expenses or have more childcare options. Siblings, cousins, aunts, uncles and other family members chose to buy a first home together to share expenses. (Think of the popular TV show, Mike & Molly). There are a plethora of reasons for multigenerational living but what should a home buyer look for when shopping?

Privacy—Everyone needs their own space. Having multiple family/living rooms as well as bedrooms is the ideal way allow some much needed privacy for individual family members.Separate kitchens, bathrooms & entrances make life less chaotic when family members have different schedules.

Accessibility—Older generations in the family might require one level living or options with minimal stairs in the home.  A main floor laundry, kitchen, bathroom & bedroom might be required.  Accessible doorways and hallways that accommodate wheelchairs and/or walkers are also something to consider. Minimal stairs into main floor is ideal.

Open Floor Plan—An open floor plan is desirable for times when all generations gather together. 

Affordable—With housing prices on the rise, it is essential to consider the long term plans of each member of the family and budget for changes to the situation in the future.


 

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 2015 www.terieckholm.com

Good Time to Buy a Home? Terrible Time? That is a GREAT Question!

Several ads are running in all forms of media lately about what a great opportunity it is to buy a home right now. It’s hard to turn on the television, radio or computer without being exposed to an advertisement from the National Association of REALTORS® announcing the expiring tax credit and why this is a once in a lifetime opportunity to buy a home. But is it really a good time to buy? Yes, but maybe not for everyone.


Here are a few facts about the current Twin Cities real estate market:

1. There are many affordable homes across the Twin Cities metro area.
2. Interest rates are still historically low.
3. And, there is that $6500-$8000 tax credit that is going to expire very soon.

But do these reasons alone make it a good time to buy a house?

I ran into an old colleague of mine in a Forest Lake parking lot earlier this week. We used to work for the same real estate broker a few years ago and chat from time to time. This day was no different. After the initial hellos, the conversation drifted to the real estate market. He is not selling much these days as he hates working as an agent in this market. He doesn’t think it is a good time to buy for most buyers. However, he did make a couple of personal investments this past year, choosing to ride out the market by taking advantage of the foreclosures in northern Washington County and rehabbing them for resale. He offered his view of the market as a “terrible time to buy for a first time buyer”. When I questioned his logic he said, “First time buyers have to compete with buyers like me. There were seven offers written in a few days on one of the homes I purchased. I didn’t finance the home. I could close in a week for cash. How can a first time buyer ever compete with that?”
How indeed! That is a good question. But then again I have talked to two other investor/agents this past year with a different view of this current market. These guys were rehabbing homes long before the market took a dive. They paint a picture of the market as a terrible time for a rehabber to buy a home. First time buyers and first time investors are driving up the prices on bank owned properties so they cannot buy at a reasonable price to turn a decent profit.

I find it interesting that three people who have all worked in real estate for years have such differing views on the current housing market.
So, do I think NOW is a good time for a homebuyer to buy?
First, let's turn back the clock a few years to the late 1980’s when my husband and I purchased our first home. According to history, it was a terrible time to buy a home…but we didn’t know any better. We needed a place to live and didn’t want to rent. Interest rates were in double digits at the time and we still had student and car loans so what we could afford versus what we wanted was not quite in line. We ended up purchasing a house from relatives by assuming their 9%, 15 year loan.

We purchased at the time not because someone said the real estate market was good or bad but because it made sense for us to buy rather than rent. We didn’t buy our “ideal” home, we bought an adequate starter home that we could afford. We knew we wouldn’t live in this home forever but it was priced fairly and it was a place to start. We lived there for eight years. Though it wasn’t a good time to buy for many home buyers, the purchase made sense for us.

Many people will be rushing to write a purchase agreement in the next month in order to take advantage of the expiring homebuyer’s tax credit. That should not be the ONLY reason to buy a home. Buying a home in any market is a personal decision and whether it is a good time to buy will really depend on the buyer, the home, the price and what happens in the future. While no one has a crystal ball on the future, a good REALTOR® and loan officer can help potential buyers determine if NOW is a good time to buy depending on their unique situation.
So...In my opinion, it really IS a good time for many people to buy a home…but might not be the right time for all.
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 

March 2009 Video Update--Twin Cities Real Estate Market on Path to Recovery

Spring has sprung and with it comes a new video from the Minneapolis Association of REALTORS. The March Monthly skinny once again shows that the market appears to be making moves in the right direction. Pending sales are up 7.4% from this time last year. This is great news but it is also noted that over 60% of the pending sales are lender mediated (i.e. bank owned or short sale homes). The affordability index is nearly 90% higher on lender mediated properties than on homes sold by traditional sellers.

What is the Affordability Index?

When the affordability index is at 239 as mentioned in the video for lender mediated homes, it means that the median Twin Cities income is 239% higher than what is needed to qualify for the median priced Twin Cities home.

Check out the video for more indicators that the Twin Cities housing market is on track for a slow but steady recovery.

Copyright 2009 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/