Speechless Sunday (Almost) Thinking Spring!

The unexpected temperatures nearing 60 degrees this afternoon in my Anoka County backyard are making me think that our crab apple blossoms may actually bloom soon. Spring is here on the calendar and warmer temperature have the real estate market really heating up. Buyers are out, but the housing supply is limited right now throughout the Minneapolis/St Paul metro. This is giving home sellers the upper-hand right now but only until the spring housing supply catches up. If you were waiting until spring to list your home, now is the time!

 
Copyright 2014 www.terieckholm.com

Time to make a move to a bigger home?

Time to make a move to a bigger home? Call Teri at 651-336-7073 for FREE Market Analysis!

If your home is a bit too crowded maybe it's time to make a move. Interest rates are still at record lows and starter homes are selling quickly in the Minneapolis/St Paul north and east metro! Your perfect little starter home could sell for top dollar due to the record low inventories on homes for sale in the Twin Cities. It's the perfect situation for a move up buyer. 

Copyright 2013 www.terieckholm.com

Remodeling Investments for 2010: Kitchens Still Have Sizzle!

Home in need of an update but the current real estate market has you questioning what to spend on the investment? If this sounds like you, you are in very good company! Many people are itching for a change in environment but are opting to remodel rather than move. But what the “what ifs” start creeping in too…Will I ever get the money back out of the remodel? Will the investment outweigh the value added to the home? If you are considering a kitchen remodel, it still could be good choice.

The statement “Kitchens and Baths sell homes” is second only to “Location, Location, Location” in the real estate playbook. Okay we don’t really have a playbook but the annual Cost VS Value Report for home remodels consistently shows that a higher percentage of funds used for a kitchen, bath or basement remodel will be recouped on a sale than most other remodeling projects. In late December, the NAR released the 2009-2010 Cost VS Value Report for home remodels. This study completed by Remodeling Magazine, looked at cost data, resale value and percentage recouped for 33 different projects in 80 housing markets across the United States. Minnesotans have to be a bit more cautious about remodels than in other areas of the country as our value of specific remodels are trending downward. If a homeowner does a major, mid-range kitchen remodel, he can expect to recoup about 64.3% of their expenses which is lower than the national average of 72.1% percent return on investment. A minor kitchen remodel, spending roughly $21,400 in Minnesota will be recouped at a rate of 69.4% again this is less than the national average of 78.3% but a reasonable return. (View all the statistics from the Cost vs. Value Report 2009-2010 for the Mpls/St Paul area.)
Before undertaking a kitchen remodel it is best to understand the “Why” of the project. Is it because your home-sweet-home is perfect except for a kitchen so small that people trip over each other on the way from the refrigerator to the table? Or is it because you want to move and the 1980’s country blue counter and white department store brand appliances have seen better days and should be put out to pasture? The approach to the perfect remodel will be different if you are planning to stay in the home for the long term.
Take a Family Lifestyle Inventory
If you are designing the perfect kitchen for your family, take a lifestyle inventory. This is a process where you answer questions to understand what will be the most important needs specific to your family for the new space. It will help you and your designer to incorporate important details into your plan.
Consider cooking habits:

• One cook or two?


• Baker?


• Left-handed?


• Do you do dishes as you cook?


• Lots of Gadgets?


• Buy in Bulk?


• One oven or two?

Consider eating habits:

• Family gatherings?


• Everyone for themselves?


• Eat outdoors?


• Need morning sunshine?


• Entertaining?

Other Considerations:

• Flat screen TV in kitchen?


• Computer or home office needs?


• Homework?


• Laundry?


• Recycling?


• Will the family grow?


• Older relatives?


• Handicap Accessibility requirements?

All of these are things to consider when making a decision on whether and how to remodel your kitchen. Work with a designer or use a remodeling design software that will take into account the important specific needs of your family.
Hot Trends for Today’s Kitchens
For a remodel to add value at resale, you must consider current needs and trends. So what are the hot for trends for kitchens today?

• Ceramic tile back splashes—One of the cheapest and best ways to update a kitchen!


• Open to Family Room or Great Room


• Custom cabinetry in a variety of heights with lots of moldings and unique woods…Maple and Cherry are preferred to Oak.


• Appliances with Energy Star ratings.


• Energy saving induction cook tops separate from ovens.


• Green flooring choices like bamboo, cork and eucalyptus.


• Sinks with instant hot water systems.


• Pantries and abundant, easy access storage


• Multiple types of lighting (bright to work, indirect for mood). Avoid track lighting.


• Windows for Natural Light


• Quartz-based granite-like counters in products like Cambria, Silestone and Zodiac, for counters and islands, as health conscious people trend away from granite. Too expensive to do the whole kitchen in quartz? Consider just the island in the expensive stuff and do the rest of the kitchen counter in a granite tiles or a complimentary colored laminate.

Stick to Your Budget
Take it from someone who just completed a minor-kitchen remodel this past year, can be easy to get caught up in the remodeling process and go over budget. Take time from the start to reflect on your family’s needs and reasons for the remodel. Consider options that make the most sense for your family, budget and neighborhood. Make certain that the kitchen isn’t designed and constructed at a quality far beyond the value of the rest of the home. Remember remodeling for family use tends to cost more than a remodel for resale.
If remodeling specifically to put your home on the market, go for the minor remodel and take into consideration the quality and condition of the rest of home. Remember you will not recoup 100% of your investment. The changes are being made to make the house more saleable in a down market. A good REALTOR® will give you the best advice as to what is necessary and what is over the top. If you are in an upscale neighborhood where homebuyers will expect high-end quality, don’t make discount-store decisions. Likewise, if your home is in an area of modest or lower value homes, skip the granite and go with an upgraded-laminate to replace dated counters. Understanding the market place you live in will help make the best choices to recoup the most from your investment.
Spending a little extra time in the planning stage can reduce the headaches and heartaches of a construction project that does not meet expectations. Taking your time will allow you to make the wise decisions that add value to your most important financial investment, your home.
 

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

Photographic Analogy of the Current Real Estate Market

The current real estate market is depicted by a late March photograph of the shoreline along Forest Lake in Washington County, Minnesota.

overcast sky, unstable ice
frigid water, rocky shore
waiting; secure in the knowledge that this season too shall pass.
value always returns

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/

Lino Lakes, MN Real Estate Market Statistics 3rd Quarter 2008

Lino Lakes continues to grow and real estate is affordable. Conveniently located near the junction of the 35E and 35W split 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.

Real estate in Lino Lakes, MN in Anoka County is still selling. During the third quarter, single family homes had a cumulative days on the market statistic (DOM) of 151 days or about five months average selling time in the Lino Lakes area. While encouraging, these are summer numbers and it will be interesting to see if the momentum continues into the fall and winter. Active homes priced under $300,000 seem to be selling well and with thirteen in pending, it seems there is still some momentum as we head into October in this category. There currently is about a six month absorption rate meaning it will take six months for the current inventory of homes to be sold if no additional homes are listed. Lino Lakes existing homes continue to compete with available new construction in Hugo and Blaine. But as it is in southern Anoka County, its sales figures do not tend to be as stagnant as northern Anoka County communities like Ham Lake and Linwood.

High end home sales are starting to move in Lino Lakes. This is welcome news as no high end homes were sold in the first quarter of 2008. There were still just a handful of sales in the $400,000-$500,000 category but the 6 sales over $500,000 is an encouraging sign.
Acreage opportunities are abundant in the Lino Lakes area! From one acre parcels to 15 acre hobby farms, Anoka County as quite a selection of homes in the Lino Lakes area. Many have been on the market for a quite a while. With continued low interest rates, it is a great time to negotiate a deal on your piece of Minnesota acreage!

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

Under $300,000~ 50 Active Listings, 13 Pending Listings, 22 Sold Listings, 145 DOM
$300,000-$400,000 ~ 30 Active Listings, 1 Pending Listings, 7 Sold Listings, 145 DOM
$400,000-$500,000 ~ 13 Active Listings, 0 Pending Listings, 2 Sold Listing, 181 DOM
$500,000 and Up~ 13 Active Listings, 0 Pending Listings, 6 Sold Listings, 152 DOM

Lakeshore available in the City of Lino Lakes:
4 Active Listings
Lino Lakes lakeshore price range: $324,900-$698,000

1 Home on Baldwin Lake
1 Home on Otter Lake
2 Home on Reshanau Lake

Acreage properties available in Lino Lakes:

12 properties listed on 1-2 Acres priced between $89,900-$799,900
2 property listed on 3-5 Acres priced at $264,900-$550.000
3 properties listed on 5-10 Acres priced at $319,900-$579,900
1 property listed on 10-15 Acres priced at $689,900
1 property listed on 20 Acres priced at $429,900
1 property listed on 80 Acres priced at $6,000,000

**All Sold and Pending Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7/1/08 through 9/30/08.
Articles on Lino Lakes, Lakeshore and Minnesota that might be of interest:

• Dreaming of Life on MN Acreage?--What YOU Need to Know Before YOUR Move!


• EXTREMELY Affordable Minnesota Lakeshore!


• Forest Lake, MN Real Estate Market Statistics Third Quarter 2008


• Circle Pines & Lexington, MN Real Estate Market Statistics 3rd Quarter 2008


• Ham Lake, MN Real Estate Market Statistics 3rd Quarter 2008


• Uniquely Minnesota Artful Distraction—Homeowner Version: D’oh! Homer at Home in Centerville

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2008 terieckholm.com

5 GREAT Reasons Minnesota Townhomes Make an Easy Transition from Apartment Life!

The low interest rates and recent reports have many apartment dwellers considering making a first home purchase. House prices are making buying a very attractive option for many who want the investment potential and tax benefits that being a responsible homeowner can provide. But some on the fence might not like the idea of cutting the grass every summer weekend or shoveling a driveway before going to work on a Minnesota winter day. These fence dwellers should consider a townhome and dive into the market to receive the benefits of homeownership but retain some of the worry free aspects of apartment life!

Here are five reasons that a townhouse might be the perfect first home:

1. No Yardwork! In most cases the association is responsible for all grass cutting, trash and snow removal.


2. No Exterior Maintenance! Painting the siding and putting on a new roof are decisions made by the homeowners association. Exterior hazard insurance is covered by a policy for the entire association and paid for with monthly or annual association fees.


3. Community Amenities. Want an inground pool? Like nature trails, walking paths and lakeshore living? Need a fitness center or large room to entertain in? Love the idea of living on a golf course? Amenities like these can be found in many northern Twin Cities townhome developments.


4. Close Neighbors Provide Better Security! Complaints of that nosy neighbor disappear when they notice that something unusual is going on next door and thwart a robbery in progress. People in townhomes live in close proximity to one and other, like those in apartments. This closeness can provide comfort to those who like the idea of neighbors looking out for one another.


5. More Space for the Money. In the price verses square footage scenario, townhomes win hands down for getting more space for the dollar. With less dollars being tied to the land, more of your money goes into buying actual living space. Townhomes are designed with space efficiency in mind, giving you more living area at a lower cost.

Need another reason? Townhomes are amazingly affordable throughout Anoka, Chisago and Washington Counties! The Minnesota townhome market developed too quickly in early the early 2000’s creating more supply than demand. Add to it the overall slow down in real estate, builders started making deals about two years ago from Blaine to Forest Lake and Wyoming to Coon Rapids to keep new developments selling. With builders making deals, traditional sellers have dropped their prices too. Townhomes are selling at unbelievable prices. Read More About Townhome Deals HERE!
Ready to get off the fence and buy a Minnesota townhome and need help from a professional Realtor? Give me a call or visit my website for a FREE Relocation Packet. I specialize in properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes, Blaine and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2008 terieckholm.com