Summer’s ending—Is there still time to sell my Minnesota home?

August is a time for endings and new beginnings. The last summer barbeques are being scheduled for the upcoming Labor Day holiday and plans are being made for the new school year. No one is thinking of moving in the Minneapolis/St Paul area, are they?

This is a common misconception of Minnesota home sellers. Often they think they “missed out” on the busy season in real estate by late summer. But surprisingly, listing a home in late August into September, and even October, can be a very wise decision indeed.

June and July are busy months for many things, including vacations. Many homes listed during this time have lingered on the market, partially due to there being an influx of listings at this “good” time.  Not all home buyers need to work around a school schedule but are very busy in the summer months. They want to move before the snow flies so they really get busy looking for homes in the late summer and fall. 

I have watched this trend for several years now. The market seems to pick up a bit just after Labor Day through mid-November. It cools off again over the holidays due to busy schedules, but it homes don’t completely stop selling either.  The traditional theory of listing a Minnesota home in May-June to get the best price is simply not true. Homes do sell year round and the fall colors can be a huge boost to your curb appeal too!

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

Is Buying a Home in Minneapolis/St Paul a Good Investment in 2015?

Owning a home is still the American Dream. But is buying a home in the Twin Cities metro area a good investment in 2015? According to Forbes.com it is!

Forbes just released the list of the top 20 cities of where investors should buy housing in 2015. Minneapolis/St. Paul/Bloomington came in at #17. These are all cities with strong population and job growth and relatively affordable home prices.  According to Forbes research, Twin Cities market is currently undervalued by about 7% and has a good rental value. 

So if buying is good for an investor, is it also good for the average first time home buyer? Absolutely! 

But buying a home is an investment.  So buy smart and treat your purchase like the investment it is. 

Key considerations of a home purchase

• Buy Smart--Price, Interest rate, Type of Mortgage and Resale Potential are all part of the equation. 
• Maintain and Protect Your Investment--Adequate insurance and scheduled maintenance are essential. 
• Don’t Jeopardize Your Investment--Be cautious when considering an equity loan.

One of my favorite type of client to work with as a REALTOR® is a first time home buyer. It is rewarding to educate them on How to Buy Smart. Buying smart is not as simple a foreclosed property at a good price. It is a combination of a buying at a good price with a mortgage at a low interest rate; preferably with a fixed rate of interest so it will not fluctuate into a payment that is not affordable.  

But it goes beyond the financials. A smart home buyer, always considers resale. If a home has negatives that cannot be repaired or replaced, it might not be the best investment. Homes on busy roads, near power lines, industrial areas, gun ranges, rail road tracks, cemeteries and airports could be considered less desirable to many buyers. I had one buyer who wanted to be miles away from any golf course due to the chemicals applied daily to keep the grass green. Granted some people would not mind any of these locations, but a location cannot be changed so it is important to weigh any negatives carefully.
 
Likewise an unusual floor plan or unique style to the home can be a deterrent. I showed a home once with the only kitchen in house on the lower level of the home. My buyers weren’t impressed and thought it odd. And honestly in all my years as a REALTOR® showing hundreds of homes, I’ve only seen one home with the main kitchen in the basement.
 
The best way for an home buyer to avoid a misstep in a housing investment is to have a good team of professionals to assist you through the entire home purchasing process. I partner with my clients and help them through every step of the process from loan preapproval through closing day. With an knowledgeable professional at your side, purchasing smart is much easier. 

Is 2015 the year YOU will INVEST IN YOUR FIRST 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 RE/MAX Results, 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

Ten Tips to Consider When Buying a Minnesota Vintage Home

Vintage homes are very prevalent throughout the Minneapolis and St Paul metro area. Whether in a big city or small community, there are many homes that come on the market that were built at the turn of the century...20th Century that is. To own a piece of history can be a powerful draw to home buyers. Some like the history and some fall in love with the unique rooms, window sizes, dormers, front porches, attics, stone fireplaces and hand crafted woodwork. Finding an affordable vintage home that has been properly maintained and updated can be challenge. Sometimes the search can take a home buyer across the Twin Cities metro area from MacGroveland or Highland areas in St. Paul to homes along the St. Croix River in Stillwater to quaint neighborhoods in North St. Paul. And there are acreage properties with classic farm and vintage barns scattered throughout Anoka and Washington county too.

There are historic homes in every style and price point in the north and east Twin Cities Metro. Whether you seek a lovely old duplex, traditional two story or grand Victorian mansion (the original executive home), there are some key considerations in purchasing a vintage home.

1. Updated with Style—Not current style but did the updates reflect the style of the era when the vintage home was originally constructed. If the updates to the home do not blend well with original home, the value of the home can be compromised.
2. Upgraded Plumbing and Electrical—If the furnace resembles and octopus and you need fuses for the electrical panel, there will be major updates required to the home at some time in the future. 
3. Charming Windows—Decorative leaded glass and stained glass windows are beautiful. Many vintage homes will not only have beautiful window details but often there will be odd sized windows too. While this adds to the charm, it costs to have custom windows replaced. 
4. Odd Sized Doors—Just like with the windows, often doors are not a standard size. This can lead to additional expense when repairing and/or replacing a door as it will have to be cut to measure. 
5. Mouldings & Trim—Beautiful woodwork can be one of the attractions of a vintage home but like other features, mouldings, columns and wood trims were often custom. These can be irreplaceable if damaged. Yes, almost anything can be replaced but the cost would be astronomical to have replaced with the same quality of hand workmanship.
6. A Good Foundation—When homes were constructed a century ago, there wasn’t a building code or city inspector. Often a corner of a home would be a “root” cellar without a foundation wall or floor. Sometimes the builder would just skim a thin layer of cement over the wall to make it look nice rather than use cement blocks. Though they have stood fordecades, walls can deteriorate over time. 
7. Garages and Sheds—Very few families owned cars or the lawn equipment we require today so when vintage houses were constructed there often weren’t garages. Look closely at any older detached garage as many can be unstable. Finding a vintage home with an attached garage means it was probably added on as a remodel. If this is the case, make certain it fits well with the existing structure of the home. 
8. Closets—Homes in the early 1900’s were insured by the number of doors so bedrooms were often constructed without closets. Some closets or dressers were added later under the eaves in the upstairs of a home. Because people did not have the extensive wardrobes that we have today, closets were much smaller than what is expected today. 
9. Original Hardwood Flooring—Properly refinished and maintained, vintage hardwood can be extremely beautiful and a top feature of the home. If the home has carpeting, what is the best way to check to see if the flooring underneath is hardwood ? Start by opening a closet or check the edge of the floor under a vent for clues as to what might be underneath.
10. Fireplaces and Chimneys—While beautiful and a focal point, be certain to have any original brick or stone fireplace inspected by a professional chimney expert prior to purchase. Over time bricks can loosen and linings crack which can be costly to repair.

This list is not all inclusive but a starting point of things to consider when searching for a vintage house to call home. The charm of a historical home is that it was crafted by hand and not necessarily perfectly constructed.

 
Copyright 2014 www.terieckholm.com

Waiting Until Spring to Sell Your Home? This Could be a Mistake.

There was a big improvement in the real estate market in 2013 across the nation. And, while all real estate is local, the Minneapolis/St Paul market was no exception. We also saw prices rebound quite a bit in communities on both sides of the Mississippi. But when where sellers able to score the best deals? Let me give you a hint. It wasn't in the spring.

Many people do think that spring is the best time to sell a home. And yes, it is a good time to buy and sell a home. More home buyers are out looking to make a move when the weather warms up. But surprisingly buyers also move in the winter. And because most sellers are waiting for spring, there are less options for them. 

Early in 2013 is when most home sellers were seeing multiple offers in the Twin Cities. There were few good homes on the market in January and tons of home buyers, pre-approved and hoping to take advantage of the low interest rates. This created a seller's market, where the seller had the upper hand in the negotiations. Home sellers scrambled to get their homes listed and by April, inventory was abundant in most price points. Great news for home buyers, but not for home sellers hoping for a quick sale at asking price.

Not Just a 2013 Phenomena

Low housing inventory after the holidays has been a trend I have noticed over the last several years. Homes that were overlooked by buyers in the fall market, suddenly had offers in January/February. And sellers didn't have to "give away" their homes either. It was just simple supply and demand. The lower housing supply combined with a strong buyer demand as soon as the holidays are over, makes it an ideal situation for a home seller listed at the beginning of the year. But the scales almost always are balanced again by late March. So a savvy home seller  might think twice about waiting until spring. If you are ready to sell, now might be the best time to put your home on the market to make the best deal.



Copyright 2013 www.terieckholm.com