Blaine MN | Millennials Flock to Low Down Payment Programs

We are fortunate in Minnesota and the Twin Cities to have a number of down payment resources available to first time homebuyers. In particular, buyers considering the Blaine 55449 zip code can find programs in not only the State of Minnesota but throughout Anoka County too. In other areas of Minneapolis/St Paul there are similar opportunities. 

Wondering if there are funds available for you? Find out now using this tool to check for down payment funds available for your situation. Not a millennial? No problem. This tool is for all generations.

Today I would like to discuss a bit more about how Millenials Flock to Low Down Payment Programs


A recent report released by Down Payment Resource shows that 65% of first-time homebuyers purchased their homes with a down payment of 6% or less in the month of January.
The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings from December.
An article by DS News points to the new wave of millennial homebuyers:

“It seems that the long-awaited influx of millennial home buyers is beginning. Ellie Mae reported that mortgages to millennial borrowers for new home purchases continued their ascent in January, accounting for 84 percent of closed loans.”

Among millennials who purchased homes in January, FHA loans remained popular, making up 35% of all loans closed. Ellie Mae’s Executive Vice President of Corporate Strategy Joe Tyrrell gave some insight into why:

“It is not surprising to see Millennial borrowers leverage FHA loans because they typically offer lower down payments and lower average FICO score requirements than conventional loans. Across the board, we're continuing to see strong interest in homeownership from this younger generation.”

Bottom Line

If you are one of the many millennials who is debating a home purchase this year, let's get together to help you understand your options and set you on the path to preapproval.

 Source: KCM Teri Eckholm Blog

READY to Make YOUR Move? It IS essential to have a knowledgeable agent at your side. 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 at 651-336-7073 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 2017 terieckholm.com

Why Staging is Essential Even when Housing Inventory is Low

 
This adorable little St. Paul home sold in less than three weeks at over list price this fall. In order for this kind of success, my clients started working on their property several weeks prior. They cleaned, decluttered and repaired prior to listing their home. See, it’s a whole new ballgame for home sellers right now. 

True, there is less housing inventory in the greater Minneapolis/St Paul area, which is very good news. But in many communities, sellers can find themselves competing with new construction for buyers. But even cute starter homes like this need to "sparkle" in order to sell fast. A home seller must not only have their home priced properly, which is key to getting a home sold, they also must have their home showing ready.
 
Step one is getting back to basics: unclutter, fix and clean! But what is the second step and third?

Paint Properly
If adjoining rooms are painted in the same color palette, your home will appear more spacious. Don’t take short cuts. If you don’t have time or patience to properly tape trim and ceilings, have a professional painter do the job. Painted woodwork and ceilings are noticed by buyers and in most cases this is worse than had the room not been painted at all.

Go Luxurious
Invest in accessories to accent your home. Big, fluffy coordinating towels and mats warm up the bathroom. Fresh flowers on a beautifully set dining room table look inviting. A color-coordinated rug in the foyer will make a wonderful first impression.

Cush-up the Carpet
Don’t replace the carpet on the cheap. Invest in the BEST padding you can find. Buyers will in most cases have to remove their shoes when walking through your home. In their stocking-feet, they will feel the difference!

Make it Match
Slipcovers are a quick and inexpensive way to update and coordinate mismatched furniture. Put away the old blankets and cozy up the room with a beautiful accent throw and a few pillows.

Empty the Closets
Make certain the closets are neat and organized. Replace and paint any shelves and organizers that appear dingy.

Pay Attention to Details
Handles, knobs and switch plates are inexpensive but often overlooked. Handles that are outdated or missing and switch plates that are dirty give a negative impression.

Pack Personal Items
Collections and knick knacks need to be packed! Likewise, take down the plethora of family photos. Use the “3 in any direction” rule. No more than three accent pieces should be able to be seen in any direction. Any more than three is a distraction.

The Sun Shines in when Windows Sparkle
 Feng shui teaches that windows are considered the “eyes of the home” Make sure your windows are sparkling clean inside and out. Avoid the use of vinegar as a cleaner, as the smell may linger.

Hire a Professional
An expert consultation costs less than many people expect. Having a stager visit your home and guide you in what to pack and what to display takes the guess work out of getting your home picture perfect.

Before scoffing at the idea of spending money on a home being put on the market, remember this...It is still your home until it sells. For many people, this is the biggest financial asset they have. Home staging is an investment for a better pay off on closing day.

READY to Make YOUR Move? 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 terieckholm.com

It's a Crazy Market for First Time Buyers!

I haven't written a blog post since March. It's not that I have been slacking off or there is nothing to write about in the Minneapolis/St Paul real estate market. On the contrary, I have been just too darn busy writing offers for buyers. (And fielding them for my sellers). It is not a market where you write one offer per buyer when they find their perfect dream home. Oh no, I am talking multiple offers for the same buyers on dream home after dream home until they get an offer that is accepted.

First time home buyers are having the most difficult time with this market. They don't have time to think or process whether or not the house is a good investment. They have to make a decision and write up an offer immediately. And not just any reasonable starting offer, it has to be a good offer because 9 times out of 10, there will be multiple offers.

Advice for Home Buyers

1. Work with an EXPERIENCED Realtor. My 15+ years of experience means something. I know how to negotiate and write a good offer that will increase your chances of getting it accepted. There are tricks to this trade and an experienced agent will coach buyers to write the best offer for the situation.


2. Be Preapproved. Your offer will not be taken seriously if it doesn't have a pre-approval letter (or proof of funds when paying cash).

Advice for Sellers

If you are selling in this market, it might cross your mind that you do not need an agent. Statistics show that homes sell faster and for more money if it is listed on with an agent. There are numerous hiccups in a home sale that can arise in a frantic market like we are seeing in the Twin Cities metro. Not only is it difficult to assess multiple purchase agreements should there be more than one offer. Buyers rush writing offers to get in first. This often leads to buyer' remorse before the sale closes. There is additional negotiation that happens after the inspection. With a good agent by your side, a seller can focus on packing rather than dealing with the details of the closing process.

READY TO MAKE YOUR MOVE? 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 terieckholm.com

Checklist to Get Your Home Ready to Sell in 30 Days

Home buyers are poised and ready to purchase in the Twin Cities but there is very little housing inventory right now. I am really surprised at how few listings I am seeing in the north and east metro right now. It is spring after all. And, spring is one of the best time to sell a home in Minnesota. 

Home buyers are ready, but are you? Preparing a home for sale is not an easy task but it can be done quickly if necessary. If the perfect place to move comes on the market next week, would you be ready to have your home on the market in 30 days?

I have several tips I share with my selling clients when I do a market analysis for a home. Many of my past clients refer to this as their check list of things to do to get your home in tip top shape before selling.  All are simple tasks and inexpensive ways to get your home ready so that first potential buyer is impressed. Following this list won’t take the place of hiring a professional home stager, but it does seem to get my seller’s on the right track to a quick sale.

Teri’s Tips for a Quick Home Sale

1. Pump Up the Curb Appeal—Jazz up the front entrance with a coat of paint and new hardware on the front door.  Remove any personalized signs or doorknockers. Trim trees, bushes and keep the walkway to the front door clear.  Once the weather is warm, invest in bright, colorful flowering plants to welcome visitors. 
2.  Prep the Kitchen—The Kitchen can sell the home so make it appear as large and inviting as possible!  Clean off counter and organize cabinets and drawers.  Store, pack or discard seldom used appliances and large pans. Large kitchen appliances should be in a matching color. Consider replacing the counter if worn or outdated. Replace dated faucets and light fixtures. 
3.  Update the Bathrooms—Bathrooms also can make or break a sale. Sometimes cleaning, painting and re-caulking is not enough to help a dingy bathroom.   Consider replacing a dated vanity, counter and sink. Look closely at the faucets and light fixtures. If they are dated, consider replacing.  A nasty discolored tub, might need resurfacing professionally or use a DIY product like Rustoleum. Likewise, the flooring needs to be scrutinized. If it is out of date or worn, replace. As a final touch, stage the room with colorful floor mats and fluffy coordinated towels to make cozy.
4.  Reduce Clutter—Sort out EVERYTHING! Throw away what you don’t need and pack the rest. Too much stuff? Consider an off-site storage locker or pod during the move. Donate unwanted items to charity. If you have big “toys” like a camper, boat or classic car, consider storing at another location until after the move. 
5.  Clean Inside and Out!—Your home needs to be spotless and smell wonderful. This goes for the garage and yard too. Don’t just dump everything from the house into the garage. A buyer will want to assess the size of the garage and won’t be able to do that if it is too cluttered. If you have pets, the yard, litter box and cages, must be clean and odor-free for every showing. 
6.  Paint—Light and neutral colors will make smaller rooms appear larger. Personalized painting of children’s names or cute designs should be painted over prior to the first showing.  Remove any wall paper. Almost every buyer I have worked with groans when they see wall paper in a house. Use premium quality paint, patch holes properly and tape woodwork prior to starting. A sloppy paint job is counterproductive and can hurt your bottom-line. 
7.  Make Minor Repairs—Tighten knobs, fix leaks, oil squeaks, replace dirty filters, repair cracked windows and holes in screens. Anything that can be fixed, should be fixed. Buyers will not pay top dollar for a “project house”. 
8.  Fix a Leaking Roof—Buyers look at ceilings for water stains. One small stain could cause a buyer to question the entire roof. Find and fix the leak at its source. This might be the time to call in a professional.  Make sure to have a permit for the work whether DIY or professional roofer. Repair any ceiling damage and be prepared to fully disclose the work done. 
9.  Explain a Wet Basement—Do what you can to make repairs and minimize moisture in the basement. Be prepared to fully disclosure any water intrusion issues past and present. 
10.  Exterminate—Call a professional to get rid of any rodent or insect intrusion. One bug, alive or dead, can scare away a potential buyer. If you get periodic mice in the home, remove traps and bait before showings. Again, honestly and fully disclose any pest issues to potential buyers before the sale.

Need more help to sell your Minneapolis/St Paul 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 

What is a Truth In Housing Disclosure? And When Should it be Completed?

As a Minnesota REALTOR®, my real estate clients, both buyers and sellers, are sometimes confused by inspections and disclosure requirements in the Twin Cities and surrounding suburbs. Sellers want to know what they should disclose and if they are required to have an inspection done first. While there are a handful of communities in the 7 county Minneapolis/St Paul metro that do require a point of sale home inspection be completed prior to listing a home for sale, most do not. Buyers often wonder if they should be receiving a written disclosure or if the seller will provide an inspection report.

Just the other day I was on the phone with a client who is getting his house ready to put on the market. He was lamenting that he had call the truth in housing (TIH) inspector too early. He was in the middle of several small repair projects when the inspector visited so he received a number of ratings that were below safety standards. The inspector cannot assume a homeowner will actually finish all of the projects in progress. Lesson learned here: Don’t call the inspector until all repairs are complete!

Another first-time selling couple asked about having their home pre-inspected. They live in a community that does not require a point of sale TIH. Their beautiful home was full of many updates and was obviously well maintained. As they filled out their seller’s disclosure, they brought up the subject of a pre-inspection. A friend of theirs had recently sold a home and had done this. When the offers came in, the buyers on their friends’ home opted to forego the inspection, choosing to just read the report. My clients were wondering if this was a common practice and if a pre-inspection was recommended and/or required.

In Minnesota, there is no Truth-In-Housing inspection requirement to sell your home at the state or county level. There are however a number of communities in the Twin Cities that do require a pre-inspection report. These go by many names: Truth-in-Sale of Housing Disclosure, Time-of Sale, Time-of-Sale Code Compliance, Dwelling Maintenance and Occupancy Code Compliance, Housing Code Compliance Inspection or Housing Maintenance Code Inspection. Some of these inspections are done by inspectors that are city employees while other communities have licensed private inspectors to perform the inspection of the home. But in many cases, will be up to the home owner select a contractor to perform the inspection prior to listing the home for sale. It is very important to contact the city to make sure the proper procedure is followed when selling a home to avoid fines.

Private Inspectors (Selected by Homeowner)

• Bloomington
• Hopkins
• Maplewood
• Minneapolis
• Robbinsdale (Must be from approved list)
• St. Paul
• South St. Paul

City Inspectors

• Crystal
• Golden Valley (Sanitary Sewer only)
• New Hope
• Osseo
• Richfield
• St. Louis Park

Can I still have my home pre-inspected if my community does not have a truth-in-sale requirement?

Absolutely! Having you property pre-inspected and an inspection report available to potential buyers can speed up the home selling process. Some buyers will choose to review the report and not have another inspection completed making the offer not-contingent on an inspection. Other buyers will choose to have the inspector who did the pre-inspection come out to the home to explain the details in the report. This is often completed for a reduced fee to the buyer since the work has been completed and it is not as time consuming to the inspector. However a pre-inspection does not guarantee that the buyer will not opt to hire their own independent inspector to give what they will believe to be an “unbiased” assessment.

If I give an Inspection or Truth-In-Housing Report, do I have to complete a seller's disclosure?

If you have lived in the home, I would recommend that you complete the disclosure to the best of your knowledge. A seller must disclose any material facts that you know about the home. However, in the case of an estate, flipped home or rental property where the owner has not lived in the home for some time if ever, the owner will have limited information regarding the property. In this case, an inspector's report can be offered in lieu of the completed disclosure to meet the state disclosure requirement. A buyer may also agree to waive their right to the required seller’s disclosure. In either of these cases, this will not exempt a seller from any local or federal statutes (i.e. water well disclosure and lead based paint are examples).

What if it is a bank owned home? Does the bank have to provide a seller’s disclosure on a foreclosure?

Minnesota state law does not have different rules for a bank or other financial entity. They must disclose material facts on a seller’s disclosure, offer an inspection in lieu of foreclosure or have the buyer agree to waive their rights to a disclosure.

More Disclosure Questions?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 2014 www.terieckholm.com