Rethink the Bridal Registry! Today's Bride & Groom Want a First HOME!

Wouldn’t it be great to take one of those little barcode readers beyond the department store towels, toasters and flat screens and head out to the nearest neighborhood of cozy bungalows and tag something that a new bride and groom really need, their first home? Imagine browsing the internet listings on realtor.com or dropping by a Sunday Open House and using that scanner to click on your favorite new home so you could receive the front door key just in time to be carried over the threshold. Only in a perfect world, right?

I know it is a crazy idea but brides and grooms getting married this year are going to face a tougher time finding a loan as first time buyers. Zero down loans have all but disappeared from the landscape and first time buyers will need cash in their pockets to put toward a new home. As mortgage programs continue to change and evolve, there is a reality to saving for that down payment. A forward thinking young couple might want to divert some of their wedding funds and gifts into an real estate investment in which they can begin their lives together.

In this changed real estate market, new home buyers NEED a down payment for a house. Not just a few bucks either. In most cases a buyer will require a minimum of 3-5% to put down. With an average Minnesota starter home in the $175,000 price range, today's brides and grooms will need to save at least $5,000-$10,000, plus closing costs.

All is not lost for first time buyers, but a little forward thinking is in order. There is a lot of money involved in most weddings; both on the party planning and the gift recipient side. A savvy bride and groom might be able to figure away to have the perfect wedding AND a dream home.

New Home Gift Registry Young couples getting married register for gifts to let their friends and family know exactly what they want and need. If you need a house, why not let your guests know? Maybe the insert in the wedding invitation should read:“The couple is registered for a small number of necessities at Target, JC Penneys and Macys. If you would prefer not to shop, they are also saving for a down payment for a new home and would a appreciate monetary gift toward their dream.”
I don’t know what Miss Manner’s would say about but I think a financial wiz like Suze Orman would applaud the idea.

Wedding Budget With the average dream wedding going for over $20,000, maybe a little arranging of the budget is in order. Those saved dollars from the dream wedding can go toward that dream home instead. Now, I am not suggesting 'cheaping out" on anything or everything, just take a look at where you can economize on your budget. Maybe you can go forego the fancy invitations or select a less expensive dress. Maybe that trip to Hawaii would be a better choice for your fifth anniversary and a road trip to Duluth, MN to create newlywed memories along the north shore of Lake Superior should be considered instead. Whether on wedding details, reception or the honeymoon, a 25% savings on the average wedding is $5000 cash that could go toward your dream home.

So brides and grooms start thinking about your future lives together and create a plan for your dream home. Though those scanners will not work outside of the a department store, I do! As a professional REALTOR, I have helped many young couples find the first home of their dreams. I know the north and east Twin Cities housing market and can help you spot a deal whether you are looking in Forest Lake or Andover. I will assist you in writing a fair offer and negotiate a deal so your dream can become a reality. And having your OWN agent doesn't cost you any additional fees--The seller pays my commission! Working with an agent to find your first home, takes the stress out of the home buying process so you can focus on making your wedding day special rather than moving in details too.

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Copyright 2010 Teri Eckholm

Almost Wordless Wednesday--Fast Hands!

Amazingly fast and expert on the job...That's how I would describe this chef at the Japanese restaurant Tappan Edo located in Epcot's World Showcase in Disneyworld. I tried to capture the moment but he was so quick, it was impossible to see his hands as they prepared our dinner. I am certain he spent many hours perfecting his craft before displaying his culinary and entertaining skills. Now as an north and east Twin Cities metro REALTOR®, I continually work hard to perfect my skills with the hopes of being amazingly fast at finding a home for a buyer (or finding a buyer for a home) but it is doubtful that I will ever move quite as fast as this!

Copyright 2010 Teri Eckholm 

Could this be the WINTER to Move Up to a Bigger House? YES!!

So, your family has lived and loved your cute and cozy 1960’s rambler for a few years now. It was perfect for a young, just married couple when you bought it. The bedrooms were on the small side but there was room to grow and it worked perfectly when there were just two of you. Then came the puppy who grew into a huge licking Labrador. And later one baby, then two. Now suddenly 1500 square feet is overrun with chew toys, Little Tikes and Duplos. That cozy little starter home is now cramping your lifestyle. But with the flux in the real estate market, can you afford to move? In many cases, YES!
If the scenario above describes your situation, listen up. You could now be ELIGIBLE for the HOMEBUYERS TAX CREDIT. Yep it is not just for first time buyers anymore! Additionally, you can benefit from the situation that the first time buyer credit has created. The first time buyer tax credit has affected the starter home market in a very positive way. In the north metro areas including Lino Lakes, Blaine, Ham Lake, White Bear and Forest Lake, people are scrambling to find good starter homes for first time buyers prior to the expiration of the first time home credit. Many well priced, single family homes are seeing multiple offers within days of hitting the Twin Cities MLS. The demand for single family homes under $150K is the highest it has been in the past few years.
And better still, there is an amazing selection of homes in the move up category to select from. Historically, if a single family home was sold, that owner had to buy another home creating a chain effect into all different price points. But today’s real estate market offers a unique opportunity as many of the homes being purchased are bank-owned. No one is buying home on the other end. So there move up buyers are seeing a better selection of inventory in the higher price points at great prices.

So why move now? To take advantage of the tax credit, buyers must write up an offer for their new home by April 30, 2010. When the incentive is over, the demand for homes could level off a bit. So listing your home THIS winter could make sense as there is a significant demand for starter homes NOW while the deadline for the expiring tax credit is on the horizon.
Are you ready to take advantage of this perfect opportunity to purchase a larger home for your growing family? As a local north metro real estate specialist I can help you assess your current situation and see if is the right time for your family to make a move up!

Note: A special thank you to author and illustrator Elizabeth O. Dulemba
for allowing me to use her copyrighted family coloring page as art for my post. If you would like to see more of her coloring pages or her full color art for the children’s books she writes and illustrates, visit her website and blog at www.dulemba.com

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

September 2009 Twin Cities Real Estate Market Video Update—Real Estate Statistical Crystal Ball Fuzzy after Tax Credit Expires

In the September Monthly Skinny produced by the Minneapolis Area Association of REALTORS®, it appears there are indications of a continued improving market. We have now experienced fourteen consecutive months of increased pending sales as compared to the same month the year before. Of these sales, 40% were still lender mediated (bank owned, foreclosures and short sales) but traditional sellers are starting to see more action. This is especially true for those with homes priced under $150,000. As most of this activity has been generated by the soon to expire, first time buyer tax credit, the crystal ball is fuzzy going forward as to whether the momentum of the 2009 market will continue into 2010.

My take on the market is that this report is spot-on for single family homes in Anoka County, Ham Lake, Forest Lake and throughout the Twin Cities north metro. What it doesn't mention is that townhomes and condos still have stagnant sales as have homes in the higher price points. In both of these catagories, there continues to be some amazing price opportunities as compared to the previous few years. Move up buyers and downsizers can benefit in this market if they own a home valued under $200,000, the price-point where most first time buyers are looking. Seniors who are down sizing from a reasonably sized/priced home can sell to first time buyers and obtain a condo at a steal of a price. Young families who have overgrown their starter home can move up to a larger home in the $250,000-$300,000 price range and have quite a selection to choose from.

Enjoy the video and lets hope when the crystal ball clears for 2010, the real estate statistical news remains just as positive as it has been this past year!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Thinking about Moving Up to a Larger Home? Why NOW Could be the PERFECT Time to Make Your Move!

So, you have been in your cute and cozy 1950’s one and a half story bungalow for a few years now. It was perfect for a young, just married couple when you bought it. The bedrooms were on the small side but the huge upper level made a great master suite and it worked perfectly when there were just two of you. Then came the puppy who grew into a huge licking Labrador. And later one baby, then two. Now suddenly 1200 square feet is overrun with chew toys, Little Tikes and Duplos. That cozy little bungalow is now cramping your lifestyle. But with real estate prices, can you afford to move? In many cases, YES!

If the scenario above describes your situation, listen up. Though ineligible for the $8000 tax credit for first time buyers, you can benefit from the situation that it has created. The first time buyer tax credit has affected the starter home market in a very positive way. In the north metro areas including Lino Lakes, Blaine, Ham Lake, White Bear and Forest Lake, people are scrambling to find good starter homes for first time buyers prior to the expiration of the first time home credit. Many well priced, single family homes are seeing multiple offers within days of hitting the Twin Cities MLS. The demand for single family homes under $150K is the highest it has been in the past few years.

And better still, there is an amazing selection of homes in the move up category to select from. Historically, if a single family home was sold, that owner had to buy another home creating a chain effect into all different price points. But today’s real estate market offers a unique opportunity as many of the homes being purchased are bank-owned. No one is buying home on the other end. So there move up buyers are seeing a better selection of inventory in the higher price points at great prices.

So why move now? To take advantage of the tax credit, first time buyers must close on their new home by November 30, 2009. When the incentive is over, the demand for first time homes could level off again. So listing your home this fall could make sense as there is a significant demand for starter homes NOW while the deadline for the expiring tax credit is on the horizon.
Are you ready to take advantage of this perfect opportunity to purchase a larger home for your growing family? As a local north metro real estate specialist I can help you assess your current situation and see if is the right time for your family to make a move up!
Note: A special thank you to author and illustrator Elizabeth O. Dulemba for allowing me to use her copyrighted family coloring page as art for my post. If you would like to see more of her coloring pages or her full color art for the children’s books she writes and illustrates, visit her website and blog at www.dulemba.com

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

August 2009 Twin Cities Real Estate Market Video Update—Assessing the Seesawing Real Estate Statistics

The supply and demand seesaw is showing more positive indicators in the Twin Cities housing market according to the Minneapolis Association of Realtors® monthly skinny for August 2009. Pending sales numbers are the best they have looked since 2005…up for the 13 consecutive month in a row. Inventory is down 22% since July 2008…another great indicator of a recovering market. Days on the Market are also down significantly. But a significant amount of the sales continue to be lender mediated short sales and foreclosures so while we can be optimistic, it is best to remain cautiously optimistic when considering the Twin Cities real estate market.



If you are a first time buyer interested in taking advantage of the $8000 tax credit, don’t delay! I am continuing to field questions daily from excited first time Twin Cities north and east metro homebuyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.)


Copyright 2009 Teri Eckholm http://www.terieckholm.com/

July 2009 Twin Cities Real Estate Market Video Update—Half Time Show for the 2009 Real Estate Statistics!

The year is half over and the Minneapolis REALTORS® Association's July Monthly Skinny, it a half time show worth viewing. The report, while not completely rosy, does show that the market has improved significantly since the first of the year. Lender mediated sales are a nearly half of the market at nearly 46% but traditional sellers are starting to get into the game on more and more occasions. Home inventory levels are continuing to move down; there is currently 22% less home listings on the market today as compared to the same time last year. However the total inventory is still in the 7 month range (a balanced market would be 5.6 months). The Twin Cities real estate market is much better than at the beginning of the year. With the $8000 first time homebuyer tax credit coming to a close, there is anticipation of continued activity in the second half of 2009 as well.






First time buyers hoping to take advantage of the credit really have to get moving or they may run out of time. Getting approved for a loan can take a few days but finding a home can take a while. Great REO, bank-owned properties and well priced homes owned by traditional sellers in the lower price points sell in days! A home priced under $150,000, in move-in condition will more than likely have multiple offers within a day of listing in north metro communities like Blaine, Forest Lake and Lino Lakes. I have received several calls from buyers’ agents on a listing I have in pending; “My buyers are very interested in the home, if the deal falls apart.” With little inventory coming on the market but more first time buyers coming in everyday, procrastinating buyers may be disappointed in the selection and frantic pace of the current market. Recently, every time I try to set showings of first time buyer/ starter homes in Ham Lake, Blaine, Hugo or the Forest Lake area, an average of 6 of 10 are under contract, had offers or were sold pending inspection.
If you are a first time buyer interested in taking advantage of the $8000 tax credit, don’t delay! I am continuing to field questions daily from excited first time Anoka County buyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.)


Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Happy Buyers Say Thank You for a Job Well Done!

This afternoon I had an email hit my BlackBerry while I was eating lunch. It was from a past client that I had helped find a home in January. They had told me they were please with my service but sometimes the testimonials from clients just blow me away.
A little background....Cheri and Denny called me just after the new year when I was trying to sort out my transfer from my previous broker to RE/MAX. The call came in on a Friday evening. They were out to dinner and discussing a few houses they had seen online and just as they were about to set up an appointment with the listing agent to see the home, they realized what they were doing. They called me and we had set up showings for Sunday. Within days we had seen several homes. They narrowed their choices and we wrote the offer. Within weeks, the home they saw was theirs. As I said goodbye in the parkinglot to them, I told them I wanted pictures of the major renovations that I knew they were starting that afternoon.
Back to today....Here's a copy of the letter. This kind of stuff really makes my day!
Hard to believe but I am finally getting to this! I posted a review on the Incredible Agents site. Feel free to add this testimonial where you like and let me know if I can post it any where else for you! We are exhausted but loving our new place. All new paint and floors and finally moved most of our stuff in.
Here's the Testimonial:
"Teri had previously sold one of our homes and was our first choice when we were looking to find a new home.
Teri was able to help us navigate the current unstable real estate market and went out of her way to help us. She pointed out about pros and cons of neighborhoods where we found potential homes and was eager and willing to work with both of us. She was willing to work out of her normal territory and traveled to meet our needs.
She kept us informed and worked diligently with a difficult REALTOR® to present and negotiate our offer ensuring all the paperwork was presented and in order.
Teri represented our interests throughout the negotiations and closing process. We have been through several real estate transactions this one turned out to be a very smooth, quick purchase we are thrilled with our new home. We I highly recommend Teri for your real estate needs.
Thank you Teri!"
Cheri and Denny L.

Copyright 2009 Teri Eckholm http://www.terieckholm.com/