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

Taking a First Step IS Hard!

Taking a first step is hard. No matter what you are attempting: Learning to ride a bike; Learning to swim; Learning to drive a car; Learning a foreign language. Even setting up an extensive vacation can be a challenge with hotel reservations, airline tickets, passports, car rentals etc. A while back, I had a REALTOR® friend ask me how to blog. I gave her quick rundown on how to get going fast, but her response gave me pause. Where can I take a class? Is there  a book? Last I heard, she was heading to the library and months later, still no blog.  

The First Step IS Hard--But doesn't have to be...

First time home buyers often feel this way too and it’s usually because they don’t know where to start. Many folks have only one experience with buying a big ticket item…a new car. And we all can remember how much “FUN” that experience was!  Buying a home should be easier!  Because when you purchase a house you have your own REALTOR® in your corner working for YOU! That used car salesman was working for his manager in the back office; the one who had to approve your offer. On a home purchase, I am with my client negotiating the counter offer.  What a vastly different experience than buying a car and the salesman leaves you alone in a cubicle with a cold cup of coffee waiting for an answer. 

First time home buyers who want to learn more about the process generally start by scouring the internet for answers. There is a load of information out there…but is it GOOD information? How does it relate to buying a Minnesota home? Will the programs outlined on the website visited work if you want to buy a home in Washington County, Anoka County or is it only for a specific area or state?
Often I am asked by friends and relatives where potential home buyers can take a class to learn more about buying a home. Most people need a class that will fit their schedule and get them out searching for their dream home very quickly.
Well, I will let you in on a little secret. First time home buyers do not need to sit in a class to learn to buy a house. There isn’t a class requirement to write a purchase agreement. If you want to learn the process, contact me. I can walk you through the process and put you on a fast track to purchasing your first home. This will enable you to take advantage of the extremely low interest rates that are available this fall too. As an experienced and professional REALTOR® with hundreds of extremely happy clients, I can educate you quickly on the process of buying your first home and at NO out of pocket cost to you!

Ready to take the FIRST Step? Request your**FREE** HOME BUYER SUCCESS PACKAGE. As soon as I receive your information, I email your guide to download.  Plus if you have any additional or immediate questions, feel free to call me.  I’m happy to help!

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  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

Buying a Home in October in the Halloween Capital of the World!

It is almost time for one of my favorite holidays, Halloween, and it is not just because I live in Anoka County, Minnesota either.  Anoka, Minnesota is the  "Halloween Capital of the World" which puts tricks and treats on the minds of many young people (and those young at heart) in the "Land of 10,000 Lakes". 

Minnesotans are often referred to as "Minnesota Nice" and when a home closing is closed to a holiday it does put the buyers and sellers in festive moods. Halloween is no exception. As an Anoka County REALTOR®, I have witnessed many a late October closing with "interesting" and topical questions asked by the new buyer of the home seller to a new home buyer. 

In Minnesota it is traditional for all parties to sit down in the same room for the closing transaction. After all the signing is done, the title company representatives  leave the room to make copies of the documents and to prepare the checks from the final settlement. During this time,  home sellers take a few minutes to share some idiosyncrasies of the home and pass over the keys, Often these are expected concerns like how to change the code for the electronic garage door opener, has the sprinkling system been blown out for the season or where the water shut off is located.

In late October the questions are often a bit more "festive". New homeowners buying into  neighborhoods big and small often want to know how many kids are in the neighborhood  which quickly translates to how many bags of candy will be needed.

A few years ago I attended a closing for a home in Anoka, County. The seller lived on a dead end street with only a handful of neighbors as is quite normal in this area filled with acreage homes. The seller made share the wants of young neighbor girl who had recently lost a front tooth (or two). She had stopped over with a request for "Reethe's Pee-thes" as her preferred Halloween Candy. 

Have a festive, fun and safe HALLOWEEN!

Copyright 2013 www.terieckholm.com

Rebounds Not Exclusive to Basketball—Housing Prices have Bounced Back!

I have no ability when it comes to basketball but as a REALTOR® with well over a decade of experience in the Twin Cities north and east metro, I do know a housing rebound when I see it. Since last fall there has significant activity in the Minneapolis/St. Paul housing market. In the north and east metro, I have witnessed the market turn. The extreme low interest rates have brought out the first time buyers who have literally bought up almost all the listed houses. This is good news…unless you are a first time buyer.

Once again, there are multiple offers on home. In one situation I was in this past fall, there were 12 offers by the time the highest & best deadline arrived. Not familiar with the term highest & best? When there are multiple offers on a home, the seller’s agent notify all interested buyers to submit their highest and best offer so the seller can choose which one to work with. In this situation the seller’s agent said she had another dozen buyer’s agents contact her AFTER the deadline. More than 2 DOZEN interested parties on one home! This is driving prices up again.

 The real estate market has seen a rebound this market and it is good news for any seller that has been waiting for the right moment to sell.

Before the holidays, I was asked by a number of clients what they should do to do to get their home ready for selling in the spring. My advice was, “If you are ready now, go for it! Don’t wait until spring!” There is no reason to wait out the winter. Buyers are looking now and writing offers now as there are very few good homes on the market. The clients who took my advice saw their homes sell quickly…in many cases in just days.

Tips for Sellers in this Rebound Market:

• Get your home picture-perfect ready and on the market as soon as possible. Don’t wait as there will be more sellers competing in the spring.
• Stage your home. It will stand out compared to foreclosures.
• Price it right from the start. Just because pricing is up, doesn’t mean the sky is the limit on pricing. Buyers are too savvy…and so are appraisers! Trust your REALTOR® to help you find a realistic listing price.

  Tips for Buyers in this Rebound Market:

• Work with a REALTOR® from the start. I am able to find homes for my buyer clients and get them out to see them within hours of hitting the market.
• Get Pre-approved for a home loan. Sellers will not consider an offer without a pre-approval letter or proof of funds if it is a cash offer.
• Educate yourself on the market and work with an agent that knows the area so you won’t have to hesitate to write an offer. Waiting a few days to think about it may not work in this fast paced market.

Copyright 2013 www.terieckholm.com 

All the Single Ladies! SF Looking for Affordable Townhome in WBL or Hugo

Going solo on a home purchase for women is a trend in today’s real estate market. It’s not surprising to me. As a REALTOR® with over a decade of experience in the north and east Twin Cities metro, I know several self assured women who have leaped off of the home-buying fence and purchased a home on their own. And believe me, age does not matter. Women in their 20’s and on up into senior years buy homes without a male cosigner. In fact, the WSJ online reported that single women now outpace single men in home purchases.

What type of home is the best option for someone buying solo? The sky is the limit!! If my single gal friends and clients are any indication of what single buy, it really is as diverse as any other segment. I have one friend in her early fifties who started with a west metro condo in her late 20’s but traded it for a brand spanking new townhome in Roseville a few years later. She wanted more of a backyard for her pets but didn’t want the yardwork that came with owning a single family home.

Another female friend of mine wasn’t afraid of a little home maintenance and purchased her family home while in her mid-thirties. She loved the MacGroveland area of St. Paul where she grew up and wanted to keep the turn-of-the-century treasure in the family.

Even senior buyers don’t always shy away from maintenance, while many senior women will opt for a townhome or condo when downsizing, I know another tenacious gal who was 60 years young when she bought a 4BR two story in Maple Grove with a full basement workshop to do projects in.

Single Gals (and Guys) should listen up…Renting might not be the best financial option today for those who live in the north and east Minneapolis/St Paul metro. Homes in many communities are amazingly affordable….and you don’t have to settle for a rundown foreclosure either. There are new and existing townhomes and single family homes in all price ranges in communities like Blaine, Hugo, White Bear Lake, Oakdale, North St Paul and Shoreview. Combined with the unbelievably low interest rates that people are locking now (30 year loans at under 4% in some cases!), it is unfortunate if someone (man or woman) is too intimidated to go it alone.

Buying a home does not have to be intimidating. Finding a good REALTOR® who listens to what you want in a home and guides you through the process step-by-step is key. I have assisted many people—single men and women, couples and families—find their perfect place to call home. (Check out some of the testimonials I have received.)  I have outlined the home buying process in a simple, Homebuyer Success Guide and that I quickly email out to any potential Twin Cities homebuyer that asks for one. (you can request one using the link below). I also happily answer my cell phone when a new potential buyer calls with a question. We can organize a game plan to get you qualified and start your search for the best home options that fit your needs, wants and budget. Don’t let being single keep you out of the one of the best real estate buying opportunities in years.

 

Copyright 2012 www.terieckholm.com

Holding your OWN Hand when Buying or Selling a Home!

Well over a decade ago, I was on a weekend shopping excursion with my family. Just as we were about to step off the curb into the busy parking lot of the local Target, I attempted to take the hand of my precocious son when he announced to my husband and I, “I can hold my own hand!” And being obstinate and still in that "terrible two" stage, he did.

He put one chubby little fist inside the other behind his back and attempted to step off the curb and into traffic. And like the mama lion I was, I stopped him by the scruff of his neck...well actually, the collar of his jacket.

Realizing his need for independence, we explained to our child the danger of his actions. (Hey Bud...A driver of a car cannot see a tiny person out their windows as they back up their cars.) We compromised. He was allowed to hold his own hand everywhere we went except busy parking lots and when crossing the street. Then he would be required to hold mommy or daddy’s hand or hang on to his brother's stroller for his own safety.

Holding your own hand is good in life but there are times when one must rely on a professional to help them through a new or difficult situation. As a real estate agent, I realize most clients want to “hold their own hand” through a transaction for the most part. They do it with the knowledge that when they will need to “step off the curb”,  I am by their side  ready to explain and guide them through every step of the process. Whether it is a question from a home seller about getting their home ready for the first showing or a first time home buyer wondering whether a townhome or single family home would be a better investment, I am there ready to educate and assist.  

A good REALTOR® knows it is important for the client to make the decisions—it is our job to guide and educate our clients through the home buying or selling process.

Copyright 2012 www.terieckholm.com

Buying a Home Soon? A Good Credit Score Will Save You MONEY!

Thinking of  buying  a house soon? You know you your credit report and FICO Score will affect your new home purchase, but did you ever think of how much an affect it has? I was reading an article by a fellow REALTOR® today who pointed out that a 20-40 point lower credit score will mean you will be paying quite a bit more in closing costs than someone who's FICO score is a bit higher. That is SERIOUS money out of your pocket!

When buying a first home, it is imperative to keep your closing costs as low as possible. That way you can have money in reserve for any repairs, updates and expenses that will come with home ownership. Being aware of your credit score and how it affects the cost of a loan could save you thousands.

Copyright 2011 www.terieckholm.com

Top 3 Big Mistakes Made by Rookie Foreclosure Buyers

As I drive down Lexington Avenue from my Ham Lake home toward Blaine, I often pass a watchful hawk perched on the power line scouting for his next meal. This redtailed bird of prey makes my REALTOR® mind go to thoughts of the some of the buyers I am currently seeing in the Twin Cities real estate market sitting on the sidelines ready to swoop in on a well priced home. In this market that is often a foreclosure or REO home. Unlike the hawk, which is poised for action, instinctively ready to make a kill; a rookie foreclosure buyer is in many cases left without a deal or worse yet can feeling like the prey rather than the one who got the killer deal on a property.

How does this happen? There are many bargains and good foreclosure real estate deals across the Twin Cities metro. I see bargains in throughout Anoka County and in Chisago and northern Washington County too. Affordable homes are everywhere! Even a first time homebuyer should be able to get a good deal, right? Absolutely! But they need to avoid rookie mistakes.

Three most common mistakes made by first time foreclosure buyers:
1. Not knowing when to lowball

Some people have the idea that since they have an abundance of properties on the books, banks would be willing to accept any price offered. This is simply not true. Before a bank puts a home on the market, they send an appraiser out to the home to get a market value assessment. Often the homes are then MLS listed with a REALTOR® and that agent will also advise the bank on the best price to get the home sold. When the foreclosure home comes on the market, it can be at a very attractive rock-bottom price! In many cases the banks will receive multiple offers on well priced homes immediately after listing. In these cases, REO properties are selling for thousands MORE than the asking price. Buyers that lowball in these situations lose out.

2. Not working with a trusted professional

The internet has left some rookie buyers thinking they are real estate experts that can make a good deal going it alone. This is a very scary scenario when buying a foreclosure. The bank's agent works for the bank and often the bank does not allow dual agency. Without representation you are flying solo. Signing a buyer’s representation agreement with a REALTOR® doesn’t cost anything. Think of your agent as YOUR “hawk’s eye” on the market to find you the great deal you are searching for.

3. Not prioritizing pre-approval

When buying a house, the old adage “look before you leap”, should be changed to, “get pre-approved before you look”. This is one of the biggest mistake I see people making in this market as a bank will not consider a home without a pre-approval letter with income and assets verified. (In the case of buying with cash, having a proof of funds letter is essential.) An offer on a bank-owned home will not be considered unless you are pre-approved. If you scout out that killer deal and don’t have the paperwork ready, your offer will be out of the running in any multiple offer situation.

Education is key to making a great foreclosure deal. Watching like a hawk for that great deal is only part of the equation. Having the resources in place and a professional REALTOR® by your side when you swoop in and make your offer is the way to get the deal!

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

Does a Buyer in Anoka County NEED to Take a First Time Homebuyer Class?

People who have never owned a home before are excited about the new $8000 tax credit for first time buyers. They want to learn as much as they can and as fast as they can because this credit is only available for those who buy a home before December 1, 2009. Every day I am talking to excited potential home buyers and friends wondering where they can take a class to learn more about buying a home. They want a class that will fit their schedule and get them out searching for their dream home very quickly.

Well, I will let you in on a little secret. You don’t need to sit in a class on someone else’s schedule with a bunch of others to learn to buy a home. There is no class requirement for receiving the 2009 $8000 tax credit.

What I tell all of my friends and referred clients is that if you are serious about buying a home and taking advantage of this credit, let me be your guide.

As an experienced and professional REALTOR® with hundreds of extremely happy clients, I can educate you quickly on the process of buying your first home and at no cost to you.
Contact me  and request your homebuyer success package. As soon as I receive your information, I will send you a list of seven simple steps to home ownership, a Q&A sheet to address the $8000 tax credit and booklet containing all the information you need to buy your first home. In minutes you will have all you questions answered on the home buying process.

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