Are you Stalking a Real Estate Sleeper?

Do you have your eye on the perfect home but have yet to make a move? You know the house I mean...It's been there saved as a favorite for a couple of months and it is priced right. In fact, it is a steal of a deal. But you are still on the fence about buying a home and so you just continue to "stalk" the listing but never act on it. Maybe you are trying to time the market and see if seller of that "sleeper" is going to drop the price again. Well wake up bargain hunter! It is very possible you are not the only one with an eye on that sleeper. If you wait too long it will be gone.

A real estate "sleeper" is a well priced home that hasn't sold yet. Usually the home is a great property, location, structurally sound and priced well but has not sold. In a winter market, especially just after the holiday season, sleepers are abundant.

Maybe the home was originally over priced and though it is now priced very well it is being overlooked. Possibly several very similar homes went on the market at the same time. Maybe the seller did receive an offer and the buyer's financing fell through so now it is "back on the market" through no fault of the house itself.

But if you are a buyer sitting on the sidelines and just watching your perfect home for another price reduction, beware. I have sold a couple of sleepers over the years throughout the north and east metro. In each case, there was minimal activity on the property then BAM....we had 3 or 4 qualified parties interested in the home at the same time. In these particular cases, they weren't the cookie-cutter variety either. One particular home in Washington County/Forest Lake area had a one-of-a-kind wooded lot and was in a perfect location. After months on the market, without an additional price reduction, over half a dozen serious buyers suddenly appeared. People were nonchalant when I told stressed that the home had recently seen a sudden surge of interest. Many even "pooh-poohed" the idea and mildly accused me of trying to coerce an offer. When the first offer came in, the seller wasted no time in accepting. Subsequently, I had several parties, buyers and agents alike, in disbelief, that it was suddenly sold!

If the sleeper phenomena had happened only one time over the years, I would consider it a fluke but I have experienced this situation on homes in Washington, Ramsey, Chisago and Anoka Counties as well. In some cases I was the listing agent and others I was representing buyers.

So home buyers heed my warning, if you are on the fence watching a sleeper, now might be the perfect time to make your move...Or someone else might beat you to it!



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 2017 terieckholm.com

Moving, Millienials and Multiples—Buying is Not So Easy

Earlier this week I received a call from my electrician. I wasn’t surprised by the call since we have an open permit on work he completed a few weeks ago. But things have been crazy busy in real estate for me as well as construction for his business so it hasn’t been a priority.  Interestingly, the call had less to do about my electrical job and more to do with my real estate expertise.

 It turns out that his twenty four year old son is buying a first home and after being in the fourth multiple-offer situation in less than a month, my electrician was wondering if this is normal. His son’s price range was very low as is the case with many younger, millennial buyers and he was looking for something “move-in ready” too.  So yes, it is an extremely very common predicament in the greater Minneapolis/St Paul real estate market.

Right now there is kind of a perfect storm of demand for homes under $150,000—and in some neighborhoods of $200,000, $300,000 and more.

Housing Inventory is Down

• Rising rents—An average of 15% across the country between 2009 and 2014
• Low interest rates—Rates remain around 4%
• Construction investors—Planning to refurbish and flip
• Real estate investors—Planning to refurbish and rent

There has always been a demand for lower priced homes in the Twin Cities. Especially the ones that are move in ready.  These are the ones with “good bones” ; i.e. structurally sound but might need minor elbow grease and cosmetics. 

But as rents rise, so does interest in purchasing a home.  A recent article questioned whether millenials are too scared to own a home; I find in Minnesota, this is to the contrary. Many millenials are starting to ask the question, “Should I make that purchase after all? It will be cheaper than renting.”  I have spoken with several 20-somethings who are starting to think trading off the option of mobility for more cash in the wallet might be a good plan.  But, they are going to have to pack their patience and be ready to write an offer on the spot for the best houses. And, they will have to keep that signing pen at the ready too because they probably won’t get the first home they write on. The demand is HUGE for lower priced properties with “good bones”.

There are ways to write a standout offer in a stack of multiples and I share these tips with buyers I am representing. Contact me for more details.

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

The Luck of the Double Rainbow

 

A few weeks ago I was attending a wedding of the artist I use for my house cards for home buyers. She is a brilliant artist and was having an semi-outdoor wedding in a rustic barn. Storms were in the forecast but the wedding started without a hitch and the bride walked down the aisle to very unusual selection of Rainbow Connection. Maybe it was an omen but shortly after the ceremony, just as everyone moved from the barn to the reception tent, there was a torrential downpour. Spirits were not dampened and the festivities continued and shortly after the winds blew through, the happy couple and all of their guests were blessed with the view of a double rainbow over the barn. Sometimes things are just meant to be.  

Real estate is like that. Sometimes a home buyer will write an offer on the "perfect" house but then there are multiple offers and it becomes the dream home of someone else. Sometimes a seller accepts an offer an the buyer backs out or financing falls through. These things happen in real estate. But in every case where I have seen this happen, down the road there is another home, another buyer, and another often better deal. It is my job to remind my buyers and sellers of that. When the clouds turn dark, we look for the double rainbow! 

Looking to Buy or Sell a Home?  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

Overcoming REALTOR Phobia--12 Tips for Interviewing a Real Estate Agent

 
I’ll admit it. From time to time I have had trust issues when I first meet a salesperson. Perhaps I have been burned one too many times when an overzealous salesman makes a promise and doesn't deliver.  Maybe it is because I have read too many “scripts” in my own sales career that I am have become cynical to the process. Of course there are good products and sometimes the sales pitch is as genuine as is the person delivering it. But it's tiresome weeding out the good from the bad.  I don’t think I am alone feeling this way. As a REALTOR® I have discovered home buyers and sellers can be afraid of real estate salespeople.
 
Several years ago my teenagers were into reading the melodramatic and very snarky books, A Series of Unfortunate Events.  One of the characters, Aunt Josephine was deathly afraid of nearly everything in her house but she was particularly terrified of the huge picture window with a panoramic view of a cliff, rocks and lake below. Petrified as she was, Aunt Josephine couldn’t bring herself to sell her home as she feared REALTORS® even more.

I found this funny but also very eye-opening. If someone could actually write a humorous novel about a person with “real estate agent phobia”, there probably is more than one person who feels this way. And this could be a clue as to why so many home buyers and sellers trying to go it alone when moving.

It doesn’t have to be that way. Not all REALTORS® work the same way. Being conscious of what potential clients might feel, I try to be open, honest and treat everyone as I would like to be treated. I don’t sell houses; I assist people in the process of finding a home or a buyer for their home. 

Trust is a huge obstacle for many people when choosing someone to work with on a home purchase or sale. The best way to decide whether or not you can work with someone is to spend some time talking with them.  INTERVIEW potential agents prior to signing a contract for buyer or seller representation. If in the interview, you don’t develop a good rapport or "click" with this particular person, move on to the next. The home buying/selling process takes time and it is a more pleasant experience if you like and trust the person you have representing your interests.  But don’t avoid signing a contract and try to go it alone without any representation. Your best protection against a hard-sell sale pitch is having a REALTOR® working with you every through every step of the transaction.  Home buyers are especially vulnerable but once you commit to working with a single trusted agent, the process of buying a home is truly simplified.

12 Questions Interview for a Potential REALTOR®
 
1.     How long have you been selling residential real estate?

2.      Is this your full-time job? Do you have another part-time job or business in addition to real estate sales?

3.      Do you represent buyers or sellers exclusively or will the transaction be a dual agency?

4.      Tell me more about how you work and your business philosophy.

5.     Can you help recommend service providers who can help with financing, inspections, repairs, etc.?

6.     How will you communicate with me? Via text, email, phone or a combination? How frequently can I call you? Do you answer your own phone?

7.     Will I work with you directly or an assistant/team member?

8.     Can I speak with some of the home buyers (or sellers) you worked with most recently?

Additional questions to ask when selling a home: 

9.     How many homes did you sell last year?

10.    On average, how many days does it take you to sell an average home?

11.    How did the final sales prices compare to the initial asking prices of the homes you sold most recently?

12.   How do you plan to market my home? 

 
Copyright 2014 www.terieckholm.com

Is Buying a Home a Good Investment in 2014?

“How good of an investment is a home in 2014?" This question can be a tough one to answer in this slowly stabilizing economy. A couple of decades ago, the answer was a no-brainer. Buying a home had been regarded one of the safest  and most important investments a person could make. Owning a home was equated to realizing the American Dream. But now first time buyers can be confused even as home values and average sales prices have rebounded. Many potential homebuyers continue to wonder,  "Is home ownership a solid financial investment?

 The National Association of Home Builders posed that question in a 2012 survey and MOST AMERICANS answered a resounding, YES!   "74 percent said that despite the ups and downs in the housing market, owning a home is the best long-term investment they can make." That is 3 out of 4 voting Americans who still believe in the value of home ownership!

And I agree,  buying a home is a wise investment. I make this statement not just because I am a REALTOR®, but because I, too, am a homeowner. The key to successful home ownership is to treat your home like the investment it is. It takes discipline and time for any investment to grow in value. And like any other investment, whether it is a stock, bond, mutual fund or a home,if you have to sell in a down market,  you might not realize as much profit as you may have expected.

Key Points to Buying a Home as an Investment
 

There are several things to consider when investing in your first home. Don't buy just with your heart, buy with your head too.

• Buy Smart

**Price **Interest Rate **Type of Mortgage **Resale Potential **Equity Builder?

• Maintain and Protect Your Investment

**Home maintenance **Insurance

• Don’t Put in Your Asset in Jeopardy

The best way to have a healthy balance sheet when you sell your home is to Buy Smart in the first place. Buying smart is not just about getting the home at an extremely low price. It also means getting a mortgage that you can afford. Consider a fixed rate loan rather than an adjustable rate, so it doesn't fluctuate into something that you cannot afford. Interest rates are still at very low rates. The first thing I recommend to my homebuyers is to talk to a knowledgeable loan officer and find out what options are available. There are hundreds of special programs out there and an experienced loan officer can help you find the best for your situation.

But buying smart goes beyond the price paid and the loan used to finance a first home. It is also buying with resale in mind. Many, who purchased homes in the price climbing frenzy of a few years ago, snatched up any home they could after submitting multiple purchase agreements on several homes. They often overlooked an unusual floor plan or that the home was railroad tracks with several trains passing by at all times of the day and night. They adjusted their needs to accept the power lines in the backyard or the noise from Interstate 35 just a few blocks away. But now if these same families are faced with trying to relocate, they are frustrated that buyers refuse to compromise on same aspects that they overlooked.

With the current low housing inventory in the lower price ranges, we are seeing multiple offers on homes once again. It is still important to keep calm and inspect a home thoroughly before purchasing. As a REALTOR® who loves to work with first time home buyers, I spend time helping my them to understand the positives and negatives of the location of each property we view. I point out how something quirky like having no basement or having a hot tub built in to a bedroom could affect the resale value by limiting potential buyers. Paint and wallpaper can be easily changed but foundation, plumbing and property location are much more expensive to deal with. Oddities it a home can drastically affect value when it is time to sell.

The final tip to buying smart is to determine whether equity can be increase with a little good old fashioned elbow grease! If the home hasn’t been updated, a good sprucing up could raise its value. A house that has an unfinished basement, could build equity if it can be done at a reasonable cost. Don’t take shortcuts and avoid required city permits. It will cost you  when you go to sell because that must be disclosed. Is gardening your hobby? Look for a home with a yard that can be upgraded over the years. Just be frugal and realistic in what your resale will be in the end.

Beyond a smart buy, maintenance is essential as is proper insurance to be certain a home owner can afford the required repairs should the unexpected happen. Time after time I have to bear the bad news when presenting a market analysis at a home where the interior and/or exterior has not been repaired or replaced in decades. It can be nearly 20% less, than the value of a well maintained home in the same area.  Doing several projects over time allows a homeowner to enjoy the improvements while retaining the property value. Likewise, not insuring a home properly can be a huge risk. Worse yet, are the homeowners that make a home insurance claim and receiving payment for a repair but opt to use the money for something else.

Finally, it is important for a homebuyer to not put their investment in jeopardy. Many of the people who lost their homes in the market downturn put their homes in jeopardy but taking risky loans against the equity. Some people took home equity loans at reasonable rates but didn’t use the funds to improve their home. Some of these loans were at very high adjustable rates and as the payment rose, the homeowners just couldn’t make the payment. When I was growing up, I remember learning to never take a risk with anything you couldn’t afford to lose. I think a home falls into this category.

Like any investment, a home’s value will fluctuate. But a house is unique as an investment because it serves a dual purpose: It is a your place to live as well as a way to increase your net worth. By using the money that would be paid for rent and putting it toward a house you can afford with a plan to protect and maintain your property, a home purchase is still a good investment. 

 

 
Copyright 2014 www.terieckholm.com

Man Cave in Your Next Home? Features to Make it Awesome!

So it’s time to move and your husband is insisting the neon bar light he acquired in college shouldn’t go into the trash. He is certain it will be the perfect addition to the downstairs family room—along half a dozen framed jerseys from various sports teams. And then there is that unique pseudo Adirondack chair made every hockey stick he has ever owned. You’re just not crazy about a purple, green or red wall in any part of your new home even if they are his favorite team colors. Before there's an all out battle, maybe it’s time to consider a man-cave a priority on the new home list. 

A man cave, or male sanctuary, is a place to stash all that guy stuff that just doesn’t fit the décor of the rest of the home. It is where a guy can be a guy and keep his treasures. A hangout if you will. So before you risk your relationship and hide all of his precious, yet somewhat hideous treasures in the box designated for the Salvation Army, consider finding a home with man cave potential.

Top Features in a Man Cave

1. Soundproof—A great man sanctuary will allow guys to be loud without bothering the rest of the family.
2. Abundant, Comfortable Seating—Relaxing in front of a game, movie or Xbox will need to be done in comfort.
3. Big Screen—The bigger the better in most cases, whether watching sports or gaming.
4. Bar area—Either a wet or dry, a place to store refreshments is a necessity.
5. Workshop—Most men treasure their tools making a cool workbench a great asset
6. Private entrance—Again, the less the rest of the family is disturbed, the better.
7. Workout Area—Whether a treadmill, boxing bag or mega weight bench, this manly equipment is best suited for the cave! 

And if the lady of the home also has some unique treasures that need their own space, whether it be an over-sized walk-in closet for the shoes or a special hobby room for scrap booking,  maybe a woman-cave is should be on the house requirement list too.

Copyright 2014 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

Hey Anoka County Homebuyers! Do you Have your Eye on a Real Estate SLEEPER?

You check the MLS link every day and there it is...sitting on the market day after day. It's your dream home and you have watched it for a couple of months now. It seems to be priced right; in fact, it is a steal of a deal. But the market has you paralyzed into watching and waiting rather than making your move on the perfect home so there you are on the fence still waiting until that perfect moment to call up a REALTOR® and put in your offer on your dream. As you continue to "time the market", waiting to see if seller of that “sleeper” is going to drop the price again, you may be missing out. It is time to WAKE UP! Because, you might not be the only one with an eye on that sleeper and if you wait too long it will be gone.

A real estate “sleeper” is a home that is an amazing deal but few people, if anyone, is paying attention to it. Usually it is a great property, location, structurally sound and priced well but has not sold. In a buyer’s market where there is significant home inventory but few buyers, sleepers are abundant.

Maybe the home was originally over priced and though it is now priced very well it is being overlooked because of high days on the market statistics.

Possibly several very similar homes went on the market at the same time and in the same condition. Picture for a second, three homes listed during the same week in a cookie-cutter development where all the homes have roughly the same floor plan. All the homes are the same age, condition, and priced very well, but only one homebuyer comes through the neighborhood during the next two months. So after 60 days, there are two sleepers left that didn’t sell. Since the houses are essentially the same as the neighboring home that sold, it's not that the homes aren't properly priced. This is another scenario that will cause a sleeper in this changed market.

And then some great homes are "sleeping" on the market because…well, there is just so much darned inventory out there!

But if you are sitting on the sidelines and just watching your perfect home for another price reduction, beware. I have sold a couple of sleepers this past year throughout Anoka, Ramsey and Washington Counties. In each case, nothing was happening on the property then BAM....we had 2-3 qualified parties interested in the home at the same time. In these particular cases, they weren’t the cookie-cutter variety either. One home in Ramsey County in the White Bear Lake/Vadnais Heights area in an ideal location. After months on the market, there were suddenly two offers in one day! Agents and clients were nonchalant when I told stressed that the home had recently seen a sudden surge of interest. Many even “pooh-poohed” the idea and mildly accused me of trying to get them of trying to coerce an offer. When the first offer came in, the seller wasted no time in accepting and I had several parties, buyers and agents alike, shocked, and more than a little miffed, that it was suddenly sold!

If the sleeper phenomena had happened only one time this past year, I would consider it a fluke but I have experienced this situation on homes in Washington and Anoka Counties as well. In some cases I was the listing agent and others I was representing buyers.

So homebuyers heed my warning, if you are on the fence watching a sleeper that is currently listed, now might be the perfect time to make your move...Contact your REALTOR® for a showing, make sure you have your pre-approval from your loan officer ready to go and make your move! Or someone else might beat you to it!

Copyright 2011www.terieckholm.com

Love at First Sight--It Hits Home Buyers Too!

Do you believe in love at first sight? I do!

Decades ago as a handsome young blue-eyed man walked through the door of a neighborhood restaurant, his eyes connected with the sparkling eyes of a young girl. In that instant, their lives changed. It was years before they married and there were many ups and downs during that time. But they are still together and in love today. I should know, as the star-struck green-eyed girl was me.

Funny thing is that when I see that tell-tale star struck look these days, it is when my buyers fall in love with a house. After showing house after house to my clients, whether they are first time buyers or moving up or downsizing, I can see it in their eyes when we have found the one!

• It is not always the best house.


• It is not always the most expensive.


• The property is not always perfectly staged.

But something about the home strikes the heartstrings of the buyers…I can see it in their eyes.

I am a firm believer in houses selling themselves.

For most home buyers, a housing purchase is unlike any other investment; it is an emotional decision. My job as a buyer's representative is to provide stable, unbiased support and assistance throughout the home buying process. So while my buyers are starry-eyed looking at the warm paint colors, brilliant hardwoods and room sizes, I check out the nooks, crannies and disclosures to discover things that might be overlooked. While not an inspector, I will point out potential issues to question the sellers about (and home inspector should the buyers decide to write an offer). Sometimes flaws are hard to see with stars in our eyes.
Falling in love at first sight is a wonderful experience whether with another person or a home. It is important to take the time to get to know that object of your affection before making a commitment. As a professional REALTOR®, I can guide love struck buyers through the home buying process so that they get a good deal on their dream house. My job as a real estate agent when representing buyers is to look out for my clients’ best interests so they can remain in love with their dream home as long as the live there.
♥ Have a Wonderful Valentine's Day!♥

Copyright 2010 Teri Eckholm

Expanded Tax Credit Might Make Moving in a MN Winter Worth the Effort

Everyone knows that S word associated with a Minnesota Winter: SNOW! The dreaded elements of the season that scare many "sunshine and warmth" lovers out of our great state do present problems when it comes to moving and selling a home.

But this year if you wait until spring, you could lose out big time. The expanded and extended tax credit for homebuyers will expire in April 2010 just as the warm winds of spring make a comeback. If you are considering a move in the next 6-12 months, listing your home now could definitely be to your advantage.

Here are a few reasons…besides the $6500 tax credit…that might convince you to put your home on the market now:

1. Buyers who look at homes in the winter months in Minnesota are serious about purchasing a house. There are less “snow” tire-kickers when you have to navigate to showings along icy roads.


2. Not all first time buyers could find that perfect foreclosure home this summer. Many would prefer to work with a traditional seller who can provide a history of the home on a disclosure.


3. Buyers like viewing homes where the utilities have not been disconnected, and this is true especially in the winter. As a traditional seller your home isn’t winterized and disconnected like vacant, foreclosed properties. Buyers will definitely feel a warm glow any home with the lights and heat on!


4. Snow can cover landscaping flaws. If fido has left dead spots in the grass, now one will notice.


5. Homes look very festive during the holidays! Of course don’t go overboard with the lights…This means NO Griswold decorating! But tasteful holiday décor will make a house feel more like home.

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

June 2009 Video Update—Local Real Estate Market Continues on Positive Path Out of the Woods!

Continued low interest rates and the $8000 first time home buyer tax credit continue to build on the more positive trend and path out of the proverbial real estate woods for the Minneapolis/St. Paul real estate market. According to the Minneapolis REALTORS® Association's June Monthly Skinny, the positive signs continue that the Twin Cities market is moving out of the woods. Overall inventory is at 7.6 months currently (a balanced market would be 5.6 months). But while lender-mediated inventory stands at 5 months, traditional homesellers face double the competition with 9.9 months of inventory. The supply of bank-owned and short sale homes is down considerably. Another indicator that we are marking a path to recovery is that pending sales have increased for the eleventh month in a row….up 17% in May 2009 compared to May 2008. No doubt the $8000 first time homebuyer tax credit has played a role in energizing the Twin Cities real estate market.



Not to be out done by our friends on the west side of the Mississippi, the St Paul Area Association of REALTORS® (SPAAR) has a premier edition of their own Twin Cities real estate market video. In the just released, Market Beat, SPAAR indicates this is the perfect time for first time home buyers due to the trifecta of affordability, low interest rates and the $8000 tax credit! Lower inventory and more pending sales has had a positive effect on the sales price of area homes. On the right side of the page look for the “Related Media” heading and click to view the entire video. (Hopefully SPAAR will be posting their informational videos on YouTube soon so I can embed and make it easier to watch…until then, this is the process.)

The positive signs in the real estate market are the entire 13-county area and the north metro is no exception. First time buyers have been in the market for the last couple of months and multiple offers on well priced homes under $200,000 has become common place. Just yesterday, I tried to set up several homes in the Hugo and Forest Lake area for a first time buyer….6 of 10 homes that they wanted to see were under contract, had offers or were sold pending inspection. As those first time homes sell, move-up buyers are finally able to take advantage of the market. 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/

May 2009 Video Update—In or Out of the Woods? That is a Big Question!

It appears that the Twin Cities housing market is continuing to move forward to recovery as we head into the summer. According to the Minneapolis Realtors Association's May Monthly Skinny, there continue to be positive signs that we are moving out of the woods. Inventory did not inflate this spring as it usually does when the snow melts so the housing inventory levels that have been extremely high are starting to level off and come down. A major share of the homes sold 46%, continue to be lender-owned or lender-mediated sales. These homes are selling at 21% less than in 2008 but traditional sellers home sales prices are only down about 8%. Distressed homes are moving out of the market and that is a good thing.No doubt the $8000 first time homebuyer tax credit has continued to fuel the spring market throughout the Twin Cities as things really kicked into high gear just after the credit was announced.

A major coup for the most two neighborhoods most affected by the foreclosure crisis was the Pohlad Family Foundation Grants allowing for $8000 grants in the form of a forgivable loan to homebuyers in the 55411 in Minneapolis and 55106 zip code in St. Paul. Suddenly a surge of homebuyers became interested and now once over looked areas are seeing multiple offers on homes.
These positive signs are not just limited to Minneapolis/St. Paul and first ring suburbs. The entire north metro is seeing activity and homes selling. First time buyers have been in the market for several weeks now. As those first time homes sell, move-up buyers are finally able to take advantage of the market. 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.) Take a peek at the entire May video for a quick update on the Twin Cities housing move toward the edge of the woods as we make our way out…




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/

Buying a home on St Paul’s East Side? Understanding the Pohlad Family Foundation Homebuyer Program

The Homebuyer Assistance Incentive Program from the Pohlad Family Giving Foundation is the program that everyone is talking about on the east side of St Paul! It is a great program for homebuyers looking to buy in St. Paul’s 55106 zip code and available through the Pohlad Family Giving Foundation. I am currently working with several buyers who are interested in this program and boy are the homes selling quickly in these communities! Every other listing agent makes a point of reminding me about the "$8000 Pohlad money" for the buyer, as if we had not heard of the program. But few ot these agents have delved into the details. Some of the stories about the program are a bit exaggerated or misunderstood. Unfortunately, it is not as simple as a homebuyer purchasing a house and walking in to the Dayton's Bluff Neighborhood Housing Services of St. Paul to collect an $8000 check. That said, this is still an awesome opportunity if you want to live on the east side of St. Paul!
Here are some of the program's highlights:
*The funds up to $8000 are distributed in the form of a 7 year forgivable deferred loan.

*The loan will have an interest rate of 0%.

*Homebuyers must occupy the property as their principle residence for 7 years.

*Single family homes and duplexes purchases are eligible.

*The funds will be distributed on a first come, first served basis.

*It is only available in the 55106 zip code in St. Paul or 55411 zip code in Minneapolis.

* The funds can be used for down payment and/or closing costs including prepaids.

*First time homebuyers will have to take an approved homebuyer education class.

*Successful, prior homeowners will not have to take a homebuyer class.

*Funds are available to both first time homebuyers and previous homeowners alike.

*There is no maximum household income for the program.

*All homes must close prior to December 31, 2009.
If you are a home buyer interested in buying a home in the Dayton’s Bluff area and want to take advantage of this program, you NEED to be working with a REALTOR® and loan officer that understand the details of how the funding will best work for you. Must of the application process is supplemented by information provided from the mortgage lender or loan officer. Be certain that the people you select to work with really understand how the program works so you don’t miss out on this opportunity.

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

April 2009 Video Update--Three Indicators is the Charm! Postive News in the Housing Market!

Even though the economy has not recovered, the Minneapolis/St. Paul housing market appears to be making babysteps forward to recovery in Spring 2009. According to the Minneapolis Realtors Association's Monthly Skinny, there are three positive statistics (houses available per buyer, days on the market and original list price received) indicate the Twin Cities housing market is on the right track to recovery. This video update arrived in my inbox on the heels of another article where five experts were asked to select five areas that would see the earliest recovery in the housing market. Economist, James Diffley, selected Minneapolis and “refers to it as the hope of the Midwest!” due to steady population growth and comparatively stable home prices.

No doubt the $8000 first time homebuyer tax credit has fueled the spring market throughout the Twin Cities as things really kicked into high gear just after the credit was announced.

These positive signs are not just limited to Minneapolis/St. Paul and first ring suburbs. The entire north metro is seeing activity and homes selling. Just today, I noticed that several of one of my buyer’s saved favorite homes from Blaine to East Bethel and Wyoming went into pending almost overnight. I am fielding questions daily from excited first time buyers from Anoka County on the specifics of this unique 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.)

Take a peek at the entire video for a quick update on the Twin Cities housing markets “spring” to recovery…



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/

Foreclosure Disclosure in Minnesota—Despite Regulations, It is Still Buyer Beware!

Wise men say; only fools rush in…Wait a sec. I know that classic song is about falling in love. But since many home buyers do “fall in love” with a home and become a bit foolish, it applies.

A few weeks ago, I was with a couple who went a bit gaga over a bank-owned foreclosure listed by one of those agents specializing in REO homes. I’ll admit, this was an amazing home: Nice floor plan….Picture perfect condition…Terrific View…And a “just reduced” price tag that put the home in the category of phenomenal deal!

These buyers were not first time buyers, having bought and sold several times before, my clients were a bit savvy and wanted to write an offer on the spot. As their buyer’s representative, I advised them that the instructions from the listing agent required any interested parties email for instructions on how to write the offer. Offers not following the specific instructions would not be presented or accepted.

I sent off the email to the listing agent and momentarily received a return email with a 15 pages attachment with step-by-step instructions as to how the buyer’s agent was to fill out the purchase agreement so buyers could, among other things, sign away all of their rights to disclosures.

Some of the instructions were just plain crazy! For instance, the buyer could inspect the home but not turn on the water if the home has been winterized. How can a home be properly inspected without water? This home was on city water and sewer, but had the home had been on a private sewer system with a well, we are talking about some big ticket, critical components of a property, without a disclosure or ability to inspect.

As it turned out, I didn’t have to write an offer for this particular REO home. I did not have to explain to my clients how all the restrictions for an acceptable offer on this home would be slanted totally in the banks favor while put them as buyers at serious risk . Paraphrasing another musical classic, “you can’t always get what you want but sometimes you get what you need”; we received an email that another offer had been accepted. It was a solid, cash offer and no backups were being accepted.

Long story short…First priority was finding my disappointed buyers another home. My philosophy: There is ALWAYS another home. And sometimes the second home is much better. Within days, another better home was found.

But for me, the memory of the 15 pages of instruction manual remained. In fact, this was so alarming to me I kept the printout. I have sold other foreclosed homes where the agent did not spoon-feed the directions on how to write the purchase agreement. In other cases, the buyers requested the water be turned on prior to the inspection contingency timeframe counting. As my buyer’s representative, I discussed the specific terms as we wrote up the agreement and though a few standard instructions were indicated, like a special warranty deed is required and personal property cannot be part of the agreement, it is not always required with a litany of instructions to completely slant the sale to where the buyer must take an incredible risk.

Since 2002 there has been a mandatory seller’s disclosure statement in Minnesota requiring sellers to share all pertinent information to buyers of a home. The disclosure must be made in good faith and include all material facts pertaining to the adverse physical condition of which the sellers are aware that could adversely and significantly affect an ordinary purchaser’s use and enjoyment of the property and any intended use of the property which the seller is aware. The law does provide alternatives to the disclosure for those sellers who have not lived at the property like when the home is bank owned or is part of an estate. Sellers can have an inspector view the home and provide a written report of the condition. Or they can ask a buyer to sign a waiver that says the seller is unaware of the condition of the property and that they buyers waive their rights to the disclosure.

When buying an REO or bank owned home a buyer must be prepared to waive their rights to disclosures.

There are additional federal, state and municipal laws that require sellers to disclose the condition of the property prior to the purchase agreement. Homes built prior to 1978 require a lead based paint disclosure. The existence and condition of wells and private sewer or septic systems must be disclosed in Minnesota. Some septic systems will require additional inspections at a county or local level. Also it must be disclosed if the home has ever been used in the production of methamphetamine. It is important for a buyer to understand they have rights and to be very careful when waiving them away. It may not be the best decision to buy a foreclosed home without the assistance of an experienced professional REALTOR representing your interests. As tempting as it may be to buy that “picture perfect” home at the amazing price, it could end up costing thousands more without proper disclosures and inspections.

Copyright 2009 terieckholm.com

Attention First Time Home Buyers—Incredible Affordability and an $8000 Tax Credit Make 2009 the Year to Buy!

If you haven’t heard, the recently approved stimulus package had a wonderful provision for anyone buying their first home; An $8000 tax credit!
Here are the things to know about the $8000 Tax Credit in a nutshell:

• The tax credit is for homebuyers buying their first home only.
• The money does not have to be repaid.
• The credit is capped at 10 percent of the home’s purchase price with a maximum of $8,000.
• Homes must be purchased on or after January 1, 2009 and before December 1, 2009. (Note not the credit is NOT available until the end of the year. Plan accordingly!)
• Income caps to apply…Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• Additional questions on the $8000 can be answered by CLICKING HERE!

Now combine this with the Twin Cities highest affordability index for homes on record according to the Minneapolis Board of REALTORS® and first time buyers have an amazing opportunity! Get the skinny on the affordability index here.

So how does a first time buyer in Anoka County make the most of this opportunity?
Start researching now…not homes, check out professionals. Looking at homes may be fun and exciting but it is not the first step in buying a first home, finding a professional REALTOR® is!

Having a professional agent to guide you through the buying process doesn’t cost a penny!

As a professional Anoka County REALTOR®, I assist people in buying and selling homes in Blaine, Ham Lake, Forest Lake, Lino Lakes and Andover everyday! I can help spot that great deal quickly before it gets away. I can also point out homes on the market that may not be the best choice for a first time buyer. It all comes down to expertise!
One of my most important jobs is assisting the first time buyer to locate financing through a professional dedicated loan officer. My mortgage contacts work with my clients to help them find the best loan depending on their individual needs and situations. As a team, we work hard to be certain that our home buyers don’t write an offer on a home that they cannot afford. Buyers need to feel comfortable that they will be able to make the payment on their dream home…not just that first month but next year and the year after that.

Once preapproved the fun can really begin…Looking for a good solid foreclosure in Anoka County? Want a picture perfect home in Coon Rapids? Want a bit of land in Columbus or Lino Lakes? Looking for a detached townhome in Blaine? I help buyers define their dreams and pinpoint a handful of homes that meet your specific needs.

With the loan preapproval and home criteria is firmly established, the viewing of the houses can begin. With me as their professional agent at their side, my clients confidently view homes they can afford and would be proud to consider their home. After visiting a several…usually around 10-12, I assist first time buyers through the paperwork process as we write up the offer on their home.

Now that the offer is accepted, I assist the new buyers to find qualified professionals to inspect the home as outline in the purchase agreement and handle the process of closing the home in a timely manner. My first time buyers never feel abandoned or alone. We are a team until they get the keys to their dream home!



Copyright 2009 terieckholm.com

Homebuyers—Search for a Twin Cities Home like a PRO!

“Homebuyers LOVE the Listingbook home search!” Anyone who knows me well, knows that I don’t like wasting time in unnecessary classes or meetings. But as a REALTOR, I was intrigued by this new search tool for agents and their clients.

So, this past December, I made time to attend a class hosted by the St Paul Area Association of REALTORS on the Listingbook. I heard the spiel…great way for clients to search for homes and interact with their agent..,ya dah yah dah yah dah. I take this stuff with a grain of salt. As we were leaving the suggestion was made to sign a few of your clients up and let them be the judge. So I did just that…Listingbook system is different as “Homebuyers really LOVE the Listingbook home search!
Now all of my clients are using the Listingbook search. Some of the things my buyers like best about Listingbook include:

• Access to the same home information used by agents


• Search thousands of Twin Cities home listings


• Daily reports of all new home listings in your area


• Users see every listing, price change and photos as soon as REALTORS do


• Personalized home searches


• Faster searching with saved searches


• Visually see how many new homes meet your criteria as soon as you sign in


• Ability to save homes you like and be updated on price changes daily


• Leave notes for agent to get a quick answer on a home or set up a showing

After hearing back from my buyers I decided that maybe other potential buyers would like access to this same search. If you are searching for a home and frustrated with some of the bigger real estate search engines, this may be the perfect solution.

One family I have been working with has been searching throughout the Forest Lake school district for their dream home while waiting for their current property to sell. They love that they are now able to save and monitor their favorite homes daily and immediately see if new homes come on the market. They also keep tabs on neighboring homes for sale that are similar to their listed home. This helps to keep a competitive edge in the market.
My out-of-town clients were especially pleased with the ease of the system. They were able to find several potential homes and check out the location using Google maps and satellite images with the click of a button. When they came into town, they had identified and narrowed down potential houses to a short list and within a few hours, wrote an offer on their dream home.

While this system may not be perfect, I have gotten enough feedback from my clients to know that it is pretty terrific!

Copyright 2009 terieckholm.com

Foreclosures! Not Just for Investors Anymore…First Time Buyers also get DEALS!

This past spring I asked readers if they were ready to take on the challenge of buying a foreclosure or short sale home. Test Yourself--See If YOU are Ready to buy a Foreclosed Home! was a tongue-in-cheek look at the average homebuyer purchasing a pre-foreclosure or bank owned property. I have thought of that post often in the past few months …At the time, I was seeing overpriced pre-foreclosures and trashed REO houses, in many cases buyers were better negotiating with traditional sellers for their dream homes. But, as they say, that was then and this is now. NOW, I think it is time to take a serious look at foreclosure properties.

In the past few weeks, I had the opportunity to visit several dozen bank owned properties in the $100,000 to $150,000 price range throughout Anoka County. Though several were trashed, my buyers and I were pleasantly surprised to find many REO homes in move-in condition. The fear of AS-IS purchasing was still a concern, but not so dramatic as when the homes literally had holes where the appliances should have been.

Now, I am finding tremendous deals on bank-owned homes throughout the north and east metro on a daily basis. Many properties are going back to the bank in extremely good condition and being put back on the market quickly and at unbelievably affordable pricing.

So what do you need to know if considering purchasing a foreclosed home? Here are a few key points to consider….

Understand the difference between short sale and REO. A short sale or pre-foreclosure is a home where the seller is selling but owes more to the bank than the home is worth. A REO property has been returned to the bank and is now bank-owned.

In a short sale, the seller lists the home on the multiple listing service, MLS, for what they believe the home to be worth even if the list price is less than they owe. When an offer is received on the property, the bank is sent the offer for approval as they will have to write off thousands of dollars to attract a buyer. It can take months to receive an answer from a bank (or banks if there is a second or third mortgage on the home) and the answer is not always positive.

I recommend to most buyers that it is better to keep looking at other properties and wait and see if a particular short sale home goes back to the bank. If it becomes an REO property, it is usually relisted at a much lower price. Because the bank now knows exactly what it wants for the home and only one bank or division of a bank is involved, answers come much more quickly; usually within days, if not hours. This is a much smoother process.

Get Representation. Dealing directly with the bank is extremely risky. If you are going to be looking at foreclosures, find an agent you trust and sign a buyer’s representation contract. Then that REALTOR is working for you! When I represent a buyer, it costs nothing to that buyer because my commission is paid for by the seller. I can help a buyer understand if the list price by the bank is a fair price for the property and in its current condition.

When you find that perfect foreclosure, I, as your agent, assist you in putting together the best offer for the situation and negotiate on your behalf. Good homes are seeing multiple offers. If you find an almost perfect foreclosure, chances are several other buyers will like the home too. In November, I wrote offers on three move-in condition foreclosed homes. All three had multiple offers just days after the home listed. A listing agent is working for the bank. Don’t you think you deserve to have a professional REALTOR working directly for you?

Get Ready to Waive Goodbye to your Right to a Disclosure. Minnesota requires that the seller of a home disclose all known defects to the property. Most banks will require you to sign a seller’s alternative to the disclosure where you will waive your rights to receiving a homeowner’s disclosure. This is not negotiable as the bank representative did not live at the home and does not have any way of knowing the condition of the property.

Inspections are Critical. Buying a foreclosed home means buying a home in AS-IS condition. That means the bank will not warranty that anything in the home is working and will not make repairs to any part of the home. A complete home inspection is designed to give you a picture of the current condition of the property and if any major repairs will be required to make the home habitable.

Rethink a Home Warranty. Many buyers do not want to spend the additional dollars on a home warranty. However in the case of an as-is purchase from a bank or other corporate-owned property it could be a smart investment for that first year. If something is missed at the inspection or is not visible, a home warranty might be able to cover the defect. For example, central air conditioning cannot be tested during a Minnesota winter so come spring, you might find your home full of hot air and no blower to help you cool down. Most home warranties will cover central air conditioning.

Don’t Overlook Traditional Sellers. Homes being sold by a traditional home seller in this market are in most cases priced to sell! This is good news for FHA and VA buyers as many foreclosed homes will not qualify for these programs due to the poor condition of most properties. Sellers understand they are competing with banks that have only a financial not emotional interest in the property. So homeowners needing to sell have to check their emotions at the door and price their home accordingly. A lovingly maintained property with a full disclosure at a rock bottom price could still be the best deal for a buyer.

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 or Homebuyers Success 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.

Buying a Home? Check out my new HOME BUYER'S BLOG!

Copyright 2008 terieckholm.com