August 2009 Twin Cities Real Estate Market Video Update—The Seesawing Twin Cities Real Estate Market

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.)

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/

Not All Condos are For The Birds in the Twin Cities North Metro!

While this beautiful multi dwelling condo located on acreage in Ham Lake, Minnesota is definitely for the birds, I have another lovely property listed in New Brighton that is a wonderful place for PEOPLE to call home.

Click below to see a virtual tour of a 2bedroom condo in Birch Pond at 20 Windsor Lane, New Brighton, listed for $159,900. It features one garage space, two full baths, an in-unit laundry and a view of the pond. Check out a virtual tour of this wonderful New Brighton Condo below:

http://marketing.remaxdesigncenter.com/90/88490/883150/index.ipv

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/

Could it be the RIGHT Time to Move Up to a Bigger House? YES!!

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

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/

Avoid Chasing a Wild Goose when Shopping for a Home!

“Hi! We are looking for a REALTOR® who works in Hugo. Can you help us?”

“Absolutely! What can I do for you?”

“We are relocating from St. Cloud and want to be in a home before school starts, is that going to be a problem?”

“Are you a first time buyer or do you have a home to sell?”

“We are first time buyers and are currently renting month-to-month.”

“There should be no problem. Have you talked to a loan officer?”

“Not since last year.”

“The first step is getting preapproved and then we can start looking at homes.”

So began my relationship with a new first time buying couple early in July. They were on a tight time schedule and were a bit of a distance from Hugo so planning was key. I wish I could say everything turned out perfectly for them but it didn’t. Chasing wild geese is a fun activity for dogs not for serious homebuyers. Here’s what happened:

I set up Christy and Mike in my Listingbook system so they could view new listings as soon as they hit the internet. Their price point put them in tight competition with many other first time buyers as there are few nice single family homes under $160,000 with three bedrooms on one level in move in condition in Hugo.

Christy selected a dozen homes to see on their first trip out. Of the homes selected, only four were still available. From the preliminary discussion with the loan officer, they were qualified to purchase FHA. That meant that a home would need to pass an FHA inspection. Unfortunately neither of the two single family homes we saw would pass as the were both foreclosures in very questionable condition but the two townhomes were a match. Christy and Matt loved the townhomes, BUT…

“We really need a yard for the kids to play.”

Not a problem…Maybe we should expand the search area. Are you okay with White Bear Lake? It is the same school district as Hugo? What about Forest Lake, Lino Lakes or Blaine?

The search was expanded to include Chisago City as the young couple was interested in the zero down USDA financing in Chisago County.

Another trip down and another dozen…down to half dozen…showings scheduled. Two of the homes were a perfect fit. Huge yard. Well priced. Move-in perfect. BUT…

“The thirty mile commute to downtown St. Paul is too long after all.”

Not a problem. Christy and Mike decided to expand the search to include Blaine, Spring Lake Park and Coon Rapids. These areas were closer to work for Mike and in school districts that were appealing to the young family.

A third trip down. Third time’s the charm right? It was! They found a perfect home with a 20 minute commute in Spring Lake Park. BUT…

“We don’t think they will accept our offer.”

“Why don’t we write up an offer and find out if it works for the sellers?”

“Maybe…we will think about it.”

Now with the Listingbook system I can see the homes my clients view. Christy and Mike didn’t call over the weekend to write an offer but starting to search in some pretty out of the way areas while skipping over many closer in and better options. They wanted a newer home with all the bells and whistles for $150K or less. This can be done in a suburb of St. Cloud but not a suburb of St. Paul.

Christy and Mike began a hunt for an elusive wild goose. No matter how hard I tried to explain the situation and point them back toward their goal, they just kept heading off in unusual directions.
I saw the couple had now started to search for homes in Otsego about an hour northwest of St. Paul and Farmington, another long commute to downtown to the south of the cities. Sure, in these communities a person can find a newer home at a lower price, just like in Chisago City, but they said no to a long commute a few weeks earlier on a home that fit all their criteria AND that had a zero down financing option available. A short commute time was one of their top “must haves in a home.” These communities are both well beyond the commute to Chisago City that was vetoed earlier.

Another day of searching was set this time in Blaine. They decided an end unit quad home would have more yard to play for their children and again found a perfect place. They were ready to write again BUT…

“The association fees are too high.”

Now we are into the last week of July and their timeframe is next to nil if they want to get in to a new home before school and the new job starts. I remind them of their timeframe and the several homes that were still available that they loved but didn’t write an offer on. BUT…

“We decided we want to see some homes in Otsego.”

“Sorry. I don’t think I am going to be able to help you buy a home after all.”

I don’t know if Christy and Mike ever found a home or ever will find one as I decided I wasn’t the right agent for them. I did hear through their loan officer that they found a “perfect” home in Otsego but something went wrong and they never wrote an offer. Now they were searching in Farmington.

What went wrong? Being focused is essential to buying a home!

Sometimes a client’s criteria will need to be adjusted to fit what is currently available on the market. The first time buyer’s $8000 tax credit has created a big demand for Twin Cities starter homes. This couple’s inability to make a decision on what they were looking for and inability to accept the market conditions had them running in too many different directions—Chasing a wild goose!

It is not often that I have to say “goodbye” to a client that hasn’t walked away with a good buy on a house! I have successfully assisted numerous first time homebuyers find their way home. In this case, we found several “Good Buys” but in the end, Christy and Mike ended up without a house.

In my homebuyer’s success guide, I outline how important it is for buyers to stay focused on what they really want in a home. As a REALTOR® it is my job to help my clients stay on track throughout the home buying process; from the first showing of a property to the handing over of the keys at the closing table. Too many options can cause confusion. Combined this with an inability to regroup and make a decision, buyers can let good homes to be sold out from under them. Changes will come up and if as a team we can refocus and start again, the unending wild goose chase is avoided.

Done Chasing Wild Geese? Let me keep you focused and find that Good Buy! 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/