Minnesota Homebuyer Blog: June 2011

Thursday, June 16, 2011

Teri Eckholm REMAX Specialists presents First Time Homebuyer’s Real Estate Word for Today is Dual Agent

In a past episode of Cash Cab, an Emmy award winning television game show, a taxi full of contestants with stumped by the acronym, FSBO. This is a term often used in the real estate world to describe a person selling their home by owner (For Sale By Owner). As a REALTOR® I was a bit surprised but then I started to remember of all the times a glazed look came over a buyer’s eyes when I mentioned escrow or earnest money. These terms are also easily be confused with other real estate and mortgage terms like down payment or cash to close. Buyer confusion is totally understandable because homebuyers are not buying a house everyday.

This is only one of many terms that could possibly confuse a First Time Homebuyer so I thought a glossary of real estate terms might be helpful. For the past several weeks I am presented terms often used by REALTORS® in a series of posts for the first time homebuyer with explanations. This way you can skip buying that big “how to buy a house” book or attending that First Time Homebuyer Class and have a quick resource at your fingertips. I am continuing the series with Today’s Real Estate Term:

Dual Agent When the same broker represents both the buyer and the seller in a transaction it is Dual Agency. The term dual agent sounds a bit sinister, after all in a good spy movie a dual agent is sharing secrets and usually to the detriment of both countries and organizations involved. However in real estate there is no espionage involved. All agents must explain agency to clients before substantial real estate discussions take place.

All real estate agents work for a broker which an organization that holds their license. In a smaller company, the broker may also sell real estate and work as an agent. In fact, her/she may be the only agent in the brokerage. The important thing to understand is that every agent working for a specific broker in essence represents every buyer and seller when a contract for representation is signed. This means no agent in the brokerage can do anything to break the fiduciary duties of loyalty or confidentiality (or any other fiduciary duty).

So when an agent at a specific brokerage writes up a contract for his/her buyer for a colleague’s listing the office, that agent is no longer a buyer’s agent. It becomes a dual agency. A buyer needs to understand that he should sign a contract for representation BEFORE seeing any homes or writing up any offer. At the point of the contract, the buyer can agree to dual agency or request exclusive buyer agency. If the buyer agrees to potential dual agencies, they may choose to visit homes listed by their agent's broker. Whenever they do, their buyer's agent automatically becomes a dual agent and cannot discuss offer any strategy that would compromise the seller (and vice versa).

Additional Terms in the Real Estate Glossary:

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.

Teri Eckholm REMAX Specialists presents Year End 2010 Snapshot of East Bethel, MN Home Sales Statistics

With the number of closed sales dramatically down for the first time in two years and new listings are down for the second year in a row it appears that East Bethel home inventory levels are rising a bit again. While this northern Anoka County community did see a drop in the average sales price in 2010 compared to statistics in 2008 and 2009, rising inventory shows the market still has a few bumps ahead. The ratio comparing sold price to list price did see a bit of a comeback in 2010 but at just over 90% it is still one of the lowest in the north and east metro communities I work in. The Days on the market statistic is also down significantly…not surprisingly as home continue to be priced very attractively in this community and I believe this will continue throughout 2011.

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Cute and Cozy 1BR cabin-style rambler UPDATED! W/optional DOCK on Coon Lake too! $74,900.

Teri Eckholm REMAX Specialists presents Year End 2010 Snapshot of Coon Rapids MN Home Sales Statistics

More Coon Rapids homes are in 2010 than in 2009 but sales slumped. The average sales price of a home in this vibrant Anoka County community was down a bit but 2% is not significant so the Coon Rapids area is still very affordable but prices are leveling. Inventory rose by over 7% which is a bit of a concern but market time is not excessive at 113 average days on the market. The ratio of original price to received price is down in Coon Rapids but only by less than 1% so it looks like we will be continuing toward a balanced market in 2011 but we haven’t quite leveled off yet.

Year End 2010 Snapshot of Columbus, MN Home Sales Statistics

Closed sales took a nosedive in Columbus, Minnesota during 2010. Only 12 homes were sold all of last year in this Anoka County community which is well known for its acreage properties. Columbus is just west of Forest Lake and in this area home sales dropped over 63% from 2009 to 2010. The average price of a home dropped also dropped 12.5% but only a fewer homes were listed on the market. The homes that did list sold quickly and sellers were able to keep more dollars in their pockets during negotiations with sellers receiving nearly 97% of their asking price which is much higher than in many neighboring communities. Average days on the market is down considerably for the straight year to under three months so it appears that buyers are making decisions quickly on acreage homes in Columbus, Minnesota.

Wednesday, June 15, 2011

Top 10 Reasons People L♥VE to Call SHOREVIEW, Minnesota HOME!

Shoreview, Minnesota attracts attention for many other reasons besides the twin, sky-scraping, radio transmission towers reaching high 1400+ miles into the air. Though not officially incorporated until 1957, Shoreview has a rich history. A good portion of what is now known as Shoreview was once inhabited by Dakota and Ojibwe Native America tribes. It was ceded to the US Government from the Ojibwe in 1837 and soon became known as a farming community. The Soo line of the railroad expanded into Shoreview in the late 1800’s and soon New Englanders and other European settlers came to farm the land. The iconic radio towers weren’t built until much later in 1963 but those three towers on 694 are still the tallest structures in the state of Minnesota. According to the 2000 census, nearly 26,000 people called Shoreview home. No doubt this decade’s survey will only add to the number of residents in this vibrant community.

Here is a top ten list of reasons why Shoreview Minnesota is such a great place to live.

#10—Turtleman Triathlon. Shoreview is home to Minnesota’s oldest triathlon, the Turtleman Triathlon which is run every August starting at Turtle Lake park. Hundreds of athletes take to the streets and shores of Shoreview for this annual summer event.

#9—Free Music and Movies! Concert in the Commons has been an annual tradition from June thru August. In 2010, free movies were added to the mix of family-friendly activities being shown at the Shoreview Commons Pavilion on Friday evenings in August. Bring popcorn or a picnic and have fun.

#8—Einhausen Sister City. For nearly a decade, the City of Shoreview has had a unique relationship with Einhausen, Germany as its sister city. As sister cities, Shoreview and Einhausen are partnered to promote a cultural understanding between the United States and Germany by creating opportunities for residents in the two communities to form personal relationships.

#7—Awesome Schools. Although Shoreview does not have it’s own secondary schools it is served by two highly rated school districts: Roseville School District 623 and Mounds View School District 621. It also has three community based public elementary schools within its borders: Emmet D. Williams Elementary School , Island Lake Elementary School, Turtle Lake Elementary School .

#6—Lakes & Parks. Shoreview has several of Minnesota’s 10,000 lakes within its borders. The largest and most notable are Island Lake, Lake Owasso, Snail Lake and Turtle Lake but there are also several smaller named lakes in Shoreview including: Grass Lake, Emily Lake, Lake Judy, Lake Wabasso, and Martha Lake as well as Rice Creek to enjoy the view of one of Minnesota’s greatest resources. And as for parks, there are too many great ones to mention…just check out this link to some of the best! Shoreview Parks & Playgrounds

#5—Bicycle Friendly Community! According to Shoreview’s community website, it is only one of three communities in Minnesota to have earned a “Bicycle Friendly Community” award. The Twin Cities Bicycle Club has notes several rides on it’s schedule on Shoreview’s trails all summer long!

#4—The Tropics! Where do you go for a little splashing fun when the Minnesota lakes are frozen? Why the Tropics of course! The Tropics Waterpark is an indoor oasis located in the Shoreview Community Center for kids of all ages to enjoy some water fun whether it is too hot & humid or cold & blustery. Since it opened, it has been a popular birthday party venue for residents in the north metro. But most people don’t want to wait for a party, everyday is a party at the affordable Tropics Waterpark.

#3— Enjoy a Slice! The Slice of Shoreview is an annual summer event with something for everyone. This community extravaganza held every July includes fun activities that have included a petting zoo, parade, car show, art fair, talent show and carnival. It is as fun as a county fair and an event the entire family can enjoy!

#2—Eclectic Options for Living. Whether you want the convenience of a low-maintenance townhome or condo, a home with a lakeshore view, a 1950’s rambler or bungalow, or a recently constructed, modified two story, you can find an affordable option to rent or purchase in Shoreview.

#1—Friendly People. The number one reason for living in Shoreview is the welcoming community atmosphere. Isn’t that what most people search for in a place to call home?

FEATURED LISTINGS in the SHOREVIEW AREA

Lakeshore 278 Janice Avenue, Shoreview MN 55126

Single Family 4675 Dale St N, Shoreview MN 55126

Additional Articles that might be of interest:

Think you could be at home in Shoreview, MN? 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.

Teri Eckholm REMAX Specialist presents Year End 2010 Snapshot of Circle Pines, MN Home Sales Statistics

The number of new listings in Circle Pines dropped a bit compared to the previous year. In this small Anoka County community, just north of Shoreview, home sales were down significantly from 2009 but since they were up over 22% from 2008, maybe 2009 was just an unusual year. The average time on the market was pretty stable as was the average price; though it did fall a bit. There are still a good number of starter homes in this community making in an affordable option for home buyers. The ratio of percent received versus list price is slipped some from 94% to just under 92%. All in all, the home sales market in Circle Pines, Minnesota appears to be somewhat stable as we start 2011.

Teri Eckholm REMAX Specialist presents Year End 2010 Snapshot of Chisago City, MN Home Sales Statistics

Things seem to have stabilized in Chisago during 2010. The average sales price was down only slightly from 2009. New listings are up a bit and the number of closed sales was a bit higher too. Sellers are receiving just slightly more than they did in 2008 with as the accepted sales price ratio compared to list price ratio is down just a bit. Market time dropped significantly compared to in 2009 but the average Days on Market is still almost 7 months; higher than other north metro suburbs. Buying a home in Chisago City could continue to be a very affordable option as more sellers list their homes it is likely they will remain willing to negotiate to sell their properties.

Teri Eckholm REMAX Specialist presents Year End 2010 Snapshot of Centerville MN Home Sales Statistics

Centerville, Minnesota may have made it through 2009 without a big change in average sales price but there was a big adjustment, down 23% to just under $191,000, in 2010. Days on the market continued to rise and it is now taking an average of over 5 months to sell a home in this Anoka County community. Centerville home sellers are receiving just over 90% of their asking price in 2010, just a bit lower than in 2009. Both new listings and closed sales are up so inventory levels are not excessive. It appears that Centerville has become a very affordable place to call home.

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

Year End 2010 Snapshot of Oakdale, MN Home Sales Statistics

Closed sales were down somewhat in Oakdale in 2010 but the average closed sales price was up a bit. This follows a great 2009 when homes sales were up nearly 38% from the previous year so a drop of just over 6% does not mean homes are not selling in this popular Washington County suburb just east of St. Paul. The average price is up 2.5% so many of the lender mediated properties have worked their way out of the system with a tad more higher valued traditional homes sold this past year. Market time being down is also a good indicator that this Washington County community is moving toward a more balanced market between buyers and sellers. Buyers looking to take advantage of the lower prices and great affordability of Oakdale homes will need to make decisions soon as homes in the lower price points are selling quickly!

For additional details home sales in Oakdale, MN at the end of 2010, Click HERE.