The Local Real Estate Climate in the Twin Cities

January 26th, 2016

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Selling a home? Click here for a FREE Home Price Evaluation 

The media reports low inventory and rates, yet we experienced slow sales in the last quarter. Professionals in the industry agree this could be from the lack of balance between buyers and sellers. We don’t have as many buyers as we have sellers!

Let’s go back to the housing crisis last decade. Some people weren’t affected by the economy change and decided to take advantage of low prices. However, many people weren’t able to sell. Many owners became landlords by default since they couldn’t successfully sell the property for top dollar. They rented the property for a handful of years, and now, they’re finally looking to cash out since the market has recovered.

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Normally, we experience 50% of sellers are also buyers. Right now, 75% of our sellers now are not buying. They already own a second property and already made the move. There are less domino effect transactions making this market less predictable. That’s the main reason for the market climate we see today.

If you’re interested in learning more about this topic or have any questions, we’re here and happy to help! Give us a call or send me an email today. It’s important to talk to the right people. I’m also open to any suggestions for future videos!

Come See Our Brand New Listing!

December 30th, 2015

Today we are very excited to announce our brand new listing, located at 28025 Boulder Bridge Drive. It is located in the Boulder Bridge Farm neighborhood, which we are going to give you a virtual tour of today.

44 residences encompass this highly sought after neighborhood. Association lakefront is equipped with landscaped patios, barbeques, and tables where neighbors meet to enjoy all the lake has to offer, including your very own boat slip. The sand beach and play areas are wonderful for families of all sizes.

The neighborhood winds through an enchanting wooded terrain with over 1.5 miles of landscaped trails, perfect for the golf cart.

Boulder Bridge Farm is more than just an accumulation of beautiful homes, as they host a full social calendar of seasonal events and other activities like a book club. A large, century-old barn serves not only as an original symbol of Boulder Bridge Farm, but serves as storage for all members of the association.

This is a neighborhood rich in history and preserved with distinction. You can enjoy refreshing and tranquil lake views as well as gorgeous sunsets overlooking Smithtown Bay and Lake Minnetonka.

With 40 dock slips, you’ll be able to take the family out for a cruise or do some fishing in the most convenient way possible. Boulder Bridge Farm may seem like a resort, but it feels like home.

It’s located in the town of Excelsior, Minnesota, which has its own long list of exciting attractions, which we show you in the video above.

If you have any questions, or want to schedule a private showing at this new property, give us a call or send us an email. We look forward to hearing from you!

 

Three Myths about Being a Landlord

December 29th, 2015

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation 

Clients call weekly to address their concerns about being a landlord. Today, I debunk three myths about being a landlord in the Twin Cities.

  1. I’m going to get calls all the time. Often, clients assume they’re going to get calls in the middle of the night. Ask yourself how often you have problems with your house. If you have more than a few problems a year, your property might not be great to rent out. However, most homeowners only have minimal problems a year. It’s extremely rare to be woken up in the middle of the night about a problem in your house. While problems can arise, sometimes my clients worry too much about tenants calling too often at inconvenient times.
  2. Tenants will ruin my house. From the beginning, you established rules. Likewise, you should identify what kind of tenant you’re looking for. Conduct background checks on prospective tenants. Our office can conduct them for you! Look for the obstacles you know about. For instance, if they’ve been evicted, that’s not a good sign.
  3. Tenants won’t pay the mortgage or rent on time. There are rules in place where you can ask a tenant to leave. If you follow your rules in step two, you’ll find an admirable tenant you can trust. Our market has great tenants available, such as millennials that aren’t ready to buy a home.

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If you have any questions, we can talk directly about this issue. Give me a call or send me an email! Don’t be afraid of being a landlord. It’s an excellent opportunity in today’s market.

Why Is Overpricing Such a Big Mistake?

December 7th, 2015

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation 

It’s quite common in our market for people to price their homes high in the hopes that they will receive top dollar for it. However, there is a fine line between pricing your home aggressively and overpricing it. Today we are going to discuss three of the most common pitfalls that you will run into if you overprice your home in our market. They are:

1.  You’ll bring in the wrong buyers

When you overprice your home, the buyers you end up attracting are going to be looking in a certain price range. If your home is overpriced, they are going to know and will probably avoid it, as they could get a better value with a more accurately priced home. Not only are you going to attract buyers that aren’t really interested in your home, you are going to be alienating the buyers who would be interested in your home by pricing it too high.

2. You’ll scare away serious buyers

Not only will you be bringing in the wrong buyers, but the serious ones, who are ready to write an offer on your home, have already seen the market and are just trying to find the right home. They are going to skip your home, put it on the backburner, and wait until the price goes down or until they decide to buy another home that is more properly priced.

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3. Overpricing your home will help other homes sell

When you overprice your home in this market, buyers are savvy and they’ll know. Pricing your property correctly at the start is the #1 way to get you the most money possible.

To accurately price your home in this market, you’ve got to rely on an expert to tell you what the figure is, but getting the property priced right to begin with is the key to selling for top dollar.

If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you soon!