• 1,071 sq. ft., 1 bath, 1 bdrm 1 1/2 story - 
MLS®
Nokomis, Minneapolis - This is one fantastic property. If you're a first time home buyer, you'll know that not only are there almost all newer mechanicals in this home, but it's also covered by a one year home warranty. It has a newer roof, air conditioner, and furnace along with newer maintenance free siding. It just doesn't get any better.
Unless we include the fact that it's located in a highly desirable neighborhood only 5 blocks from Lake Nokomis. Spring is almost here so you'll be able to take full advantage of the trails around Lake Nokomis and Minnehaha Creek.
All offers subject to bank approval.
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Great Value!
• 1,370 sq. ft., 1 bath, 3 bdrm 1 1/2 story - MLS® #3430450 $140,000
Camden, Minneapolis - This home has been lovingly restored. Period authentic cupboards have been enamled and hardware was special ordered to match the original. The sellers even replaced the door knobs with period authentic crystal-like doorknobs. Every detail has been attended to. All new bathroom with natural stone, porcelain tiles in the entry and kitchen, restored hardwood floors, and a magnificent built-in buffet with beautiful natural woodwork. Make an appointment to see this home today. You won't be dissapointed!
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• 1,049 sq. ft., 2 bath, 2 bdrm townhouse "One Level" - MLS® #3400763 $179,900
Vadnais Heights, Ramsey County - Wonderful one level town home in convenient Vadnais Heights Location. 2 Bedrooms, 2 Bathrooms and 2 car garage. Freshly painted neutral decor, private patio, built in china cabinet off dining room, vaulted ceilings, incredibly low assocition dues. In great condition, just move in!
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• 2,600 sq. ft., 1 bath, 3 bdrm ranch "Rambler" - MLS® #3410069 $229,000 - Bigger than it looks
Crystal, Hennepin County - This home is much larger than it looks! Make sure you take a look at the room sizes! Large eat-in kitchen with skylight, formal dining room, large bedrooms, with family room, storage area and workbench in lower level. Hardwood floor underneath carpet on the main level, warmin cables on the roof to protect your investment from ice dams!
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Provided by Edina Realty Mortgage: :
Here are the rates from Today through Monday at 10:00. Have a great weekend!
PROGRAM | RATE |
30 year fixed | 6.0 |
15 year fixed | 5.5 |
7/1 Arm | 5.75 |
5/1 Arm | 5.75 |
3/1 Arm | 5.625 |
FHA/VA Fixed | 6.0 |
FHA 3/1 Arm | 5.125 |
It's astonishing to me the number of homes listed on the MLS that are without photos. Perhaps even worse are homes that are listed with poor photos. We know from the National Association of REALTORs statistics that homes with a LOT of pictures are looked at more often and more closely by potential buyers. Let me show you what I mean:
Compare these photos:
With these:
The pictures in the first row are dark. The close up of the wood floor is, well, BORING! The pictures in the second row are bright and really show how large the rooms are (the second row of pictures are a house my husband and I rehabbed). Which house would you be more likely want to see?
In addition to pictures being used to market to buyers on the internet, they are also used to market to the REALTORs. As a seller you want the buyer's real estate agent to WANT to show your house over the hundreds of others that are on the market.
When I work with sellers I ask for to have the house for a couple of hours to take pictures and a virtual tour. I take up to 250 photos of the house while I'm there, and I only use the best ones. I use photos of the house on brochures, the MLS (which only let's put post 10 pictures), my TwinCitySeller.com website, my RealEstateWellDunn.com blog, Craig's list, Edgeio, Google, Yahoo, and 10 other websites I use to advertise listings.
In this market you have to put your home in the best light. Are you?
It's no surprise that Los Angeles got an 'F' for the quality of their air from the American Lung Association. It seems just recently we've been hearing about our air in the Twin Cities being rated. Last summer we had a number of "high pollution" days so I was a little hesitant to look up to see how we did.
I'm very happy to report that Hennepin County's air was rated a B, while across the river to the east, our neighbors in Ramsey county were rated a C. See the report here.
If you haven't explored the Grand Rounds in Minneapolis, put it on your list of "must-do's" this summer. The Grand Rounds are 50 miles of paved bike and walking paths that essentialy make a circle around the city. There are seven by-way districts; i) dowtown/riverfront, ii) the Mississippi River, iii) Minnehaha, iv) Chain of Lakes, v) Theodore Wirth, vi) Victory Memorial, and vii) Northeast.
Who needs to go up north when we have so much green space right in our backyards? Ask anyone who just got back from a vacation near water and they'll tell you--water has restorative properties. Save your money on air fare and get out and enjoy what Minneapolis has to offer you!
Feeling inspired, I got out and took some pictures of the Minnehaha district of the Grand Rounds which includes the Minnehaha Creek, Lake Nokomis and Lake Hiawatha. Lake Nokomis is literally in my backyard, so of course is the Minneapolis Lake I consider to be "my lake". These pictures can't capture the energy that's in the air in Minneapolis when we finally get to come out of hibernation. This spring weather is going to make this year particularly memorable.
Here was the headline of the newspaper article:
Last update: April 23, 2007 – 10:04 PM
Minneapolis owners losing homes at record pace
Foreclosure sales in Minneapolis from January to March more than doubled compared to this time a year ago.
I did a non-scientific impromptu survey with my clients. I asked them, from today's headline, how many mortgages do you think are going into foreclosure?
They answered: "30-40%"
The Truth: last year 1% this year 2%. Well the article is right, it did double, but did it really tell the truth?
As a real estate agent who lives and works in Minneapolis, I like to play sociologist--look at what is happening around me and think about how it will impact our local real estate market. This morning I found a potential doozy. The Minneapolis Star Tribune published an article about the protected status of Liberians in Minnesota expiring this October. Thousands of Liberians have been in Minnesota under a temporary protected status since 1991 when that status was granted due to a Liberian civil war. There are teenagers that were brought here when they were infants, grew up here, and now face the possibility of being sent "home" to a country they don't know anything about. I'll refrain from expounding on my views of immigration, politics or the dillema this presents from a humanitarian point of view. What I would like to mention is how this has the potential to effect our local real estate market.
Let's start with what we know.
- The real estate market has been on a downturn
- There are more houses on the market this year than there were last year
- Average days on the market for the Twin Cities Metro have increased to 80 days.
- Due to amazing interest rates and a glut of inventory buyers have "bought forward" meaning those that were going to buy, and even those were thinking of buying, have. We have to wait now for new buyers to enter the market, because we "used up" our buyers faster than we anticipated.
- Due to mis-managed consumer debt and an influx of "exotic" mortgages, we are entering an uncertain time with a record number of foreclosures
- We started the year with about 60,000 homes on the market
- If we use previous housing trends over the last 2 years to predict this years housing trends, we can reasonably expect somewhere around 75,000-80,000 houses on the market in late August when inventory usually spikes.
Hypothetical Case Study:
Brooklyn Park has the largest population of Liberians. Officials estimated there are potentially 3,000-5,000 who may be pulling up stakes to return to Liberia. After 16 years of living here, many will have houses and mortgages that will be left behind. In a city the size of Brooklyn Park, even an extra 50 houses on the market will have a huge impact. Simple laws of supply and demand say if the inventory goes up, demand goes down, prices drop. If this happens, you can bet the number of days on the market will increase not only for Brooklyn Park, other surrounding NW suburbs such as New Hope, Golden Valley, Brooklyn Center, and others. You see, if a buyer is looking for a home in a nearby suburb, and is able to buy the same house for signficantly less in Brooklyn Park (because of lower prices) this will effect the number of buyers purchasing in neighboring suburbs. Nothing happens in a vacuum. We will all be effected by this mass exodus if it does occur.
I posted about the importance of getting your home on the market early this year. With this news it makes it even more important to act early. Below is a quote from the Star Trib article:
"We anticipate a spike of houses for sale," Joel Spoonheim, Brooklyn Park economic and redevelopment director, told city officials in a recent memo. "Our fear is that this may result in a significant increase in rental property or vacant homes as the ownership market may not be able to absorb this abrupt influx."
Hey Joel, the "ownership market" can't absorb the inventory we have right now!
Find someone who has been successful, and do what they do.
What does Target have to do with selling your house? Everything. Target has heavenly marketing mojo that we in the real estate business need to rob and duplicate! If you're selling your home, you're in the real estate business. Let me draw two parallel questions:
Why is it that when Walmart is posting 4th quarter losses Target continues to do well?
AND
Why is it that there are homes that are selling within 30 days on the market and with multiple offers (yes, they still happen) and others languish on the market?
Reputation:
Target donates millions back into the communities to which they serve. In general, Target has a favorable impression with consumers. Walmart has had some struggles recently with workers and fair wages. How can you create good will with your buyer?
Be flexible. Make your home easy to show-remove your pets, don't require 24 hours notice, and keep it spit shined and ready to go.
Disclose everything. Have your home pre-inspected so the buyer has a full report to go through to see what a third party had to say about your home.
Stage it. If you're in a store and things feel dirty, or disorganized it's a much less pleasing experience than if the store is welcoming and clean.
Work with a REALTOR that will tell other REALTORS you're ready to do business. Have all of the forms the buyer needs to write that purchase agreement ready and available to the buyer's agent.
Merchandising:
Target specializes in luxury items at fair prices. As a consumer you perceive those items, in general have a higher quality than Walmart. Once an item hits the shelf it has to be priced right. If it's not, it will be discounted later. If it's on sale, it's advertised as such.
- There's a simple formula to success. Price it right. I'm not sure how this started or why some sellers think "I'll start high so I have some negotiating room" or "I can always come down" or "The buyer can always make an offer." Buyers shop by price ranges. If you're too high your buyer won't ever see your house. You'll end up putting your home on the "clearance rack". Why would you risk losing money to play this pricing game?
- If an item is on the shelf so long there's dust on it, it's time to put it on the clearance rack. If your home is on the market too long, it's time to adjust the price.
Advertising:
- Know your buyer, then advertise to them. If you're selling a condo in a senior community, print ads make
sense. If it's a first time home buyer house you better be all over the internet. - Make your product compelling. In this market when houses are plentiful, buyers shop like my husband. They look at everything they can find and then compare value. Then they analyze, and then MAYBE they'll buy. Your house needs to be better than anything else on the market in your price range. If you're on a busy street, have a challenging floor plan, or aren't willing to spend some money to get it ready for the market, your house should be priced aggressively so buyers see the value in your home vs. the home on the quiet street, the open floor plan and that's in perfect shape. Buyers will compare your home to 20 others. If you're priced too high, you'll actually help sell your competition! Remember $1,000 to you is only $6 per month to your buyer.
• 723 sq. ft., 1 bath, 1 bdrm 1 1/2 story - MLS® #3361101 $72,500
Robbinsdale, Hennepin County - This is the best unit in the building. On the top floor with a balcony, you'll have beautiful views over looking garden plots and walking paths. Amenities include a party room, library, beauty shop, exercise room walking paths, 24 hour security system, extra storage, guest apartment, transportation for local shopping and some dining. This is a fantastic value.
This unit is for a 50+ Cooperative.
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Charmer on a huge lot
• 1,860 sq. ft., 2 bath, 3 bdrm 1 1/2 story - MLS® $215,000 - Great Value
Columbia Heights - This home has only had one owner. It's been impeccably maintained has all new electrical panel, newer water heater, new paint throughout. There's a large master suite in the upper level with a loft and built in desk, cedar closet, private bath, and new carpet. This house is ready for you to call it "home".
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• 1,313 sq. ft., 1 bath, 3 bdrm 1 1/2 story - MLS® #3355726 $169,888 - Prisitne property
Camden, Minneapolis - This Charming 1/1 2 story is just 5 blocks from Victory Memorial parkway. This is a great opportunity for you to own a home in an area that is appreciated well over the last few years. This home features beautiful hardwood floors and wood trim, crystal doorknobs, piano windows, informal dining room, built ins, and a stunning fireplace. The upper level has a huge master bedroom, a reading nook, loft and 3 closets. This is simply a great value.
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Gleason Farms, Maple Grove - Announcing a price reduction on MN-17508 68th Place, a 1,486 sq. ft., 3 bath, 3 bdrm townhouse. Now MLS® #3312748 $200,000 - Just Reduced.
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