Real Estate Resolutions for Home Buyers, Sellers and Investors

By
Real Estate Agent with REMAX Results Minnesota License#90858

 

2007 brought a changed real estate market to Minneapolis, St. Paul and the extended Twin Cities suburbs. Home sellers counted market time in months rather than days. Home buyers stayed hidden in the woodwork in the first six months of the year. Those who ventured out to open houses or showings with real estate agents were often confused by the smorgasbord of properties available. In every price range and most locations there were several OPTIONS. Town homes, single family, split levels, ramblers, two stories, remodels, foreclosures, short sales and new construction.

As a Realtor serving Anoka County, Ham Lake and communities in the Forest Lake School District, I keep a close eye on the Twin Cities real estate market. During the last few months of the year, I noticed bit of a change in the wind. Activity was starting to pick up. Frustrated sellers were tired of showings and lowered prices. Buyers teetering on the edge of the proverbial pool took the plunge and wrote offers. Negotiations were made and offers accepted. The Twin Cities real estate market took one baby step toward forward at the end of 2007.

So what does that mean for those considering purchasing a home or selling their property in 2008? From Ham Lake to Forest Lake and East Bethel to East St Paul we have a strong foundation to our real estate market. Keeping the property value base strong is essential to all Minnesotans. In 2008, we should all Resolve to be Real Estate Savvy!

Resolutions for Sellers

*Team up with a professional Realtor
*Price right from the start
*Make all repairs
*Declutter
*Make each showing count by staging the home for sale.
*Be willing to negotiate.

Resolutions for Buyers

*Team up with a trusted Realtor
*Get Pre-approved and check in with your Loan Officer regularly to discuss market change.
*Write realistic offers that encourage negotiation.
*Understand the foreclosure and short sale process-While prices can seem like a deal, the assumed risk to buyers on an as-is sale can be great.

Resolutions for Homeowners


*Even if this isn't the year for you to sell, there are things a homeowner should be doing to maintain and retain property value.
*Maintain the interior and exterior of your home and make repairs on a continual basis rather than deferring to time of sale.
*Stay current with your mortgage and discuss any financial problems with lender immediately.
*Be a good steward of your neighborhood.

Resolutions for Investors

*Team up with a professional Realtor
*Take advantage of the abundance of foreclosures that will hit the market in 2008.
*If holding the property, offer a safe and maintained residence at a fair price to the renters
*If flipping or repairing/reselling the property, be realistic with the numbers. Don't over invest in materials and curb enthusiastic inflated resale estimates. 2008 buyers are market wise!
*Be a good steward of your properties and the communities in which they are located.
*Maintain the properties to retain value for portfolio as well as the neighborhood.

If buyers, sellers, homeowners, investors and real estate professional alike work together to maintain slight momentum in the market that started at the end of 2007, 2008 could be the cornerstone of a great recovery for the Twin Cities real estate market.

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.  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 2008 Teri Eckholm  http://www.terieckholm.com/

 

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Posted by

Teri Eckholm. REALTOR with RE/MAX Results, is a native Minnesotan who has lived and worked in the Minneapolis St Paul metro all of her life. She specializes in lakeshore homes, acreage properties and first time home buyers but assists anyone making a move in the north and east Twin Cities metro.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give Teri , a call or visit her website for a FREE Home Buyer Success Guide or FREE Home Value Report She 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

 

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Rainmaker
247,746
Mike Klijanowicz
Baltimore & Harford County Maryland - RE/MAX AMERICAN DREAM - Perry Hall, MD
#1 Baltimore & Harford County Maryland REMAX Agent
My resolutions are to not take out ANY un-qualified buyers!  AND not to take ANY over priced listings!
Jan 01, 2008 06:50 PM #22
Rainmaker
100,233
Lisa Ryan
Callaway Henderson Sotheby's International Realty - Montgomery, NJ
Selling Princeton,West Windsor and Montgomery Town
Great post Teri~ you hit a home run with each resolution. Way to start out the new year with a feature!!
Jan 01, 2008 07:09 PM #23
Rainmaker
536,364
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Happy New Year Teri,

Great consumer info on this post, actually good coaching for all. Congrats on your feature!

Jan 01, 2008 07:45 PM #24
Rainmaker
1,518,446
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Authentic Feng Shui Expert
Teri, Congrats on your feature, Now that's certainly an indication of your coming year my friend!  It was well deserved, it was wonderful!!
Jan 01, 2008 07:53 PM #25
Rainmaker
1,072,241
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!
Very Nice Teri, you have put together some great point they should listed as success points for buyers and sellers.  Congrats on your feature post.
Jan 01, 2008 09:37 PM #26
Rainmaker
605,804
Sharon Simms
Coastal Properties Group International - Saint Petersburg, FL
St. Pete FL - CRS CIPS CLHMS RSPS
Your first resolution for Homeowners should be: Team up with a knowledgeable Realtor! Even though you may not be thinking of selling, a good agent can help you determine what upgrades to make, what things are for your own enjoyment vs resale value, etc. It's an ongoing relationship, not just when you need to buy or sell.
Jan 01, 2008 10:26 PM #27
Rainmaker
605,954
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Cyndee--May all of your potential clients read them...happy new year to you too!

Mana--Thank you! :) May 2008 bring you the best as well!

Missy--Homeowners in Anoka, Washington, Ramsey and Chisago Counties can all take advantage of these resolutions! Thanks for your comments!

Teri E--So many of my clients this year were "unexpected" sellers...People should have their homes well maintained so an unexpected event that inspires a move won't be a crisis! Good point...to have the improvement to enjoy yourself! Have a wonderful new year too!

Pat--Trust is very important and knowledge is a close second when selecting an agent!

Julie--I am glad that you enjoyed my post...Have a great 2008!

Lizette--Thank you...Homeownership means there is always something to do around the house! Yes...It is great that it is 2008!

Jan 02, 2008 07:25 AM #28
Rainmaker
605,954
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Patricia--Some resolutions are easier to implement than others...These are painless but important to any homeowner or potential homeowner. Have a very Happy New Year too!

Jill--Staging is key to a successful sale in this changed market!

Cindy--Teaming with a Realtor is an important part of any real estate transaction! Thanks for the comments! :)

Joan--I have had a few calls after the fact from people who bought REO or short sales without properly checking septic, wells, foundations etc. They want to know why these problems weren't disclosed as MN has a disclosure law. Often the buyer wasn't aware they were buying AS-IS and waiving the right to a disclosure. There have been significant undisclosed problems that can be costly. Call me anytime if you want to discuss further. :)

Tommy--You have a very happy 2008 too!

Sandra--Thank you!! If only they all would listen to our advice on buying and selling. I think they are starting too and that is what is causing the little movement in the market. Have a great new year Sandra!

Wayne--How are you? Nice to see your comment...Thank you! Have a wonderful 2008 Wayne!

Joanne--Thanks!! It was very unexpected but nice to see!

Jan 02, 2008 07:37 AM #29
Rainmaker
605,954
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Michael--Resolutions for Realtors is a whole different topic!! LOL Seriously though, those two would be at the top of the list! Thanks for commenting!

Lisa--Why thanks! I appreciate that...The feature was an unexpected bonus.

Lynda--Happy New Year to you too Lynda! If everyone starts following these simple steps, the market might make a faster recovery...At least a step in the right direction anyway. :) 

Carole--Thank you...Fun to start of with a bang!

Gary--I appreciate your comments and support Gary. Glad you enjoyed the post!

Sharon--Excellent point as staying in touch with a knowledgeable agent can be a time/money saver by advising on improvements and market situations.

Jan 02, 2008 07:43 AM #30
Ambassador
611,567
Jeanean and David Gendron
Real Living, Real Estate Professionals - Redding, CA
Specializing in Selling Unique Properties
Teri, very nice post and congratulations on the feature....nice work! I hope you have a wonderful 2008. I really like your work, Teri! Happy New Year!
Jan 02, 2008 08:52 AM #31
Rainer
78,917
Linda Sticklin
Home Staging & Organizing - Berwyn, PA
In combination with pricing, staging can be a very effective marketing tool for sellers. It is definitely something to consider in 2008. 
Jan 02, 2008 11:04 AM #32
Rainmaker
605,954
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Jeanean--Thank you!! That is very kind of you...I hope your 2008 is great as well!

Jan 02, 2008 01:28 PM #33
Rainmaker
605,954
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Linda--That is why staging is on the list for sellers...It really makes a difference when trying to sell in a slow or balanced market. Thanks for your comments!!

Jan 02, 2008 01:31 PM #34
Ambassador
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ASHEVILLE 1031 PROPERTIES RESOURCES & REFERRALS
Asheville 1031 REFERRING BROKERAGE - Asheville, NC
Tell Us What Is Most Important to YOU

Teri~

Loved this post...and am sending it on over to my team...thanks so much for your leadership here at AR in 2007...and I look forward to more of the same in 2008. Happy New Year.

Jan 03, 2008 12:09 AM #35
Ambassador
721,180
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Teri,

Resolution:  Read more posts by Teri!  Congratulations on the feature!

Mike in Tucson

Jan 03, 2008 06:13 AM #36
Rainmaker
605,954
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

janeAnne--I am so glad that you enjoyed this and are willing to share the information! You are very welcome and I plan to continue to on AR in 2008 and beyond! :) Happy New Year to you too!

Jan 03, 2008 07:47 AM #37
Rainmaker
605,954
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul
Mike--Thank you for the kudos...And thanks for your support! :)
Jan 03, 2008 07:48 AM #38
Anonymous
Anonymous
Anonymous

We need your message pasted on a billboard here in Lafayette, Indiana!  Can we work on that?  Technology is a wonderful thing for Realtors, and buyers & sellers alike.  However, I think people are starting to think they're smart enough to take the Realtor out of the equation.  We'll really be in trouble when computers start negotiating prices, inspcetions, and commissions!

Keep your realtor, keep your sanity!

Jan 04, 2008 02:18 PM #39
Rainmaker
605,954
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul
Becky--Nice if those billboards could be nationwide, eh? In fact, I love the idea.
Jan 05, 2008 07:57 PM #40
Rainmaker
206,712
M. Suzi Woods (Gravenstuk)
NOW Sharing the life and spice of the GC one day at a time - Grand Canyon, AZ
Suzi Woods, Prior Independent REBroker in MS

Teri, its fun to sometimes look back as near 1 year as we can. This post of yours was 1 year old yesterday. I wonder how many of us really had a clue how dramatically things would change in 2008? It would be nice to hear from each person that posted to this blog a year ago and for them to tell us how things changed for them.

Jan 02, 2009 09:52 AM #41
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Rainmaker
605,954

Teri Eckholm

Acreage & Lakeshore REALTOR Minneapolis St Paul
Looking to buy or sell in the Twin Cities? Contact Me Today!
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