What’s My House Worth in Forest Lake, MN? Or Lino Lakes, Ham Lake, Scandia or Blaine?

By
Real Estate Agent with REMAX Results Minnesota License#90858
It's not a trick question. But it can be tricky to get a realistic answer because whether it is a buyer's market, seller's market or something in between, there is no simple way to come up with an exact market value for the average homeowner

Many people think if they pull out the big vinyl envelope from the last time they refinanced they have a document with an accurate home value. After all good money was paid, usually several hundred dollars, for an appraiser to come up with a dollar figure of value for the bank to approve the loan. So is the appraised value what your home is worth?

Some people look to the assessed values that arrive on an annual basis from the Anoka County or Washington County assessor. It seems reasonable that this would be an indication of a property's current value.
 
Another resource internet savvy people look to for an idea of the value of their home is an  interactive real estate website like
Zillow  or Trulia. Type in the property address and within seconds a slew of interesting information pops up the computer screen. But is a Zestimate value as accurate a resource as Kelly's Blue Book is for an automobile?
 
In a word, no. But all of these values and resources do provide some clues to the value of a property. 


People with no plans to sell their home, will often use these resources to get a ballpark idea and indication of their home's value. But if a homeowner wants to put their home on the market and sell,  there is no special real estate Magic 8 Ball for determining the best starting price. A savvy home seller will work with a knowledgeable REALTOR®, who knows their community, to get the best advice on their home's market value.

Many things affect the selling price.  For instance a Forest Lake area home located on the west side of 35 in Columbus with quick access to 35, convenient to schools and shopping might be more desirable to buyers than a home on the far eastern side of Forest Lake. But a home in town with public utilities rather than a private well and septic system also affects market value. Value is also dependent upon whether or not the property on a busy road, near power lines or close to parks and playgrounds. And of course the home's ammenities like, square footage, how many updates have been done to the home and do they fit the property and the neighborhood need to be assessed. Considerations like these are only the tip of the iceberg in determining a market value of a home.

As a REALTOR
®, I serve the communities in the Forest Lake school district and Anoka County. From Forest Lake to Hugo and Lino Lakes to Blaine and beyond, I keep my ear to the ground to hear what affects the prices of homes in the north and east Twin Cities metro area. Are you planning to move this summer and need to know what your home is worth? Do you want expert advice from someone who knows the Anoka County and Forest Lake District #831 area? Let me help you! CLICK HERE to schedule a FREE market value assessment.  I won't bring a magic 8 ball, instead I will bring my real estate pricing expertise and experience!
 
Current Forest Lake Featured Home:    
4BR/3BA/3Car on 1/2 acre city lot with Granite&Master Suite! $274,900
23086 Havelka Court N, Forest Lake 55025


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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Show All Comments
Rainmaker
918,668
Joyce Kelley
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

What buyer is willing to pay LOL. Teri I hope all is going great this year for you and the market is hot. We are perking up but still have a ways to go.

May 18, 2012 07:52 PM #1
Rainmaker
895,740
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

Excellent post, Teri.  Setting a price to put a home on the market is dependent on so many factors, many of which you address.  

May 19, 2012 12:54 PM #2
Ambassador
1,471,538
Karen Kruschka
RE/MAX Real Estate Connections - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Teri  There is no one more qualified than you to discuss home values and pricing in Forest Lake, Lino Lakes, Ham Lake, Scandia and Blaine MN as is evident in the analysis and information presented in this report.  Buyers and sellers would be wise to seek your representation in these areas

May 19, 2012 02:11 PM #3
Ambassador
1,293,678
William Johnson
RE/MAX Associates - San Diego, CA
San Diego Real Estate Voice, GRI CRS e-Pro CDPE

Hi Teri, Excellent and well written. I so agree with your viewpoint about pricing. I see many agents don't actually know how to do a real Comparative Market Analysis. They print a list of solds and show the seller the comparable sales without actually doing the calculations of comparable characteristics. That MLS list is but one aspect of consideration for estimate of value.

May 19, 2012 03:46 PM #4
Rainmaker
605,509
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Joyce--Of course to get a buyer to write an offer, you need a good solid listing price. But ultimately the value of the home will be determined by what a buyer is willing to pay for it today.

May 19, 2012 07:20 PM #5
Rainmaker
605,509
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Jane--And I really just touched on a few of the variables. What is important is finding an agent that knows the area so the market analysis is accurate. THanks!!

May 19, 2012 07:22 PM #6
Rainmaker
605,509
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Karen--Why thank you so very much! That means alot coming from you! :)

May 19, 2012 07:23 PM #7
Rainmaker
605,509
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

William--Thank you! There are so many agents who take short cuts when it comes to assessing the value. Knowing the area is essential to coming up with the proper price...and assessing the details too!

May 19, 2012 07:26 PM #8
Rainmaker
1,066,743
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Teri and excellent post... It is important for consumers to understand the shortcoming of the Zillows etc.  They don't read the fine print. Also, the homes they may be competing with also have an impact on that home's value.  Well done.

May 19, 2012 07:31 PM #9
Rainmaker
605,509
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Joan--Yes, those internet sites do a huge disservice to people who live in eclectic neighborhoods or areas where lot sizes (acreage) and home age and styles vary from neighbor to neighbor. There are too many short comings to mention here. It is a place to check but if a homeowner needs an accurate value, it is important to enlist the assistance of a competent real estate agent that really knows the area.

May 19, 2012 07:36 PM #10
Rainer
201,510
Beth Paterson
Reverse Mortgages SIDAC, NMLS #173899 - Saint Paul, MN
NMLS #342859

Appreciate the post, Teri!  Determining the value is such a challenge and you do a wonderful job in addressing the issues.  Congrats on the feature too.  Thinking we should connect as referral partners since we're in the same area... I could always use a great agent in your area.

May 19, 2012 08:48 PM #11
Rainmaker
605,509
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Beth--Thank you...And likewise, I am always interested in having more good loan officers on my list.

May 20, 2012 05:59 AM #12
Rainmaker
1,222,340
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

Hi Teri: You know, few people realize this but I grew up in Circle Pines in the Heritage Homes subdivision, back when only Highway 8 was there, prior to 35W. I learned how to fish at Forest Lake. My family lost our home to foreclosure in Circle Pines, and we moved to Minneapolis in 1965, the summer I turned 13. Moving to the "big city" at that particular time completely changed my life.

My parents paid $9,000 for our home. I imagine it's around $200K or so today.

May 20, 2012 07:03 AM #13
Rainmaker
605,509
Teri Eckholm
REMAX Results - White Bear Lake, MN
Acreage & Lakeshore REALTOR Minneapolis St Paul

Elizabeth--How interesting! I have lived just north of Circle Pines for 15 years and I am sometimes dumbfounded at the amount of development in that short time period! You would be surprised at how developed Circle Pines and the Forest Lake area are today! Most homes in that area are still under $150,000 after the "price adjustment" we have had over the past half dozen years. Nice for first time buyers to find a home under $100K from time to time too!

 

May 20, 2012 02:35 PM #14
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Rainmaker
605,509

Teri Eckholm

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