Neighborhood Tours

Hopkins MN

Want that small town, walkable feel without a major commute? Think about Hopkins! 


If you like a small town feel, with easy access to all of the things that the city has to offer – as well as access to the joys of the more rural areas outside of the immediate metro, Hopkins may be for you!  

Hopkins MN seems to fly under the radar –  it has a tendency to be overlooked, it’s a bit of a small town tucked into a 4 square mile pocket surrounded by the larger, more well known suburbs of Minnetonka, St. Louis Park and Edina.  Hopkins sits just west of Minneapolis, it’s a small suburb with only about 18,000 people and it’s part of in Hennepin County MN.

A little bit of Hopkins history – By the 1920s, growing raspberries had become a big business for Hopkins area farmers. It is estimated that at one time the Hopkins area had over 800 acres planted in raspberries! Most were used for fresh market consumption.  It became known as the “Raspberry Capital of the World.”  Hopkins still celebrates this although now it’s is far from being a farming community – the street signs have a raspberry logo on them and they still hold a festival every year. 

I have done a LOT of videos highlighting different suburbs in the twin cities metro – some of them are circled here, but you should check out my neighborhoods and suburbs playlist on YouTube for more. 

Hopkins
Commute times and other profiled suburbs


Commute times are easy by car – it is only 3 miles to the border of Minneapolis as it is, but driving to downtown takes approximately 20 minutes via 394, or about 24 minutes to MSP airport via 494. 


One of the main things I love about Hopkins is the adorable downtown area.  It still has a historic feel, it’s a walkable city with sidewalks in the city center as well as throughout the neighborhoods which have a lot of pretty, older homes in neighborhoods branching out from the main street area. Main street is lined with shops and restaurants, the local library, post office and city hall are in the town center, as well as the Hopkins Center for the Arts. 


Hopkins has a nice mix of housing – including single family homes, and newer condos that are close to downtown and transportation. Speaking of transportation – Hopkins Station is right on what will be the newly expanded light rail line. Lots of construction around that and the southern portion of the Cedar Lake Trail which runs along side it right now, but once this is completed it should be a real asset to people that live in Hopkins and want to get downtown to to the airport without driving. 


All this charm and convenience and it comes at an affordable price compared to many suburbs in the Twin cities metro area as a whole.  Currently (july 2021) Hopkins Median price for a single family home is $353,100 which is just slightly higher than that of the twin cities as a whole. Property tax in Hopkins is a little higher than in some of the other ‘burbs that I have profiled. The effective tax rate is 1.41%

SFH Median Price
Median price for Condos in Hopkins
current month’s supply of homes (July 2021) – Seller’s Market

While there is a market in the city of Hopkins it isn’t a giant SUPER market – so if you want to do a bigger shop or have a preference for one of the larger chain super markets like Lunds and Byerlys or Cub, or if you want to get to a whole foods, you’ll have to do it outside of the city of Hopkins – but the surrounding suburbs are very close and you probably won’t be inconvenienced much at all to drive to a neighboring town for groceries. 

low angle photography of brown wooden dock at golden house
Photo by Heiner on Pexels.com


It’s not just groceries that require a trip to a neighboring town – Because of it’s small size and easy proximity to it’s neighbors, Hopkins residents share a lot of the amenities offered by the nearby suburbs. 


For example, residents of Hopkins use and get resident discounts at Shady Oak Beach and park in Minnetonka.  I stopped over there and I was so impressed – it looks like a great place to spend the day playing in the water (they have an inflatable obstacle course that looks like SO much fun!) and if you have little kids there is a playground and areas geared that way as well.  In addition to the beach and lake there is a really nice outdoor dining area so you can come and have fun and pack a picnic or order food at the concession stand and stay all day,  You can pay by the day or buy a season pass. 


Other nearby parks include Lone Lake Park which has tennis & pickle ball courts, a playground, sports fields, picnic area, basketball courts and trails.  It is also a part of Minnetonka. 

road nature man summer
Photo by Pack2Ride on Pexels.com


Hopkins has several regional trails running through it, so if you enjoy biking, roller blading or walking you’re in luck.  There are 4 rail trail connections in Hopkins including the 2 branches of the Cedar Lake Trail, the Lake Minnetonka regional trail (just did an out an back bike ride on this one a couple of weeks ago – 30 relatively flat miles past some gorgeous lake views and through some of the most affluent areas of the Twin Cities Metro) and lastly the Minnesota Bluffs Trail an approximately 10 mile section of aggregate trail that runs south of Lake Minnetonka out to Chanhassen and Chaska.

If you live in Bloomington or just want to bike the south section of the metro you can get on the 9 mile creek regional trail which is both segregated bike trail and some lanes on streets, but it connects from Bloomington (and possibly further east) through Richfield, Edina, Minnetonka and up to Hopkins.  I have ridden this one before as well and there are points that I found less than well marked so it’s good to have your phone with you for GPS. The official tally on this one is about 14.6 miles each way, but if you get lost and wander you can really up your mileage. Good times when you’re tired … not. 


Hopkins schools are ranked highly on Niche.com with an A+ rating, but as I always mention, make sure you do your own homework and meet with the administrators and make sure that the schools are right for YOUR child. Everyone is different. 

Even though Hopkins is smaller, the district boundaries kind of weave their their way through several of the neighboring suburbs and there are some kids that live in pockets of Plymouth, Edina, Eden Prairie, St. Louis Park, and Minnetonka that may attend Hopkins schools. I also did a video on open enrollment in schools in MN, it’s kind of a nice thing to have if you want to send your kid out of district to another school.  Not guaranteed, but an option! 

This post would not be complete if I didn’t let you know where you can get your eye candy – aka books!

Hopkins has a great library and it is right downtown where you can easily bike or walk to it.  It is a part of the Hennepin County Library system, and is one of the 41 branches. If you want a book, they can get it for you!  Hennepin county library has a really impressive budget for books – Ive been looking for the actual number but I can’t find it today! I just remember my jaw hitting the floor followed by green with envy feelings and then realizing that I can read any of those books! The HCL system has recently done completely away with fines too! YAY!! 

photo from hennepin county library


Alright – chickens. I always need to end with chickens and fences.

Chickens are recently permitted in Hopkins – as of August 2020. And fences are allowed – heights vary by where the fence is placed – typically 4′ in front, 6 in back. 

Final recommendation: the Hopkins web site is a very nice source of information for just about any question you can think of regarding the day to day details of living in Hopkins.

If Hopkins is in the running for you I strongly recommend check it out!

Neighborhood Tours

New Hope!

Another surprising community! Today I’ll show you around New Hope MN and give you all the reasons you may want to consider living there.


Lately I’ve been working with several first time buyers, and if you remember buying your first home you probably didn’t have a massive pile of money for a down payment as many people who may have equity from a sale do, so you have to look for a starter house in a more affordable neighborhood. 

That’s where New Hope comes in!  A quick look at what is on the market right now illustrates my point – there are 30 active homes in New Hope ranging from a 1 bed 1 bath condo for $115,000 to only a few homes in the mid-upper $500’s with MOST homes being single family homes in the upper $200,000’s to mid $300,000’s.  The MEDIAN price in New Hope is at $309,000 whereas the Twin Cities Median is at $380,000. 

 
If you’re an investor and want to rent out a residential property you must register the property with the city. 


In addition to single family homes and people just starting out in life, New Hope makes senior living a priority as well. They have 3 long term care facilities, some assisted living complexes and senior citizen apartment homes. 

elderly couple holding bouquet of flowers while holding hands
Photo by RODNAE Productions on Pexels.com


Let’s talk Property taxes… New Hope is in Hennepin County, the effective property tax rate in New Hope is 1.35%.  Hennepin County’s portion is 1.28%, the effective tax rate for the state of MN is 1.08%. Sales taxes since I looked this up as well – MN has a sales tax rate of 6.88% on everything except  (I believe!) food, prescriptions and clothing, and the sales tax rate in New Hope is 7.13%. 

tax return form and notebooks on the table
Photo by Nataliya Vaitkevich on Pexels.com


The beauty of New Hope is not only the affordable home prices, but that New Hope is actually a really lovely community and it has a lot to offer.  


New Hope is an easy commute to downtown or the airport. It’s only about 20 minutes by car to downtown.  and Because I’m such a fan of our regional parks I also want to point out how close New Hope is to the beautiful Theodore Wirth Park. I touched on this park in my Golden Valley video (which you can watch next!) but Theodore Wirth really has it all. It’s just gorgeous, and can keep you busy outside no matter what season we’re in. 


If you are leaving town or going to fetch a visitor, it’s about 26 minutes to MSP airport and while you’re down there you can stop by the Mall of America and get your shopping done or amuse the kids on the roller coasters.  I was a major skeptic because I am not really a “mall person”, but I like “The Mall”!  It has so many great stores that you don’t see everywhere else, some nice food options and my kid and I had fun doing some of the rides the first time we stopped in.  Being close to it is nice because it can just be something you do for an hour or two and you don’t have to feel like you need to spend all day there since you can go back any time.  The Ikea is right next to the mall as well, so if you like. Swedish Meatballs and cryptic assembly instructions for affordable furniture that utilize allen wrenches  – you’ll be in heaven!


New Hope does NOT have it’s own school district, all schools in New Hope are part of the Robbinsdale Schools aka ISD 281.  It’s a pretty big district with 10 k-5 elementary schools, 2 middle and 2 high schools. I always recommend that you do your research and see if the school district that your home is in is one that you will be happy with. You can check out Niche.com or GreatSchools, but another option is to actually VISIT the schools and talk to the administration and see things for yourself.  


Speaking of brain food… New Hope residents have convenient use of 3 branches of the Hennepin County Library system.  They can easily access Brookdale Library in Brooklyn Center, Golden Valley’s adorable little library, or the Rockford Library in Crystal. 
One of my favorite topics when giving community profiles is the park systems. I just think green space improves the quality of life for everyone.  New Hope agrees! They are a small city (only about 21,000 residents) but they have 18 city parks and several other venues offering all kinds of recreational activities including: 

  • the new Hope aquatic center which is a community pool and water slide
  • 2 off leash dog parksa 9 hole public golf course
  • disc golf course
  • ball fields 
  • a skate park 
  • tennis / pickleball courts
  • Community gyms with basketball courts that can be rented out for the day
  • and 3 outdoor skating rinks that are open in season. 
sunflowers on rack with price tag near orange canopy tent
Photo by Daria Shevtsova on Pexels.com


The city hosts a Farmers Market on Saturdays from the middle of June through the middle of October at City Hall. 


Lastly – Pets & fencing. Everyone’s favorite topics!

winking black and brown puppy
Photo by Dominika Roseclay on Pexels.com


New Hope allows for a LOT of pets – 3 dogs, 3 cats and 3 “other” household pets, as well as 3 “fowl”, This is not restricted to actual chickens – if you want ducks instead – go crazy!
All dogs, cats and ferrets need to be licensed and vaccinated for rabies. 


Fencing – IS ALLOWED! 🙂 


OK – that is ALL I HAVE on New Hope! It’s a lovely community that I feel lucky to have worked in lately. It offers a lot of great options to people that may be priced out of other areas of the city. It’s 100% worth considering if you’re wondering where to live in the twin cities metro. 
If you like this kind of content – I have an entire playlist of neighborhoods/suburbs on my YouTube Channel that you can look at to see what feels right for you.


Thanks for stopping by!

market updates

Twin Cities housing market update – June & a bit o’ July 2021

Is the feeding frenzy OVER?!? Not quite, but it seems to be a LOT better? Of course that is relative! and in this case I mean relative to the crazy times we were in in March – May!

In this video and blog post I’m giving you the current conditions of the market for the 7 county Twin Cities area broken down by property type and then I’ll go into a bit about what we see as far as what terms are resulting in accepted offers right now. These are the encouraging signs I’ve been looking for!

This year has definitely been one for the books! It has been the strongest sellers market that anyone I know can remember – and this is AMAZING if you have a home to SELL! Prices are higher than ever and you can dictate the terms for the MOST part – HOWEVER! Buyers! Do not despair!  Things ARE getting easier for you now (at least compared to a couple of months ago when it was an all out SCRUM!)

A note about these graphs – I chose to make them show monthly ups and downs without the smoothing effect that softens the seasonal aspects, so keep that in mind as you look at the dips and heights. the market changes constantly, and this shows those changes month to month.

The median SFH price in the Twin Cities sits at $380,000 – that is UP from $326,100 at the beginning of this year.

Median Price TC Metro Single family Homes


You’ll often hear me talk about the “absorption rate” or the # of months supply of housing available to be sold if no other homes were to go on the market. For context it is considered a BALANCED market if there is 5-6 months of supply.  We have been UNDER 1 month for different segments of the market for much of this year, mainly anything under about about $600K. Right now we are STILL at .8 months for anything under about $400k.  For single family homes in general we are at a little over 1 month’s supply of homes. 

Months supply of Single Family Homes

Homes are only on the market for FIVE DAYS!!! a year and a half ago it was FOURTY FIVE! And only 6 months ago around 20!   So still homes are still flying off the market. 

Days on market – SFH

Let’s look at the 2 softer spots – Townhomes and Condos. 

The median price for a townhome is consistent with the rest of the market rise in prices and is at $271,000 from $240,000 in January.

Median Price for Townhomes

For Townhomes there is a little uptick in supply and we have a full month available right now. 

Months supply of Townhomes

Condos! This is the place if you’re looking for any kind of deal! Sellers are negotiating! You can get an INSPECTION!   🙂
Condo prices are at $171,000 for a median price, up a similar amount from the beginning of the year as other property types are. 

Condo median price

The supply of condos is where the opportunity comes in – Still a sellers market but for people selling condos it can feel like a whole different world. There are 2.5 months worth of inventory available. This has dropped a small amount since January but has been relatively flat this year overall. 

Months supply of condos

Now let’s look at what kinds of offers are being accepted! 

This is a valuable bit of information that the Minnesota Transaction Coordinators gives us on a regular basis and I’ll add my 2 cents to about what I am seeing (although as a much smaller segment of the market)

Offer Acceptance Rate: 42%

Inspections Waived: 31% – we haven’t been in the 30% range since March 

My 2 cents: the last 6 contracts (this past month or so) that I have either written or accepted have had inspections included and accepted. that’s 100% of my sales in the past several weeks. I’ve been thrilled for my buyers and I am 100% fine with it for my seller as well because I feel like inspections protect EVERYONE, the buyer, the seller and ME.

Pre-market Sales that happen without hitting the MLS : 2.8%. This is DOWN from earlier this year! It was over 5% for quite a while – maybe due to pandemic fears about having too many people in a home?

Average Purchase to List Price: 102.7% – about the lowest it’s been since the spring market! 

Still great for sellers, but also good news for buyers! And a lesson to sellers about pricing appropriately. Things change, you want to not have YOUR home sit because it’s been priced too high as well as understanding that unless you have something really special that the insane bidding wars may be over for now.  

I have talked to many agents saying that showings are down from earlier this spring when agents were setting overlapping showings and having the home packed full of people for 12 hours per day.  Now there are private showings again. There may be open spaces in the calendar. More than one offer may come in but they aren’t seeing the literal STACKS of offers that they were before.  

Financing Types:

Cash 11.5%, which is higher than it’s been

Conventional 68.5%, – a little lower than its been 

FHA 8.5%, higher! 

VA 3%, Still a rough spot! People that use VA are often choosing it because it is a no downpayment loan, which means they are short on cash. If you can’t make appraisal gap guarantees, or add other sweeteners that need ready cash available this can be a VERY tough time to buy.

USDA 8.5% (this is a high number and I wonder if it is a function of the sample size that they had – if they had 2 transactions it could hit this #). These loans are generally for rural buyers.

Seller Paid Closing Costs: are at 12%

Home Warranties: 5.7% – I was able to negotiate this recently as well! 

Contingent Upon the Sale of the Buyer’s Property: 8.5% (this seems HIGH to me! I’m still cautious about having this particular contingency, it can be a real weak spot in an offer if you have any competition at all. I would avoid this at all costs or you may have to make it an offer they can’t refuse due to price, or magically find a seller that wants to stay a little longer.

And that is ALL for this week.  I’ll be back next week with some more neighborhood profiles. I’ve been AWOL due to this insane market and actually getting a vacation for the first time in YEARS. No regrets. 😉

See you then! 

Home Buying · home selling

March Real Estate Market Update

My last post & video about this were pretty well received, so even though numbers aren’t flashy, I’m going to try to make this a monthly feature as we navigate through this crazy market. This post has some good little nuggets in it if you’re in certain segments of the market, so stick with me.

A bright spot for buyers?!!

Last time I posted about the market I gave an overview of “absorption rates”, this is going to be a recurring theme, so if you want to check that out you can find that post here: https://twin-cities-living.com/2021/02/26/i-had-other-plans-for-this-weeks-post/

There is an obvious lag in the data because we need to look after homes close and that shows up in the MLS, but I do get some data relatively quickly thanks to Minnesota Transaction Coordinators, a company that helps many of us with processing our transactions.

Let’s start there with their analysis of terms that they see in contracts.

Inspections

In the past couple of months we’ve seen quite a few buyers deciding to waive the inspection in order to release one more contingency ahead of everyone else. By “a lot” I mean 38% of buyers were waiving inspection in the first 2.5 weeks of the month, but when they looked at the first through the 26th the rate went to 31%. That means that enough people have STOPPED waiving them to lower this percentage by 7%. Buyers are insisting on protecting themselves and sellers are acquiescing to that.

Offer acceptance rates

Even better, offer acceptance has gone from 31% for the month last week, to 39% for the month over all as of the 26th. YAY!!!! Sellers are accepting offers! I represent a lot of buyers and it has just been TOUGH. So this is great news.

Homes listed on the open market vs witheld

In an office as large as mine, we often hold listings off market and only market to agents within the office. This shrinks the pool of who looks at the house which is desirable for a lot of reasons – from Covid, to privacy, to simply wanting to not have to deal with the preparation and hassle of selling on the open market. Sellers can name their terms and if another agent has a buyer that can meet those, there is a happy meeting of the minds without all of the associated prep work, exposure, etc and everyone feels satisfied. The number of sales that they have worked on in this status is down to 5.6%. This is good because more homes are hitting the market than have been.

Percentage of list price received

Current purchase price to list price ratio is “down to” 104% from 105% last week. It has been hovering between 103% and 105% in the past couple of months. It’s good to have that number in mind, even though it’s not a fixed price, it’s an idea of what you should think about when offering on a property that has a lot of interest. Price is not the entirety of a an offer, there are a lot of other terms that need to be in line as well, but this is good info for this metric.

Seller paid closing costs

26% of deals include some seller paid closing costs. I have to assume in this market that the offer price was increased to account for these, but I like that we are seeing it because it means sellers are accepting these terms.

Forms of financing

76% of loans are conventional (you do NOT need 20% down for a conventional loan! These are viewed as more favorable and if you can get a conventional loan it’s one more check mark on the list of terms).

FHA loans represent 10% of the offers, CASH 10%, and VA & USDA loans are at 4%.

Traditionally, inventory really increases around this time of year (inventory = homes being listed and available for sale). We currently have less than HALF of the listings we had 6 months ago.

Good news for downtown condo buyers!

Downtown condos are in a balanced market right now! If you are looking for a condo in the central city including neighborhoods like Loring Park, Downtown, University, Dinkytown, Elliot Park etc… now is the time. We believe that this is caused by the pandemic and people wanting to live in less dense housing + fewer people needing to be downtown for work, but don’t expect it to last with the speedy rollout of vaccine and life returning to somewhat new normal.

Days on Market are up to 41 (only from 38), but these are the kinds of indicators that let buyers know that they will not likely have to pay more than list, that sellers will be willing to negotiate because they know you can find another condo to buy and someone will play ball with you.

So that is what is happening! Sellers are still mostly in control of things, but if you’re a downtown condo buyer you’re in the sweet spot!

Let me know if you have questions.

Uncategorized

Things you NEED to know BEFORE you move to Minnesota!

If you’re thinking about moving to Minnesota, there are probably some things that you don’t even realize you need to know. I’m here to help. 🙂

Minnesota Liquor Laws

I moved here from Chicago, and I think the motto there was something like “keep everyone drunk so they don’t notice the high taxes”. There were very few constraints on when or where you could buy alcohol. I was so confused when I couldn’t buy beer on Sunday here – AT ALL.

photo of beer neon signage
Photo by Alex Knight on Pexels.com

Here in Minnesota, you won’t be seeing people crawl home after being at the bar til 4am like you might in Wrigleyville. Liquor can be served here Monday – Saturday 8am-2am, and on Sunday, they hope you hit the 8 am service before you hit the bar between 10am and 2am. In 2017 the Minnesota legislature finally came to their senses and decided that adults should be allowed to decide for themselves if they wanted to buy Devil juice on Sunday and allowed Sunday liquor store sales.

They aren’t going to make it convenient for you though! You will not be grabbing a bottle of wine to have with dinner while you’re at the grocery store. NOPE! You need to go to an actual liquor store to buy your beverage. There are a lot of them, and they do tend to locate close to grocery stores, but it still annoys me. Hot recommendation for one of the best liquor stores I’ve seen- if you are in SW Minneapolis and want a great selection of micro-brews, craft alcohols, and wine stop into South Lyndale Liquors. The people there are super helpful and the variety is just amazing.

Taxes

Everyone’s favorite word! And top of mind for me as we get close to April 15. I feel like I just did my taxes thanks to the extension that we were given last year.

heap of american money cash and vintage light box
Photo by Karolina Grabowska on Pexels.com

Sales Tax I’m not really much of a shopper (if you meet me you’ll notice my meager wardrobe), but even I had heard about the magic that is shopping for clothing in Minnesota! No sales tax on clothing here – the price is the price! Other items not subject to tax are groceries, prescriptions, and diapers. Everything else has a sales tax of 6.875%, but counties and municipalities may add taxes of their own. Harkening back to Chicago, it was about a 10% premium to buy a burrito after you had your beer in Chicago. (Can you feel the indigestion?)

Property Tax OK, I will continue to compare MN (favorably) to IL here. When we moved here people would frequently make complaints about property taxes. We were confused since the homes we were looking at were like twice the size and half the taxes. Lake County IL has an effective tax rate of about 2.83%, Hennepin county MN is at 1.28%, so you can see why we were thrilled! For a $300,000 home that’s a BIG difference! $8,490 year vs $3,840. The median home price in the Twin Cities metro area is about $309,000.

Let’s look at it regionally and at a state level. Here is a grid of how we compare to our immediate neighbors. We look pretty good!

StateRate
Minnesota1.08%
National Average1.07%
North Dakota.99%
South Dakota1.22%
Iowa1.53%
Wisconsin1.68%

Vehicle Tax Sales taxes are applied when you purchase major items like cars. But the tax I’m thinking of here is the vehicle registration tax – when you get new tags each year in MN the least amount you will pay is $44. The minimum charge is $25 + other fees for cars over the age of 11. MN takes the MSRP of the car and reduces it by 10% each year to determine the tax for tax renewal, so if you buy an expensive car you’ll expect to pay a bit for tags as well.

Airports!

Minnesota actually has FOUR international airports! Ranked by size they are:

Minneapolis/ St. Paul Airport in the Twin Cities. This airport is enormous. Nearly 40,000,000 people fly into or out of MSP every year, which is over 400,000 flights! 87,000 people are employed in some way through MSP. 11 major airlines fly into MSP, Delta, American, and United have major presences in Terminal 1, and Terminal 2 is largely dominated by Southwest.

If you have kids, there is a fun drive-up viewing area to watch planes take off and land, it has parking and picnic tables and can be an entertaining lunch time activity with (or without) kids.

Duluth International Airport Delta, United and Sun Country Airlines fly into and out of Duluth. If you fly out of or into Duluth, you’ll most likely be connecting in Detroit, Minneapolis or Chicago.

Greater Rochester International Airport United, Delta, American, Southwest, and JetBlue are major carriers that serve this airport. They have MANY flights in and out every day. I imagine that this airport exists in support of the world renowned Mayo Clinic.

Finally, the International Falls International Airport. International Falls is a smaller city and they have an international airport because they border directly with our neighbor to the north. They have daily connecting flights to MSP airport on Delta Airlines. I’m charmed by the fact that the web site touts that the airport has vending machines. It’s a small airport, but critical to that region of the state. I am a fan of small airports, because the hassle level is so much smaller, you’re treated like a person not a herd animal.

Gardening

This was a tough one for me, even coming from a northern state like Illinois. I love flowers and like to have home grown tomatoes. The lower third of Minnesota falls into zone 4a for gardening. We don’t plant anything til after the threat of last frost which is Mothers Day. That can feel like an eternal wait at times. So plan on controlling the urge to plant until middle to late May and know that mid September to early October is likely the latest that you can plan to see tender annuals survive.

pink petaled flowers
Photo by Joseph Yu on Pexels.com

If you decide to plant perennials, I would recommend that you be extra cautious and select a hardiness to zone 3. If you like home grown vegetables, and you’re thinking of things like tomatoes and peppers, plan to either start them inside or buy plants that have had a head start so they have time to produce for you before the frost. Of course, cool weather crops have a really happy life here – cabbage, hardy greens like kale and swiss chard do well. I’ve also had great success with herbs, even planted from seed.

Seasons

country road during autumn
Photo by Alex Dayawon on Pexels.com

I’ve said it before, but one of the things that I truly love about Minnesota is that there are four TRUE seasons here! I love them all, but I’m usually ready for the next one when the time comes. The seasons are pretty prompt and take their place right on schedule every 3 months (even though sometimes a season can seem eternal – like a really harsh winter that doesn’t want to quit).

One thing to know is that while MN has a reputation for cold, don’t be surprised in summer when it gets HOT and humid. Spring turns to summer like someone flipped a switch. We have a pretty good stretch of days in the summer that are in the high 80’s and low 90’s. You may not need your AC ALL summer, but there are days when you’ll be very grateful to have it.

Natural Disasters

Sticking with the weather theme, what should you be prepared for? Other areas of the country have things that they are known for – California wild fires, hurricanes on the coast, but these aren’t concerns here.

white clouds over blue sea
Photo by Raychel Sanner on Pexels.com

Things that we worry about (and maybe hope for depending on how old your roof is) are hail storms, severe thunderstorms and tornados. I, personally, want to have a basement to hide in when tornado season is in full swing, and most homes here have them. If you don’t have a basement, head to an interior room without windows if possible. A bathroom with tiled walls work, get into the tub, and if you have a mattress of something that you can put over your heads to protect your head, even better.

In Minneapolis and much of Minnesota, we test our tornado sirens every month on the first Wednesday. This day is my dogs’s worst nightmare and it happens regularly. You should be aware of what day it is and know that we never actually have tornados at 1pm on the first Wednesday of the month. Or at least we hope not, because no one gets alarmed at that particular alarm.

Two sides of the same natural disaster coin are flood and drought. There isn’t much you can do about a drought, but knowing if you’re buying in a flood plain can be very helpful when you’re looking at property and knowing if you need to have flood insurance or not. Our multiple listing service gives us the flood status of lots, but if you’d like to check yourself you can go to the FEMA website and take a look.

Roads

Unlike South Dakota which basically has a sign at the border saying that the speed limit is 80, and don’t let us catch you exceeding that or you’re in deep doodoo, Minnesota has lots of different rules about how fast you can go and when.

photo of empty road in between grass field during golden hour
Photo by Josh Hild on Pexels.com

On rural interstates, the speed limit is 70 MPH, urban expressways and interstates it drops to 65. Other main highways are at 55mph, and when you enter an urban area you can plan on the speed limit being 30. Unless you’re on a neighborhood street in Minneapolis in which case you better know that it’s 20.

We have a lot of potholes here because of the changing weather conditions and you should keep an eye out for them unless you don’t mind getting a flat or having your teeth come down hard on your tongue. People joke about there being 2 seasons, winter and road construction, but there is really only one season – road construction.

We thought moving here would mean moving to a place that had a good handle on snow removal, but I’ve found that it varies widely. In the city of St. Paul it can feel like every man for himself. Suburbs and outer areas handled by the state tend to do a better job clearing with plows and salt or a salt/grit combo. I’m writing this in peak grit season as the snow has melted and it leaves behind the grit. LOTS OF GRIT. It’s unavoidable and annoying, but I appreciate the traction in winter. Hot tip – get an all wheel drive car that has some weight to it and you’ll probably be ok driving on our roads. 😉

Staying warm (or cool)

I’ve been in other parts of the country that seem to rely on electricity to provide heat, but here in Minnesota we primarily use natural gas and forced air furnaces. If you have a forced air furnace you’re also likely to have, or be able to easily install, central air conditioning.

Older homes use radiant heat, either through baseboard radiators, radiant floor heat or the traditional style cast iron radiators that you may have seen. I’m a fan because it’s a constant warm heat rather than a blower clicking on and off all the time, but there are downsides. No ductwork available for the AC, and the air may get very dry in your home.

If you do have radiant heat and still want AC your choices are the old school window units or you can have an attic condenser unit and they will put round ducts in the ceiling for it, or what is called a “mini split” that is kind of a rectangle shaped AC unit installed on the wall. Retrofitting an old home for AC can be a little pricey and it’s important to think about that when you’re considering how you like to live in a home.

cozy fireplace in light minimalist living room
Photo by Rachel Claire on Pexels.com

Many people in Minnesota have wood stoves in their homes – we have one! They are a nice addition for mood and heat, but it’s totally an extra that we enjoy, not the way we heat our house. The beauty of a wood stove is that the heat stays in the home, and they are made of cast iron which retains and radiates the heat, so you get that glow and warmth without the heat loss that you can have with a regular fireplace.

What else are you curious about? How does this seem different from where you live now?

Home Buying · home selling · Uncategorized

I had other plans for this week’s post…

Next week I’ll give you another neighborhood profile – I’m excited about my small town series, and I have one I love and plan to talk about, but this week I’m going to beat a dead horse a bit and talk some more about what is happening in the real estate market in the Twin Cities metro area. I don’t usually do “market update” posts or videos on my YouTube channel, but the fact of the matter is that right now I’m actively helping 6 buyers try to navigate this market and I want to share a bit of how we look at the market and measure it and then also show you what that means for the Twin Cities right now.

I swear … it was this big!

I feel like anecdotal evidence about how many offers a listing gets, how fast something sells or how far over list price the offers are is shocking at times or maybe sounds like a fish tale that we like to tell – “the big one that got away” kind of thing. Stories are great and interesting, but in this post I want to talk about DATA. Weee! Exciting!

Not exciting? Well, I disagree. I think this tells a very clear story and because it looks at the entire market and then breaks it down by price it might tell the story in a way that makes sense in a different way to more people. This is the WHY behind the HOW that I’ve talked about before when I’ve done videos/posts about making the best offer.

How DATA tells you if it is a buyer or a seller’s market: Meet the “Absorption Rate”

These are my words, not something from a real estate dictionary somewhere.

When we look at a market and try to decide who it favors we look at the number of active listings available in a 30 day period and then look at the sales. It’s a ratio. But the way that I think is easiest to visualize this ratio is as the “absorption rate”. This rate shows us how long it would take for ALL houses actively listed to be sold if NO OTHER homes were put on the market during that time.

We are measuring time in months for this exercise, and the magic number of months where REALTORS feel that the market is in balance is 5 (not set in stone, some argue for 6 months etc). This means that when it would take 5 months for every home to be sold should no other homes be listed, the market does not favor either a buyer OR a seller.

Any number smaller than 5 indicates a sellers market. The smaller the number the more it favors sellers. This works in the converse as well, the LARGER the number over 5 the more the market favors buyers.

What is the Twin Cities absorption rate today?

Emphasis on TODAY because this rate changes seasonally and with market forces – I’ll talk a bit about what those are too.

The current absorption rate for the Twin Cities metro is 0.86. LESS than one month’s supply of homes. Very much in the favor of the seller. And it is not getting better – in the past 6 weeks the rate has consistently decreased from 1.32 the first week of January to where we are today.

The last half of 2020 was a crazy market, due to Covid hitting in spring and the uncertainty that brought with it there was a lull in what would typically be the busy spring market, but once everyone got their bearings it was off to the races and it never really slowed, even during the holidays. Add extremely low interest rates into the mix (under 3% for a pretty extended stretch), and a bubble of Gen Y aging into home ownership and bumping up what was already high demand from buyers, and things have just not cooled at all. All of this to say we sold a LOT of homes last year and possibly ate into what would have been inventory for this year. January 2021 started with 38% FEWER listings than we had in January 2020.

Supply continues to drop, particularly in the under $300K price range where new listings are down 15% YTD. The over all market YTD has 6.9% fewer listings. If you’ve taken any economics classes at all you’ll know that price is a function of supply and demand. We have low supply and high demand and that is pushing prices higher as people bid against each other for homes.

Absorption rate by price point

The best way to show this is to give you a screen shot of the table that we looked at in our data meeting this week. I love this table because it breaks it out by general price points and you can see the trend over the past 9-10 months for each. You’ll notice that higher price points have slightly looser markets because there are fewer buyers that can manage those budgets. I do think that the $500-$1M may need to be broken up a bit because at $500K there is still a quite a large bubble of buyers that are able to enter the market and compete for homes at that price. There may be a break closer to the mid $600’s where the ratio gets closer to 1.4, but I think $500 is still quite competitive.

credit to Tim Sipprell who pulled this together for our office
baby data geek

So, that is the data geek light version of the market at this point in time in the Twin Cities. An opportunity again for me to encourage you to be as prepared as you possibly can be before you enter the fray. You really need to be in the best position possible if you want to land at the top of the heap when you get into this market.

Let me know if you have questions… 🙂

Uncategorized

The hard truth…

I did a video about winning as a buyer in a seller’s market last summer. I thought it was bad then. I was right, but I was wrong. I really didn’t conceive of how much harder things would get for buyers and I have all of my fingers and toes crossed hoping that it gets easier soon for buyers – I represent a LOT of them and it can be really hard to keep trying and not succeeding.

The only way that it will get easier is if more people decide to put their homes on the market. If you have been thinking about listing your home – now is the time! You may not even need to show it.

New construction is an option for people that want to buy, but at the same time demand for that is very high as well and they will be happy to take a contract now and begin to dig… in September, October or later.

Right now you have something like a 65% chance of NOT having your offer accepted right now. And that is if you’re in a GOOD position and well qualified and throw everything you have at it.

It’s come to this.

At our team meeting today we were talking about this subject and people are saying things like “37 offers”, “25 offers”, on a single listing in a couple of days. How can you possibly win in a situation like that? Sellers are looking at a spreadsheet of offers – what will make YOURS stand out in this crowd? List price isn’t going to do it.

Someone in my office said that one of the questions they now ask every buyer is “what can you bring to the table that no one else can? What will make YOU stand out?” At a certain point you can’t throw any more money at the problem and you have to get creative.

Examples that she gave of things that made sellers select their offer over others were tickets to a Packers game, a weekend at their cabin, etc.

Photo by Karolina Grabowska on Pexels.com

I know this ridiculous on some level, like … this should be about getting a fair price and good terms for a home. It should not be the Hunger Games. But it IS the Hunger Games. If you understand this going in, you may have a shot at winning instead of making offer after offer and NOT winning, growing discouraged and frustrated and possibly homeless in the process.

The seller holds all the cards.

Price

When you make an offer on a property there will be several things that you’ll have to decide on, and I’ll give you a list of the fundamentals but you have to go beyond that. In a balanced market or in a buyers market you would not have to throw absolutely everything at the wall to see what actually sticks, but we are in a market that is so firmly in the seller’s favor that you have to ask yourself “what am I NOT willing to do to get this property?”

In this market, the price is not the price. The price is the floor. If you find a magical property with no other offers you may be able to get away with list price. When I think I have found one of these I STILL encourage an escalation clause that will bump my buyer’s offer over the net price of the next highest offer in the event that one (or more) come in between when we submit it and when they evaluate the offer.

So understand what the maximum amount of money you are willing to pay for a property and then put that number in there and know that if you do not get the property you did AS MUCH as you could price-wise, and price is the number one consideration, but it isn’t everything!

Earnest money

In Minnesota, it is normal and typical to give 1% of purchase price for earnest money. In this market you want to demonstrate seriousness by giving MORE. You can pick a lump sum, or decide on a percentage. In normal circumstances this is refundable if the purchase agreement is cancelled because it doesn’t meet a contingency – inspection or financing or something else.

Some clients are designating an amount as NON-REFUNDABLE.

Financing

There is no offer without a pre-approval from a reputable bank. Not a pre-qualification – a pre-approval! Without some sort of statement that you can execute on the contract your offer will be placed directly into the trash bin.

The MOST desired form of financing is CONVENTIONAL. The reason for this is that there are no FHA or VA appraisers that may find inspection issues with a home. It’s one less potential hurdle to a successful closing.

Conventional financing has some misconceptions – many people think that means that you have to have 20% down. You do NOT have to have a 20% downpayment to get conventional financing. Talk to a loan officer about what your options are.

Speaking of downpayment, having a large one available is also a bonus. It shows financial health and stability and again gives the seller a feeling of comfort that the sale will actually close.

Not everyone can do it, but if you can, a cash deal carries weight! It’s one less contingency that has to be cleared before the transaction can close. If you do have the means, you will include proof of funds with your offer in the form of a statement or a screen shot of an account with the relevant account numbers removed from the image.

Close Date

Sometimes this is an important criteria for a seller, and if you have the flexibility to be able to meet that sate, it is certainly a factor.

Written statement

A purchase agreement has an option to indicate that the lender will supply a written statement to the seller that the loan is basically approved and ready to go. Having this in your offer is another thing that the listing agent will be looking for, not having that is a point of weakness.

Inspection

This is a biggie.

Inspection periods are being reduced to very short time periods – 3 to 5 days instead of what was typically 10 as recently as one year go.

Buyers are waiving inspection, OR putting in writing that they will not ask for any repairs under x$ in value. You’re taking that risk either mostly or entirely off the seller. I would be selective on the homes that I chose to do this on if it were me buying. Some homes give a relative sense of comfort, while others you walk into and just feel that there is work that probably needs to be done. If the surface isn’t good, the subsurface likely isn’t much better.

A question to ask yourself when considering inspections and their value to you as a home buyer is to think about what information they give you and what would make you walk away from the home?

Home inspections can give you a certain amount of information, but even they are not a guarantee that the home will be problem free. It’s a status check. Do the appliances work they way they should, do the mechanicals? How is the roof? Is there anything frightening about the electrical? The inspector is looking for health and safety concerns.

If the inspector found that the the electrical needed a $1000 fix, would you walk away or would it take more than that?

If they find that the dishwasher works but is on it’s last legs and needs replacing soon, would that be enough? (If so, you’re probably not buying the right property).

I’m saying this because if you waive inspection and find a $1000 or a $5000 fix after you move in, will you still be happy you bought the home or will you regret your purchase?

If it means that you will not get the home if you’re in competition with someone that removes this contingency are you ok with that?

Appraisal

Because list price is basically the floor right now, sellers are getting large sums of money over asking price and that raises questions about meeting appraisal value if the home is being financed.

In the past, buyers and sellers would either meet somewhere in the middle or the seller may reduce their price, that is no longer the case.

Now buyers need to give a guarantee that they can make up the difference in cash if the appraisal comes in low. This is one reason why a high down payment is important, if it comes down to it, the amount financed can be higher and that money can be used to make up the difference on the appraisal.

Many of my sales in the past year have had appraisals waived by the bank because they can see that the value of the home is there by looking at neighborhood statistics, but if the other sales don’t support this an appraisal will still happen.

On listings, I have provided appraisers with copies of back-up offers that support the price that the buyers are getting. We work together to make sure that important information is shared.

Common Interest Community Recision Period

In Minnesota, if you’re buying a into a neighborhood that has an HOA, you are entitled to a 10 day right of recision period from the point at which you have received the last HOA document. On a recent offer the agent came back and said that not only did they want inspection waived but they wanted it in writing that the right of recision on the docs would be reduced to 3 days instead of 10.

Closing Costs

In a BUYER’S market, we often ask for a seller to contribute to the buyer’s closing costs. That is a NO right now, the only way it could exist at all is to raise the offer price to cover that difference. In fact, on a listing that I had the BUYER paid the SELLER’S government closing fees. No one had ever heard of this before and now I’m seeing agents mention it all the time.

Home Warranty

This one… well, a home warranty is a 500-700 dollars, it’s not something that you’ll want to ask a seller for at this point. One thing you can do is purchase one of your own.

So! That is the hard truth about buying in this market. Are you ready to get in the mix? Or better yet – thinking of selling? Now is the time – YOU dictate the terms.

Neighborhood Tours · small towns and exurbs · Uncategorized

Elk River and Otsego

I had a request from someone on my YouTube channel to do an overview of Otsego. I admit, that isn’t anywhere near the top of the pile for places that people have asked to see so I haven’t spent much time there. As with all of these neighborhood profiles, I learned a lot about what is out that way and some of it made me pretty happy! This is going to be the beginning of a series where I look at smaller towns an exurbs of Minneapolis – I have some video footage ready for Excelsior as well as Northfield and I’m looking forward to both of those as well.

shopping pins where you’ll see stores

The map give a sense of where Otsego & Elk River are – far NW of Minneapolis. It’s definitely what I would consider a 3rd ring suburb / exurb.

What surprised me most was that Elk River is actually the larger hub of economic activity! This is why it’s important to see things in person! Otsego itself is fairly rural with a lot of subdivisions “planted” on farm lands and still a lot of farm surrounding the neighborhoods. If you want a newer home but in a rural environment you may like it in Otsego.

Elk River has a charming and BUSY little downtown area that is right on the Mississippi River. The primary reason I headed that way after looking at Otsego was that I like to show the public library and any other city services and Otsego had the Elk River library listed as the closest, and it IS right next door. The Elk River library was a surprise to me as well – large and modern. I didn’t go into the building, but it exceeded my expectations by a LOT based on their minimal web site.

Elk River Library

Check out the video to get a good look at the downtown and the library. The police department, utilities and parks and rec buildings were similarly new and located directly across the street form the library- my point would be that the residents seem to be investing in their community infrastructure.

Schools

Photo by olia danilevich on Pexels.com

Otsego is served by three different school districts depending on where your home is located – St. Michael/Albertville, Otsego & Elk River schools. So again, this is a situation where you’ll ask your agent to include or exclude homes based on which district is best for your family. Elk River is served by ISD 728 – Elk River Schools.

Homes

Photo by Jill Wellington on Pexels.com

Home prices in Otsego are higher than in Elk River and I am guessing that is because most of the available housing is in newer subdivisions on former farmland. The median home price in Otsego for a single family home is $366,248 & the median townhome price is $228, 950. For Elk River the median single family home is $330,000 and the median townhome price is $205,000.

Shopping

Otsego has a Target with a liquor store and a few other small shops, but no real “downtown” per se. Elk River has more available but while it has more options including a Menards hardware store and larger groceries, you’ll need to leave this immediate area if you want more choices.

About 10 minutes away is Rogers MN, and Rogers has a lot of shopping and chain restaurants, and then if you continue south to Maple Grove (about 20 minutes drive) you have just about everything that you would expect in a large metro area, including Costco and stores that cater to a larger audience.

Parks

Photo by Kampus Production on Pexels.com

There is a city park next to city hall in Otsego that has a a splash pad, larger playground, ball fields etc and as I was driving by they had their little zamboni-ish contraption going over the ice of the outdoor skating rink. A+ for the creativity of whoever came up with whatever that was to add a fresh layer of water to the surface – don’t ask me to explain, I’ve never seen anything like it.

Elk River takes it’s parks seriously! I just did a google search to see what is up there and made a squinty face at the list because I thought it was giving me parks from other areas – I could not believe that they have as many as they actually do! So even if you don’t LIVE in Elk River it seems like it might be a good place to visit if you’re looking for some time outside. I guess I should have had an inkling from their beautiful new parks and rec building!

In addition to hiking trails, community parks, a public amphitheater on the river, & 4 outdoor skating rinks, Elk River also has an archery range.

Otsego doesn’t have as robust of a park system – they have many small, neighborhood parks, but when your park map highlights areas in the city that have sidewalks… it seems like they may be reaching a little.

If you go just south of Otsego you can take advantage of a Crow-Hasan Park. It has 18 miles of hiking trails, camping, paddling on the Crow River, off leash dog areas, and it is part of the Three Rivers Park District which is a bit of a curiosity to me because it seems independent of any county or city. It has parks across the metro area and my experience with them has been excellent in all ways so far.

To sum up – I think that if you’re looking for QUIET and space – Otsego may be a good option. Its definitely going to be a very slow pace of life out there, but you can get what you need within a reasonable distance. If you like the small town feel that has a bit more going on but it’s not a “CITY”, check out Elk River. It’s really charming! If Otsego is more your speed, Elk River is right next door and easy to get to. 🙂

Neighborhood Tours · Uncategorized

Plymouth MN: one of Niche.com’s best suburbs in Minnesota

Plymouth is another big, popular suburb that lies directly west of the city of Minneapolis.

Who lives here? Download my neighborhood report and find out! It’s full of all kinds of information about the people and housing in Plymouth!

Why do people choose Plymouth MN when looking at Minneapolis suburbs? A lot of reasons! I have my usual suspects that I like to highlight when I do area snapshots and Plymouth scores highly on just about everything.

One thing I’ve started really taking note of lately is the differences between the east and west sides of the city. The western suburbs seem to me to be more established and solidly residential and with that comes a lot of the things that I think make neighborhoods nice to live in. Of course, this is not hard and fast, the eastern side of the city has established neighborhoods as well, but it also has a lot of new construction, which means homes that are built on former farm land, not many mature trees, and infrastructure still being built around it.

Parks

For quality of life, I think having a lot of green space and parks are important. Being packed into neighborhoods without having these spaces to enjoy the outdoors and time with family and friends makes an area less appealing to me.

Plymouth has some great options for green space. Because Plymouth is located out in what I think of as the “lakes area” of the metro – near Lake Minnetonka and the smaller lakes around it – the terrain is more rolling and seems to have more mature trees.

Plymouth has used that to their advantage with 1,855 acres of park land, including 174 miles of trails. Part of the trail system that goes through Plymouth is called the Luce Line Trail which is a 63 mile long converted railway to use for walking, bicycling, cross country skiing, and snow mobiling. Some sections have parallel trails for use by horseback riders as well. There are 12 parking lots along the trail for easy access. Check out the web site to see more info on this trail and get a map of entry points.

Another massive undertaking is the Northwest Greenway – they are currently on the 5th addition to this and per the Plymouth Parks and Rec web site have added something that sounds super fun and a great way to get kids outdoors, a Challenge Course!

“The Northwest Greenway Challenge Course, a new park amenity for ages 13 and older, offers unique activity challenges involving netting, climbing, balancing and agility on a variety of structures. The Challenge Course is located on the east side of Peony Lane, south of 54th Ave. N. — view on Google Maps.”

Plymouth also has three public beaches, three dog parks, seven ice rinks maintained by parks & rec. that are open from December to February, as well as the Ice Center which has 3 pro-sized ice sheets that are used for open skating, adult hockey leagues and home hockey games for Wayzata High School & Providence Academy.

Housing

Plymouth housing prices are above the Twin Cities median prices (most suburbs are). Plymouth does have a variety of housing, from townhomes & small single-level homes, to what I think of as a “typical” suburban neighborhoods and on up to very large single family homes. My video has content showing what each of these look like, but I’ll add the median home price graphs here for pricing over the past 3 years.

Median price over all
Townhomes in Plymouth vs the Twin Cities metro
Single Family Homes in Plymouth

Schools

If you are considering Plymouth it may be because of the great reputation of the schools there. One thing to know is that children attend school in one of three school districts (Wayzata, Osseo & Robbinsdale schools) depending on where they live in Plymouth. It’s important to do your own research and know which schools will meet the needs of your children. Some of the schools are considered to be among the best in the state and others don’t rank that high. Your agent can include or exclude homes based on the school districts that you prefer or want to eliminate.

Shopping

I like to cook, and most people like to eat. 😉 Everyone has a different budget and a different place that they feel great shopping in. I did a video on the most common grocery stores that you will see in the Twin Cities, so you can check that out if you want to get more of a feel for what is around here. I don’t think MN has the best reputation for having a wide variety of foods available (Nordic people seemed to like things relatively bland?) but things are changing. Most stores have more “obscure” seasonings and ingredients now, but there are also specialty groceries that are around and personally – I love to go into them and pick out somethings to try. You can see from the map below that Plymouth has no lack of options and you shouldn’t have to drive more than a couple of miles to get ingredients to get dinner on the table, I was geeked up when I saw Indian Bazaar, Kadai Foods and the Russian Market. Little treats like this make me really happy. My mouth likes spices and variety.

You’ll also notice Target on here- we have more Target stores per capita than any other state. I made that up. But it’s probably true since the HQ is here. There are several shopping centers with the usual big box stores and smaller shops and restaurants. If you’re looking for a mall, the closest one will be Ridgedale Center Mall – right off 394 just on the eastern side of 494. That’s also where you’ll likely find the closest Whole Foods, if that’s your thing.

Library

photo HCLIB.ORG

I love my public libraries! Plymouth library does not disappoint! It is fairly new, the current building was completed in 2010. It’s a bright, clean, open space with meeting rooms and a great children’s area. I’ve been up there for library sponsored talks and they do a great job bringing in content and programming that people may be interested in. The Plymouth Library is one branch of the 41 library Hennepin County library system. Because Hennepin County uses a main library / branch system everything you want is not necessarily at the branch closest to your home, but chances are that they have it and you can get it sent to your local branch fairly quickly.

Commute

OK – last bit. Many of us are working from home, but a lot of people still commute to their job. In Plymouth that means getting in your personal car and driving there. 75% of residents commute 30 minutes or less to their job, and if you look at the map up top you can see why – Plymouth has easy access to the major highways that crisscross the metro, so no matter where you need to be it’s likely about 30 minutes max to get there.

home selling · Uncategorized

Selling your home FAST during the holidays (or hey, how about just in WINTER!)

Believe it or not people here in these northern climes still buy and sell real estate even when Christmas is coming or we are in the depths of a bitterly cold winter. People have to move. I’m one of those people – 4 out of the last 5 moves that I have made have been in either the end of December or the beginning of January.

Summer sales have the benefit of showing your home at its lovely best – flowers in the pots, green grass, leafy trees, birds chirping… no ice, no black snow, no howling wind. But in the winter? Well, you have the benefit of less competition both on the sell and the buy side. People who are serious are looking and those who have a hobby of looking at homes without pulling the trigger may actually decide to stay home.

So how do you attract buyers to your home like a moth to a flame? Here are 6 strategies to use when you’re selling your home in what you might not think is the “ideal” time.

Make your online presence shine

Photo by Ryutaro Tsukata on Pexels.com

Most people shop online first! So the number one thing you can do to make sure that your home stands out is have a really beautiful online presence. Your realtor should be hiring a professional real estate photographer – NOT snapping pics on their iPhone, even if it’s the latest and greatest. Professional real estate photographers know how to make a home shine online.

Do the prep work to get the home “staged” before pictures too. You don’t have to hire someone to come in, and you can use your own things, but take a critical look at the quantity (less is more to a point) and then make it look cozy with appropriate art, accessories and pillows. You’re creating an ideal for someone. You want to make it look like a space that they can imagine themselves living in.

Play up the holidays!

Photo by Any Lane on Pexels.com

If you have a sweeping staircase or a mantel, put greenery and twinkle lights on them, set up some candles – faux are great because they don’t have a scent, no fire risk, and they can be on during open houses or showings. If you have a gas fireplace, have it lit for photos, or turn it on before showings if you’ll be right back. If you don’t need to worry about little ones, I would even say to have your table set as if you’re about to have a party.

But, keep it simple and understated, not over the top. You’re creating a mood, and you don’t want that mood to be “I just stepped into Santa’s workshop”.

Make sure that the home has every light on, and that none are burned out, it gets dark in MN at 4:30 in the winter, people want to feel like they are being welcomed into a comforting space. Lighting goes a long way.

Be flexible with showings.

We all have a lot going on during the holidays, people are visiting, they may be entertaining (or at least in normal times) and not want to have showings that interrupt. It probably won’t feel that convenient to be letting people in to see the home in the midst of this, but, try your best to have the home show ready at a moment’s notice. People need to see it to decide if they want to buy, the more open, available & flexible you can be the better.

Make Curb Appeal a TOP Priority!

Photo by Lina Kivaka on Pexels.com

People will literally slow their roll – and then speed it right back up again if the house looks less than appealing on the exterior.

Make sure gutters are clean, sidewalks are shoveled and ice free, paint on doors etc is in top shape – maybe a fresh coat to the front door to make it pop?

Hang a pretty wreath, put down a cute new welcome mat, put evergreen boughs in your planters and highlight features that get use year ’round like fire pits or hot tubs.

Incentives!

If homes in your market aren’t moving very quickly or if you have a home that has a negative feature that is a challenge to overcome, especially with good competition, think about offering an incentive. If there is an appliance that you can replace, a home warranty to offer, a TV, or some closing costs that could be picked up if an offer comes in by a certain date – consider that as a carrot to entice a buyer to get off the fence and get that bit of extra incentive.

Do a themed open house!

Photo by Pavel Danilyuk on Pexels.com

Use the holiday to create a fun open house! Offer some holiday themed treats, have appropriate music, and make the buyers really envision spending their next holiday in the home.

Have questions about living in Minneapolis or the Twin Cities? Let me know!