Real Estate General

The 10 Best of 2022 From Our Twin Cities Home Blog

Top Ten Real Estate Agent Blog Posts

It’s the end of another year, and like mushrooms after a rainfall, ten best lists pop up everywhere. Best movies. Best music. Best books. Best phones. Best laptops. Best recipes. Best kitchen gadgets and on it goes. I love most of them and thought, why not make a list of the ten best from our blog?

With an abundance of great content on the blog this year (I know, shameful self-promotion), it was not easy to choose only ten. So what criteria did I use? The choices address topics that continue to be relevant, add value for the target audience and address questions and concerns about buying and selling real estate we hear from clients.

In the spirit of full disclosure, it was so tricky limiting my selection to ten; I added honorable mentions at the end. Joe wrote some great stuff for Forbes this year, so I included a couple that technically is not from our blog. Ready? Top of 2022 best blog posts coming at you! 

 1. Why I’m Not Making New Year Resolutions

This post was the first article of 2022, and it is just as timely a year later. For those who struggle to keep New Year resolutions, my advice is don’t make them. Setting manageable and achievable goals in place of solutions is more successful in bringing about positive change. The article also includes some suggestions on how to break down an answer from the general to specific goals. 

2. 10 Ways To Better Organize Your Day

The suggestions in this post were part of a routine I developed when I landed a job that required I start promptly at 7:00 A.M. Though I no longer begin work that early, I follow the system to this day. If you've set a goal for a better organization this year, you should find these suggestions timeless, practical, and easy to...

Bait and Switch in Real Estate

Bait and Switch in Real Estate

You’ve probably heard of the bait and switch game in sales and perhaps have some first-hand experience. It is a tactic where a product is advertised at a low price to get a buyer’s attention. Once the buyer is on the hook, there is an attempt to switch him to a higher-priced product or service. Car dealerships often use this trick by deeply discounting a popular barebones model vehicle to get customers in the door.

Lenders also use the bait and switch model to lure customers. For instance, mortgage companies continually advertise their lowest interest rate, but the reality is only a tiny percentage of consumers will be able to qualify for that rate. Car manufacturers frequently offer 0% financing on purchasing a new vehicle, but a high credit score is necessary to allow. It’s all in the fine print, which most people do not read.

Here is What Bait and Switch Looks Like in Real Estate

Scenario 1. You meet with three agents and listen to their marketing plan to sell your home. Agent A suggests a list price of $350,000, and agent B is in the same price range and says $360,000. But Agent C tells you he would recommend listing your home at $400,000.

Red Flag. Some Real estate agents practice a form of bait and switch when they attempt to acquire a listing from a seller. However, rather than enticing a homeowner at a low price, they bait the hook by suggesting their home will sell at a higher than market value price. If you list with this agent when your home doesn’t sell a few weeks later, he will suggest a price reduction.

Listing below Market to Create a Bidding War

Scenario 2. A seller wants to sell his home at a price point that will move his property quickly. It’s a seller’s market, so Agent A suggests pricing it below market value to create a great deal of interest and result in a bidding war to bring in a higher than market price.

Red Flag....

Housing Market Trends

Local and National Housing Market Trends

 Let’s be honest. Nobody can predict the future though we can look at trends and data and use them to create reasonable scenarios of what the months ahead will hold in store for us. Why is studying trends significant? Those who prefer to plan for tomorrow help us make better decisions that get us closer to achieving our goals.

While we may not know what will happen, it is safe to say trends are constantly evolving. Real estate isn’t different in that respect. What was hot in housing last year, maybe so over now. That is not to say we can keep up with the latest, and let’s face facts, if you expect to live in your current home for the next ten years or more, you probably don’t care.

But if you are in the process, on the brink, or planning to buy or sell a home in the coming months, knowing what’s happening in the market today can make the difference between a good or bad experience. What makes it even more critical is the effects COVID-19 has had on just about everything in our lives, including how we search for, buy, sell, and perceive real estate.

Housing Trends That Affect Buyers and Sellers in MN

Here is what you may want to know about some of the current real estate trends and the ways they may affect buyers and sellers both nationally and in our own Twin Cities Housing Market.

When housing demand outstrips the supply of available homes for sale, we experience a seller’s market. It seems like it’s been this way forever at times. While it may not be that long, the housing market has been trending in favor of sellers since 2012, a long stretch. We were very wrong for any of us who thought the pandemic might change the trend. If anything, the demand for housing seems to be more robust than ever.

Both locally and across most of the nation, property showings were higher in July than last year, with multiple offers on...

12 Steps to Transition Your Real Estate Business to The New Year

12 Steps to Transition Your Real Estate Business into the New Year/MN Property Group/Blog

Ways to Transition Your Real Estate Business Into the New Year

It’s impossible to think of ending one year without looking ahead to what’s around the corner. I love the mystery that awaits, knowing that I can prepare for events down the road. With that in mind, I anticipate the new year with excitement and optimism and a dusting of prudent vigilance.

The last couple of weeks of December is the perfect time to review the past twelve months. When the pace of the real estate market slows down, an opportunity to streamline my goals and business plan enables me to be ready for the start of the new year. My words of the day are: review, reorganize, refresh, and recycle. Here are twelve ways to do it.

1. Freshen Up Your Real Estate Bio

Now is the time to bring your bio up to date on your real estate and social media accounts. Elements you want to include when you refresh your bio are awards, achievements, real estate courses completed, professional certifications earned, and milestones reached. It would help if you could also talk about any community service projects or volunteering you participate in. Connect personally with marriage and birth announcements, interests, or hobbies. Also, consider new professional photos, especially if you didn’t take one last year.

2. Evaluate Your Real Estate Tools

Today’s homebuyer is very tech-savvy and expects the same from their real estate...

Best Year End Advice For Real Estate Agents

Best End of Year Advice for Real Estate Agents

In just a couple of weeks, the New Year will be upon us. It was a fast twelve months, wasn’t it? It feels like I was talking to you about fall home maintenance only a couple of weeks ago when it was actually in early October. Many trees were still stubbornly holding on to a few leaves, there was no snow on the ground, and we had not even had a hard frost. Now here we are decking the halls and talking about closing out the year and getting ready for 2019.

Admittedly I approach the new year with excitement and optimism tinged with a dash of trepidation and uncertainty. The new year is, after all, filled with mystery! What new clients will I meet? Which buyers and sellers will I reconnect with in the coming year? What changes in the market will surprise me? Which of my predictions will be proven correct? Am I ready for what lies ahead and if not what do I need to do so I don’t fall short of my expectations?

As the days and weeks of the next year unfold, I plan to be ready. One of the ways I prepare is by starting the year without the clutter of the last twelve months. It starts now. Here are some tasks we can take care of before January is on the doorstep because ready or not, soon 2019 will be knocking on the front door!

Last Chance for Tax Deductions

Do you plan to take a real estate or business related course? Now would be a good time to sign up. Not only is the beginning of the year slower paced, but if you sign up now before 2019, you may be able to take the deduction if applicable on this year's taxes. 

Make a charitable donation. Since we are talking about 2018 tax benefits, now is your last chance for contributing some cash or assets to your favorite non-profit.

Be Prepared With a Fresh Look

When we talk about business needs for a Real Estate professional, don’t overlook your car. If your lease is expiring this year or you plan to...

2017 Favorites From Our Twin Cities Home Blog

Our Favorite Blog Posts of 2017

It’s that time again. As we say goodbye to the old year and look ahead to 2018 with great expectations it is always worthwhile to reflect on the last 12 months and review the work accomplished with some satisfaction. On Our Twin Cities Home Blog, we try to bring you the best information we can find on everything real estate from buying and selling a home to living well in our vibrant and beautiful Twin Cities Metro.

As we look forward to more good work this year we’d like to share some of our favorite posts with you again. So without further ado, here is what we think deserves a second look before we close the books and begin the first chapter of the brand new year!

The Minnesota Property Group A Twin Cities Success Story

Has a year really passed since I wrote this one? It was one of my favorites because I am proud to work with Joe all 365 days of the year. He has a great real estate story and a great philosophy on how he approaches real estate so I felt it appropriate to tell it one more time.  

Passive Savings -  Like Giving Yourself a Raise

Saving more money is a popular new year’s resolution for many people. Well, it just so happens we know a little about that here at the Minnesota Property Group. When I started researching the topic of how to save, it got me thinking of other ways that you could do it without feeling the pain or strain of giving up stuff you like.  I called it passive savings and I fell head over heels in love with all of these ideas and incorporated them all into my own life. So this became a practice what you preach stories. This is definitely advice worth sharing over and over again so for any of you who would like to put a little more cash in your pocket at the end of the month, this article is for you!  

Let the Magic of This Wayzata Home Enchant You

We believe that every home has its own unique story to tell...

What is a Short Sale

Exactly what is a Short Sale?

What is a Short Sale? A short sale occurs when the sale of a property does not bring the seller enough money to pay what is owed to the lien holder. When the sale falls short of the amount owed on the mortgage, the bank must agree to release the homeowner of any debt that otherwise may have been incurred. Sounds simple but it can be complicated to execute. Making a short sale purchase can be a long and drawn out process. Sometimes the outcomes are well worth the roller-coaster ride of emotions. Other times they can be a huge disappointment.

Buying a short sale in MN

Whether you are a buyer or a seller involved in a short sale the best way to handle the process is to work with a professional, ethical and honest Realtor who has experience dealing with short sales and is a certified short sale and foreclosure resource. A Realtor that has not taken the time to be trained, educated and certified to sell distressed properties will not have the energy, knowledge and skill necessary to pull off a successful short sale.

Short Sale in MN vs Foreclosure in MN

A short sale can be one of the best ways for a homeowner to get out of a home that is in an upside-down mortgage situation because it will not completely destroy their credit. The average credit score decline for a homeowner that goes through a successful short sale is 50 points. The average credit score for a homeowner that goes through a foreclosure is 250 points.

Help with a Short Sale and Help with a Foreclosure

Although things are better for some, there are still many people suffering. It may be job loss, income reduction, debt, or the threat of foreclosure. Sadly, the national statistics say that 80% of all people that suffer the loss of their homes never contacted a professional for advice on their options. The FHFA (Federal Housing and Finance Agency) recently announced that they have reached a milestone of 3 million foreclosure preventions....

Five Reasons The Minnesota Property Group Team is Extraordinary

TopTwin Cities Real Estate Agents

Real estate in MN is the story about homes and about the people and the families that live and love in them. It is also about the real estate professional helping a family sell or buy a home and whether it is their first home or their last, the agent has a golden opportunity to become a hero in their narrative. Here at the Minnesota Property Group, we have a few heroes! Talking about them, even bragging a little bit, is the favorite part of my job as the content creator.

Five uniquely talented professionals came together as a team with one common goal; providing the best service by treating each client like a member of your family. (This paid off in July 2016 with being recognized as "America's Best Real Estate Agents" by Real Trends, a designation given to less than 1% of agents and teams nationally.) We already heard from Joe Houghton, the RE/MAX Results agent that leads this team. He is the one prominent reason this group is the best. It is his vision and plan that moves the team forward and inspires them to grow and reach their full potential not only as individual agents but as part of the team.  The four other reasons this team is extraordinary are members, Derek Irving, Mike Milne, Andrew Klinkner and Paul Mcquire who make up the strength of this great team. Here are their stories. 

Mike Milne 

My real estate story is one of appreciation. This past year completed my third in real estate and by all accounting it was fantastic! Every transaction brings a new situation and challenge. This is the opportunity that allows me to evolve in this business. I’m inspired to learn and improve because I know this will result in better service for my next client as I help them with the purchase or sale of a home.

What I love most about my work is that each person I meet has their own unique story, and it is truly an honor to be part of their...

The Minnesota Property Group - A Twin Cities Success Story

The Minnesota Property Group 

Real estate is about stories. Each seller, buyer, home, and Agent has a tale. Real estate is undoubtedly a challenging and competitive business, and it's also exciting and rewarding. The one thing most agents agree on is that it takes dedication, grit, and hard work to break into the business and to become successful. Being part of a robust and supportive team can often differentiate between a story with a happy ending and the other kind.

One of the critical elements to any successful group is a robust, supportive and talented leader, like veteran RE/MAX Results agent Joe Houghton. As the Minnesota Property Group leader, he brought together like-minded and talented agents and one content and marketing professional to form his team. As Marketing Director for the group, Joe has been an inspiration that led me to challenge myself and go where I had never gone before professionally. We connected three years ago when I had been booted from corporate America, and he wanted someone to create content for his blog and website.

That tentative story that began on a cold January afternoon in 2014 has become a successful narrative still unfolding. I have never regretted that decision even once. Joe has a talent for connecting with people to help them live up to their potential. If there is a harder worker than Joe, I haven't met him yet. If there is a leader more willing than Joe to try something new or make improvements, we have not crossed paths, and in a state known for the kindness and generosity of its people, if there is a more likable human than Joe, I have not found him yet. Now, let's hear Joe's story.

Joe Houghton

...

The 2017 Twin Cities Real Estate Market Gets a Thumbs Up

2017 Twin Cities Real Estate Market Outlook

The 2016 Housing Market reached an all-time high nationally with a housing stock value $29.6 trillion, regaining all it lost in the last recession. When we look at the numbers for the Twin Cities, they tell the story of a market that strongly favored sellers with fewer and fewer homes for sale spending less time on the market and selling for higher prices. In spite of inventory levels being down 26.3%, we saw the year close out with pending sales up 4.7%, closed sales up 6.7%, with an overall medium sales price up 5.5% to $232,000.  The single family market segment earned the highest gains in price topping out at $251,000 up 5.7%.

For buyers lucky and quick enough to close a deal for a home, their journey had a happy ending. For others it was a tale of frustration and disappointment, especially as the year closed with interest rates spiking up from 3.375% to 4.5%  Still, buyers remain undeterred and with interest rates that have leveled off at about 4.125% many begin the new year with the hope they will be moving into their own home by spring. For sellers the past year can be likened to one continuous ode to joy with days on market in decline and, median sale price rising and percentage of asking price received topping 97.5%. With sellers in the Twin Cities still playing hard-to-get, the big question is will the threat of rising interest rates inspire them to finally make their move? If we do see an increase in listings will the market achieve balance or at least move us in that direction?  

Predictions for Twin Cities Real Estate 2017

Now here is where I go out on the limb with my expectations for next year.  One factor that looms over the market is with a new administration taking over this month, how is it going to affect the real estate in 2017. Right now there is a great deal of confusion, mixed speculation and uncertainty about the effect this will have on the economy, interest...

The 2016 Twin Cities Real Estate Market – Hot or Not?

How does the Minneapolis-St. Paul Real Estate market look for 2016

In case you haven’t heard, 2015 was a great year for real estate, and with home sales reaching a 10 year high, many industry leaders say the housing market has fully recovered. Now that we are several weeks into the New Year with the spring housing market hovering around the corner waiting to pounce on the Twin Cities, let’s take a look at January’s statistics and make some projections for what is ahead.

January Was Cold But the Twin Cities Housing Market Wasn't

The January real estate market in Minneapolis-St. Paul was strong with enthusiastic buyer activity, brisk sales, and rising home values setting the trend. Pending sales rose 3.5 percent, the median sale price rose 10.3 percent to $215,000, and the median list price climbed 6.1 percent to $259,900, a record high. However on the seller side we saw a less inspiring performance with the number of new listings declining 7.2 percent from last year which brought inventory levels down 22 percent and the lowest they have been since 2003.

Home Buyers in Minneapolis-St. Paul Aren't Messing Around

Buyers were serious and proved it by making offers close to asking prices. This translated into the percent of original list price at 95. With sellers giving this activity a “high five” cumulative days on the market fell to 85, down 15.8 percent, considered a lively pace for the month of January. Given the energy in the market and the decline in new listings, current inventory levels are at 2.1 months’ supply. Five or six months are considered a balanced market, making our current situation in the Twin Cities one that continues to favor the seller.  

What Does 2016 Look Like for Twin Cities Real Estate?

So how will rising values, higher listing prices, higher interest rates and a low inventory play out in the real estate market this year?  Even without...