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St. Paul's Newest Co-working Space in the Heart of Cathedral Hill

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St. Paul’s Cathedral Hill will soon welcome a new neighbor! The Coven, a Minneapolis-launched co-working space is expanding to St. Paul and has chosen the heart of the Historic Hill District as its new home across the river. Plans to build out the long-vacant Blair House space on Western (next to Nina’s Coffee and across from WA Frost patio) will start rolling out this month. Their projected opening date will be December 2019 for members and January 2020 for the public, according to Coven Digital Marketing Manager, Sydney Roberts.

As a membership-based community and space, The Coven aspires “to create a world where all women and non-binary folks have access to a supportive community and the resources they need to live their best life and step into their economic power” (www.thecoven.com). Like the Minneapolis location, their new St. Paul space will offer networking and educational events for members (two per month for non-members) along with a variety of space options and services. Their main co-working space will occupy the first floor; the basement will house their private offices, conference rooms, phone booths, self-care/beauty bar and more. Parent and prayer rooms are also planned, and a child care option is being explored. Members will have access to off-street parking in the Blair-Arcade surface lot.

Location, Location, Location

Why Cathedral Hill? The neighborhood, says Roberts, “is quintessential to St. Paul and has so much history and community. We absolutely loved the community and the Blair Arcade building. Not to mention that it’s very close to downtown St. Paul, and an easy commute for our members who will be coming from Minneapolis by car or public transportation. We also loved that it’s within walking distance of so many great restaurants and coffee shops, like Nina’s.”

The new neighborhood amenity is a testament to the vitality of the Selby Avenue commercial district, already home to a variety of shops, salons, cafes, restaurants and service providers. Most are locally-owned and many are women-owned. Residents of the neighborhood enjoy walkability to just about anything and home buyers are attracted for the very same reason. The addition of The Coven’s community, space and services will be one more reason to love St. Paul’s historic hill.

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Late Summer Festivals, Art Fairs and More

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Looking for late summer fun? The Twin Cities are chock full of summer outdoor fairs, markets and festivals. Here’s a list of recommended favorites to check out before our beloved season slips away!

July 2019

Art at St. Kate’s

  • July 13

Bastille Day at Barbette

  • July 14

Lowertown Blues and Funk Fest

  • July 19 & 20

Highland Fest

  • July 19

Minnehaha Falls Art Fair

  • July 20

Rondo Days

  • July 20

  • Event schedule here

Minneapolis Aquatennial

  • July 24-27

Loring Park Art Festival

  • July 27 & 28

Minneapolis Vintage Market at ASI

  • JULY 28

“Minneapolis Vintage Market is a monthly marketplace focused on premium vintage and one-of-a-kind treasures. The market is mobile and pops up at venues throughout the Twin Cities featuring a rotating selection of vendors each month.”

August 2019

Uptown Art Fair

  • Aug 2-4

Minnesota Fringe Fest

  • Aug 1-11

Annual theatrical event that “fills 40,000 seats with audiences viewing dozens of works at hundreds of performances by more than 1,000 artists on a variety of stages.”

“Minnesota Fringe remains steadfastly committed to it's core principles: producing opportunities for artists of a wide variety of backgrounds, abilities and experience levels; creating novel ways of engaging with the performing arts; and a continuing commitment to accessibility for artists and audiences.” Full list of 2019 shows here. Online tickets staring July 20.

Powderhorn Art Fair

  • Aug 3 & 4

Japanese Obon Festival

  • Aug 18

“The Obon Festival encompasses Japanese tradition—through music, dance, crafts, martial arts and lanterns. Entertainment in the Como Ordway Memorial Japanese Garden and on the main stage will include several taiko drumming groups, koto (Japanese zither), shakuhachis (bamboo flutes), traditional and contemporary dance and singing. Martial arts, Ikebana (Japanese flower arranging), origami demonstrations and a host of other cultural exhibits and demonstrations will line several paths through the grounds. Japanese food and dozens of culturally-related items will be for sale.

The day will culminate at dusk with the main event—the lantern lighting. Six stone lanterns and floating paper lanterns throughout the Japanese garden pond and the Frog Pond will create a vision of peacefulness and harmony to commemorate the dead.

Irish Fair

  • Aug 8-11

“The 40th annual Irish Fair of Minnesota. This family-friendly event is jam-packed with dozens of dance performances, live music, the popular Zero K race (which is exactly what it sounds like—three meters of heart-pumping exercise) Gaelic sports, a Celtic marketplace, cultural area and, of course, Irish food and drinks. Returning this year is The Celtic Kitchen, with food demonstrations, samples and chef competitions. Musical acts include We Banjo 3, Screaming Orphans, Doolin', Aoife Scott, The High Kings and The Fitzgeralds.”

Minnesota State Fair

  • Aug 22- Sept 2

Ongoing

Music in the MN Zoo

Minnesota Landscape Arboretum

Open Streets Minneapolis

A “free event series that opens city streets to folks biking, walking, and rolling. These events are hosted by Our Streets Minneapolis, a local nonprofit organization, in partnership with the City of Minneapolis. At each event, “local businesses, artists, community groups, and institutions come out into the street to play.”

Mill City Farmer’s Market

St. Paul Farmer’s Market

Minneapolis Farmer’s Market

Saints games

Twins games

Movie and Music in the Parks

  • Full schedule of Minneapolis movies/music + locations here.

Chain of Lakes Beaches, Kayaks, Bikes, Paddleboards

 

Out of Town

Stockholm Art Fair

  • July 20

Square Lake Film & Music Festival

  • Aug 10

Franconia Sculpture Park

  • "Franconia Sculpture Park is a nonprofit arts organization operating a 43-acre outdoor sculpture park, active artist residency, and community arts programming." An "intriguing and exciting place to discover an ever-changing exhibition of monumental sculpture, and the opportunity to meet artists-in-residence who invite you to engage with their creations."

American Players Theater

  • APT is a professional theater located just outside Spring Green, Wisconsin. Situated on 110 acres of hilly woods and meadows, APT has two theaters, the newly renovated 1089-seat outdoor amphitheater and the 201-seat indoor Touchstone Theatre. From June through November.

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Summer 2019 Housing Market Update | Twin Cities

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“Slow and steady” best describes movement in the Twin Cities housing market this summer. MLS* data crunching reveals gradual increases over the past year in median sale prices for single-family homes, condos and townhouses across the metro, with very little change in inventory. The difference in the number of new listings this June, though higher than last, was barely detectable. From June 2018 to June 2019, new listings for all home types went up by a mere 1.5% across the 16-county Twin Cities Region, 6% in Minneapolis, and actually decreased by .5% in St. Paul. When considering supply and demand, it’s still a seller’s market.

New Home Listings | 3-Year Trend

Prices Going Up

The overall trend in median sale prices reveals a steady rise, also good for sellers. From June to June, the median increase for most home types was in the 6-7% range. An exception was the Minneapolis condo market which experienced a double-digit boost (17.5%) for newly-built MLS-listed units. St. Paul’s single-family homes and condos/townhouses increased at the next highest rates (7.3% and 7% respectively). Minneapolis single-family prices went up 6.3% just ahead of the Twin Cities Region’s overall 6.1% jump.

In June 2019 the median price of single-family homes in St. Paul was $219,000, up from $205,000 the year before. During the same period, Minneapolis single families increased from $253,950 to $270,000 while the Twin Cities Region’s median values for similar properties rose from $277,000 to $294,000.

Those looking to buy may have been challenged finding the right fit this spring & summer but activity seems to have slowed around the July 4th holiday giving serious buyers some room to breathe. Current mortgage interest rates are an added incentive this season. Locking in low can keep payments down or open up options to buy higher in a market with a less-than-healthy supply.

Median Sale Prices | Single Family Homes

Regional MLS data includes all home sizes, ages (newly and previously built) and sale types (traditional and bank-owned). Each data point draws from 12 (rolling) months of activity.
Single-family-homes-for-sale-st-paul-mn.jpg

What’s a “Single-Family” home?

A stand-alone home designed to accommodate one family. In comparison, “multi-family” homes like duplexes and triplexes are built and zoned for more than one family.

Low Inventory

Despite having slightly more homes to chose from, some buyers are still struggling to find the right fit. The region’s early summer supply of 2.4 months is well below the 5-6 months needed for a balanced market, and home shoppers can feel the scarcity. It’s especially noticeable with on-trend, move-in-ready homes in the most sought-after cities and neighborhoods. Minneapolis and St. Paul supply levels, though up a tad bit from last year, remain frustratingly low for people wanting to find the right home for the right price in their favorite neighborhoods. June 2019 data reveal a meager 1.7 months supply of single-family homes for sale in both Minneapolis and St. Paul. Condos and townhouses are more readily available but not by much (months supply hovering around 2.5.)

Late spring was especially competitive with multiple buyers offering (and often losing) bids in the tens of thousands over list price for a single property. Activity seemed to have slowed a bit early June, however. Maybe the heat rolling in, school ending, kids graduating or families gearing up for summer trips cooled the jets? Despite summer distractions, buyers are still out there looking to get settled before school starts, the snow flies, interest rates creep up, rents rise, leases expire, etc.

When to Sell?

If you’re a home owner thinking about selling, warm-weather months are still your best bet in Minnesota. Most people prefer not to move in snow and cold, during holiday seasons, or mid school year if they can avoid it. Once November hits be prepared for a longer time on market as home shopper traffic slows. And if winter weather cuts into fall a slow-down could happen even sooner.

Of course the best time to sell is when you’re ready. In the mean time learn the market, make a plan and get professional help when needed. Despite having fewer choices, buyers are still choosy and will expect to pay less for homes in need of updates or TLC. It’s helpful to know what they’re looking for. Also beware that real estate markets can be hyper-local. What’s true in one neighborhood, or even block, might not be true in the next. If you want help zeroing in on your market, talking through possible updates or learning the selling and buying process, please connect! I’m happy to assist.

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

*All data derived from the Northstar MLS database, the primary listing service used by real estate agents and brokers throughout the Twin Cities and parts of greater Minnesota.

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Keg and Case West 7th Market | St. Paul

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If you haven’t been to St. Paul’s Keg and Case West 7th Market yet, make a date. Located on the grounds of the former Schmidt Brewery on West 7th, the indoor market houses a couple dozen local food and art-based vendors in a renovated warehouse of the historic brewery. The painstaking preservation included updated plumbing & mechanicals, all new windows, and the addition of a mezzanine overlooking the open market, home to the Clutch Brewing Co. taproom.

The indoor destination food hall, where you can wonder, eat, shop or lounge, has become an instant asset to the neighborhood. It has been drawing attention to the West 7th area and helping to bring in buyers attracted to the vibrancy it’s helped create. Agents listings homes nearby are wise to include walkability to Keg & Case in their advertising. And some buyers have been zeroing in on surrounding blocks wanting to be close to the action, particularly the Keg & Case’s.

Check out photos (below) taken on a late spring visit. Thanks to vendors for being welcoming, well-informed and willing to be photographed!

 
 

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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St. Paul Housing Market: Snapshot of Spring 2019

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Inventory of available homes to purchase in St. Paul remains low this spring — it’s still a seller’s market at most price points. Minnesota’s busiest season seemed to have a false start late January when the polar vortex and piles of new snow slowed a flurry of new-year activity. It’s starting to pick up but competition among home buyers remains high as new listings lag in comparison to demand.

Warming weather along with lower interest rates may be motivating home buyers to get out and shop. What are they seeing so far? I dug through local MLS data to get a snapshot of activity, search for trends and cross-check stories from the field — this post summarizes my recent findings.

Rising Median Sale Prices

Sale prices in St. Paul continue to steadily rise, in some neighborhoods more than others. Thomas-Dale (Frogtown) and St. Anthony Park experienced the greatest increases in the past year with 16.3% and 15%, respectively. Payne-Phalen and the Greater East Side saw nearly 10% hikes while North End, St. Paul’s most affordable pocket, experienced the least drastic increase at +2%.

Summit-University was the outlier showing an unexpected decrease in single-family homes (-16%). The neighborhood, bordered by Downtown and Lexington on its east-west ends, and University and Summit Avenues to the north and south, contains wide variety of housing options. Single-family homes range from modest and affordable to Ramsey Hill mansions. It also has one of the highest concentrations of condos in the city, especially in and around the Historic Hill District. Unlike the overall single-family home prices, condo values in the neighborhood have been on the rise with the median price for all types and sizes going up 4.7% over the past 12 months.

Downtown single-family median values were non existent in the MLS which is not surprising. Its housing stock is comprised primarily of condos whose median price rose 7.6% from last March to $194,000 for all sizes and types.

Snapshot of St. Paul Homes for Sale | April 20, 2019

Northstar MLS data reflects all sizes, prices, seller types (distressed and traditional), new construction & previously owned from March 2018-March 2019 (Como: Jan 2018-Jan 2019). Does not include "Coming Soon" or homes with accepted offers with…

Northstar MLS data reflects all sizes, prices, seller types (distressed and traditional), new construction & previously owned from March 2018-March 2019 (Como: Jan 2018-Jan 2019). Does not include "Coming Soon" or homes with accepted offers with contingencies (Ai, for example).

More Competition for Move-up Buyers

If you’re moving into a mid-to-upper bracket home in St. Paul you have competition. The available inventory of homes in the move-up market is slim, and the number of days on markets for these properties has dropped. In March 2018 the months supply of $600,000-699,000 was 4.8. That number dropped to 2.6 in March 2019, tipping the balance in favor of sellers (5-6 is balanced and favors neither.) Supplies dropped in the $700-900K ranges as well creating more competition for desirable homes at all price points under $1M.

The median number of days on market for mid-to-upper priced properties has also changed significantly in the past year. Homes in the $600-900K price range are selling much faster this spring than last. For example, the median number of days for $600-699K dropped from 74 in March 2018 to 20 in March 2019. Considering the corresponding decrease in supply, these numbers make sense. With fewer homes available, the good ones are going fast.

Months Supply of Homes for Sale | St. Paul

1-year change in supply of single-family homes for sale. A 5-6 months supply is considered balanced. Lower numbers favor sellers, higher numbers favor buyers. MLS data represents both new and previously-built homes of all sizes.

Days on Market | St. Paul | 2018-19

1-year change in number of days on market. MLS data represents both new and previously-built single-family homes of all sizes.
St-Paul-housing-market.jpg
Minneapolis-housing-market.jpg

St. Paul vs. Minneapolis

Lately I’ve met more and more buyers crossing the river in search of homes. Minneapolitans looking to settle in St. Paul are becoming a thing. They tell a similar story of wanting urban amenities at a more affordable price and feel their chosen Minneapolis neighborhoods are financially out of reach. These city dwellers share an appreciation of St. Paul’s charm and walkability where they can easily access restaurants, cafes, grocery and transportation, at a more affordable price.

Historically the median price in St. Paul has been lower than in Minneapolis but the gap between them appears to be growing. Shoppers may be sensing it and MLS data seems to support their claims. Sale prices for all home types have been increasing at a slightly faster rate in Minneapolis (check out the graph below.) St. Paul’s March 2019 median was 215,000 compared to 267,000 in Minneapolis — a slightly wider spread than the respective $125,000 and $150,000 median prices of 2009.

Spring Market Inventory

If you’re looking to buy this year, don’t let the state of low inventory deter you. Spring may still be the best time to home shop in Minnesota as the number of new listings continues to grow offering more choices to buyers. Last year that number peaked in May with 561 new listings in St. Paul (for all home types). This March we saw 353 new listings, inching up from the low of 134 in December 2018. I’m confident market history will repeat itself when more homes enter the market in the next couple of months. As they do, be prepared mentally and financially to make your move.

New Listings | St. Paul

Derived from Northstar MLS data showing number of new listings by month in St. Paul, MN. Represents all home sizes & types (single-family, condo, townhouse) and both types of construction (new and pre-owned).

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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St. Paul's 2019 Sidewalk Poetry Contest

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Hey St. Paulites, April 15 is the last day to submit poems to the 2019 Sidewalk Poetry Contest! Writers of all ages and levels are invited to join in. And, this year will be the first year since its start in 2008 that non-English submissions will be accepted. Poems written in Spanish, Somali, Hmong and Dakota will now be included as contenders. Winners will receive a $100 prize and have their poems stamped into a St. Paul residential city sidewalk as part of the 2019 sidewalk replacement program.

Learn more about the St. Paul’s sidewalk poetry program here. Submit your poems here!

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Minnesota Home Shopper? Avoid 3 Common Mistakes

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If you’re gearing up to buy a home consider these potential missteps buyers can make, and work to avoid them if possible!

#1 Looking at Homes Before Getting Pre-approved


Unless you’re paying cash, you’ll need to borrow money to buy your home, most likely from a bank. Working with a lender to secure a home loan is a process that takes time so get started as soon as possible. You can do the preliminary part early on and get what’s called a “pre-approval” letter— a document prepared by your loan officer after getting an accurate picture of your finances and creditworthiness. When you make an offer on a house, you (actually your agent) will submit this pre-approval letter with offer. You will not be taken seriously as a buyer without it, so get the financing ball rolling if you’re determined to get your dream home.


I recommend getting pre-approved before you even start looking at homes. There’s nothing more frustrating than finding the perfect home then losing it to another buyer because you weren’t prepared. Sure, it’s smart to get out there and get a feel for the market in your price point — look online, stop by open houses, etc. But when you start dialing in and scheduling private showings with your agent, be prepared! Have a pre-approval in hand or your loan officer on the line ready to write.


#2 Not Seeing Past the Furniture and Decor

Do not let a good staging job fool you. It’s easy and common to react emotionally to decor and furnishings. If it’s the stager’s style or seller’s impeccable taste you love, don’t equate that with love for the home. The giddy feeling of having found the perfect home can be of value — it might reassure you it’s “the one” and boost your motivating for making it happen, and it’s fun to get excited about such a big life purchase. But just make sure you look past the furniture to other aspects of the home like condition, location, minimum features needed or wanted, etc.

On the flip side, don’t let bad furniture and decor deter you. You might hate the curtains, outdated sofa and dusty knick-knacks, but don’t let those prevent you from seeing through to the home and its potential. Just remember, those furnishings will be long gone on closing day. Unless negotiated, anything that doesn’t require a tool to be removed, will need to be cleared away for the new owners.

#3 Not Working with a Realtor

Reasons for working with an agent to buy your home are many. In a nut shell, you have a professional on your side. The seller has one so why shouldn’t you? Realtor are experts in the process, have necessary resources at their fingertips and can share insight on the market to maneuver and negotiate successfully. And the list goes on!

As a buyer working with a Realtor you will most likely be asked to sign a Buyer Representation Contract but do not fear, signing this type of contract secures your relationship as a client rather than a customer. It means your Realtor legally owes you much more than Confidentiality, the sole fiduciary duty owed to customers. As a client under contract your agent owes you not only Confidentiality but Loyalty, Obedience, Disclosure, Reasonable Care and Accounting as well. Check the Agency Relationship Disclosure to learn more about these duties, client relationships and your rights under contract with an agent.

*Many brokerages around the Twin Cities now charge a “Broker Admin” or “Retainer” fee to both buyers and sellers. In these cases, a buyer would pay for service (I’ve seen fees range from $400-$600.) Lynden Realty, however, does not!

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Winter Escape to the Como Conservatory

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If you’ve never been to the Como Conservatory, go. If you’ve already been, go again. It’s one of St. Paul’s best attractions, especially after months of frigid temps, piling snow and shorter days. It’s free with suggested donations of $3 for adults and $2 for kids. Open to the public every day of the year! Winter hours are 10am-4pm (Oct-March). Summer 10-6pm.

“Music Under Glass” Event

This Sunday, March 3, will be the last in a series of free winter concerts at the Conservatory’s Sunken Garden. The 2019 event to “beat the winter blahs” was scheduled January 6 - March 3 and will hopefully be back next year. The gardens stay open late (4:30-6:30) while bands play and people watch and wander. Beer, wine and snack are available for purchase.

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Want to sell this spring but feel stuck? You have options

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Early Bird Gets the Worm

If I were planning to sell my home (which I someday may) I would definitely try to list it in the spring, Minnesota’s peak buying and selling season. Makes sense, right? Snow melts (we hope!), holidays pass and warmer weather makes for easier moving. And if I were planning to sell this year, I would be prepping my house today for a March listing date, April or May at the latest. Why? Because home shoppers are out now, preparing to buy and seeing little to choose from — it’s still very much a seller’s market.

Low inventory, Little competition

The pre-spring Twin Cities housing inventory has been limited, especially in the low-to-mid price range, giving sellers of those homes a big advantage, for the moment. A similar scenario played out last year at this time then came to an abrupt and unexpected slowdown mid to late summer. After enduring fierce competition, multiple offers and lost bids, active buyers may have stepped back in exasperation, but they did not go away. They’re back and they want your house.

If you can swing it, I recommend getting ahead of other peak-season sellers by getting your home on the market as soon as you’re able. With fewer listings comes more views, more potential buyers, and most likely a faster sale. Let’s say you list in late March and accept an offer that week. Considering an average closing period takes 30-45 days, you may be wrapped up well before June, ready to enjoy the summer, or settle into your next home.

Months of Supply | Single Family Homes | Twin Cities*

5-6 months supply is considered balanced. Lower numbers favor sellers, higher numbers favor buyers. Northstar MLS data represents both new and previously-built single family homes of all sizes.

Spring prices

Historically, home sale prices in Minnesota rise with the temperature. The first graph below shows these seasonal price swings in the Twin Cities market over the past 10 years— valleys are cold weather, peaks are warm. Keep in mind, the peak prices you see for summer months reflect sales of homes that were most likely listed in the the spring. Considering number of days on market and the time it takes to close, the sales recorded in May and June are most likely those of homes listed in March and April.

The number of days on market — time between when a property is listed and when an offer is accepted — are typically fewer in the spring and summer, as shown in the second graph. In 2018, the average for days on market in the Twin Cities was lowest in July (38 days) and highest in February (69 days). Minneapolis and St. Paul’s summer averages were even lower at 32 and 27 respectively. So if timing and price matter, list your home in the spring. You’re likely to get a higher offer and spend less time on the market.

 

What if You’re Selling, and Buying?

Maybe you’d like to sell but are afraid or uncertain about having to buy your next house. It’s great to be the seller in a seller’s market, but what happens when you suddenly become the buyer? This is a common and very real fear. What if you list, get an offer right away and haven’t found your next home? Or maybe you do find it but feel pressure to offer more than you want because of your situation?

Many wannabe home sellers, who also need to buy, are feeling stuck for these very reasons. But know that it can work out. In the past year, during this crazy stressful market, I’ve seen many happy clients end up exactly where they want to be after taking the leap to sell. You’ll need to know your limits, stay flexible when you can, and make a plan. Below are some options for navigating the potential sell-buy scenario based on the successful maneuvers of past clients. They’re certainly worth exploring if you’re contemplating a move.

Option 1: Buy then Sell

If you can afford it, buying your next house before listing yours can be a good way to go. Start both projects simultaneously — begin searching and visiting new homes while prepping your home to sell. Enlist the help of a professional at this point because things can move fast. Prepping your home will take longer than you think so start right away. If you want it to move fast to avoid carrying the costs of two properties, do it right the first time. Act as if you’ve already found your next dream home and get going purging, repairing and cleaning, today!

Even though it’s a seller’s market at most price points, buyers still want move-in ready spaces that are HGTV-worthy. Consider staging, especially if your space is vacant or partially furnished after moving into your new place. Priced right, your home will most likely sell faster if it’s staged, and maybe even for more money. Well-appointed spaces are fun to tour and look way more eye-catching in photos. And since web appeal is the new curb appeal, your visually striking pics matter!

Option 2: Sell Rent Buy

You might consider selling your home then renting while you search for your next one. This can be a smart option if you can secure a flexible lease and don’t mind temporary housing. It will give you the luxury of time to search for the perfect house, wait out seasonal highs and feel less pressure to overbid when up against competing buyers. You can step back and take a more calculated approach.

If your rental unit doesn’t have the storage you need, consider leasing an off-site storage unit or asking family or friends with extra space to hold your stuff. Consider living with family or friends too if you have that option.

Option 3: Buy Contingent on Selling Your Home

You can always make an offer on a property contingent on the sale of your home. That means you commit to buying the home only after your house sells and closes. This is a long shot in a hot seller’s market so don’t get your hopes up. It can happen though, and did last summer for some happy clients of mine. Under the right circumstances, a seller may accept your offer — you never know until you ask.

You’ll have a few options when going this route. The best is to already have your home on the market, under contract, and set to close when you submit the offer. Of course things can change to prevent your closing but it’s not that likely, and having secured a buyer should put the other home seller at ease.

Or, make an offer when your home is listed (and you’ve not yet received an offer) — risky for the seller of your new home who has no idea when or if that may happen. Still it’s worth a try if that’s where you are in the process.

Finally, you could submit an offer under the condition you will put your home on the market soon, specifying the listing brokerage and number of days until active. Put yourself in the shoes of these other sellers though — would you choose a contingent offer over non-contingent? Probably not, but you should know this is an option that has worked.

Option 4: Sell Contingent on Buying a Home

In this scenario you would put your home on the market then make any incoming offer contingent on you finding your next home. This typically happens in a hyper-competitive seller’s market, and a buyer may or may not agree to it. What if you can’t find that dream home? Your buyers will be anxiously waiting and watching the market as new homes enter and get snapped up — stressful. It creates more risk for them and if they need to move by a certain day it might not even be possible. But if they’re determined to get your house and are flexible, it can work.

If you are considering a move this year you should start thinking about it now, or soon! And if you have questions about the process, market conditions or anything else, please connect. It’s smart to know your options, keep up with local sales trends, and get help when needed.

 

  • Months of Supply: the inventory of homes for sale at the end of a given month, divided by the average monthly Pending Sales from the last 12 months. Simply put, how many months it would take for all current listings to sell at the recent rate of sales.

  • Twin Cities Region: 16-county metropolitan statistical area comprised of 14 counties in Minnesota and 2 counties in Wisconsin.

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Beginning Steps for Twin Cities Home Buyers

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Once you have made the decision to buy — whether you're down-sizing, upgrading, relocating, or becoming first-time homeowners — you'll want to take some initial steps to smooth out the process: choose a realtor, get pre-approved, refine your search and start touring homes!

Choose a Realtor


Real estate agents advocate on behalf of their clients while guiding them through all steps of the home buying process. They can also be valuable resources for finding other licensed professionals including loan officers, inspectors, closers, contractors, and more. Realtors get paid for their services via commission which is typically a percentage of the final sale price, most often paid buy the seller upon closing (though this may change as the industry changes.) A seller-paid commission usually gets split among all agents and brokers assisting in the sale of the home.

Many brokerages charge buyers retainer fees (though we at Lynden Realty do not.) This is a flat fee written into the buyer contract paid regardless of a sale, typically between $200-$800. When signing contracts for representation be mindful of negotiable items, admin fees included, and don’t be afraid to ask questions.

How do you choose a Realtor? Start by asking trusted friends and family. Most often people get connected through referrals. If your friend or family member had a good experience working with someone, you might too. Depending on your process, you may be spending a lot of time with your agent, so choose someone you like and trust. Communication is also key. Your agent should be conscientious about communicating and skilled at using multiple means for connecting with you and other professionals involved in the transaction.

Get Pre-approved

If you want to make an offer on a house (and plan on financing it) you will need to get a pre-approval letter, at the very least. Getting pre-approved differs from being pre-qualified in that it requires more than simply applying for the loan. Pre-approval involves an in-depth analysis of your financial background including credit history, employment verification, assets, etc. The process will provide you with a more realistic picture of what your interest rate and payments might be, and will help determine in advance how much house you can afford.

Sellers will favor pre-approved buyers who demonstrate their ability and intent for successfully getting the loan. Most won’t entertain offers without this bank letter, especially in a seller’s market. A strong pre-approval from a reputable lender is an important piece that will put you at an advantage over competing buyers. It's best to get it done ahead of time to avoid a delay when submitting an offer and possibly losing out to other qualified, and more prepared, buyers.

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Refine Your Search


An infinite number of factors can help determine your needs and wants when buying a home. Common considerations include things like schools, commute time, space, walkability, neighborhood preferences and of course price. You may also be deciding between a single-family home or condo/townhouse. Make a list of what you're looking for — decide what you can't live without, what might be a deal breaker, and what won’t.

Once you've narrowed your focus and established parameters, you can more efficiently make use of online tools to help with your search. Realtors subscribe to the local MLS database (the most up-to-date resource for finding properties) and can easily create automated searches using your criteria which enable you to receive email notifications of new MLS listings as soon as they become active. Searching on your own can be fun, but the MLS auto emails are an easy and more accurate way to stay up-to-date (I’ve seen Zillow take 4 days to update changes in my listings!) Your search criteria can be easily tweaked at any time if your preferences change. You can also tag properties you love or want to know more about, and direct message your agent with questions directly through the interface we call “The Portal”.

Tour Homes

Finding a home often begins with browsing online and driving through neighborhoods to get a feel for what you want and what's out there. The next important step involves actually getting into a home. You can do that a couple of ways — through open houses and private showings.

Open Houses

If you tour a home at an open house it's important to understand that the agent holding the open will be representing the seller (or working on behalf of the seller's agent) so be careful about revealing too much if you’re seriously interested in the home. That agent will most likely pass along your comments directly to the seller. If you end up making an offer later, the revealed information could become detrimental in negotiations. Your price, terms and motivations should only be shared with an agent representing you as a client. (More on agent representation here.)

Also, you may be asked to sign in at an open house. In general, it's a good idea to just tell the seller's agent you're already working with another agent, if that's the case. (If you are working with me to find a home and are required to sign in, feel free to indicate your representation by including my name, phone number or email on the sign-in sheet.)

Private Showings

Another great way to see homes is through private showings with your real estate agent. You can set up single showings or multi-home showing tours to fit your schedule. Occasionally a 24-hour notice may be required to view a home, but I have often gotten clients in that day, or very close. If a home is vacant, a showing request might be automatically approved, requiring no prior notice. “Buyer tours” can also be created when you want to view several houses at once. Setting aside a few hours to tour a half dozen houses is efficient and can be especially helpful for making comparisons among similar properties.

Once is often not enough. Second and third showings of homes are not at all uncommon. Clients sometimes want to return with family, friends or contractors to get second opinions, cost estimates on projects, feedback, etc. If there's time to do so (with no known competing buyers), it's a good idea to take another look, just to be sure.

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Good Comps, Bad Comps: Estimating Your Home's Value

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The market is always fluctuating, which means so is the value of your home. What’s it worth today? Good question, let’s figure it out. I often hear talk of using Zillow Zestimates for determining market value — I wish it were that simple. The site’s automated valuation model (AVM) technology might offer a speedy method for getting a ballpark number, but it misses so much more in the math-driven process. Determining market value is part science, but also art — it necessitates keen understanding of what local residents value along with close investigation of what is, has been, and will be available within a well-defined area.

What’s a comp?

A tedious yet more effective way to determine value is to research comparable homes, or comps, and study current trends in the local market — the closer to your home the better. Comps are homes that have recently sold or gone pending, are currently listed and not selling, or were once listed but since expired and pulled. When identifying comps, I recommend keeping your selection current. Start with those sold within the past 6 months, especially in a fast-changing market, then expand to 12 months as needed.

But what is a good comp, and what is a bad one? For the closest matches, you’ll want to consider multiple variables. Begin with the obvious like total finished square feet, location, number of bedrooms, and available garage space. Look too at home style, age, overall condition and recent updates, especially of kitchens and baths.

Location

If possible, choose properties within a half-mile radius of your home. Go beyond, up to 1 mile, if necessary but avoid crossing major roads, rivers, and other geographical barriers. If your home has shoreline, choose other waterfront properties. If it’s next to a highway or on a busy street, follow the same principle. If you know some blocks in your neighborhood are cherished more than others, consider streets best resembling yours.

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Home Features

Start with the obvious — is your home a single-family, multi-family, condo or townhouse? Next search for properties close in home size and lot size with the same number of bedrooms and baths, when possible. Match style as well. For example, if you’re selling a rambler, a 2-story foursquare will not be your best bet. Instead, find similar one-stories. If your home has a distinct architectural style, like Mid-Century Modern or Queen Anne Victorian, look for homes similar in design and pedigree.

The same goes for age. Match historic homes to other older homes. Tear downs and new builds are common in city neighborhoods but can carry a heftier price tag. A typical 80-year-old home is usually no match for new construction in terms of market value.

Condition and Updates

Look beyond the numbers. Study photos and listing descriptions to discern the level of finish and extent of updates. (Touring a home live is better, but an unlikely option once it’s sold or under contract.) Pay particular attention to kitchens and bathrooms (pictured less often, unfortunately). Hunt for recent updates including new appliances, cabinets, counters, and fixtures.

Take note of other value-adding updates such as flooring, HVAC systems, new garage, windows, roof & siding or extensive landscaping. Read descriptions and acceptable offer terms to glean info about condition (photos can be deceiving.) For example, if it was sold “as-is” or as a distressed property it may have been in disrepair which will affect value. Finally, consider extra amenities like carriage houses, finished space above garages, and detached bonus spaces such as offices, art studios, “she sheds”, or ADUs (auxiliary dwelling units).

Get help when needed

This type of market research and analysis is the everyday work of real estate agents. It’s what we do when working with both sellers and buyers. Preparing an accurate CMA (Comparative Market Analysis) is of course a critical step for sellers getting ready to list, but it also helps buyers zero in on a justifiable price when making an offer. Most likely your buyers, their agent and appraiser will all be analyzing comps and local market trends to determine how much your home is worth. You should be too.

It’s helpful for owners to understand which factors and forces are contributing to their homes value when preparing to sell. But digging for comp data and combing local listings can be a time-consuming pursuit. If you’re feeling overwhelmed at the thought of it, consider connecting. I’m happy to search on your behalf and pull together a comprehensive CMA to get you started.

 

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Moving? Mitigate stress, organize your stuff & know where to throw

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Moving isn’t fun. It’s a physical challenge at the very least that can become a major life disruption with severe emotional stress, for some. The majority of people feel overwhelmed with the process and always in need of more time, especially in the final days and hours just before a move-out deadline.

If you’re facing down a future move take comfort in knowing you are not alone. Most of us loathe a home move, but some are better (or more practiced) at it than others. I’ve seen past clients make moves in stride, through planning, prudence and resourcefulness. We can follow their lead by creating a reasonable plan and sticking to it. Part of that work will inevitably include getting rid of unwanted or unneeded stuff. But where? If you’ve never experienced a major move in your current locale you may not know what goes where. This post suggests ways and places to get rid of your unwanted belongings while laying out a realistic timeline for accomplishing a no-stress (or at least low-stress) move.

To find reputable resources for getting rid I consulted with Zero Waste St. Paul’s co-founder Erin Pavlica who is deliberate in her donations. She searches for venues that give directly to people in need and to places that actually recycle and grind down for reuse. Some of her favorites are shared below.

Setting a Timeline

For those who already know the move-out day, start planning well in advance. Create a timeline working backward from that date. Depending on your work/life schedule, how big your home is and how long you’ve been there, start at least 3 months in advance. For a lifetime of accumulation, begin the process six months to a year (or more) ahead of time, and get help. Friends and family members are invaluable resources of course but look in to getting professional assistance too. Local companies like Gentle Transitions specialize in senior residential relocation and offer a range of related services including general sorting and decluttering.

The backward plan works best for people who know the end date — renters particularly, or anyone not planning to sell their current home. If you’re planning to sell soon and are committed to the move, you can still get going. It’s never too soon to start purging. Your preliminary clearing and decluttering will not just help ease your move anxiety, it will also mark a critical step in getting your home ready to sell.

Strategic Purging

Develop a room-by-room timeline. Each week (or day if necessary and doable) pick one room to tackle. Set up receptacles (bins, boxes or bags) for 4 categories — Donations, Recyclables (separate out organics), Hazardous Waste, and Trash. Examine every shelf, cabinet, drawer, and closet. Make an honest decision about what you can and can’t live without. Have you worn or used it in the last year? If not, say good-bye. Once out of sight, you probably won’t even remember owning it.

Recycled and Hazardous Waste

Determine what your county or city recycles curbside (magazines, glass, cardboard, paper, etc.) then sort accordingly — use the trash bin as the last resort. Hazardous waste like paint, aerosols, and chemical cleaners are typically collected at special sites, often at no cost to residents. Save up for a single trip to that site once all items have been collected throughout your home. Learn more about Ramsey County Hazardous Waste sites here; find Hennepin County drop-off sites here.

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Check with your city or county to learn about recycling and hazardous waste.

(Or ask a trusted neighbor)

Electronics and Technology

Electronics like old CRT (cathode ray tube) TVs, computer monitors, or anything containing a circuit board cannot be placed in the trash. These items contain materials hazardous to humans, animals and the environment and require special handling for safe disposal. Chances are you have old technology stashed somewhere, most people do. Gather it up and plan a single trip to one of many sites around the Twin Cities that will accept and recycle your load, usually for a small fee. Not sure which to choose? Tech Dump is a favorite of Erin Pavlica who values both their affiliation with Jobs Foundation and pledge to be a Fair Chance Business. (They’re not only working responsibly to protect the environment but also to provide jobs and training for people facing barriers to employment.) I’ve dropped off pieces there too, and would go again. They’re easy to find, friendly and will help you unload.

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Avoid illegal dumping

Old TVs like this one contain hazardous materials such as lead, cadmium and mercury — harmful to both humans and the environment.

Trash dumped in alleys becomes the responsibility of that property owner. Respect your neighbors and community by properly disposing of your own unwanted items.

Organics

Be mindful of organic waste* when cleaning out kitchen pantries, cabinets and refrigerators. Unless you maintain your own backyard compost, or already use city recycling, you may need to make a quick trip to a community drop-off site. Check your county or city for organics recycling options — drop-off, curbside pick-up, or both. In Minneapolis residents can request organic waste bins to put alongside trash and regular recycling, or can sign up to use drop-off sites located throughout the city. Ramsey County now has nine free organic drop-off sites (5 in St. Paul) for food scraps and non-recyclable paper. It’s is offering free starter kits at the sites and participating public libraries.

When clearing out cans and boxes of unused and unexpired food or personal items (soaps, detergents, etc.) consider donating to a local food shelf. Keystone, Neighborhood House, Second Harvest Heartland and The Aliveness Project are just a few of dozens located throughout the cities.

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One person’s trash is another person’s treasure

Donate usable household items and clothing to places like Joseph’s Coat, Epilepsy Center, St. Vincent De Paul or others.

Donate, Donate, Donate

Designate at least one collection bin for donated usable items such as clothes, kitchen supplies, tools, sheets, blankets, knick-knacks, art, and other household items. Do not throw away things that could be used by another. Several places throughout the Twin Cities accept these types of donations — and many people need them. You will most likely have to deliver goods yourself, however, some organizations will pick up for you at your home. Dozens of Goodwill stores throughout the Twin Cities have fast and easy drive-through donation lanes staffed with workers ready to unload your car. A quick search yields many more spots including Dress for Success, St. Vincent De Paul, Epilepsy Foundation, Hallie Q. Brown Center, Disabled American Veteran and Joseph’s Coat, another favorite of Erin’s for their generous distribution policy — anyone with a photo ID can shop once a week at no cost.

Some nonprofits specialize in collecting and refurbishing specific products for redistribution. Bikes and pianos, for example, are items that can be worked on, given new life and enjoyed by others who may be unable to afford new. Don’t want your bike, piano, (or mattress)? Someone else might. Check with these places for options to donate:


Bikes

Pianos

Mattresses

  • Second Chance Recycling - Offers free curbside pick-up for mattresses, boxsprings and batteries (recommended by Erin)

  • Bridging - Accepts stain-free, rip-free mattresses and other household items for re-use

  • St. Vincent De Paul - Will pick-up 2+ small to medium furniture items for a tax-deductible monetary gift donation

Sell Your Stuff

Why not make extra money while clearing out? Online sites like Facebook Marketplace, Craig’s List, Letgo, Nextdoor and eBay make it easy if you have time to deal with each transaction. At a minimum you’ll need time for photos (taking and uploading), writing item descriptions and shipping to or meeting up with your buyers. Some are free (Facebook and Craig’s List) and some, like eBay, charge small percentage or per item fees.

Weather and time permitting, a yard sale might also be a good option. With luck you would only have to transport your stuff as far as your front yard or garage, then let buyers take it from there. Advertising on Craig’s List, Facebook and Nextdoor is free and easy. Aligning your dates with a city-wide annual neighborhood sale event could help with traffic and marketing, if it works in your schedule. Be prepared for leftovers once the sale ends. Plan a donation pick-up or drop off soon after to clear the remaining items.

For a whole-house clearing consider hiring an estate sale company to organize, price, advertise and sell for you. There are several throughout the cities including Ebenezer Hand and Hearts, Old is Knew, Esquire Estate Sales, Beehive and English Ivy. Call around to get estimates on pricing and process.

Box it Up

After sorting and purging comes packing up the stuff you want to keep and move. So you’ll need boxes. Where and how do you get them? You have a few options — either buy new, scrounge for used, or rent and return.

Buy New

Tilsner Carton is a local company catering to businesses and corporations but also selling surplus moving boxes to the general public. You can walk in and buy “off the shelf”, no need to order in advance. They’ll even help load them into your car. Quality medium to large boxes run about $1.50 each, assembly required. U-Haul sells medium to large-sized moving boxes priced between $1.50-$2.00 with free in-store pick-up. They’ve also created an online Customer Connect page where you can post and trade used boxes, supplies and even rides. (At last check only 3 postings from Minnesota.) Axman surplus sells inexpensive boxes, though they tend to be mostly small to medium-sized and will require assembly. You can also buy boxes from moving companies and stores like Home Depot, Lowes and Menard’s, usually at slightly steeper prices.

Find Used

Putting a call out on sites like Facebook Marketplace, Craig’s List and Nextdoor is a great way to find free stuff, including cardboard boxes. Often neighbors who’ve recently moved advertise free boxes as a way to pay it forward, and avoid having to break down and recycle. You might also try local restaurants, bars, bookstores and liquor stores to build a supply of smaller sturdy assembled boxes. Gathering free boxes from random places around town takes time, a vehicle and a place to store them, so this may not be an option for some. If it’s too much of a hassle, renting stackable returnables might be a good idea, especially if they offer delivery and pick-up!

Rent

Most big cities around the country now have plastic box rental options for movers. Even giants like U-Haul offer box rentals throughout much of the U.S. (though not yet in Minnesota). Blue Bin Rentals services the Twin Cities market and offers 2-week rentals starting at $139 for 30 boxes. They’ll deliver, pick-up and allow extensions (for a fee) if you need more time. Easy Green Box offers a similar deal for a tad less ($129/30 boxes). College Muscle Movers is another good option for Twin Citizens. Prices there start at $84 for a 1-month rental of 25 MuscleBox Totes, and residents within 15 miles of their Midway warehouse get delivery/pick-up service for free.

Get Started

Moving can be one of the most stressful life events but it can also be an opportunity to ditch unwanted clutter and life patterns to begin anew. Though it may feel overwhelming at times, stay the course and get help when needed! The end is in sight. Before you know it you’ll be settled in your new space, and feeling accomplished having made a fresh start.

Download a printable Purging Checklist here if you need more structure getting started.

 
 

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540

* For yard waste recycling in Ramsey County check out these 7 collections sites; Hennepin County disposal options here. (Thank you Tina for the correction!)

* Update (1/2020): Ramsey County Organic waste sites continue to be added. Click on map to see all current locations.

Free food scraps collection starter kits and compostable bags are available at Ramsey County Yard Waste collection sites.



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Fall 2018 Housing Market Update | Twin Cities

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Last summer’s frenzied market of overbidding to beat multiple offers has noticeably quieted, however, inventory around the metro remains low. Seasonal slowdowns are expected. With the advent of cooler temps, a new school year, and the holiday season, home shoppers downshift to a less aggressive search mode. But they’re still out there, on the sidelines. And new homes continue to enter the market, though at a slower rate than our traditionally fast-paced spring and summer markets. Competition for the most desirable new listings in sought-after locations is still evident with those properties selling within days when the price is right. But the rush to beat out the competition has significantly subsided. And at this time of year many buyers, distracted by holidays and winter weather, are content holding out for anticipated seasonal price-drops. But how does this compare to last fall? Is there a discernible trend? Will next spring and summer be a repeat of last? Both buyers and sellers are asking, “should I wait?”

New fall condo listing in the Cathedral Hill neighborhood of St. Paul.

Seasonal Slowdown

As people’s priorities shift with the season the housing market slows and homes take longer to sell, theoretically favoring buyers. For home sellers, enduring an extended time on market can cause anxiety and a willingness to accept lower offers to avoid the mid-winter slump. Shoppers anticipate this downturn and those with flexibility often wait it out in hopes of getting a deal. I’ve recently talked to many potential buyers who are doing just that. After witnessing the summer drive-up in prices and stress of multiple bids, many have positioned themselves in stable temporary housing (short-term renting, house sitting, living with family, etc.) to avoid the pressure and anxiety of hyper-competitive buying. These buyers may not necessarily be waiting for a winter bargain, but rather the right home and the luxury of time for making a sound decision. It’s a smart move if you can pull it off.

One drawback to slow-season home buying, however, is lack of inventory. As the competition diminishes, so do properties. Last summer’s new listings in the 16-county Twin Cities Region peaked at 9,022, up from a mere 2,158 the winter before. No doubt the same will happen this year. The graph below clearly depicts these year-over-year seasonal dips — a predictable pattern for Minnesota markets. If you can find what you’re looking for, buying this time of year might be advantageous. If not, hold tight, the new year will bring more choices. Just be financially prepared and emotionally ready to face increased competition in a market experiencing an already scant supply of low and mid-priced homes.

Seasonal Changes in New Listings

Low Inventory

How low is low? It depends. Yes, the market has slowed from last summer but not because supply has increased, especially in the lower price ranges. Starter home supply is especially lacking with a meager 1.1 months available in the $150-200K range as of late October. A 5-6 months-supply is considered balanced, favoring neither buyer nor seller, which is currently the case in the move-up market. October data reveal a 5.9-months supply of homes priced $500,000+ across the Twin Cities Region, with 4.0 and 4.2 in Minneapolis and St. Paul, respectively.

Months Supply by Price

Includes all home types in the Twin Cities 16-county Region (single family, condo, townhouse), traditional listings (not distressed). October data derived from the regional MLS.

Changes Ahead

During the past three years we’ve experienced a steady decline in available homes for sale across the metro, tipping the balance in favor of sellers. Is that changing anytime soon? Perhaps, but slowly. Data from the past year show less of a decrease this year compared to previous years — only 1% from last October. Considering we experienced double-digit drops in the years preceding (17% then 14%), this number stands out as potentially significant. It may be signaling a trend reversal and shift toward greater balance in the market.

The months-supply metric also shows signs of leveling. This October was the same as last at 2.4 in the 16-county region for all home types, sizes and sellers (traditional and lender-mediated). Since its high point in 2008 (9.9) that number has plummeted to its low last winter (1.5) but appears now to be holding steady. We’ll see what this winter brings.

What might these changes mean for home shoppers? It’ll be good news for buyers wanting more choices. And a greater number of homes to meet demand could translate to price-dropping, or at least price-leveling in the coming year.

Number of Homes For Sale* | Twin Cites

Decline in number of homes for sale may be leveling out. Includes 16-county Twin Cities Region, all types, styles and sellers (traditional and lender). Data derived from Northstar MLS.

Selling this spring

What about current owners looking to list? Future sellers should be comforted by the inventory numbers which are still historically low. If you’re selling in the low-to-mid market, you should be okay. Location and condition matter too, however. And, despite the limited supply, home buyers’ expectations tend to be high. If you plan to list this spring or summer, start now with repair and update projects (if you haven’t already)! Most buyers expect HGTV-worthy homes that are updated and move-in ready. What does that mean? You should declutter, deep-clean and make small repairs at the very least. Neutralize your paint colors, update lights and fixtures and complete small remodeling projects if you can. Then work with a stager to add or arrange on-trend furniture and decor to match your target market. It may seem like too much in a “seller’s market” but homes that have been thoroughly prepped stand out from the competition and typically sell faster. And, the costs involved are usually recouped through a higher offer price and fewer days on market. Most buyers cannot see past clutter or disrepair when visualizing living in a space. Sellers can help them! Now is the time to start if you are planning a spring listing.

Mortgage Rates Rising

Mortgage interest rates have ticked up and many speculate further increases for the coming year. Have the recent hikes affected buyer behavior? For the most part, no. Buyers appear more focused on changing sales prices than fluctuating interest rates, for now. Why? Perhaps because rates are still historically low and people have been able to purchase the homes they desire. But if you’re thinking about buying soon (in the next year or so) consider closely the cost of another potential rate increase. Even a 1% change could drastically affect your monthly payments and amount for which you qualify. For example, payments on a $250,000 house (with 20% down) jump from $1053 to $1177 per month with a 1% rate hike, and you would end up paying an additional $44,773 in interest over the life of the loan.

You should also be aware of how increased monthly payments can affect your buying power. Fannie Mae and Freddie Mac conforming loan guidelines require certain “front-end” (mortgage-to-income) ratios — typically your monthly payment cannot exceed 28% of your income. If your monthly payment goes up with a 1% rate hike, so must your income if you wish to purchase that same $250,000 home. The consequences of rising interests rates could push you into a lower price-bracket, unless your income keeps pace.

Example: 1%↑ in Interest Rates

Estimates for a $250,000 home with 20% down ($200,000, 30-year, fixed rate mortgage)

Estimates for a $250,000 home with 20% down ($200,000, 30-year, fixed rate mortgage)

Slow and Steady

The Twin Cities Region has experienced a steady rise in median home sale prices over the past several years. As of October the median price of traditionally-sold properties (non lender-mediated) had increased 6.8% over last (with a 5% bump the year before). With supply still lacking in the low-to-mid range, major price drops in the coming year are not anticipated. For city dwellers, St. Paul remains a more affordable option over Minneapolis with a current median sale price of $216,600 compared to $265,500 in Minneapolis.

Condo and single-family homes are on similar tracks across the Twin Cities with 5.8% and 6.0% increases, respectively. Townhouses may be in greater demand showing an 8.2% jump since last October. Keep in mind the real estate market is location-driven and what’s true in your neighborhood may not be the case in another. Even within neighborhoods, demand and price can vary block to block. Overall, however, our region appears stable despite the early chill in the air and consequent drop in market activity.

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*Homes for Sale refers to the number of properties available for sale in active status at the end of a given month. Also known as inventory.

In this this post the Twin Cities 16-county Region include the following: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Le Sueur, Mille Lacs, Pierce (WI), Ramsey, Scott, Sherburne, Sibley, Washington, Wright and St. Croix (WI).

 

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Should I hire a Realtor? What type of representation is available in Minnesota?

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If you are buying or selling real estate in Minnesota you should know what type of agency representation is available to you as a consumer. Realtors® in Minnesota are required to talk about this with potential clients early on in any communications. If you start talking about your price, terms, or motivation with an agent, expect to be presented with a written disclosure and explanation about different ways agents can represent their clients. This is for your benefit and agents are required to share it. Feel relieved rather than pressured when getting the form — it’s a disclosure, not a contract and will equip you with valuable information to help in your process. If an agent does not present it when you think they should, ask. A good agent will be adhering to ethical standards and this initial interaction may give you insight into future communications and relationships.

To help home buyers and sellers better understand Minnesota’s agency disclosure requirement, the St. Paul Area Association of Realtors® created this quick video. Check it out to learn more!

 

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Mid-century Modern Twin Cities Home Tour | Fall 2018

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Photos from yesterday’s Docomomo MN fall tour! Made possible by willing homeowners who opened doors and welcomed visitors! Organized by Domomomo and volunteers whose mission is to document and conserve buildings, sites, and neighborhoods of the modern movement. This year’s tour included five homes located throughout the Cities including St. Paul, Minneapolis, Golden Valley and St. Louis Park. Read more about the tour here. Check out last year’s tour pics here.


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Staging to Sell {BEFORE and AFTER}

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Q & A with stager

Becca Schwartzbauer

Grey Duck Staging & Design

Last spring I worked with Becca from Grey Duck Staging & Design to sell a home that had previously sat vacant. Touching every room in the house, she completely transformed its spacious, bare rooms into cozy, livable spaces. It was a remarkable change worth sharing — check out the BEFORE & AFTER pictures below!

Whole-house transformation of a vacant home is just one end of the staging spectrum. Stagers offer a range of service levels depending on your budget and existing decor and can work wonders with homes of willing sellers starting with a simple consultation. To share more about these services and benefits, I turned to Becca for answers to commonly asked questions about staging to sell:

Q: Is staging different from decorating?

A: Staging is meant to be less taste-specific than decorating. We work with the space that’s available and chose size-appropriate furniture. I also choose inventory that is appropriate for the era of the home — textiles and fabrics — keeping the design relevant. We're trying to think about marketing to as many different buyers as possible. I’m staging for the masses and trying to think about the demographics of the neighborhood and who the buyer is going to be, whereas decorating is more about personal taste.

 

Bedroom & office

Q: Which rooms are most important to stage? 

A: You never get the second chance at a first impression so right when you walk in, those rooms are high impact and most important because they are going to set the tone for the rest of the showing. Some of the most important rooms are the highlights of the home — if there’s a second living space, if there’s a beautiful master and en suite — those are the things we really want to highlight. It’s also important, on the other side of the coin, to stage areas that might be flex spaces or spaces that a buyer might not know what to do with. Say there’s a home with a built-in office and bookshelves already, and there’s also a flex space, maybe that room would be better as a craft room or a play area. We can imply what people could do with that because a lot of times, especially in larger homes, people are wondering and asking themselves what they’re going to do with these spaces.

 

Foyer, living & dining rooms, sunroom

Q: If a home seller has furniture of their own, what's the best approach to staging and working with that client?

A: That’s called owner-occupied staging and it's become a big part of my business, especially in this market. I bring in my movers and we rearrange their furniture. A lot of times what people are missing are some of the softer finishes like throw pillows and blankets, lamps on side tables, the kinds of things that balance and bring symmetry to a design. I have done a lot of personal shopping and can bring in those types of fillers for sellers. It’s a less invasive thing to do. It’s someone’s home and it’s so personal.

Q: How do homeowners respond to your work? Do they see the value?

A: I’ve had sellers who have been extremely receptive and like, “Oh my gosh! Maybe we should stay! I never thought about putting the couch over there." You kind of get stuck in one particular layout. How many times do you rearrange the furniture in your own house? It’s not something people do a lot so it’s a fun way to kind of shake off the dust. The other huge part is that it helps them dissociate themselves from the home. When we start to take down family photos, maybe remove curtains to let more light in, or paint a few different rooms it helps to start that mental process.

 

Master Bedroom

Q: What is your process when taking on a new client? 

A: I really like to meet with a new client in the space if it’s possible and ask them questions about how long they've been there, what are some of the challenges that they've had with furniture layout and what are some of the other challenges this home has given them. The more I understand them the easier my suggestions are. I can have a plan A, B and C based on how willing they’re going be. Staging is such a spatial job, I really need to be in the home to get a better understanding of the layout. Then I send them a follow-up email to recap everything we’ve discussed. I send them examples of some of the work I’ve done. It’s about numbers too so we also talk about pricing.

I’ve had a lot of success with motivated sellers who give me the creative control to get their home ready. But it’s important to have that consultation first to get a plan. Understanding how long a seller has been in the home, their reason for moving — if there was a death in the family and maybe it’s the children selling their parents’ place and it’s still furnished. There are a lot of things to consider when doing that initial consultation.

 

Dining room & Kitchen

Small Bedroom

Q: Do you think staging affects the final sale price?

A: Yes, I absolutely do. Statistically (from the National Board of Realtors) staged homes can sell up to 3-8% more than a vacant listing. The staging will pay for itself and also net the seller more than it would have otherwise. And with the way I stage, it’s not a churned out look. I think when people are hyper aware that the home is staged and vacant it might change their offer or negotiation because they know the sellers are in a different position than a normal seller. When someone sees a home that’s vacant, they might think, “Oh, they’re carrying two mortgages, they’re in a financial pitch” so that may affect their offer.

 

 large Bedroom

The positive effects staging has on a listed properties are many — help them visually stand out, sell faster for higher prices, get more shares in social media, and allow buyers to imagine the space as their own. If you are thinking about moving and would like to talk about the steps to get ready to list and sell, including staging, let's talk! I can walk you through the entire process, and connect you to other trusted service professionals.

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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How to Determine a List Price When Selling Your Home

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A home seller's strategy for determining an initial list price can be a critical decision even in a seller's market. When working with clients who are preparing to sell, real estate agents can provide as much data, guidance and advice as possible but ultimately it is, and should be, up to the seller to pick the price. If you are in the process of preparing to sell, or thinking about a future move, read on. Below are three approaches to pricing that can potentially yield quite different results. It's best to consider all scenarios before making a splash in the market. 

Strategy 1: Find the Sweet Spot 

Gather recent sales data and formulate a price as close to those numbers as possible. What kind of data exactly? As an agent I gather this data for my clients using the most accurate and up-to-date resource available in our local market — the Northstar MLS database. I compile a list of comparable properties sold in the past 6 months (or fewer if possible), close in proximity, on similar streets, etc. I also look for the competition. What's currently on the market but hasn't sold yet? And, what homes are under contract waiting to close? When available, I'll also check for expired listings — homes that failed to generate real interest during their time on the market. This side-by-side comparative report, or CMA (Comparative Market Analysis) is a useful tool to begin dialing in on a target list price. In addition to comparables, or comps, I also consider inventory supplies, seasonal differences and sale price over time. I use Infosparks (an extension of the MLS) to zero in on trends in specific neighborhoods, including months supply of homes for sale and changes in median sale prices within the past year. 

The goal of finding the sweet spot is to attract exactly the right buyers who are ready, able and willing to make an offer. Buyers who have been shopping around and doing their research will recognize a fairly priced home and be willing to act in a timely manner. If they've been following the market and touring similar homes, they've probably looked at some of the same comps used to determine your price. 

Strategy 2: Less is More

Find the sweet spot then list for less. A lower-priced home catches people's attention and generates excitement. In a seller's market this is a sure way to generate multiple offers in no time, depending on location and condition. If your goal is to sell quickly, consider going in low. Doing so might actually bring in higher than expected offers.

If your home is in need of updates and repairs but you lack time, resources or motivation for getting them done, this strategy can also be a good option. Buyers' expectations are higher than you may think and they're often looking for any reason go low. For many shoppers outdated finishes and disrepair are reason enough to offer less.

Strategy 3: Retail Pricing

Find the sweet spot then list higher. Some sellers worry about leaving money on the table if they list too low. They want to "just see" if anyone will bite at a higher price, then go down later if they have to. Or, maybe they can't afford to take less, or are only willing to sell if they get a certain price. If you decide on this approach in a seller's market and are serious about selling, you should plan to revisit your strategy if nothing happens after a couple of weeks. Those weeks, especially the first week (and now days and even hours) are critical moments in the life of your listing. First impressions are created and opinions are formed. A motivated buyer might love your house yet deem it overpriced, quickly move on and end up buying another home before you lower yours. Some shoppers are just not in a position to wait out a price drop. And, if the price is eventually reduced people might start to ask, "What's wrong with it?"  If you go with this strategy, be prepared for a longer time on market. Stay flexible and open to reductions earlier than later.  

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Questions to Ask When Buying a Condo or Townhouse

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Condo living has definite advantages but it can also create unexpected, and potentially unpleasant, scenarios if you jump in without doing your research.  

If you're thinking about buying a condominium or townhouse but have not yet lived in a Common Interest Community, or CIC (condo, townhouse or co-op), ask these questions before finalizing any offer:

  • What's the monthly association fee and what does it cover? Which utilities are shared? Which utilities are paid for by individual units?

  • How is the water use metered? Does each unit pay for individual usage? Or is is split evenly?

  • Can heat be controlled in each unit? Or, is their a central thermostat?

  • Are pets allowed? If yes, which ones and how many? Are there weight, size or breed restrictions?

  • Is the association self-managed? If yes, do the members get along? If not, who manages it and how reputable is the company?

  • How much money is in the reserve account for future maintenance projects?

  • What's the association's annual budget?

  • Who is on the board? Try to talk to a board member directly.

  • Do the other owners have the right of first refusal in the sale of other units?

  • Is there additional storage for each unit? Where? Does it cost extra?

  • Are there any pending building repair/improvement projects? If yes, what? How much is proposed? Are costs split evenly among units? What other future projects have been discussed?

  • Is smoking prohibited? Do any of the residents smoke?

  • How sound proof is the building? Can you hear noise in other units?

  • Who lives in the other units? For how long? Are they owner-occupied?

  • Are long-term rentals allowed? If yes, how many? What percentage can be rented at any one time?

  • Are short-term rentals (like Airbnb) allowed? If yes, are any units currently being used as Airbnb rentals?

  • Where is the common space? Who maintains it?

  • If there's shared laundry, what's the system for using it?

  • If there are unassigned off-street parking spaces, what's the system for using them?

  • Can I make changes to my unit? What, if anything, is restricted?

You may not get answers to all of these questions but at least be mindful of your living space needs and aware of any restrictions that may affect them. 

Statutory Rescission Period

When making an offer on any CIC (Common Interest Community) governed by a Minnesota HOA (Home Owner Association) you have a 10-day period to view all association documents and cancel the offer without penalty. This recession period begins once the last of the docs* has been received (agents should be working diligently to get them delivered as quickly as possible.) Hiring an attorney to review the documents is always a good idea!

* Minnesota requires sellers to provide the following HOA documents: 

  • Declaration

  • Articles of incorporation

  • Bylaws

  • Rules and regulations

  • Amendments or supplemental declarations

  • Organization and operating documents, including budgets and financials

  • Resale disclosure certificate

 

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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Single Women: Top 5 Reasons to Buy a Home

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Single women, the second largest group of home buyers behind married couples, account for nearly 18% of all buyers. Last year they far outnumbered single men who made up just 7%, according to the most recent NAR Profile of Home Buyers and Sellers. 

I've helped several single women purchase homes and have been there myself — I bought my first condo alone nearly 15 years ago. I wanted to know what motivated other women so reached out to friends, family and former clients to find out why they decided to buy solo and what advice they would give others. Read the complete Q&A blog post here. Read their top 5 motivations for buying here:

Top 5 Reasons Women Choose to Buy

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1. Make a Smart Financial Move

A top reason cited by women looking to buy is financial. Specifically, they state a desire to "stop throwing away money on rent" and to build equity in asset ownership. Tax breaks benefiting home owners are also motivating. 

MyOwnHome

2. Get Away from Apartment Life

The constraints and inconveniences of renting in a shared space can be trying. Complaints of apartment life include concerns over noisy neighbors, shared walls, lack of privacy and limited parking. Owning a home, especially a single-family house, affords more control over noise and privacy with less worry over bothering the neighbors (or them bothering you). It can also mean having predictable and secure parking options — convenient for having guests, navigating snow emergencies and safer when parking alone at night. 

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3. Enjoy Personal Outdoor Space

Many women desire outdoor space — a private yard, a place to garden, or enough room for a  dog. Though the city parks and paths provide plenty of options, they're never quite the same as having an outdoor sanctuary all your own. 

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4. Make Your Own Design Decisions

Wanting the freedom to paint, decorate and make changes without having to ask permission is a common theme for home buyers. It can be frustrating to live within the confines of a rented space for this reason and others. Owning allows you to paint, replace, knock down and build out as you wish which can be quite satisfying. And, the money and time spent improving your space is usually not wasted — smart improvements add value to recoup when it's time to sell.

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5. Have Something to Call Your Own

Cultivating the feeling of ownership and accomplishment brings pride, confidence and joy. It just feels good to have a place of your own. Whether it comes from reaching your goal or creating a space that's uniquely yours, the positive sentiment can often be reason enough for wanting to buy a home.

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

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The Logistics of Listing Your Home

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What exactly happens when you put your home on the market? There are plenty of online guides designed to help sellers get their homes ready to list, but what about the nuts and bolts of getting it on the market? I've had clients ask me simple questions like, "How does the sign get in the yard?" or "How will buyers get in my house?" These are excellent questions often taken for granted by real estate professionals. This post addresses the most basic, behind-the-scenes steps taken when listing a home with a Realtor. 

The Paperwork

When working with a real estate agent you'll be presented with several forms to read, understand and sign. At the very least, expect the following:

(There may be others depending on the type of property or type of sale. Condos/townhomes, for example, will have additional requirements pertaining to association documents.) 

Agency Relationships in Real Estate Transactions

  • A disclosure explaining the types of agency representation available to you in Minnesota. Meant to inform and protect consumers.

Seller's Property Disclosure Statement

  • A multi-page form filled out by sellers disclosing all known material facts about the property. Required in Minnesota. An alternative form (waiver) could also be used.

Listing Agreement

  • A contract between home seller and listing brokerage outlining the terms of the listing including responsibilities of each party, commission and duration.

MLS Listing Input Form

  • Lists all data about the property, authorizes the brokerage to provide the regional MLS with the data and set terms for internet display.

Certification to Withhold from MLS

  • An optional form used to keep the listing off the MLS. Typically used short-term in a "coming-soon" situation or while preparing to list.

Addendum: Disclosure of Lead-based Paint

  • For properties built prior to 1978, a disclosure of any known lead-based paint. Required in Minnesota.

Coming Soon Listing Authorization Form

  • Optional if you would like the listing pre-marketed through through the MLS for a limited time until it's ready for showings. Seller signature required for MLS “coming soon” status.

Measuring

Before entering data into the MLS, your agent will need to measure your home to verify room dimensions, foundation size and total finished square feet. This could take an hour or more depending on the size of your house. Tax records and any past MLS listings detailing measurement information may also be used for comparison. Your agent might also work with a photographer who creates floor plans with dimensions and square footage. 

Staging

Optional but highly recommended, staging can range from full-service professional staging (filling a vacant house, for example) to minor adjustments using your own decor. Prices and terms vary so shop around. If your home is already furnished, one option is to pay for a 2-hour consultation with a stager to generate a "to-do" list for decluttering, furniture placement, fixture updates or even paint color selection. The going rate for this type of service is about $200-$250. If your home is partially or mostly vacant, you may want to get a bid for adding furniture. Again, pricing and terms vary by stager.

Keep in mind, stagers work more like merchandisers than decorators. Their goals are to figure out who will be shopping for your home and make design choices to target those buyers. They highlight the most attractive features of your home while minimizing less desirable ones. Stagers also work to make your home more photogenic. Web appeal is the new curb appeal so having striking photos that catch people's attention is key to successful online marketing. Skilled stagers understand what looks good in photos and will help you select or position furniture and decor to maximize the effect.

Taking Photos

Once your home is decluttered, cleaned and staged, it's time for photos. Your agent should take high-quality photos for the MLS and any other marketing outlets. I hire a professional photographer who also offers 3D tours, and use drone photography when appropriate. Typically this service is paid for by the agent who will work with the homeowner and photographer to schedule a time to shoot. Plan on a 2-3 hours session, depending on the size of your home. You need not be present during the shoot. The outside shot of your home should match the current season, so I try to schedule photos as close to the live listing date as possible.

Hanging a Lockbox

Your agent will hang a lockbox on or near your door to allow other real estate agents, inspectors and appraisers to access your home when you're not present. Plan on providing extra house keys for the lockbox. The box will either be a manual combination or electronic device. The electronic (or Supra iBOX) version uses bluetooth technology and can only be used by Supra key subscribers using the smart phone app to communicate with the iBox. Each opening is recorded in real time so your agent can view who is accessing the key and when via email notification. 

Installing the Sign 

The yard sign is your agent's responsibility. The process can take 3-5 days to install from order date. Expect Gopher State One Call to stop by first, marking any underground utilities before the hole is dug and post installed. After closing, your agent contacts the company for removal.

Scheduling Showings + ShowingTime

Listed properties are typically shown by a buyer's agent who requests a time to tour. In this region, the requests are usually made through a third-party site called ShowingTime. The ShowingTime request can be sent via text, email or phone call to anyone, depending on how it's set up. If the home is occupied, it makes sense to have the occupants (whether they be owners or renters) approve or deny access based on their schedules. If it's vacant or unoccupied for a length of time, ShowingTime has a convenient "go-and-show" option granting instant approval. 

Customize settings

When listing a property, I work with the home sellers to customize all ShowingTime settings before going live. It's important to know who would like to get notified and how, and what the back-up plan is if a request goes unnoticed. I add myself to the list then watch over the incoming requests to make sure they are being approved in a timely manner. Once a showing is approved, the buyer's agent receives an approval notification with access information (lockbox code, etc.) along with any specific instructions (remove shoes, turn off lights, etc.) Showing are typically scheduled for one hour but duration times can be tweaked in the app. 

Get Feedback

After the showing, a feedback request form is automatically sent to the buyer's agent. Listing agents can customize this form to ask specific questions of buyers and their agents, or use the default. Ask your agent to make changes to the form if you're seeking specific input from buyers. The feedback is meant to be shared with homeowners and can be emailed individually as it's received and/or compiled in weekly reports. Home sellers have the option of downloading the ShowingTime app to view feedback and manage showing requests. If you're comfortable with smart phone technology, the app can be useful tool. If not, text or email work just fine. Getting feedback is an important part of the showing process but can sometimes require thick skin. Be prepared for opinions that may differ from yours and ask your agent to follow up with phone calls to get more insight if necessary. 

Learn More

If you'd like to learn more about listing your home, let's connect! It's smart to ask questions and I'm happy to provide answers and support. My job is to make the selling process, which can seem overwhelming at first, as simple as possible. 

 

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

Heidi Swanson | Lynden Realty