Personal Property = Confusion

Personal Property = Keep it simple and clear

How to avoid turning a real estate transaction into a used furniture sale:

1. First make sure that both parties agree and sign the Purchase Agreement and purchasing contracts.

2. Go through the inspection period and negotiate anything needed to be done to complete the negotiation cycle for the purchase of the home. This sets the stage that this is first and foremost a real estate transaction.

3. Group the items together and all agree that those are the items that will be purchased.  Agree on the items before price is set or specifically decided. This is to avoid the temptation to take one item out and add the other item for the same price or lower the price. Realtors are not specifically trained and educated in used furniture negotiations.

4. Coach all parties to "assume good intentions" and focus on a positive closing table environment.

Corporate refugee = Real Estate

Urban Dictionary:

corporate refugee

It is said of someone that has been downsized, displaced or severed from a long time corporate career. 
Most of the time this results in the loss of stability, identity, structure and community.

One morning during the summer of 2002 I was having coffee with a Director of HR. We were friends, so it was nothing out of the ordinary. Out of the blue he said to me, "We need to find you another job!" That was the beginning of the end of my decades long career with a large corporation and the beginning of a very painful journey as another corporate refugee.

#downsizing#hiring#job#fired#career

How many times have you been "let go" or had to change jobs because you were going to be replaced, duplicated or technology sent you into a new direction?  Now is your time to review your skill set.

1. Do you value relationships?

2. Do you want to attract and work with people that value your skills and you can help them solve a problem?

3. Do you value the importance of understanding other people?

4. Are you comfortable asking questions especially to get clarity and motivation?

5. Is learning a way of life for you both interpersonally, professionally and educationally.

You may have just found your career!  Let's have coffee and see what else you do well. 

It will sell itself = 🏰🏠🏚

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The market has been a sellers market for awhile and sellers are feeling very confident in selling their home.  They are not interviewing agents they are taking agents that will quickly and easily cut their commission.  Why?  Because they do not have a committed way to put a house on the market that will make it appealing to as many buyers as possible.

1.  As a consumer listing your home ask the Realtor how many homes they have sold in the last two years?  You can look this up on an App called Homesnap, don't gamble 🎲🎰 on most peoples largest asset.

2. Does the Realtor have a written plan to sell your home?  Can they articulate their approach to marketing your home and how it will bring you the best price or the best buyers possible? This would include checklists 📋 , calendar 📆 and specifics 🎯.

3. Can they demonstrate how they will put pressure on the market to sell your home, attract as many buyers as possible or are they just 🤹🏼‍♂️🤹🏽‍♀️🤡 around.

4. Are they full time agents?  How can you work full time, know the nuance of 60 pages of contracts, market your home, have the right connections to have the home show well and negotiate in your behalf.  Their first allegiance is to their full time job, then the side hustle 💃🏽🕺of real estate.

5. Will they proactively prospect to sell your home 🏡?  How

Results:

What we are seeing in the market is a poorer quality home being put on the market for higher prices. In other words the price/value proposition is off. There are higher priced homes in less prestigious neighborhoods for prices that are getting closer to luxury home prices. One particularly egregious case a home went on the market for $500,000 and the neighborhood runs about $275,000-$325,000. This home has many terrific aspects with a custom kitchen, built-in cabinetry, master bath and all the bedrooms on one floor. The MLS picture was an iPhone picture of the front and the kitchen had pee pads and steaming 🐶 💩  in front of the fireplace. Needless to say, the home was on the market for 4 months and slowly came down until it was taken off the market.  As a professional Realtor, I would not list or coach my seller to list with that large of a price difference. Some sellers perceive their home🏰 and the reality  is 🏠 or in some cases🏚.

Let us help you out!

Bloomington = Foodie Desert NOT Dessert

What the heck is going on here?  We live in the 4th largest community in the state of Minnesota and we can't develop our suburb to have decent opportunities to eat.  We are suffering from a total lack of culture and interest!!!

You may be surprised but I have actually talked to different powers that be in Bloomington and as soon as you get into a discussion regarding the development and culture of our fine city they talk about ....wait drumroll ...THE MALL OF AMERICA!  Really, so you think that everyone that lives in Bloomington will go to the mall to have a night out with friends?  NOT going to happen.

Please excuse my rant, we need to see our community as a series of neighborhoods that make up the great city of Bloomington. THE MALL OF AMERICA is not our neighborhood that is like the people of Kissimmee, FL going to Disney World for a cup of coffee. It my be a location close to our home yet that does not substitute for a place that people can gather, like parents of the Jefferson Hockey Team or the families of the Kennedy Show Choir.  Where do they go?  Recently central Bloomington got a Willie McCoys restaurant and it shows up on Facebook daily as a place that people saw old friends, hung for a burger or grabbed a beer.  Who in our town can help us develop as a community and make it our community?

Thank you for listening and I would love your feedback!

Bloomington balancing of the market = strong economy

The 2018 Fall market in Bloomington, MN has been changing.  In the Spring of this year the inventory could not keep up with the number of buyers wanting to buy, hence a "sellers market". This is all good although it is important to focus on price and the importance of price in the market. 

As of today, October 1, 2018, there is an increase in inventory and as inverse relationships go there is a decrease in prices.  Notice there is an increase in days on the market and many price changes.  Enclosed is the last week in Bloomington.  There were 45 new listings and 22 price changes, 5 back on the market many times after a price change and 11 cancelled or expired. This all points to the balancing of the market. 

Market Watch

New Listing (45)
Price Change (22)
Back on Market (6)
Cancelled (6)
Closed (39)
Expired (5)
Pending Status (31)

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Don't worry this is good!

It is always important that the market balances throughout the year.  As consumers we don't want the prices to go too high too quickly because it will cause inflation so corrections are good!

Warnings:
1. This Fall is a strong market although it is short so pricing is important to be conservative and correct so that your home sells before winter.
2. Price attracts buyers first, it is how they start their search.  Price it right to get the best buyer with the best price.

Enjoy the process and follow the flamingos!

Resource: Northstar MLS

Downsizing = Lifestyle Change

As the Baby Boomers are selling their large homes, modest homes or just moving into smaller quarters they may not be "saving" money.  The reason to downsize in Minnesota or at least the Twin Cities should be for the lifestyle change.  Many of the town homes and condos in the southwest corner of the Twin Cities are as expensive as owning a home.

This is what is on the market at this time:

Square footage: 2000-2500
Town Home ~ $275,000
Condos ~ $485,000
Homes ~ $315,000

Square footage: 1500-2000
Town Homes ~ $211,500
Condos ~ $279,000
Homes ~ $252,500

Add Association fees onto your mortgage which can run from $200 - $1200 depending on the amenities and if they have been managing the funds correctly.

Questions to ask when reviewing a Home Owners Association (HOA) documents:

1. How much are the monthly fees? Has there been a recent increase, are they expecting an increase?
2. What does this fee cover? Insurance, heat, water, amenities, common areas
3. Ask for a copy of the Rules and Regulations and if they are enforced.
4. How much is in the reserves?
5. Are there any pending assessments?
6. Is this a privately managed association or is an outside party managing the funds?
7. How many own their condo and how many rent?  Is there a ratio, an example would be that there are 15% rentals allowed? How is this enforced?
8. Has this HOA been involved in any lawsuits?
9. Ask for a copy of the financials.  This is not usually given out unless an offer has been accepted.

Whatever you choose a condo, home or town home make the change in order to improve your life.  Many of the condos are very social and are designed for one level living with heated garages. Town homes are usually set up to be like living in a house with shared walls and amenities, there are very few one level living town homes.  A single family home can be perfect depending on the individual and their personal and physical needs.

Hopefully this will help you chunk down the options from a financial perspective.

4th Quarter = Buyers Market

It is that time of year again...winter.  This is the time of year that everyone wants to take their house off the market and wait until the spring market.  Why?  Do buyers stop buying in the winter? No, they continue to buy all year round although they do get frustrated with the lack of good inventory.

The truth is the prices have gone up since last spring.  The median sale price for a home in April, the height of the spring season, was $233,000 and in September it is $239,000.  During this same time period there were 9,718 homes for sale in April 2015 and only 9,313 in September 2015.  The average days on market is the same about 43 days.

Now is the time to put your home on the market and sell it in time to go to your favorite warm weather spot for the winter!