For Home buyers

Older homes

I mostly sell older homes and by older I mean they are closer to 100 years old than they are to 50 years old. These are wonderful homes and some are in renovated factories downtown. In some cases the mechanicals like the plumbing, electrical, heating system and roof are in excellent shape because they have been upgraded and are fairly new.

These homes are reused over and over and upgraded along the way. The oldest homes are the closest to downtown and the highest concentrations of the newest homes are in areas like Highland Park, Battle Creek and the upper East side.

 

There are many homes in St. Paul that have been standing for more than a 100 years. They never really go out of style. Almost anything in an existing home can be improved and upgraded. The only thing that can’t be done is to build those wonderful old houses again.

Don’t be afraid of buying older homes. It looks like they are here to stay and they will be getting older too.  The home in the photo was built to last in 1912.

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Built to last in 1912

 

First Time Home Buyers

Questions home buyers ask

The internet and my wonderful phone make it easy for people to contact me and ask questions. I like to answer questions but I can’t answer them all. Some of the questions are so vague that I have to ask questions before I can answer any.  I’ll never ask questions to get information for my database before answering a callers question. I just hate it when businesses do that.

Sometimes people call and say they are calling about that home I have for sale. I always have to answer that question with a bunch of questions so I can figure out which home they are asking about. A street name, house number of even the color of the home is usually enough information so that I can identify it.

Sometimes people ask me why the homeowners are selling their home. I usually have an answer if it is one of my listings but unless the owners give me permission to disclose why they are selling their home I really can’t say and there are plenty of good reasons for that.

Home buyers will ask me if I think the seller will accept X amount for the home. Honestly I have no idea. How would I know? My instinct says that if a buyer is offering half the listed price it is unlikely that the owner will accept but I don’t know for sure.

Another question I get is “why is this still on the market?” There are all sorts of reasons why a home is still on the market. I have known homeowners who were willing to wait years to get their asking price. Sometimes they will take less than what they are offering but no one has offered.

It is not at all unusual for buyers to ask why a property for sale is priced the way it is. That is a tough one to answer because a property owner can price their real estate any way they choose. The asking price and sale price are seldom the same.  Home buyers need to think in terms of how much a home is worth and may want to work with a buyer’s agent who can give them advice on how much they should offer. 

I will always do my best to answer any questions that come my way. I just love questions that can be answered with a yes or  a no.

sunset

hazy sunset

Photos

Into the woods

park

Lilydale park

If you have not explored it yet check out Lilydale regional park. It is particularly beautiful in the fall too. The park is along the Mississippi river west of Harriet Island Regional park. Over the last couple of years the trials have been improved and several more have been added.

Oh but watch out for the wild turkeys.

turkey

wild turkey

Friday fun

So you stumbled onto my site

It is Fridays and Fridays are for fun. I never make fun of my readers but I would like to clear up a little confusion.

When people contact me they often tell me that they “stumbled across my blog some how”. They tell me they have no idea how they got here and most use the words “stumble” and “somehow”.  Even though I have heard this over and over for the last decade I rarely comment on it. I know exactly how people find this site.

So . . . . no you did not stumble across my blog. For one thing you used your phone, tablet or computer to access it which doesn’t require any walking skills at all. You found my blog because you did a search for information using Google or possibly some other search engine if there is such a thing. It wasn’t an accident. You were meant to find this site, in fact you searched for it and you found it. You just did not realize you were looking for it but you were looking for it.

Even though you found the site weeks after signing a contract with another real estate agent you were meant to work with me and if you had been working with me you would not have had to search for the information that brought you to my site.

I hope this clears everything up and I hope no one falls after they some how stumble onto this site.

stumble

 

For Home buyers

Luxury home market

I don’t sell many homes that are priced over 650K, but we do have then here in St. Paul. Even in the luxury market it seems like home buyers don’t want to pay too much for a home. I recently had a home owner who has been trying to sell a home in the 1.5 million dollar range tell me that it takes years to sell such a home. Actually the average this year for 650 and above is under 60 days. The numbers below are for all homes sold in St. Paul in 2015 so far that were priced for 650K or more.  I know that is a large price range.

The 6 homes that were priced between 900K and 1 million sold in an average of 37 days. What I found in general is the highest priced homes took the longest to sell at 7 to 9 months. I also noticed that the price stayed the same on the home with no reductions whereas price reductions were fairly common in all price ranges below 1 million dollars.

Each home has a price range and in general the homes priced closer to the top of the range will take longer to sell than those that are placed closer to the bottom.

If you own a luxury home and have it on the market don’t just assume it is taking longer to sell because it is in a higher price range. Gather some date or ask your real estate agent to provide some data. If homes in the same price range are selling then it is important to find out why your home isn’t selling.

(Click graphic with numbers to make it larger . . readable even)

sales chart

year to date luxury home sales

If you are in the market for a St. Paul home that has at least 5000 square feet of living space and maybe 4-10 bedrooms there are 50 to 60 of them on the market right now including half a dozen of so that were built this year.

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Summer in St. Paul

 

Local Market Conditions & home prices

PDOM after the price reduction

Our MLS added a new field a couple of years ago. It is called “PDOM” which means days on the market since the price was reduced. We have always been able to look it up and see when the price reduction occurred but this makes it easier.

Buyers going in with a low offer need to understand that it might be harder right after a price reduction and when I look at the number and see that a lot of days have gone by since the price reduction I know that the home is probably still over priced.

The number is also interesting to watch. Most homes are selling in less than 60 days in St. Paul right now but I can also get an average number of days after a price reduction. Some homes sell the first day or week without a price reduction probably because they are priced right.

Here are some numbers for June for homes sold in St. Paul. The CDOM represents cumulative days on market which is how we track all the days when a home is on and off the market. DOM is the “days on market”. The number of days the listing has been active in our system under the same MLS number is the best way to describe it.

June data

June MLS data

There are some other numbers I always find interesting on the graphic including the average number of bathrooms being 1.8. What would it be like to have 2.9 bedrooms?

Contact

Teresa Boardman
Realtor®, MN,
Licensed Broker
Boardman Realty
651-216-4603
teresa(at)tboardman.com
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