Month: January 2018

What to put in gift baskets for compeditors

Posted on by Teresa Boardman
Empty gift basket
Empty gift basket

It is Friday and Fridays are for fun. In the past six months, two real estate companies have opened offices in the area. One is located a few blocks from my home and another is located just around the corner from my downtown office.

Neither location is new. They are in the oldest parts of the city but are being advertised as great new locations.

Both companies have been sending or sent “grand opening” notices. I feel as though I need to do something special, like a gift basket to welcome each to the neighborhood. For the downtown office, I think a map with the names and locations of condo buildings should be put in the basket.

Few agents seem to really know downtown. Information about parking might also be helpful. Real estate agents resist going downtown because they don’t know where to park. So far the perceived lack of parking and the complexity of our little downtown has kept real estate companies away. real estate agents are afraid of getting lost, being run over by a train or going the wrong way down a one-way street.

The other new office is close to the bars and restaurants on West 7th street that sprung up and expanded because of the Xcel center. When there isn’t an event tumbleweed can be seen rolling down the street unless there is a blizzard.

When there is an event there isn’t any parking. There is always gallons and gallons of craft beer nearby. West 7th street is all about beer, burgers, pizza, and brats. Wine and popcorn might be a good gift to hold them over until they find Candy Land downtown and the new wine bar opens on Grand and Leech.

Both real estate offices are part of large national franchises and are less than a mile apart.  My company is small independent and woman-owned and operated and there isn’t any other like it in the area and I got here first.

Staging can be done wrong

Posted on by Teresa Boardman

Almost everyone has heard of “staging”. The idea is to go through the home and make it look like a place that we might see in a magazine. The right amount of furniture is put in the right places to make the home look inviting and livable.

It isn’t about cramming the place full of furniture, lamps, books, and rugs. Staging is more about cleaning, decluttering and making needed repairs or upgrades. Most of the houses I sell have too much furniture and furniture needs to be removed not added.

Effective home staging for an occupied home can include removing pieces of furniture and family photos from the walls. Clearing horizontal surfaces and re-arranging shelves and artwork. There is no need to over think it. Moving a chair from one place to another isn’t going to cause a home to sell for more or less.

I am not convinced that a vacant house always needs to have furniture put in it to help it sell. I love the look of clean empty rooms. To me, there isn’t any room that is more pleasing than one that is empty. I don’t have any problem seeing the possibilities or imagining it with my own stuff in it.

If furniture is used to stage a vacant home it should be kept to a minimum. Limit the number of rugs and huge ottomans and artfully draped throws. Small furniture should be used in small rooms.

Home sellers who have a home professionally staged should also have it professionally photographed. Chances are anyone who wants to see the home will see it on the internet first.

If the house needs a little work and a good cleaning filling it with a stagers furniture isn’t going to help. Bad staging can actually hurt as rooms may look smaller with too much stuff in them and decorations can become distractions.

Choose your house style

Posted on by Teresa Boardman

There are a variety of housing styles in St. Paul. The city was built over a period of time. The oldest houses are near downtown St. Paul and the newest are around the edges of the city.

If you are looking for a rambler or a split level home with a two car attached garage I would not bother looking in the downtown area but you might find some in the western part of Highland Park and near 3M and Battle Creek.

If you like Tudor style homes look along Summit Avenue or in Merriam Park or in the Cherokee Heights neighborhoods because those are the areas with the biggest concentrations of them.

When choosing a neighborhood consider the housing style and when choosing a housing style consider the neighborhood.   When you find the right combination you may find that you can not afford the style of home that you want in your favorite neighborhood.

Home buyers end up compromising on one or the other.   With today’s smaller inventory of homes on the market, buyers should allow extra time for finding a good fit and should be prepared to move on it when they find it.

In recent years people have been buying houses in their favorite neighborhood, tearing them down and building the kind of home that they want which is of a completely different size and style than what is usually found in the neighborhood. Thankfully that isn’t an option for everyone.

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Tudor style house – Merriam Park

2017 home sales by neighborhood

Posted on by Teresa Boardman

Here are home sale numbers for 2017 for St. Paul, Minnesota.

Average sale price – sorted by neighborhood

Two neighborhoods are tied for the fastest average sale time. Homes in the Como and West 7th neighborhoods had an average of 29 days on market. Homes took longest to sell in downtown St. Paul and had an average of 60 days on market. Downtown is where the condos are and on average they take longer to sell than other types of housing.

How much will your home sell for?

Home sales and prices by neighborhood

Posted on by Teresa Boardman
home sales
Home sales by neighborhood

Numbers are a great way to start the week. This is the first full work week of 2018. We hit a new low for the number of homes on the market and the number of new listings in December was also low.

The number of home sales was low because it was December and because there weren’t many houses on the market. Home prices were up from November and slightly higher than October but lower than September.

This isn’t a healthy real estate market. It is a strong seller’s market. Home prices continue to climb much faster than wages.

The data used to make the table was extracted from the NorthstarMLS which is considered accurate but not guaranteed.

For more local real estate numbers please see Local market conditions and home prices.

If you have a home that needs selling, call now.

Real estate license questions

Posted on by Teresa Boardman

This blog has become a kind of “go to” place for people who are considering getting a real estate license on Minnesota. Interest is the strongest in December and January.

Some people want to get a license so they can buy and sell their own properties. A license isn’t needed to buy or sell property in Minnesota. A license is needed for those who are assisting others in buying or selling real estate and charging a fee. I occasionally run into persons without licenses acting as though they are licensed.

There is a myth out there that buying a home without the help of a real estate agent saves money. It could save the home seller who is usually paying a commission some money but it might not. Working with an outstanding agent such as myself or Teri Eckholm will save money and time too.

Getting a real estate licenses for the purpose of helping others buy and sell real estate makes sense. The one thing people fail to consider is that here in the metro area there are more real estate agents than there are real estate transactions each year. The job is about finding real estate buyers and sellers to work with more than it is about helping people buy or sell real estate.

The other thing that people sometimes don’t understand is that all real estate agents work under a real estate broker. Commissions go to the real estate broker who passes the commission along to the agent after taking a cut.

To get a brokers license a person has to have had a real estate salespersons license for three years and then take 30 hours of classes and pass a test and pay a fee. Visit the Minnesota Department of Commerce website for more details.

Real estate agents only get paid by their broker and they only get paid after the sale has successfully closed. Agents to do not get paid to have an open house or to answer the phone in the office. Agents do not get paid to show houses to buyers.

Real estate agents are usually 1099 independent contractors working on a 100% commission basis which means there are no paid vacations and there is no group health insurance plan.

Health insurance is crazy expensive and it gets more expensive as we age. Many of the successful agents I know have spouses who have full-time jobs with health insurance. Having a spouse with a steady income also helps agents through the ups and downs in income. Real estate sales can be impacted by the economy and the seasons.

As a rule, people planning on becoming real estate agents should have enough money in the bank to pay all the bills for six months and some extra for business expenses and emergencies. The people I have seen fail simply ran out of money and choose to move on. The dropout rate among new agents is high during the first year. I have heard 80 to 90% but can not find any actual data to back that up.

Real estate licensing is regulated by the Minnesota Department of Commerce. Minnesota licensees are required to take 90 hours of training and to pass a test an pay a fee to get a license and are required to complete 30 hours (15 hours a year) of continuing education every two-year renewal period and pay a fee to keep that license. Visit the Minnesota Department of Commerce website for more details.

To become a REALTOR a person needs to join the National Association of Realtors. REALTOR is not an occupation, it is a membership.

If you are interested in getting a license in another state find the department of commerce website for that state. You do not need to consult with a real estate company to get a license. You will need to interview real estate companies to decide which one you want to work with.

Also see Getting a Real Estate License