This podcast is providing the latest information on the real estate market condition in the Twin Cities.  Visit http://www.realestateresource.org  for more information.

#RealEstateResource #TwinCitiesRealEstate

This podcast is providing the latest information on the real estate market condition in the Twin Cities.  Visit http://www.realestateresource.org  for more information.

This podcast is providing the latest information on the real estate market condition in the Twin Cities.  Visit http://www.realestateresource.org  for more information.

Visit http://www.realestateresource.org for more tips and information that can save you money.

Summary of a hot market

Data shows 45 days - what that really means

Low inventory

Days on Market

Houses get listed on a Wednesday or Thursday - Why

Showings

Overlapping

Pool of buyers

Business cards

What you need to have ready before you go to your showing

Approval letter

Earnest Money check

Personal letter to the Seller

Short story

Honest

Pros about the neighborhood

Pros about the house

How to structure the offer -

Full Price Offer?

Over asking?

Closing Costs paid by seller?

Contingencies?

Moving the closing date?

Rent back?

Timing

Let the listing agent know right away?

Send the offer right away?

Watch for the email blast to all participants

Shopping the deal - time restrictions

Why we list on Wednesdays and Thursdays

Don't be discouraged if you lose out.  In hot markets, you are likely to lose out 2-3 times before you win.

Why?  Urgency - Understanding the market - Offering at the top of your approval limit.

Renter's Podcast Episode

1. Searching for Apartments
2. 1. Online
   2. 1. Apartments .com
      2. ForRent
      3. Hotpads
      4. Craigslist
      1. Why use them
      2. MLS
   3. Using a Broker/Agent
      1. Amenities
      2. Location
      3. Rules -BBQs, guests, etc.
         1. Hardwood floors vs carpets
      4. Dogs/cats - limitations on weight and number
   4. Things to consider
      1. Who is going to be on the lease?
      2. Security deposit
         1. Painting
         2. Guests
         3. Parking
         4. When and who can enter your apartment
         5. Changing the locks
      3. Terms and conditions to watch for
      4. What is included?
   5. Signing the lease
      1. Contact the Utility Company
      2. Set up cable - see if they allow the dish prior to calling or you will pay!
         1. Walls
         2. Condition of carpet - stains
         3. Interior of Stove/Fridge
         4. Doors for damage
      3. Take video and pictures - most important part.
      4. Use the provided checklist and make notes
         1. What it covers - to the walls and personal possession
      5. Getting renters insurance - cheap - a must
   6. Prior to moving in
      1. Know your rights on entry
      2. Get proper notice - quiet enjoyment
      3. Have a contact in your phone in case of an emergency
      4. Know your rights on pay to stay laws.  If your landlord is accepting partial payments, then your entitled to staying under the terms of the lease.
      5. Neighbors - Minor disputes - be friendly, try to resolve, get management involved, break the lease.
         1. If they don't then it's time to issue formal notices and withhold rent.
      6. Repair Request - If its safety then make sure you document the issues.
   7. While living at the premises
   8. Document everything - Keep a journal Document all interactions with your landlord — both good and bad. Note phone calls and conversations, save emails and text messages, and document late rent payments, notices served, warnings issued, complaints, maintenance requests, requests to enter the unit, and what happens inside once you do.
      1. Certified mail is a must
      2. Remember in most states it is calendar to calendar.  30 days.  Give notice On June 1st you may have to pay July's full rent as the calendar overlaps.
      3. Review Pictures for items to fix
      4. Remember it will cost you 1.5 times or more to have it fixed by the landlord.
      5. Have the discussion with your roommates early on about the security deposit refund as it will likely be refunded via one check.
      6. In most states the Security Deposit can't be used as form of payment. 
      7. Be proactive on reaching out.  Security deposits must be returned in a timely fashion or there are steep penalties.
      8. Get a testimonial if it was a great relationship - You'll need it on the next screening or loan application.
   9. Moving out - Make sure you give proper notice

Expired Listing Podcast

Visit http://www.realestateresource.org

Three main reasons why your house expired

1. Price
2. Home Condition
3. Marketing

Today’s expectations

1. Move in Ready
2. Improvements
3. Location

Analyze Your Feedback

1. Search results
2. Showings
3. Online Presence

Tour other Homes on the market in your area

How to avoid overpricing – 3 common pitfalls

                Agent

                Come down

                Bounce house

Expired – Be ready for calls from agents

Shop your next agent

Everything you need to know about Radon

In this episode I answer the most common questions regarding Radon in Real Estate.

1. What is Radon?
2. How Dangerous is it?
3. Why should I test for it?
4. Where can I get a radon test?
5. Types of tests.
6. Levels of radon that are acceptable.
7. How does radon enter your home?
8. Selling your home? A tip that will save you and the buyer money.
9. I have an offer in and the radon is high. Now what?
10. My home has tested high, now what do I do?
11. How much does a mitigation system cost?
12. If I seal the cracks will it reduce radon?
13. How long does it take to install a mitigation system?
14. How long do they last?

Here is a great resource for radon:

https://www.epa.gov/radon

What are the differences between Townhouses, Condos, and Houses?

Think Form of Ownership -

Condos – The only thing you own is airspace! Well, you own a little more than that (such as the interior finishes and wall space). Everything else is owned by the association. The association owns the elevators, and common areas.

                Things to consider when buying:

                                Association dues

                                Amenities

                                Reserves

                                Pending projects

                                Insurance

Fun fact: On the east coast no one refers to them as condos. They are called apartments. Why? Well you own an apartment rather than rent.

Townhomes – You own land! In respect to townhomes you actually own land.   Townhomes are usually a series of connected homes that share walls with your neighbors. You still are likely have an association and this varies from project to project. Some townhomes have event centers and pools. The association is responsible for lawn care, snow removal, exterior maintenance such as driveways, trash removal, and landscaping. You pay property taxes on land.

Fun fact: Townhome associations have strict rules on what you can and can’t have in the yard, driveway, and even where you put your trash can.

Houses- The ultimate form of homeownership. You own the land, the structure, and the airspace. No restrictions unless it is a city or county ordinance. Property taxes, insurance, and the weekend trips to Home Depot are all on you for repairs and maintenance.

Fun fact: You actually own the airspace all the way up to the stars however the FAA has a say. Think you can tear down your house and build a 150 story building? Not if it’s close to an airport. FAA has its say in the United States.  

Valuation in declining markets vs hot markets. There are differences in value appreciation and deprecation.

Whether your search for senior housing is prompted by a family member’s serious medical condition or the desire for a lifestyle change, finding the right place to live can be challenging and stressful for both you and your family. However, the earlier you assess your current needs and how those needs may evolve over time, the more choices and control you’ll have.

Today we discuss briefly the different types of senior housing available, you can make the choice that’s right for you and ensure you enjoy a happy, healthy, and fulfilling home environment as you age.

This is always a sensitive subject and for many families a taboo. It doesn’t have to be and they will be thankful if you sit down and talk about their plans early.

As a SRES many of my calls are about counselling and very few lead to listings or contracts.

Making the decision to age in place or move.

How many family members are there? Who is the decision maker?

Transition can be up to three times once one can become a Senior.

Items to consider when aging in place.

                Stairs Accessibility

                Current condition of the home

                Modifications planned.

Hardest thing is Change – Losing your Independence

Discussing with a Elder Law Attorney and setting up Trusts vs just a Will

Medicaid’s Asset Transfer Rules – Look into it early as it will cost you down the road.

Types of Housing

                Aging in place

                The Village Concept

                Assisted Living

                Nursing Homes

Comparison of Senior Housing Options in the U.S.

Feature or Service

Independent Living

Assisted Living

Nursing Home

Approx. Cost per Month 

$1,500 – 3,500

$2,500 – 4,000

$4,000 – 8,000

Meals per Day

Meal Plan Options

3+

3+

Medication Management

No

Yes

Yes

Personal Care

No

Yes

Yes

Mobility Assistance

No

Yes

Yes

Accepts Wheelchairs

Yes

Varies

Yes

Alzheimer's/Dementia Care

No

Varies

Varies

On-Site Nurses

No

Varies

Yes

Transportation 

Most Yes

Most Yes

Yes

Incontinence Care

No

Yes

Yes

Housekeeping 

Varies

Yes

Yes

So you have 3 showings the day it is listed and now it’s back to the work week. The first 3 weeks of a listing is the busiest and you must be prepared for every showing like it was the only one you are ever going to get.   Make it count.   I discuss tips and musts you need to take in your busy schedule to hit that showing out of the park. Topics include:

Pick up every room

Work backward from the entry point of the home to the furthest bedroom picking up everything up off the floors and counter surfaces.

Clean off counters

All counters should be clean and clear. Remove clutter as well - small appliances, knick knacks, and odds and ends should be stored.

Beds made

All the beds in the home should be made. If your bed spreads are old replace them!

Garbage cans empty

All garbage cans need to be empty. Also wash them out once a week and give them a quick spay of disinfectant to cut down odors. Odors are the number one killer of a great showing.

Carpets vacuumed

Vacuuming fluffs them up and makes them look new. Focus your efforts on the entry and living room.

Lights on

A dark home is gloomy. Turn on all the lights in the home, and open drapes and blinds to brighten the home. Also be sure your windows are clean.

Load the dishwasher

Clear the dishes off the counters by loading the dishwasher but don't start the cycle if it will be running during the showing.

Load the washer and dryer

Clothes should be picked up and either placed in a hamper or loaded into the washer or dryer. Again don't start the cycle if it will be running during the showing.

Put Valuables Away

Prescription medication and valuables should be locked up. We are all busy but it is a conversation best avoided if they are put away.