I lived in my "Starter Home" for 27 years - 01/30/11 12:12 PM
In real estate, we have this phenomenon called the starter home.  It has been sometimes used as an excuse for buying something that we really don't like very much, but we want to own it anyway.  It only has two bedrooms, and it's really small, but it will do for a starter home.  It's next to the rail track, but it will do for a starter home.  You have to walk through a bedroom to go from the kitchen to the living room, but it's fine for a starter home. 
Many buyers and some of the professionals who help them … (8 comments)

Schiller Park landmark in the old hometown is gone - 01/28/11 12:44 PM
My city of birth is Chicago, where our family lived for the first ten years of my life.  Parents bought a new home in Schiller Park, just across the forest preserve from Chicago in 1956.  It cost them just under $18,000, all brick and plaster construction with three bedrooms and no garage. 
There were a few landmarks of personal significance that have been replaced by asphalt or commerce.  The Colonial Inn, once known as the White House, was where I had my first legal job.  Other employment came with a forged birth certificate that said I was over sixteen years old.  … (1 comments)

Real Estate -- State of the Industry - 01/27/11 12:42 PM
This is the time of year when the President and most governors deliver an address to their constituents on the state of their particular jurisdiction.  They give accounting of the last year, and they make commitments to accomplish certain goals over the ensuing year.
It's a good time to reflect on the state and progress of our industry.  Since the beginning of 2010, where have we gone?  Are we better, worse, or the same as a year ago?  I have a few unscientific observations.
First, I think that price declines have generally moderated in 2010 vs. 2009.  Maybe the worst of … (3 comments)

Update: Where is your landlord? - 01/26/11 11:29 AM
About a year ago I posted a question and some possible answers.  I asked about where your landlord is and what he is probably doing.  Last year there were more uncertainties about the housing market than this year, and after a year, landlords are still doing quite well.
Last year, I suggested that there's a good chance that your landlord was home counting the money you paid him, and that he was probably thinking about raising your rent.  Well, if he didn't do it last year, you got lucky.  Your luck will probably run out eventually, probably sooner than later.  Rent … (1 comments)

Are Fence Sitters mythical beings? - 01/25/11 09:50 AM
We hear a lot of talk about fence sitters, people who, for one reason or other, can't decide to pull the trigger and commit to buying a new home.  Do they really exist in great numbers?  A couple years ago, there were some folks who were waiting for the market to stabilize from its free-fall.  That may have been a good strategy for a discretionary buyer in 2008 or 2009.  That was then.
We are now in a real estate environment that is not seeing dramatic decreases in value if any.  Most of the people who put their lives on hold … (5 comments)

Congratulations to our neighbor South Dakota #1 for small business - 01/24/11 09:49 AM
According to a report from the Small Business and Entrepreneurship Council, South Dakota leads the nation in its climate for small business.  The report cites as reasons for the top ranking, no personal or corporate income or capital gains taxes, lowest crime rate, and low state and local government spending.  Congratulations to South Dakota.
Minnesota follows closely behind, just forty-one spots below South Dakota and for reasons similar but mostly opposite.  This illustrates just how off target Minnesota is in its attempts to solve its budget problems.  Minnesota is a great place to do business with many facilities that far exceed … (0 comments)

Northfield renters, are you ready for the house hunting opener? - 01/23/11 12:09 PM
We are rapidly closing down on the official Minnesota House Hunting Opener which, of course coincides with Groundhog Day, February 2.  Ten days from today the masses of homebuyers will wake up, fail to see their shadows, and hit the streets to find a place to buy before the lease expires in May. 
There will be some left behind in the rush.  Some folks who are tethered to their landlords will approach the  mandatory declaration of independence deadline prior to lease expiration and sign an extension in a moment of panic.  Why?  Why would anyone want to extend their apartment incarceration … (0 comments)

Dakota County renters, are you ready for the house hunting opener? - 01/23/11 12:04 PM
We are rapidly closing down on the official Minnesota House Hunting Opener which, of course coincides with Groundhog Day, February 2.  Ten days from today the masses of homebuyers will wake up, fail to see their shadows, and hit the streets to find a place to buy before the lease expires in May. 
There will be some left behind in the rush.  Some folks who are tethered to their landlords will approach the  mandatory declaration of independence deadline prior to lease expiration and sign an extension in a moment of panic.  Why?  Why would anyone want to extend their apartment incarceration … (0 comments)

Elko - New Market homebuyers deserve an agent's written commitment - 01/20/11 11:05 AM
If you're considering buying a home in Elko-New Market, demand that the agent assisting you advocate exclusively on your behalf. If the agent does not put his/her commitment in writing, you are being short-changed. A buyer agency agreement binds agents to put your interests ahead of theirs. They must advocate on your behalf to help you find the best property, they are pledged to do all possible to determine the value of your chosen property, and they are committed to do everything possible to negotiate the best possible price and terms.
Without the buyer agency agreement, a licensed agent is just … (1 comments)

Northfield homebuyers deserve an agent's written commitment - 01/19/11 09:10 AM
If you're considering buying a home in Northfield, demand that the agent assisting you advocate exclusively on your behalf. If the agent does not put his/her commitment in writing, you are being short-changed. A buyer agency agreement binds agents to put your interests ahead of theirs. They must advocate on your behalf to help you find the best property, they are pledged to do all possible to determine the value of your chosen property, and they are committed to do everything possible to negotiate the best possible price and terms.
Without the buyer agency agreement, a licensed agent is just somebody … (0 comments)

Farmington homebuyers deserve an agent's written commitment - 01/18/11 10:46 AM
If you're considering buying a home in Farmington, demand that the agent assisting you advocate exclusively on your behalf. If the agent does not put his/her commitment in writing, you are being short-changed. A buyer agency agreement binds agents to put your interests ahead of theirs. They must advocate on your behalf to help you find the best property, they are pledged to do all possible to determine the value of your chosen property, and they are committed to do everything possible to negotiate the best possible price and terms.
Without the buyer agency agreement, a licensed agent is just somebody … (2 comments)

Apple Valley homebuyers deserve an agent's written commitment - 01/18/11 10:43 AM
If you're considering buying a home in Apple Valley, demand that the agent assisting you advocate exclusively on your behalf.  If the agent does not put his/her commitment in writing, you are being short-changed.  A buyer agency agreement binds agents to put your interests ahead of theirs.  They must advocate on your behalf to help you find the best property, they are pledged to do all possible to determine the value of your chosen property, and they are committed to do everything possible to negotiate the best possible price and terms. 
Without the buyer agency agreement, a licensed agent is just … (0 comments)

America's three most officially celebrated lives - 01/17/11 10:25 AM
A while ago, Congress decided that we needed more three day weekends, and they moved a handful of holidays from their traditional date to a movable date that fell on a Monday.  They later changed their minds about Veterans Day and moved it back to November 11. 
Three holidays are named to honor persons of historical importance to America and originally were designated on their birthdays.  Interestingly, Washington's Birthday will never again be celebrated on Washington's birthday, February 22.  The closest is February 21. 
Today is Martin Luther King's Birthday, ignored by some, and celebrated with great reverence and honor by … (1 comments)

Change of seasons is one of the joys of life - 01/16/11 11:17 AM
It's nice to be able to enjoy the variety of a change of seasons.  After many months, we are approaching the change.  It doesn't happen all at once, but the change affects many of us and our daily routines.  In the real estate business, the change may be more acute than for others.
In just a few weeks, we will change from the football season to the baseball season, and like the opposite of March, both tend to come in like lambs and go out like lions.  They begin in ways that are hardly noticeable to many folks, even many fans. 
… (3 comments)

Why would anyone want to live in Minnesota? - 01/15/11 06:29 PM
While enjoying my daily winter outdoor time moving snow around, I got to thinking.  Minnesota can be one of the coldest places in the hemisphere.  Which one? take your pick -- western or northern, it doesn't matter.  It can also get really hot here, and wet here, and we have an occasional drought.  Some would say that the variety must be wonderful.  I'm not buying.
Maybe it's the fact that Minnesota is a tax haven.  Nowhere near.  Truth is that Minnesota excels in almost nothing, but it's pretty good at just about everything, with the possible exception of professional football.  We  … (8 comments)

New Year's Resolutions, two weeks removed - 01/14/11 09:03 PM
I think someone posted some stats on resolutions that indicated that most didn't get beyond two weeks.  Well, here we are, two weeks in to the year that looks like quotation marks.  While not a barometer for the rest of the world, I would like to give a public account of my progress.
1. Lose weight.  So far, about a pound, so I'll keep this one in the running.
2. Stop smoking.  Haven't smoked yet this year (well, I actually haven't smoked in a few decades, but there has to be something to make me feel like I'm keeping on track).  … (6 comments)

Dakota County Public Notices - 01/14/11 08:40 PM
If you're interested in a source for Dakota County public notices, including notices of foreclosure sale, they are available in the Dakota County Tribune. Published weekly, the Dakota County Tribune business weekly is also a great resource for news about business activity in the county.
To subscribe to the publication, contact the Dakota County Tribune office at 12190 County Road 11, Burnsville, MN 55337, or call 952-846-2010.  The price of this great resource? FREE
… (0 comments)

You can claim you weren't the cause, but you can't deny that you had influence - 01/13/11 10:50 AM
From time to time, anomalies occur in the environment.  Sometimes they occur in human behavior, and often with tragic results.  Such was the case with the incident in Tucson several days ago.  Too many innocent people were killed or injured through the acts of a deranged man.
There are those who claim that the tragedy was caused by inflammatory rhetoric spewed from overzealous well-known personalities.  The claims were countered by more inflammatory rhetoric and, by some, vehement denial that they caused the tragedy.
The only person who caused the tragedy was the man who pulled the trigger.  However, all of us … (2 comments)

House Hunting Season Opener --- Let's have a party - 01/12/11 03:19 PM
February 2 is Groundhog Day.  I'm not sure why nobody ever calls it Woodchuck Day, but that's an issue for another post.  Groundhog Day is also the official beginning of the house hunting season in Minnesota.  On this day, the sun sets just before 5:30 in the Twin Cities, and that is about what somebody on the day shift needs to see a home or two before dark.
If you're thinking about buying s home this spring, everybody in Minnesota knows that the best hunting is during the first week or two of the season.  That's also true for walleye fishing, … (4 comments)

Apple Valley's Mid-Winter Fest buttons go on sale Friday - 01/11/11 05:59 PM
Apple Valley will be holding its thirty-fourth annual winter celebration on February 5 and 6.  This annual event has grown in popularity and variety of activities since its beginning in 1978.  Along with the medallion hunt which seems obligatory in any winter celebration, there will be indoor and outdoor social and athletic activities.
This two day event is one of the best bargains south of the river.  Cost to attend all events is covered eith the purpose of a $1 official button, available at the community center, ice arenas, and municipal liquor stores starting Saturday.  The celebration features numerous events like … (0 comments)

Need a little help with the down payment? Dakota County can help you - 01/10/11 02:22 PM
First time homebuyers in Dakota County may be able to get some help with their down payment.  Individuals with incomes as high as $84,000 could qualify for down payment help.  The help will be in the form of an interest-free, no payment loan, due only when you pay off your mortgage or no longer occupy the home as your principal residence.
First time buyers, depending on their annual income can be eligible for anywhere from 2.5% to 10% of the mortgage amount to help with the down payment and/or closing costs.  In addition to first time homebuyers, anyone who has not … (0 comments)

My office assistant is still eating my files -- and just about everything else too! - 01/09/11 10:59 AM
A few months ago, I started training a new office assistant.  Dylan, our eight month old Golden Retriever, is not quite ready for prime time.  He has gone along on a couple home tours (didn't get to go inside), and that has gone fairly well.  He is working on not singing while I'm on the phone, and that's a work in progress. Clip is a couple months old, and he is now louder and larger.
 

Greatest problem in the training regimen is the file-eating thing. Not only does Dylan eat files, but he also eats everything he can get … (7 comments)

Attention home hunters : Days are already getting longer - 01/07/11 06:02 PM
You can't see much in the dark, and winter months make it hard for home buyers to do much touring on weekdays.  By the time you have left work, it's almost dark.  That means house hunting probably is best done on weekends. 
Just a couple weeks ago, days began to get longer.  There is now almost enough time for a quick home showing or two before it's too dark to see the outside of a home. If you're thinking of buying this spring, do yourself a favor and start looking now.  Interest rates could creep up, and other buyers will also … (0 comments)

Failed listings. Sellers ask, "Now what?" - 01/05/11 06:07 PM
So, your Apple Valley home has been on and off the market without being sold.  Your agent gave it his/her best shot, and it turned out to be a blank.  You still want to sell your home, and you aren't particularly thrilled with the prospects of another round of failure.
Well, you could try contacting us.  We are estate professionals who specialize in tough love and thorough analysis of failed home listings.  You will get an explanation of the reason(s) that your home didn't sell with absolutely no sugar coating.  We should probably charge for our analysis service, but we don't.  … (1 comments)

Why should we be afraid to make a commitment to friends and family? - 01/04/11 08:26 PM
Many real estate professionals are insistent on a buyer broker agreement for prospects.  They change their stance when they are dealing with friends and family.  What makes some of us choose to treat those close to us so poorly?
A buyer broker agreement is a written commitment to subject ourselves to fiduciary responsibilities in relation to our clients.  We must put their interests ahead of ours, and we must accept the responsibility to obey their lawful requests.  The fact that someone is a friend or relative should not interfere with their right to have a real estate professional legally committed to … (2 comments)

How does the housing market influence owning your first home? - 01/03/11 10:55 AM
The housing market has been at a monumental low point, and it may remain there for a while.  If you own a home, you are almost certainly aware that the amount of equity in that home has been affected.  If you want to change houses, you have some challenges to face.  It may not be possible to make a change now or in the near future.
If you are a renter, the slow market is an ideal time to break away from the shackles of renting and declare your independence.  The slow market has brought lower prices and more affordability.  Reasonable … (3 comments)

Missed opportunities - 01/02/11 03:03 PM
We all tend to miss opportunities of various importance.  Yesterday, I missed my chance to write 1-1-11 on a check.  It's just such a concise date that I should have somehow found a reason to write it.  Next big chance will be in November. How exciting.
Our children are with us for under twenty years, and then they are gone.  Even if they don't take the hint and they try to continue living with us, they are our adult daughters and sons, not our children.  Children are born to a path leading to independence, and that path, with a few twists … (3 comments)

Mike's pick for best bank-owned value of 2011 - 01/01/11 11:28 AM
If you're interested in moving out to the country, and if you are willing to do a little work to make it happen, read on.
My worth as a buyer's agent is defined by my ability to work on behalf of my clients to find the best available property and to negotiate the best price and terms for their selection.  Sometimes, I run across a great opportunity that is not quite a good match for any of my clients.  I think I have found one of those opportunities.
The property is located in Dakota County, about forty minutes south of downtown … (2 comments)