Tim's Blog

Here are some interesting things about the top 25 markets in the USA!

Tim Monigold (Exit Three Rivers Realty) — Wed, 20 Aug 2008 20:58:09 -0500

Not one Minnesota city is in the top 25%! Wow.

Rank	Real Estate Market	2008 Forecast
1.	Biloxi, MS	4.9%
2.	Salem, OR	4.7%
3.	Bismarck, ND	4.6%
4.	Spokane, WA	4.4%
5.	Yakima, WA	4.1%
6.	Austin, TX	4.0%
7.	Grand Junction, CO	4.0%
8.	Fargo, ND	4.0%
9.	Mobile, AL	3.9%
10.	Idaho Falls, ID	3.8%
11.	New York, NY	3.8%
12.	Glen Falls,NY	3.8%
13.	Salt Lake City, UT	3.8%
14.	Grand Forks,ND	3.8%
15.	Pascagoula, MS	3.8%
16.	Hattiesburg, MS	3.7%
17.	Albuquerque, NM	3.5%
18.	Kellogg, ID	3.5%
19.	Boise, ID	3.5%
20.	Provo, UT	3.1%
21.	Ogden, UT	2.7%
22.	Edmond, OK	2.6%
23.	Oklahoma City, OK	2.5%
24.	Amarillo, TX	2.4%
25.	Lubbock, TX	2.3%

Here are the facts for Minnesota Cities:


City	Forecast
Minneapolis	- 8.1%
St. Paul	- 7.3%
Bloomington	- 5.3%
Duluth	- 3.8%
Rochester	- 6.7%

I got these facts from http://www.housingpredictor.com/minnesota.html you can go and check it out. I read some really interesting things on this site! I hope it helps...

Whats this in my mail box?

Tim Monigold (Exit Three Rivers Realty) — Wed, 20 Aug 2008 20:51:15 -0500

So today I got a letter from my mortgage company today saying they have sold my mortgage to Metlife! What is this? After I told Cole about this he said to me that he remembered at the closing we where told that First Horizon retained 90% of there mortgages. WE MUST BE IN THE 10%!!!! Wow... So anyway this letter doesn't really tell me anything besides don't send us money on September 1st. Ok I won't....I just hope that Metlife is as good as First Horizon was. I really liked them.....How often does this happen to people? Why do they sell off mortgages from one company to another? I think it is interesting is all.

Prospecting? What are the ways to do it?

Tim Monigold (Exit Three Rivers Realty) — Sun, 20 Jul 2008 14:58:12 -0500

So often times I wonder about how I should prospect potential buyers and sellers. One thing that someone told me to do is to pick up a phone book and start calling? WHY? Why would anyone do that? This came from an instructor at real estate school. One way that I have used in the past is craigs list. Not that I have ever gotten anything off of that really besides people looking for business from me. So what are ways that others use? I have talked to other real estate agents and they say the key is to network. Where? One idea is to go to a social event or have one yourself. Another way to prospect is to tell everyone you know that you are an agent. So what are your ways that you prospect?

Times are a'changin!

Tim Monigold (Exit Three Rivers Realty) — Fri, 18 Jul 2008 22:32:42 -0500

So today I went to the grocery store, the place I hate most of all in this world, and as I was shopping I was also people watching. For some of us business is dead and for others its good. I watched this man adding up everything that he had in his cart. I didn't think much of it until I went to the next aisle came across two ladies doing the same thing. I thought wow I have never seen people do this before. Is it due to the times that are upon us? Are more people watching what they spend? If people are not spending money on things are they saving it for a rainy day? For me I am watching every dollar we bring in. I was never like this in the past I use to spend, spend, spend! Now I am seeing that it is important to save and watch every dime!

Calling all new agents!

Tim Monigold (Exit Three Rivers Realty) — Wed, 16 Jul 2008 16:00:11 -0500

Calling all new agents! Check out our new group on Acitve Rain! This new group is for new or newer agents who want to network and get to know other agents! Please join or if you know a newer agent please tell them about it. As we all know networking is on of the best ways for us as agents to get to know each other and share ideas! So join and post your thoughts!!

New group?

Tim Monigold (Exit Three Rivers Realty) — Sat, 12 Jul 2008 20:32:21 -0500

So I started a new group on active rain for new agents. Its a group for others to get together and network with each other so that people can share there ideas and get to know each other. When we get members I want to start having maybe monthly events at our office to get us to gether and meet each other....What are other peoples thoughts...

Need Ideas?

Tim Monigold (Exit Three Rivers Realty) — Sat, 12 Jul 2008 20:27:35 -0500

Hello to everyone who joins the group! What are your thoughts on posting blogs, Craigslist, and or Backpage? What are you doing to get business?

The first 3 steps of the 6 Simple Things You Can Do to Ensure a Smooth Home Purchase

Tim Monigold (Exit Three Rivers Realty) — Wed, 09 Jul 2008 21:52:42 -0500

Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible:

1. Check your credit.
Before you apply for a home loan, regardless of your credit, it's a smart idea to obtain a copy of your credit report from the three major credit bureaus and review the information. If there are errors or things that need to be addressed, it's easier to address them before you have found a house, than after you have found a house and are trying to close your loan.

If you know that there are a few blemishes on your credit, let your lender know what they are, why they are there, and why you are a still good credit risk. Lenders look at your credit to determine how likely you will pay back the loan. If you had extenuating circumstances - like a loss of a job or medical bills - let them know so that they understand that it is not likely to happen again in the future.

2. Get approved before you buy.
An approval means that a lender has reviewed your credit history, verified your assets and employment, and has approved your loan before you have found a home to purchase. As long as the home appraises for at least the purchase price, the loan should close.

Getting approved also gives you an advantage over other buyers. Your firm approval makes it easier for you to negotiate on the price of a home, than a person who is not approved or is pre-qualified.

While getting pre-qualified may sound official, it is really just getting an idea of what you can afford. Its having a person plug in a few numbers that you give them - your monthly income and your monthly debt - and getting an approximate payment calculated. From the payment, the calculator can approximate the house price range that you can afford. No information is verified. Because your assets, income or credit is not verified, a pre-qualification has little value when purchasing a home.

3. Find a great buyer's agent.
Traditionally real estate agents represent the sellers in a transaction. When you are not working with a buyer's agent, they are less likely to negotiate the best price or contingencies for you.

A buyer's agent's job and fiduciary responsibility (meaning legal duty) is to you, the buyer. Before working with an agent, establish if they are a buyer's agent or a seller's agent. After spending a lot of time with a Realtor, it's natural to feel like you're a team. But if they are not negotiating for you, then they are not on your team.

5 Things you need to know when looking for a home....

Tim Monigold (Exit Three Rivers Realty) — Thu, 03 Jul 2008 00:17:56 -0500

1. Don't go on Blind Dates

Don't be set up. Assess in great detail what you are looking for in a home. The more strict and structured you make your needs/wants list beforehand, the less likely you are to be blinded when you view a house. You may get excited by the glass tile tub surround but don't overlook the fact that one of your requirements was an attached garage. That tile is pretty, but it's not going to keep your car warm and dry all winter long!Set strict priorities and you are far more likely to get a house that you can have a long-term relationship with.

2. Don't go Alone

Having a real estate professional on your side will help you during every stage of the home buying process. From getting advance notice of newly listed properties, skilled negotiation, and help with paperwork, having someone on your side is extremely important.

3. Buy a Lifestyle as well as a House

Owning a home is a major life adjustment. Not only do you have to keep in consideration the layout of the house itself, but you will need to consider the surrounding areas as well. Things such as the locations of schools, churches, doctors, parks and anything else you consider important to your lifestyle should be taken into account. You will not spend every minute of your time in your home and therefore you need to look at the overall picture when purchasing a house.

4. Your House Will Also Own You

Buy within your means. When you get pre-approved for a mortgage, focus on seeing that number as a maximum. Getting pre-approved for an amount slightly higher than you were considering spending in the first place can be very tempting with the new options that a higher price range opens up. Buying even a little out of your means can make a big impact on your finances for years to come. Particularly as a new homeowner, you may be surprised by the increase in utilities, and the burden of expenses like property taxes and maintenance. Don't over-extend yourself. Remember: "House-Broken" can happen to people, not just pets!

5. Have Fun!

Despite the potential drawbacks, buying your first house is an exciting, enjoyable, life-changing event!

Owning your own home can have an overwhelmingly positive effect on your finances, your lifestyle, and your well-being. Enjoy shopping for a home and making plans about redecorating, landscaping, and planning rooms. You only get to buy your first house once, so don't forget to enjoy the ride!

Housing bill will it help?

Tim Monigold (Exit Three Rivers Realty) — Wed, 21 May 2008 23:06:04 -0500

So we all have been hearing about the housing bill. This bill would set up a program under which the government would back mortgages that lenders agree to write down in order to avoid foreclosure. Is this a good idea? I think it would be a good idea and the reason is there were way to many mortgage brokers that prayed on people. Does anyone really read anything at there closing or do they just nod there head and sign there life away? I know I signed my life away and as the closer was talking I just signed, signed, signed....Luckily I had a great mortgage guy that I am friends with. Anyway. I think that the government should be going at the bad people. People should have read there paperwork better yes but they should not loose there home because they were given an adjustable rate, So if the bill passes people will be able to stay in there homes. Here's my advice to everyone though...

-Know what your getting in to

-READ EVERYTHING!!!

-If you don't understand something ASK!!

-Talk to your agent and mortgage person.

Foreclosure Tour

Tim Monigold (Exit Three Rivers Realty) — Mon, 07 Apr 2008 10:16:16 -0500

Well this past Saturday we had our second Foreclosure power tour in the south metro and it was great! We had a great group of people who joined us and they were all excided. There was one that was really excided who was very involved. Anyway the others on the tour all were involved as well and were asking all kind of questions. IT was great to hear there questions. It shows me that this is really a great idea for people.

I was calling on homes the other day and was talking to other agents about some of these REO homes. The two that I actually talked to both where very interested and both told me that we could use ANY of there REO homes on our tours. It shows me that other agents want to help and they need help to sell these homes to help flip the market.

Stay tuned to see where and when the next tour is going to be!!!

Announcing the FIRST EVER Foreclosure Power Tour in Minnesota!

Tim Monigold (Exit Three Rivers Realty) — Wed, 12 Mar 2008 17:47:18 -0500

Announcing the First Ever "Foreclosure PowerTour"

EXIT Three Rivers Realty seeks to awaken market with innovative home tour

Minneapolis/St. Paul, Minnesota (March 11, 2008) - Twin Cities real estate brokerage EXIT Three Rivers Realty has brought the innovative idea of foreclosure home tours to our local market with the "Foreclosure PowerTour." The first tour is this Sunday, March 16, the first in a series of tours.

With foreclosures being a hot topic in the real estate and mortgage industry (not to mention among media outlets), there is an overabundance of fear and misinformation regarding the process.

Kimberly Koehler, broker/owner of EXIT Three Rivers Realty, has recently partnerered with Mike Locker, a mortgage consultant who has successfully established tours in the Duluth area, to educate tour attendees in the Twin Cities market.

"We haven't been hit as hard as areas like Las Vegas or Detroit, but unfortunately foreclosure is still a reality of today's local housing market," said Koehler. "However, the increase in foreclosures creates opportunities of affordable housing for some who might not otherwise be able to take advantage of homeownership."

With interest rates still at historical lows and FHA mortgage limits increasing to the tune of 77 percent of homes currently for sale being opened to FHA financing, the Foreclosure PowerTour will show buyers how to take advantage of this amazing buyer's market.

The March 16 PowerTour will feature 6 to 8 bank-owned homes. A brief educational session will preface the tour.

This is a great opportunity for potential buyers to have a hands-on experience and walk away better prepared and educated in the purchase of a foreclosed property.

The tour is from 1 p.m. to 4 p.m. Register online at www.MNForeclosureTours.com or at 12:30 p.m. on the day of the event. For more information, please contact Kimberly Koehler with EXIT Three Rivers Realty at 651-209-9366 or Kim@ExitThreeRiversRealty.com.

What next again?

Tim Monigold (Exit Three Rivers Realty) — Wed, 20 Feb 2008 19:31:18 -0600

So I have posted some ads on craigs list to try and get some people emailing me or calling me. We will see what this brings. I got my business cards in the mail the other day and they were wrong. They left out my picture so I had to call them and they said it was my fault so I would have to pay for another set of them. They gave me a discount but I'm not sure I would ever order from them again. So its hard to give out the old ones to people because they are incomplete. So I will wait... I did get an email form a guy that is a mortgage guy. He wants to add people to his network. I think that is really cool. I am going to add him to my network as well. I already have a mortgage guy that is really good so I can use both. So getting back to craigslist, I wanted to post my business card on there and it will not let me add a picture. Any ideas on this? Does anyone else use craigslist or is there another place to use that I don't know about?

Blog #2 What next????

Tim Monigold (Exit Three Rivers Realty) — Sat, 02 Feb 2008 19:05:39 -0600

So yesterday I -paid all my fees and on Monday I should have my license!!!! Then its watch out world here I come! LOL...So I am trying to figure out what I want to do as far as niche's and what nots... I was thinking of the GLBT community and first time home buyers. I think I would like to get into commercial as well but then again who wouldn't? SO another thing that I was looking at was where do we advertise? I was looking at craigs list, myspace, and face book as just examples. I think the old saying "you have to spend money to make money" is a load of crap in some cases. These are the little things that I think about when I am looking at where to go next. I know my mother is really good at telling people that I going to be an agent on Monday, so Im not to worried at about word of mouth. What are other things that other agents do besides word of mouth and bloging? BTW what do you think of my Batman picture below? I was playing with my photo shop software tonight.....

My first blog!!!!!!!!!!

Tim Monigold (Exit Three Rivers Realty) — Wed, 30 Jan 2008 10:34:54 -0600

So here I am sitting in a training class listinging to Kim talk about blogs and active rain and someother stuff. This will be payback for her giving me a shout out in the training and for her telling the waittress at Olive Garden that It was my birthday! So I noticed there is a difference between these training meetings then at my other job where they are boring and dull! One of the reasons that I am getting into real estate is because I got sick of all the crap that I have to deal with in a day with my boss. My day job is a Store Manager with CVS/Pharmacy. I have been with them for alittle over 3 years now. Before that I was a Store Manager with Snyder Drug Stores for 7 and a half years, so Im just burnt from retail managment. So here we go with Real Estate!!!!!

Im really excided to get started in the business. I cant wait to sell my first home(im sure kim cant wait either!). I think I can help first time home buyers because I was one last May. I remember I was so scared when I was looking ( well I had been looking for 3 years!) My partner was even more afraid of everything that was going on. We fell in love with countless homes and lost them. We are still waiting to here back from one of them. LOL...But we found our home and love it. I think that sharing stories with people about your own examples.

So now I need to get my butt in gear and get out there and work. Im looking forward to working with other agents and getting to know them and hearing there battle stories.........