Top Selling Realtors in Minnesota

Posted By Joe on May 6th, 2011
Posted in News & Press | No Comments »

ReMax Names Top Realtors in Minnesota through March.

Minneapolis MN- ReMax Internationals North Central Region Named its Top Associates through March.  Joe and Cindy Welu of ReMax Action West were named the to the  Top 5  Realtors in Minnesota for the 20th time in 3 years. The Welu Team has have established themselves as a leader in the Twin Cities market for over the past 10 years and have made the “Top 100 Worldwide” for ReMax International for the second consecutive year.  Joe Welu, team co-founder states:  “We are a small team that focuses on providing an excellent client experience.  We have become known for how aggressive we have been with our marketing, even with the down turn over the past several years”

ReMax International releases its rankings on a monthly basis.

Minnesota Realtors Discuss the Market

Posted By Joe on April 19th, 2011
Posted in MN Real Estate, Real Estate | No Comments »

Minnesota Housing Market Thoughts from Top Agents

This week on my conversations with top sales teams from Edina Realty, Coldwell Banker Burnet, Keller Williams, Remax, and about 6 smaller companies I have had adequate time to get the report from the front lines of the market.

In addition to discussing specific listings, the conversations almost always end on activity for specific price ranges and specific geographic locations.

Offers are happening but prices are tough

Everyone I’ve talked to in Minneapolis and the western suburbs is experiencing a decent amount of offer volume on their well marketed and well priced listings.  Unless they are in bad condition or poorly positioned of course.   Almost all price ranges are getting activity with a noticeable up tick in showings on Luxury properties.  I know many of our luxury listings are getting as many showings as our entry level homes which has not been the case up until this month.

Buyers are paranoid

Another point that I’m seeing across the board is agents are stating their buyers are increasingly paranoid about overpaying for a home.   They want to move in the worst way but absolutely do not want to make another poor financial decision.

Shadow inventory is haunting us

The threat of thousands of vacant homes and thousands more in some phase of various delinquency is very real.   The inventory levels are down overall on paper, but if you look at estimated inventory sitting in the shadows we have about a 2.5 year supply of homes according to some estimates.  This obviously could be trimmed down considerably if some modifications start taking affect and unemployment starts going the other direction

As Realtors in MN we all agree the market is showing life but definitely not price increases.   Therefore its vital sellers make good decisions to go on the market with a good agent who can advise them on pricing, staging, and the ultimate result for them and their financial situation.

Making an Offer-How Low is Too Low?

Posted By Joe on March 28th, 2011
Posted in MN Real Estate | No Comments »

MN Homes- How Low is Too Low

Our team represents buyers on a weekly basis across many different price ranges and neighborhoods.  The biggest question we get once the list becomes refined to the top choice is, “What should we offer?”  This is the question that can make or break a buyer and their equity position down the road.  If you don’t come in at the right price you can leave money on the table.  Come in too low and you can irritate the seller to a point where they refuse to deal with you and you blow a great opportunity.   Below are some tips to help you arrive at the right decision

1.  Get current neighborhood data

The best way to determine market value is to look at what the most recent properties have sold for.  The neighbors house who sold 18 months ago is no longer relevant to market value.   In many cases the neighbors house who sold 4 months ago may not be relevant.

2.  Find out how many pre-foreclosures there are

This can be accomplished in several ways.  A Top Minnesota Realtor can help you with the process.  Finding this information will be crucial in hedging against future market declines.  If  there are 5 homes in a 200 home neighborhood currently going through the foreclosure process, rest assured market values will take some huge hits in the next 18 months

3.  Compare Apples to Apples

Many buyers we represent start out by assuming a walk out two story should go for a similar price as another walk out two story that has roughly the same finished square feet.  Nothing could be further from the truth. A home that has solid stone surfaces with exotic hardwoods and sub zero appliances can vary tremendously from a track home built with vinyl siding and a basic finish

4. Hire experienced Realtors

A very important piece of any successful investment is hiring the right professionals.   If you are investing say 250,000 in a mixture of stocks and bonds would you prefer someone who works part time and has had their securities license for a month?  Or would you rather work for someone who has been in the trenches for a decade and learned by trial and error?  The choice is usually simple when you put in perspective

5.  Your opinion means nothing, look at the facts

An opinion from a person buying a home once every five years is seldom accurate unless its fact based.  Opinions are the root of mistakes in almost all real estate transactions.  Trust the facts and follow a fact based decision process.  If it really comes down to opinions, get at least 3 opinions from relevant professionals that work the market constantly.   Don’t follow a hunch.

MN Homes For Sale- What $3 Million to $5 Million Buys

Posted By Joe on March 9th, 2011
Posted in MN Real Estate | No Comments »

MN Luxury Homes-

Have between $3 and $5 Million to Spend?    If you live in Minnesota or are moving here and have $3 Million or more to spend, you can get some pretty spectacular houses.   With market adjustments,  many of these homes are 30-40% off of peak values.   So if you are looking to go big and own one of Minnesota’s most expensive homes check these selections out.    Click   Minnesota Luxury Homes $3-5M

When will Luxury Homes in Minnesota reach bottom?

The Case Shiller index predicts homes over $1M could fall another 10-15% depending on the local market.

Luxury Markets are Hyper Local

One thing to remember in buying a home in Minnesota or eslewhere is that markets are hyper-local.  Meaning each individual subdivision or neighborhood in a city can have its own micro market within the overall market.   Prices can be either better or worse in these micro markets.

Top 5 Threats to Your Home Equity in 2011 and How to Fight Them

Posted By Joe on January 7th, 2011
Posted in MN Real Estate, Real Estate | No Comments »

Selling your home in Minnesota or elsewhere this year?  Consider these items when evaluating when to sell and how to protect your equity-

1.  Distress Sales in your immediate neighborhood

For most Minnesota homeowners your neighborhood  will be affected by distress sales such as foreclosures and short sales.   One of the pieces of advice that we give our sellers is to watch your neighborhood closely, and don’t sell if there is a current foreclosure on the market in your immediate area.  Put some time between selling your home and the most recent distressed sale.   For example in Eden Prairie and Lake Minnetonka- two areas we sell in frequently, most neighborhoods will not have the relentless presence of reo or foreclosures properties.  They will periodically show up throughout the year and sell at various levels ranging from terrible to just below average.   This will obviously put downward pressure on prices but it will not force you to compete with those homes unless you are on the market at the same time.

2.  An outdated home

Is your home outdated? If your home is more than 10 years old you may need to freshen it up to get the most money out of it.  Statistics show that sellers who take care of their home and invest in frequent updates get more return on their home that homeowners that simply defer these updates.

3.  Overpricing your home

First of all do your own research so you know the basic facts of your market.  Real Estate websites like Trulia.com and Zillow.com will provide you with unbiased data on the current housing market.   Then hire a Realtor that has experience selling homes in your general area.   Also make sure your Real Estate Agent is bold enough to tell you the truth and not just buy your listing by overpricing it.   In over 1000 transactions we have done, this is consistently an item we run into.   Agents want a listing so they tell the seller what they want to hear.   1 Year later the home is “market worn” and gets little attention from buyers since its been sitting on the shelf for so long.  This forces sellers to over compensate by getting to a level of value that brings people in on price alone.

4. Lack of Financing options

If your home is in the upper end, financing may be extremely difficult unless the buyer has lots of cash.  If your home is a starter home it may need some work and probably wont qualify for low down financing due to tougher lender guidelines.  Our advice is to be creative regarding the buyers financing.  If you have a ton of equity it sometimes makes good business sense to carry back a second mortgage.  This will allow a traditional lender to fund the large percentage while controlling their risk.  If you don’t have a ton of equity, line up an investor who would be interested in carrying a mortgage for a buyer.  The interest rate will be higher but the terms may be better and most likely easier for a buyer to qualify than a traditional bank

5.  No Strategy or Plan for Selling.

As Realtors in MN we run into bad marking plans as well as good ones every single day.   The difference between success and disaster many times comes down to being strategic and understanding the specific game plan for marketing and selling the home.  This includes looking at a detailed marketing plan and honing in on who the target buyers will be.  This can save time and therefore equity.  If you put better quality buyers in front of your home more frequently, you will sell quicker and for more money without question.  This can only be achieved by having a game plan and executing that plan everyday.

For more information on the Minnesota Housing Market or Selling your home in MN, visit www.JoeAndCindy.com or call 952 943 1324 for No-Obligation Consultation.

Top Twin Cities Realtors

Posted By Joe on January 4th, 2011
Posted in MN Real Estate | No Comments »

Top Twin Cities Realtors RealEstate

Whether you are selling or buying a home in the Twin Cities, it will be perhaps the largest and most important financial transaction in your lifetime.  Yet, despite the enormity of the pending process, few people take the time to seriously look at the criteria they will use in selecting choose top Twin Cities realtors to handle the transaction.  If most people would simply take the time to carefully consider what traits and qualities they require in selecting a top agent, they could well ensure that the process will be not only a personally enjoyable one, but also a financially satisfying experience.  Unfortunately, the way individuals look for top Twin Cities realtors is rather basic and illogical.  Most people simply either choose a realtor they know through friendship and thus feel obligated to allow them to handle the process, or they simply call the realtor they are most familiar with based on advertising they have seen.  While this does not guarantee failure, it leaves too much of the selection to  Twin Cities realtors to chance.

First Steps in Hiring a Twin Cities Realtor

Your first step in searching for top Twin Cities realtors is to find an agent that is affiliated and licensed through the National Association of Realtors.  Certification requires  Twin Cities realtors to have extensive training in all aspects of the real estate market, guaranteeing your top Twin Cities realtors are capable of handling and negotiating all elements of your transaction.

One of the biggest more obvious mistakes people make when looking for top Twin Cities realtors is by not asking for documentation regarding their experience.  Not just their license, but also the transactions they have handled in the area you are interested in that will help you to decide their level of competence. The more experience Twin Cities realtors have in your selected area, the better the chance they will deliver the intended results.  Once you find the right realtor, it is wise to document your decision by entering into an agreement that establishes the exclusivity of your relationship.  This commitment can help you get started on the right track.

It is also important when looking for a top Twin Cities real estate agent is to select one that you are personally comfortable in spending extended periods of time with.  Getting to know your agent will help you to decide which top Twin Cities realtors will best fit your personality and comfort level.  Qualities to look for should include ability to communicate and listening skills.

If you do your homework and take a methodical approach in selecting top Twin Cities realtors, you will benefit as you begin one of the largest financial transactions in your lifetime.