Selling Your Home Face to Face

  Chisago County is home to many homeowners that don’t use a computer or email. Most, but not all, are senior citizens that want to downsize, many of which, have not bought or sold a home for decades. Most real estate agents, lenders, inspectors, & title companies like to communicate via text and email and use electronic signatures; but for many clients we still work face to face and sign paperwork in person. 

  Buyers and sellers that don’t use email should be more cautious when interviewing a real estate agent to sell their home. There are some agents that work with younger clientele or work closer to the twin cities that have never done a complete transaction in person. To be efficient and timely it is important to work with a local agent that can be responsive in getting signatures quickly.

  Our contracts can be completed online and emailed to our clients for electronic signatures, but we can also complete them by hand and have them signed in person. Over the past couple of weeks, I have worked with six local clients that didn’t use email. 

  At the initial meeting we reviewed the market analysis and the listing agreement. Then the 2nd meeting involved signing contracts and disclosures and reviewing the septic inspection application and the water test instructions. The signed documents get scanned and emailed to the Broker and the listing is input onto the MLS.

    The 3rd meeting was presenting an offer, estimate of proceeds and preparing a counter-offer addendum if needed. The sellers signed the documents and then they were scanned and emailed to the buyer’s agent. There can be multiple counter offers that go back and forth.

  Once we had a fully executed purchase agreement, there was a buyer’s inspection which involved negotiating repairs. An amendment to the purchase agreement needed to be signed with the repair agreement and again there can be counter-offer addendums that go back and forth.

  The signed documents have to be delivered to all parties, so there can be a meeting for signing and another for delivery.

  We also work with lenders and closers that accommodate sellers with mailing documents or meeting them at their homes or even nursing homes. 

  If you don’t text or email, it’s important to work with an agent that will be responsive by phone. It is wise to interview more than one agent, work with a local neighborhood expert that has expertise in your type of property and discuss your communication requirements.

  Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.

NIMBYism Limits Apartment Construction

The National Apartment Association conducted a survey of government officials, developers, and owners, and found that despite skyrocketing rents, they are unable to build more apartments due to not-in-my-backyard (NIMBY) mindsets.

Most communities are sympathetic to affordable housing needs, especially business owners that have a difficult time keeping employees due to high rents and the cost of commuting, and young people that want to stay in the community after school. 

City planners and administrators struggle with community resistance for zoning changes to allow for multi-family homes, which is why they are primarily located in downtown areas, or along major corridors. 

Following NIMBYism as the number one issue affecting multi-family development, was the cost of construction and land availability.  Construction, development, and land costs have escalated tremendously over the past few years, so it isn’t cost effective for developers to build small units. If developers do build affordable housing, they typically require community participation in the form of tax credits, or grants. In many cases it is easier to get a trailer park approved than an apartment complex.

The result of the lack of apartments is higher rents. In Chisago County, there are very few apartment buildings, so most renters live in detached houses, or trailer parks. The average renter is paying between 35% to 50% of their income in rent, which makes it extremely difficult to save money to purchase a home. We see many younger people return home after college or after renting for a while, to live with their parents to save money.

Residents are often more open to luxury apartments than subsidized rentals. There is a need for both in the Chisago Lakes area, as many older homeowners are opting to sell their home, live in the south in the winter and want a place to rent in the summer, or homeownership becomes to difficult to maintain and they need to lower their expenses.

Chisago County and several of our Cities have been working on updating their comprehensive plan to take our future growth into consideration, and there are several proposed developments being discussed. There has been a local housing study which is published on the Chisago County HRA-EDA website, for you to review the current and future housing needs. Your City’s website has a calendar of public meetings to hear about potential new developments.

  Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.

The Real Estate Market is Heating up!

  After another long, hard winter new listings are starting to enter the market. Inventory is extremely low and multiple offers are common as buyers are competing for homes to buy. In March of 2018 there were 113 new listings in Chisago County but there were only 87 new listings last month. 

   There is especially a shortage of one level townhomes for seniors, lake homes, and homes that first time home-buyers can qualify for. 

  Looking at the current Active Listings on the Multiple Listing Service for affordable homes that first time homebuyers qualify for; a 3-bedroom, 2 bath, rambler with 1700sf (including basement) and 1 garage stall in Rush City was listed for $160,000 and had multiple offers the first day on the market. The best buy in the Chisago Lakes Area was in Taylors Falls with a 3-bedroom, 1 bath home with 1150 sf and a 2-car garage for $190,000. It also sold in multiple offers the day on the market.

  There are 18 pre-owned waterfront homes on the market, in Chisago County, with a median price of $342,450. New construction is driving prices up with 11 “to be built” homes on waterfront with a median price of $490,000.

  There are 31 townhomes on the market, 12 of those are pre-owned with a median price of $222,500. There are 19 new construction townhomes on the market with a median price of $255,900. The median price of the new construction, one level living townhomes in the Chisago Lakes Area is $296,900. 

  Homes that sell in April and May typically get the highest prices, because of the pent-up buyer demand. New listings will continue to increase through June, but if your home isn’t sold by July, you run the risk of selling off season. Home prices typically start to decline in August through the end of the year.

  If you are thinking of selling soon, now is the time to talk with an experienced real estate agent for advice on the best time to sell your home, and tips to get the best possible price. 

Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.

Seniors Need More Attention

  Chisago County is home to many senior citizens that want to downsize. Many of which, have not bought or sold a home for decades. Most real estate agents like to communicate via text and email, and use electronic signatures, and I have found there are many seniors that don’t text or email, and find electronic signatures difficult. They prefer to work face to face.

  I recently met a seller that worked with an agent that cancelled the listing because the seller had too many questions, and took too much of the agent’s time. The seller then hired an agent that was referred to her, but the agent worked and lived 30 minutes away, which was too far to for the agent to stop by to deliver documents and get signatures. This frustrated the seller who didn’t understand the documents or couldn’t open attachments, or sign electronically. Ultimately the listing agent was fired.

  Many seniors don’t interview multiple agents and are very trusting. They assume that all real estate agents are the same and they sign the contracts as directed.  A lake home owner hired an agent, that had never sold a lake home before, and when the buyer’s lender required flood insurance the agent accused the seller of not disclosing the home was in a flood plain. The seller had no idea it was in a flood plain, as the property was acquired through inheritance. 

  My advice to seniors is to interview more than one agent, work with a local neighborhood expert that has expertise in your type of property, discuss your communication requirements, and ask how to cancel the listing agreement if you are not happy.

  I have worked with many seniors that need help finding a new place to live, help with cleaning, packing or maintenance items. A neighborhood real estate expert can help you all of your moving needs through closing.

    

  

  Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to ckempenich@cbburnet.com. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.

Welcome to Kempenich Team Blog and News

Welcome to Kempenich Team Blog and News

Welcome to KempenichTeam.com Blog and News page.  This blog contains a variety of articles, news and information that will help you sell or buy your next property. The Kempenich Team can work with you to sell or buy your home. They are seasoned experienced real estate agents for Coldwell Banker Burnet. For immediate assistance Call or Text Cheryl at 612-735-0553.