selling

Getting ready to sell your home? Start with this checklist

Moving to a new home is exciting but preparing yours to sell can be overwhelming without a game plan. If you're considering listing yours in time for the spring market, you'll want to begin planning soon! Here's a checklist of general repairs and improvements to help you get started (downloadable version here.) If you have questions specific to your property and would like advice on getting your home ready to list, give me a call to talk about the best use of your time and money. 

Home Selling Checklist

First Steps

❏   Check with your city to see if you need a pre-sale inspection. Schedule an inspection, if required. 

❒   Make any mandatory repairs and reinspect, if your city requires it. Close out any permits.

❒  Connect with a real estate agent to discuss process, pricing, disclosures and listing contracts.

❒  Start purging! Donate unwanted items. Organize keepers in bins/boxes for easy moving.

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Start Making Low-cost Improvements

❒  Paint, stain or replace your front door. 

❒  Fix leaking or loose faucets or plumbing fixtures.

❒  Tighten or replace knobs. Oil squeaky doors.

❒  Repair old light fixtures and outlets.

❒  Remove excess wall decor, fill holes, repair cracks and paint. 

❒ Declutter. Remove knick-knacks and small furniture pieces. 

❒  Control pests problems. Hire a professional if need be. (Past infestations must be disclosed in writing.)

❒  Repair ripped screens and broken glass in windows.

❒  Remove old or broken window coverings (blinds, broken rods, outdated curtains).

❒  Replace dirty furnace filters.

❒ Clean gutters.

❒ Replace old or mismatched switch plates & outlet covers with new.                                      

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Plan for Bigger Projects

❒  Eliminate any eyesores (replace peeling linoleum floors, fix cracked steps, remove outdated wallpaper, etc.)

❒  Professionally clean newer carpeting. Replace old, or expose the hardwood. 

❒  Selectively paint walls. Repair damaged walls and ceilings and paint neutral. 

❒  Replace broken garage doors and openers.

❒  Restain or repaint decks and porches.

❒  Scrape and repaint peeling paint on trim and siding.

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Finishing Touches

❒ Add pots of colorful (seasonal) plants to your front entry. 

❒  Add new welcome mats.

❒  Replace all burned out lightbulbs.

❒  Clear off counter spaces and clean out closets.

❒ In warmer months, keep grass freshly cut. Weed, and trim hedges. Keep snow off walks and driveway in winter.

❒ Freshen your landscape with new mulch. 

❒ Stage, especially main rooms (see tips on staging), or hire a professional home stager.

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Clean!

❒ Deep clean kitchens appliances (in and around).

❒ Clean and declutter kitchen cabinets and under sinks in kitchen and bath.

❒ Clean all windows (inside and out). Hire a professional window cleaners if necessary.

❒ Scrub all bathtubs, sinks and tile to remove stains and soap scum.

❒ Polish stainless steel sinks and surfaces. 

❒ Steam clean carpets (or replace).

❒ Dust off and clean out light fixtures. (Easy to overlook! Recheck for burned out bulbs.)

❒ Sweep garage floor and remove unused items (old cans or paint, etc.)

❒ Clean/dust all floors, walls, trim and window sills.

Additional Ideas to Add Value if Your Budget Allows

  • Update outdated HVAC systems.

  • Replace outdated kitchen appliances.

  • Consider adding a patio or deck if you don't have one.

  • Update light fixtures.

  • Replace shot windows or doors.

  • Add a kitchen backsplash.

  • Update bathrooms (replace outdated fixtures, replace older toilet with a low-flush, install new vanity countertop and freshen grout.)

  • Finish basement or attic space to add square footage.

Download a printable checklist here.


Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

 

The Pre-Sale Home Inspection

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{UPDATE: Effective Jan. 14, 2021, City of Hopkins no longer requires home sellers to complete Truth-in-Housing evaluations prior to selling.}

If you're planning to list your home soon you most likely have a list of projects to complete before hitting the market. One thing you may be required to do, depending on your city and type of home, is a pre-sale inspection. In the Twin Cities metro, currently 12 municipalities require home sellers to do some type of inspection prior to listing a home for sale. These inspections are to be completed by a third-party professional, chosen from an approved list of evaluators in most cases. 

Pre-sale inspection reports are paid for by the home seller and must be made available to any potential buyer. In addition to a Seller's Disclosure (more on that here), they provide buyers with a bit more insight into the condition of the home prior to making an offer. Typically 1-2 hours in length, a pre-sale evaluation is like a mini buyer's inspection and should never be used as a substitute for a full inspection prior to purchase.

Be aware that some cities, like Minneapolis, may require repairs and follow-up re-inspections to comply. Others might not. Some may require only minimal fixes. For example, in St. Paul hard-wired smoke detectors must be present or installed to satisfy the Fire and Safety code, but repairing items marked "hazardous" is not required.

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What's a TISH?

Just another name for pre-sale inspection. A truth-in-sale-of-housing, or TISH evaluation, might also be called time-of-sale, point-of-sale or truth-in-housing, depending on the city.

If you're not sure what type of inspection, if any, is required, call your city offices to find out in advance of listing your home. Depending on the time of year and market activity, you may be able to schedule your inspection within a week or so. Reports may take 1-2 days to generate and are usually good for one year (check with your city to be sure.) Leave adequate time to address issues that may come up and to make repairs if need be. 

Below is a list of the 12 metro cities currently requiring a pre-sale inspection. Laws may change, so call your city to confirm before checking this off your to-do list.

Metro Cities Requiring Pre-sale Inspections

Click on the city name to link directly to city's pre-sale inspection requirements.

Bloomington

•Single Family
•Two Family
•Multiple Family (condo, townhouse, mobile home)

Golden Valley

•All properties, residential & commercial (sewer inspection)

Hopkins (Not required after Jan. 14, 2021)

•All 1-4 unit dwellings, including condos & townhouses

Maplewood

•All dwellings

Minneapolis

•Single Family
•Two Family
•First-time condo conversions

New Hope

•All dwellings

Richfield

•All dwellings

Robbinsdale

•Single Family
•Two Family
•Condos & townhouses

St. LoUis Park

•Single Family
•Two Family
•Condos, townhouses & co-ops

St. Paul

•Single Family
•Two Family
•Condos, townhouses & co-ops

South Saint Paul

•Single Family
•Two Family
•Multiple Family
•Mobile Homes

West Saint Paul

•All dwellings (sewer inspection)

 

Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

Learn the Lingo: Common Real Estate Terms Defined

In the real estate field, like others, industry-specific words can sometimes be confusing to an outsider. If you're planning on buying or selling, it's a good idea to get versed in the lingo, or at least familiar with some key terms. Below is a list of some of the most common words you'll likely encounter in your process, explained in plain English.

CMA (Comparative Market Analysis)

A side-by-side comparison of your home with similar homes that have recently sold, been listed or expired in your area. Created by a real estate agent to help determine an accurate listing price when you sell. Can also be done for buyers who are trying to determine a fair offer price. 

Purchase Agreement (aka PA)

The document (and all related contingencies) listing the price and terms of your offer. Once signed by both buyer and seller, the PA becomes a legally binding document.

Contingency

A provision in the Purchase Agreement stating that certain conditions must be met in order for the sale to be valid. Usually includes specific time periods for completion. Most common are contingencies fo buyer inspections and financing.

Addendum (singular) / Addenda (plural)

Documents added to the Purchase Agreement as supplements to the offer — add ons. Examples include counteroffers, purchasing “as is”, disclosures of lead-based paint, and buying a Common Interest Community (condo, townhouse, co-op).

Amendment

A document outlining any changes made to the final Purchase Agreement. Must be signed by both parties to be valid.

Mortgage

A “debt instrument” used to secure a loan on a home. The property is used as collateral for getting the loan money.

Closing Costs

Money paid at the closing to cover the costs of transferring ownership of a property. They can include a variety of fees to different service providers such as the title company, lender, broker, etc. Paid by both buyers and sellers.

Seller's Disclosure

A document filled out by sellers disclosing all known material facts and details about the home. Minnesota requires this (or a Seller's Disclosure Alternative form) be completed prior to selling. Must be made available to buyers and signed by them when submitting an offer.

MLS (Multiple Listing Service)

A database service real estate professionals subscribe to that stores up-to-date listing information including current properties for sale, homes sold, and listings cancelled or expired. Several MLSs operate around the country. The Twin Cities and Rochester regions use the “Northstar MLS.”

Earnest Money

Cash paid by buyers when making an offer as a show of "good faith". It's optional and can be any amount (1-2% of the sale price is typical.) Intended to go toward the downpayment if you end up buying the home.

Conventional Loan

A home loan not backed by the government. 

FHA Loan

A home loan backed by the government (Federal Housing Administration). Downpayment requirements are usually lower than those of conventional loans, however, purchasing mortgage insurance is usually required.

PMI (Private Mortgage Insurance)

Insurance you pay when you put down less than 20% on a conventional loan.

MIP (Mortgage Insurance Premium)

Insurance you must pay when financing with an FHA loan.

Title Insurance

Insurance paid to protect against claims on the title of your property. Lenders require it for their own protection. Buyers can also choose it for self protection. Ask your title company about costs of coverage.

Arbitration Agreement

A document that allows buyers and sellers to agree to settle disputes about the property outside of court. Optional for all involved in the transaction including buyers, sellers and their agents. Must be signed by both buyer and seller to be valid.

 


Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.

Fall 2017 Housing Market Update | Twin Cities

Minneapolis vs. St. Paul

The past year showed a gradual and consistent increase in median home prices throughout Minneapolis, St. Paul and the greater Twin Cities region for all types of homes, including single family, condominiums and townhouses. The overall median sale price increased by 5.4% in Minneapolis, and 2.6% in St. Paul. Inventory is low, typically favoring those selling rather than buying, especially at lower-end price points in high-demand neighborhoods. 

Minneapolis
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Overall, St. Paul remains a more affordable city with a September 2017 median sale price of $194,000 versus Minneapolis' $245,450. City dwellers shopping for new homes may be taking notice. Lately, I've met more and more Minneapolitans searching for homes east of the river. The reason most often cited? Affordability. They can enjoy the convenience and amenities of urban living for less. However, low inventory across the Twin Cities region might also be a factor. The months supply of homes for sale in Twin Cities has been steadily declining throughout the year which may be forcing shoppers to expand their search beyond first-choice locations.

All data from MLS Northstar Infosparks, Oct 25, 2017.


Rise and Fall

These interactive graphs depict slow and steady growth in sales price along with a simultaneous drop in inventory over the past year in Minneapolis, St. Paul and the six-county region. The data points are derived from our regional MLS database and will remain live on this post, updating continually as the market data changes. 

Results are based on traditional sales (no bank intervention), all construction types (newly built as well as existing), and all sizes of homes. 

 

Median Sales Prices | Past Year

 

Months Supply | Past Year


A Seller's Market? It Depends

If you've been shopping for your first home or searching in the lower-end price ranges, you've most likely felt some competition. Low inventory of more affordable homes has typically favored sellers and often created multiple offer scenarios, especially in coveted neighborhoods. If you plan to sell in this range and move up, however, you may be perfectly positioned. Inventory in the $400,000-$700,000 range remains much more balanced, alleviating competition among buyers searching for those homes. So, if you're thinking of moving up, now might be a smart time.

A 5-6 months supply represents a balanced market. Lower supplies typically favor sellers.

All data from MLS Northstar Infosparks, Oct 25, 2017.


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Location Matters

Remember that real estate trends are local and can vary greatly by city, neighborhood or even block. What's happening in your area may be different than what's happening in the larger region. If you'd like specific market data for your location and home, let me know. I can crunch the numbers and send you custom graphs reflecting specific trends in your city and neighborhood, or prepare a more in-depth market analysis using specific info. about your home.


Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on a variety of real estate related topics including buying and selling, market conditions, homeownership trends and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.