The MidCoast Group Minneapolis Real Estate Podcast with Erik Brown

Adam Torres of Century City Wealth Management is back today to talk with us about time and money. Selling in the Minneapolis area? Get a market analysis report Purchasing in the Minneapolis area? Get full MLS access Today Adam Torres, CEO of Century City Wealth Management, is back to talk about time and money.  The Forbes 100 List is a list of the 100 wealthiest people in the world. You may be surprised to find that the majority of that list consists of entrepreneurs who made their own money, instead of inheriting it.  Entrepreneurs are this country's backbone, and I have a concept I want to share with you called “T.M.” which stands for time and money. You want to think about time and money as the two finite resources. I have seen many entrepreneurs spread themselves too thin when first starting out. Entrepreneurs are this country’s backbone. Many times you need to spend the proper amount of time and money on projects you have already started instead of taking on more and more. Other times you need to recognize when a certain business model might not be working out and walk away from the venture. It’s important to remember that both succeeding and failing are important parts of being an entrepreneur.  We have dozens of tips and ideas on how to really grow wealth and a lifestyle that you want. You can use these wealth tools when entering the market to buy, sell, or invest as well.  If you have any further questions for Adam, you can reach him at askadamtorres.com. Also, if you’re an entrepreneur that could use some extra coaching, Adam offers that service as well. As always, if you have any questions about real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you!

Today Adam Torres, the CEO of Century City Wealth Management LLC, is here to discuss his new book, “Money Matters.” He’ll also go over a key tip for investors. Selling in the Minneapolis area? Get a market analysis report Purchasing in the Minneapolis area? Get full MLS access Today I would like to introduce Adam Torres, the CEO of Century City Wealth Management LLC. He recently published an excellent book called “Money Matters,” which covers all things finance.  Adam wrote this book because he has over a decade of experience working and managing assets for clients. He has worked with more than 3,000 clients in that time. “Even today, when I meet with new clients they are missing some of the basics on how to manage their assets and assess risks,” says Adam. One acronym everyone can use to assess whether something is a good or bad investment is RTD, which stands for risk, time, and diversification.  When it comes to risk, you need to consider how much risk you are taking on with a new investment. For example, does the investment have a possibility of losing 50%? If you’re only willing to lose 10% to 15%, then that investment might be too volatile for you.  As for time, you need to consider how long you plan on holding the investment. If you only want to invest in something for the next year, it makes more sense to invest into stock. Real estate is traditionally a long-term investment. Do you want your entire retirement fund to depend on one investment? Finally, don’t forget about diversification. It’s easy to fall in love with an investment stock or idea and go all in on that one thing. The problem is that even though you might invest in a great company, that company might not do well when you need it to. You have to consider diversification. Think of it this way: do you want your entire retirement riding on this one investment?  Adam has written a truly phenomenal book. If you have any further questions, pick up a copy of “Money Matters” or visit his website. As always, if you have any real estate questions, please don’t hesitate to give me a call or send me an email. We would be happy to help you!

It’s endlessly important to speak with a lender and secure financing before making an offer on a home, and today, I have a story that illustrates this point perfectly. Selling in the Minneapolis area? Get a market analysis report Purchasing in the Minneapolis area? Get full MLS access Unfortunately, I have a pretty rough story for you today. I have a client who has been very excited about buying a home here in Minneapolis, and we’ve looked at several properties. We advised this client to get themselves in a position to be ready to make a purchase. Recently, we looked at a great property that we thought would sell very quickly, so we wanted the client to make an offer quickly. Unfortunately, they weren’t in the position to make an offer because they hadn’t established their financing and they hadn’t talked with their bank about funds. Sadly, a number of buyers made an offer on the property before we even had an opportunity. Now we’re back to the drawing board. It’s never too early to have a conversation with your lender about financing. That’s why I advise everyone to have a conversation with their lender, mortgage broker, or banker before shopping for a home if they’re going to make a cash or financed offer. Not only is this conversation free, but getting to the point where you’re ready to go with an offer is worth its weight in gold.  If you need a lender, I have a number of great lenders I can refer to you at any point when you’re ready. It’s never too early to have this conversation, and it can give you peace of mind knowing when you’re finally ready to pull the trigger on an offer. If you’d like a referral for a great lender or you have any other questions about buying or selling a home, give me a call or send me an email soon. I’d be glad to help.

If you’re trying to get ahead in our market, pocket listings may be the key. We’ve even got a program that allows you to see these secret homes so you can take advantage of them. Selling in the Minneapolis area? Get a market analysis report Purchasing in the Minneapolis area? Get full MLS access Today I want to share a secret on how to get ahead in our market.  I'm sure you've noticed while looking online for homes that some properties sold very quickly—sometimes even immediately. What’s interesting about the market today is that you will see a percentage of homes that will sell before they even hit the market. These homes are called pocket listings and they are never available to the general public, which is why finding one is like striking gold. If you’re trying to get ahead and learn the marketplace to find homes that are the best fit for you before they hit the market, pocket listings can be key to being what’s called RWA—ready, willing, and able. Take advantage of these secret properties so you can become RWA. We’ve got a program that allows you to see these secret homes and position yourself as a frontrunner to take advantage of them. For example, I have a couple of multi-million dollar clients that are thinking of listing their homes in the next month or two, and I know about them already. There also may be a couple of buyers who are really interested in seeing those homes in advance.  If you’d like to take advantage of these secret properties, reach out to us anytime so we can get you ready, willing, and able to take advantage of these special deals. We look forward to hearing from you soon.

One of the ways you can sell your home is by putting it up for auction. Here are some pros and cons to using an auction to sell your home. Selling in the Minneapolis area? Get a market analysis report Purchasing in the Minneapolis area? Get full MLS access Today I want to talk about the concept of auctioning homes. There are definitely some pros and cons to using an auction to sell your home.  First, the pros.  Why would you want to consider using an auction to sell your home? The key to selling is getting people to all want the same thing at the same time, which generally drives up the price. That is exactly what an auction does, as it brings a number of people to come see that property.  Instead of potentially dragging out your market time, you have one big pop. You need the best positioning, best marketing, and best experience. Now, onto the cons.  There is a good possibility that you will be very nervous. You’ll ask yourself what happens if it’s not done correctly, how will this affect our market time, what happens after the auction if I don’t get a sale, and will there be a stigma attached if we can’t sell the opening weekend?  There is no right or wrong answer. It depends on the best positioning, the best marketing, and the best experience that you can put forth to be able to push that property in the right direction.  If you have any other questions about auctions or have any general real estate questions, please feel free to reach out to me. I look forward to hearing from you soon.

Getting your home sold during the holidays means balancing the normal protocol of decluttering and depersonalization with the right amount of decoration. Selling in the Minneapolis area? Get a market analysis report Purchasing in the Minneapolis area? Get full MLS access Thinking about selling your home during the holidays? During this time of year, I often get asked several questions from sellers about when the best time of year to sell is, what buyers are like based on that time of year, and how they should prepare their homes accordingly.  First and foremost, I have found that during the holidays, most people expect a slowdown of some kind. I will tell you, though, that buyers are extremely motivated during these times. If they’re willing to go through the extra time of looking at properties during the holidays, they’re very serious about their purchase.  Buyers typically associate with a festive home very well. If you’re a seller, declutter and depersonalize your home like you normally would, but consider how much you want to decorate, especially if it’s something that is more personal to you. However, you still want to make the home feel like home. If it’s festive, people will associate with that extremely well. Prepare your home the best you can even if you have seasonality issues.  I have a volume of things I’d like to share with you on this topic, so if you have any questions, please feel free to reach out to me. Lastly, if you haven’t received or purchased a copy of my book One in a Million, connect with me so I can get you a copy at your convenience. I look forward to hearing from you!

What’s the best way to find a competent, qualified professional to help you with any service you need? A good referral. Allow me to explain. Selling in the Minneapolis area? Get a market analysis report Purchasing in the Minneapolis area? Get full MLS access When you are thinking about a major financial decision, if you are anything like me, you may have a little internal debate that you wage with yourself. As much as I want to make a purchase or sale, I want to find the right professionals to help me.  I’ll ask, “How do I find them?” and “How do I know they are the right ones?” I’m like anyone else in that I want things done right now; I don’t want to wait. On the other hand, I also don’t want to rush into a poor decision. That’s why the power of a good referral is so helpful. When a friend or colleague tells me about a 5-star experience they had at a hotel, restaurant, or even mechanic, I sit up and take notice. Great service seems harder and harder to come by these days. The same can apply when making a home decision. There are more than 1.5 million Realtors in the US alone—how do you know how to pick the one that will help you with one of the largest financial decisions you are going to make? The power of referral, that’s how.  The power of a good referral is so helpful. When someone else endorses a good agent, like me, you’ll sit up and listen. Well, we decided to make this easy on you. We have dozens and dozens of our past clients’ experiences with us on video, audio, and print on our website. Click here to see what others have to say about working with us. I’m so sure that after hearing or reading some of these endorsements that you’ll be happy to work with us. If not, a coffee or beverage at your favorite coffee shop, restaurant, or watering hole is on me.  Just click here and let me know how my team and I may be of assistance; we are excited to be a resource for you.!

Baby boomers and millennials each approach the real estate market differently. Today I’ll go over how those differences will cause a titanic shift in our market. Selling in the Minneapolis area? Get a market analysis report Purchasing in the Minneapolis area? Get full MLS access Around this time of year, I get a lot of questions about how the market is doing. One of the biggest shifts in our market will be between baby boomers and millennials; there is a big difference between these two types of home buyers and sellers. Baby boomers were born between the 1940s and the 1960s. There are over 70 million baby boomers and they are starting to downsize; some are moving into smaller homes, others are moving into assisted living, and some, unfortunately, are starting to pass away. As a result, the demographics in our market are shifting. Millennials are in their 20s and 30s right now, which means that a lot of them should be looking at homes. However, when many millennials graduated from college, they walked right into a recession. Since the economic structure was so different from what baby boomers encountered, millennials have a very different view on homeownership.  The real estate market is in for a major shift in demographics. Many millennials have been renting homes. In fact, the percentage of Americans that own homes is the lowest it has been in 51 years. That is primarily because of the recession and our confidence in the marketplace. Still, there are 80 million millennials out there as opposed to 70 million baby boomers; we will see a huge shift as millennials begin to enter the market and baby boomers continue to downsize. Another thing to keep in mind about millennials is that they are carrying more school debt than any previous generation. Their job market is also incredibly different. All of these factors will impact our market going forward. If you have any other questions about our real estate market, please don’t hesitate to give me a call or send me an email. You can also reach out to me to get a copy of my book, One in a Million, which is filled with best practices on how to find a great real estate agent. I look forward to hearing from you!

If you’re looking for a lender for your home loan, it’s important to find the best fit for you as you undertake one of the biggest financing transactions of your life. Can an agent help you find the best fit? Selling in the Minneapolis area? Get a market analysis report Purchasing in the Minneapolis area? Get full MLS access How do you find a lender who is the best fit for you? Can an agent help you do this? The short answer is yes - I think an agent should be able to help you find a great lender who can match your needs when you’re navigating the real estate market for several reasons. For starters, an agent generally has some preferred relationships because they’ve been in the industry for awhile. We’ve seen a variety of different loan products, service platforms, and great ways that lenders will work with clients to make them successful. Agents will actually try to connect or partner with other people they know will service their clients in the way that they would want to. Secondly, should you look at going with a larger institutional lender or should you look at more of a local mortgage broker? Both have their pros and cons. A local lender will have a variety of programs. As a broker, they may be able to use options of many different lenders, whereas the larger institutions will just use their own programs.  Agents have preferred lenders they can connect you with. Their programs may be great and generally all-encompassing, but it might not fit the exact niche that you’re looking for, so you want to weigh out the best option for you. Finally, you want to look at the range of programs. A real estate agent will be familiar with the programs that match certain housing styles or certain buyer profiles best because they’ve seen certain programs that work best for certain people.  You probably have many questions about the lending process if you’re thinking about taking on a home loan. I’d love to refer you to the lender that I think are the best for your unique situation, so feel free to touch base with me if you need help finding the best fit for you.

Looking to buy or sell a Minneapolis area home? Click here to perform a full home search in Minneapolis. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us - 612-294-0447 for a FREE home buying or selling consultation to answer any of your real estate questions. I see too many home sellers sabotaging their own home sale. I wanted to share some tips with you on how to avoid things you shouldn't do when working with a real estate agent. Sellers will occasionally want to say how great their home is compared to all other homes in the neighborhood. When people upgrade their homes, they don’t always get a dollar for dollar return on that investment. Sellers will sometimes stay in the home for showings. This just makes buyers uncomfortable. Just don’t do this. It’s not professional and it will make selling your home even more difficult if you’re breathing down a buyer’s back. “Don’t stay at your home during a showing.” Some sellers don’t understand the pricing of their home and want to ask for an enormous price. Positioning your home right at fair market value is the best strategy. Asking too much will result in buyers ignoring your listing. Buyers are savvy and they know a good price when they see one. These are things that just make it harder for an agent to sell your home. If you can avoid doing these things, you’ll make it much easier for your real estate agent to sell your home. If you have any questions or concerns about this material, please don’t hesitate to contact me!

Looking to buy or sell a Minneapolis area home? Click here to perform a full home search in Minneapolis. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us - 612-294-0447 for a FREE home buying or selling consultation to answer any of your real estate questions. A number of people have asked us why it seems that this spring and summer have proven to be a tough market for buyers. Many people have had a difficult time finding desirable homes, as sellers have not flooded the market like they have in the past. What is it that's keeping people from selling? We think it's three things: 1. Sellers don't know that inventory is low. They feel like if they put their home on the market, there is a number of other sellers who are out there, and that it will be difficult to sell or tough to get the price they want. This couldn't be further from the truth: low interest rates and buyer demand have brought prices up significantly. 2. Sellers think that there is a difficult credit and lending requirement. In truth, credit score requirements have loosened up a bit since the end of the recession, making it easier for buyers to come into the marketplace. There are a whole lot of people entering the marketplace right now who either weren't eligible or weren't interested in buying in the last fives years. 3. There is no more foreclosure or bank-owned inventory. This segment of the market has dried up, which means sellers don't have to compete with low-end pricing. The only thing sellers are lacking is information! And that's why we're here: we want to give you the best possible advice and guide you through the selling process if that's what you're ready to do. If you're not sure, give us a call or shoot us an email, We'd be happy to talk about your specific situation!

Looking to buy or sell a Minneapolis area home? Click here to perform a full home search in Minneapolis. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us - 612-294-0447 for a FREE home buying or selling consultation to answer any of your real estate questions. There's one question that I get all the time from both buyers and sellers:How can we best prepare for closing? How can you make sure that everything is taken care of? Basically, it's like being a Boy Scout: Prepare in advance. Your real estate agent will manage all the different vendors involved in a typical real estate transaction, including mortgage brokers, home inspectors, and more. One thing you can do to prepare for closing is make a final walk-through of the property. If you're a seller, make sure the property is the way you want to leave it. If you're a buyer, make sure the property is the way you want it to be. Another step to prepare is to review your closing documents in advance. Today, that means reviewing the Housing and Urban Development (HUD) statement. You can get this two or three days in advance of the closing, and your agent should be able to walk you through everything on that document. As always, if you have any questions, give us a call or send us an email. We look forward to hearing from you!

Looking to buy or sell a Minneapolis area home? Click here to perform a full home search in Minneapolis. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us - 612-294-0447 for a FREE home buying or selling consultation to answer any of your real estate questions. Inventory is extremely low, builders have not quite kept up with demand, we have an increase of buyers in the marketplace, but not an increase in home sellers. Each of these factors makes for an extremely competitive market for buyers. Today, I'll share some tips with you to be successful in this market. Get pre-approved. The pre-approval works as your checkbook and lets sellers know that you are serious about buying their home. Having a pre-approval tells sellers that you have all of your ducks in a row, giving your offer an edge over the competition. Increase your deposit or earnest money. Typically, earnest money is about 1% of the home cost. By doubling the earnest money or raising your down payment, you show sellers that you are ready to purchase their home. Allow flexible contingencies. There are inspection, financing, and arbitration contingencies. You can make your offer stand out by making your contingencies less aggressive towards the seller. Consider price. Skip lowball offers. You need to make a competitive offer within the home's market value. Work with an agent to win the home. If you have any questions, give me a call or send me an email. I would be happy to help you!

Looking to buy or sell a Minneapolis area home? Click here to perform a full home search in Minneapolis. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us - 612-294-0447 for a FREE home buying or selling consultation to answer any of your real estate questions. Home buyers often have wants and needs that follow social trends, and home sellers and builders alike look to maximize on those trends. Here are some design trends in new construction homes we've noticed in the Minneapolis area. Lately, we see more builders shrink lot sizes as they increase the size of the actual home. Builders can get more cost per square foot of the property than they can in the lot. Plus, some buyers want smaller yards without sacrificing the size of the home. Another trend is an increase in connectivity between the home and the features of the home. That means more amenities and more open layouts. Plus, smart homes can connect to your computer, phone, or tablet. There are also more green trends in those design features that allow homes to be more energy-efficient and off the grid. Finally, I've seen more green space or landscaping connected to the home. The windows are positioned to look out onto the yard. There are more high-end decks, patios, outdoor fire pits, and pools to make it feel like there is another room outside the home. If you're interested in other design or building trends, give me a call or send me an email. I would be happy to help you!

Looking to buy or sell a Minneapolis area home? Click here to perform a full home search in Minneapolis. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us - 612-294-0447 for a FREE home buying or selling consultation to answer any of your real estate questions. Moving can be a very stressful experience, especially when you have children. When getting ready to organize with your kids, it can be really chaotic. In order to make the move as smooth as possible, consider the following: 1. Involve your kids in the process. A lot of time it's easy to clean and organize your home when they're not there, but these are important skills to instill in them while they're young. Make it a game or make it interesting if you can. 2. Think about the containers you want to use. Use different colors, labels, and even picture labels if necessary. This will help the children to stay organized and will allow them to put things away themselves, which will in turn take some of the stress off you as the parent. These are just a few of the many tips to help make moving with kids a breeze. For more great tips and tricks, please don't hesitate to reach out to us -- we would love to help make the process as smooth as possible!

Looking to buy or sell a Minneapolis area home? Click here to perform a full home search in Minneapolis. If you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us - 612-294-0447 for a FREE home buying or selling consultation to answer any of your real estate questions. You want to be comfortable. When buying a home, an affordable payment takes top priority above anything else. Don’t consider buying a home only because you qualify for it. Ask yourself financially what you feel comfortable with and what you do not. Be careful of risky loans. There are different types of loans, such as conventional loans and adjustable-rate mortgages. Sometimes, you don’t even need a single down payment when buying certain products. Combine your level of risk tolerance with your level of comfort. Risk tolerance and comfort will then help you create the ideal borrowing scenario. Does owning a home make sense? Make a decision based upon your personal short- and long-term goals. A potential purchase must be a good fit for you, not only something that fits within your budget. Remember:homeownership isn’t for everyone. Feel free to browse through our website for our current inventory, other tips on buying a home, and what’s happening in your neighborhood. Do not hesitate to give us a call or send us an e-mail to learn more.