Why Low Inventory is a Win for Sellers
The number of houses, lake homes and recreational property for for sale today is significantly lower than the high buyer activity in the current housing market. According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR): “There is no shortage of hopeful, potential buyers, but inventory is historically low.” In our local […]
One Time Showing Agreement
What is a One Time Showing Contract? A “one-time showing agreement” or a Showing and Commission Agreement is a commission agreement between a for sale by owner (seller) and the real estate brokerage company. It is a written agreement in which the seller agrees to pay a commission to the Realtor connected to the buyer. […]
Seller Pay Closing Costs
Asking the Seller to Pay for the Buyer’s Loan Closing Costs? Throughout Minnesota it is common for the buyer to ask the seller to pay closing costs–or part of the loan closing costs–when making an offer. It is especially common with FHA, VA or other similar government backed mortgages. When the sellers pay part or […]
Welcome 2021!
All of use at BIC Realty are looking forward to 2021! Our goal is to provide amazing customer service to our buyers and sellers! We are very thankful for our cients in 2020 and the lessons learned and values re-evaluated due to the covid-19 crisis. In 2021 we want to do, listen, act, show and […]
COVID-19: Buying and Selling Property
You might think that now is not the best time to sell your property. For some people maybe not, but for a lot of property owners, equity has been building at a nice pace for many years and historically low interest rates are allowing buyers to afford “more” property and this driving up property values. […]
First Quarter 2020 Lake Vermilion Market Update
The first quarter for real estate sales of Lake Vermilion homes and cabins was very similar to last year. Here is how it broke down for 2020: Number of homes sold in the following price ranges: <$300,000–3 homes/cabins $300,000 to $500,000–1 home/cabin $500,000-$700,000–2 homes/cabins In 2019 six Lake Vermilion homes/cabins were sold in the first […]
Covid-19 and Buying and Selling Real Estate
Due to the public health concerns of COVID-19 and the Governor issued ‘stay at home’ order, our office will be closed starting Saturday 3/28/2020 thru approximately April 10, 2020 to the public. However we are open for business and our realtors are working from home and are here to assist you whether you have questions […]
Vacation Rentals
Effective Feb 25, 2020, St. Louis County board adopted amendments to Zoning Ordinance 62 regulating short term rentals. The St. Louis County Board has approved changing it’s zoning ordinance to allow for short term rental of properties while also regulating them in a way that protects the safety of visitors and rights of neighboring property […]
Property Tax Changes
St. Louis County has published a map of changes made to property values in 2019 based on property sales. Most of the area has seen increases ranging from 5% up to 18%. Areas marked in yellow are the areas that were reassessed in 2019. For more information you can call the County Assessor’s Office at […]
Which Loan is Right for You?
Did you know there are a variety of different loans available to you for buying your home? Following is a summary of the most popular mortgage options. We advise talking to your lender to get more details on these and other types of loans. Conventional–This is the most common mortgage option available to home buyers […]