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Michael Finstad
Follow Your Dream, Home. ™
Michael Finstad
Real Estate Advisor
612-245-6470
"Making a positive impact in the world every day” is a mantra I strive to live by in my life. What better way to positively impact the world than to help people with some of the biggest financial decisions they may make in their lives? I believe real estate is a deeply personal, emotional experience; and it is important that the professional you choose to work with has integrity and quality in how they conduct business. I’ve successfully built my real estate business over 25 years by striving to exceed my client's expectations and creating one happy and satisfied customer at a time. I am proud to continue to receive referrals from my clients because of the high level of service I have provided and continue to provide for them.I have lived in the South Suburbs of the Twin Cities my whole life and now call Empire township home. I graduated from Gustavus Adolphus College in 1993 with degrees in Sociology, Anthropology, and Philosophy; and yes I use my degrees every day. My family includes a wife, 3 daughters (24yrs, 21yrs,&16yrs), 6 cats, and 1 dog. In my spare time, you’ll find me at the gym working out or on the road or trails running. I am passionate about running. I don’t run fast but I’m always challenging myself to run farther and longer distances. I’ve run multiple marathons and Ultra-marathons of distances up to 100 miles. Whether it's running or real estate, I hope to be a resource for you in the future!
Featured Listings
- 3D
Active$ 269,900
2 Beds2 Baths1,346 SqFt15571 Garnet WAY #61, Apple Valley, MN 55124
Townhouse
Listed by Michael Finstad of Engel & Volkers Minneapolis Downtown
- 1/58 58
Contingent$ 699,900
6 Beds6 Baths4,319 SqFt11050 Cattail PATH, Dayton, MN 55369
Single Family Home
Listed by Michael Finstad of Engel & Volkers Minneapolis Downtown
- 1/13 13
Active$ 100,000
1.84 AcresLot 2 Jacobs Drive, Norwegian Grove Twp, MN 56572
Vacant Land
Listed by Michael Finstad of Engel & Volkers Minneapolis Downtown
- 1/67 67
Open Sat 12PM-2PM$ 2,300,000
5 Beds6 Baths7,863 SqFt6532 W Shore DR, Edina, MN 55435
Single Family Home
Listed by Mackenzie Torsch of Engel & Volkers Minneapolis Downtown
- 3D
Open Sat 1:30PM-2:30PM$ 524,900
4 Beds4 Baths2,538 SqFt111 Clyde PL, Willernie, MN 55090
Single Family Home
Listed by Jessica Coleman-Siverson of Engel & Volkers Minneapolis Downtown
- 3D
Open Sat 11:45AM-12:45PM$ 574,900
2 Beds3 Baths1,365 SqFt83 1st ST SE, Forest Lake, MN 55025
Townhouse
Listed by Jessica Coleman-Siverson of Engel & Volkers Minneapolis Downtown
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Blog
August Real Estate Newsletter 2024
Updated Rules for Selling a House Last year, higher interest rates forced some would-be buyers to put their plans on pause, leaving many sellers with limited options. But never fear — 2024 brings a new market with updated rules.According to national averages, Realtor.com® reports some extremely encouraging guidelines for sellers in the housing market right now.Rule 1: Buyers Are BackWith mortgage rates holding steady, more buyers are entering the market with, perhaps, increased confidence due to rate stability.Rule 2: Step Up Your Home GameLast year, buyers were more accepting of a property in need of renovations. But now, with inventory starting to increase, sellers may want to consider making their house stand out with interior and exterior updates. Rule 3: Practice PatienceGetting a good offer may be as simple as winning the waiting game. An increase in buyers improves the chance you'll receive the offer you want if you're willing to wait for it. Rule 4: Your Wiggle Room Has ExpandedMore buyers signal a return to negotiating power. If you receive an offer lower than you hoped for or lacking in certain specifics you need, your real estate agent can advise you on making a counteroffer. Rule 5: There's No Better Time Than NowAccording to some economists, we're in a sweet spot where rates are steady, but the market hasn't quite picked up speed yet. This means now might be the prime time for savvy sellers to list. A real estate professional who understands your local market can help you find the best time to list your property. Enchant Buyers With Stunning Fall Curb Appeal As summer rays give way to autumn days, embrace the seasonal shift to captivate potential buyers. Whether your location experiences vibrant fall hues or remains warm and sunny, the change of seasons offers a unique opportunity to highlight the beauty of your home with thoughtful touches and transform its curb appeal into a welcoming masterpiece.Create an inviting entryway. Paint or stain the door and update hardware for a new look. Add potted flowers like chrysanthemums, pansies or marigolds. Elevate autumn vibes with nontoxic apple or pumpkin spice sachets hidden in plants to surprise and delight visitors. Clean up the landscape. Trim overgrown bushes and ensure the lawn is mowed and edged. Refresh mulch, then neatly place a few pinecones in your landscape for a bit of fall whimsy.Enhance lighting. Install lighting along pathways and add a few strategically placed lanterns for a warm glow. Elegant lighting helps your home stand out during shorter fall days. Understanding Down Payment Assistance Programs Saving enough money for a down payment is a crucial step in turning your dream of homeownership into a reality. Fortunately, down payment assistance (DPA) programs can make this milestone easier to achieve.DPA programs help home buyers afford down payments through grants or loans from government agencies, lenders or nonprofits. Most DPA programs are geared toward first-time buyers, but other buyers may qualify based on factors such as income, credit score and home location. According to industry research, 87% of properties in the U.S. qualify for down payment assistance, but many buyers are unaware of these programs. If you're saving for a down payment, a real estate agent is your most valuable resource for understanding DPA programs and securing assistance if you're eligible. The Difference Between a CMA and an Appraisal Is it a comparative market analysis (CMA), or is it an appraisal? These real estate terms are often confused with one another, but they're actually quite different. Understanding the distinction is important for everyone involved in a real estate transaction. Comparative Market Analysis (CMA) Definition: A real estate agent's estimate of a home's value based on comparable properties Purpose: An informal estimate that helps sellers set listing prices and buyers make offers Who: Real estate agents When: At the beginning of the selling process Cost: Usually free Appraisal Definition: A professional evaluation of a property's value performed by a licensed appraiser Purpose: A formal assessment used by lenders to determine mortgage loan amounts Who: Licensed appraisers When: Required by the lender before approval of the mortgage Cost: Usually performed for a fee Pro Tips for Market-Savvy Home Buyers Whether you're a first-time buyer, someone needing more living space or an empty-nester looking to downsize, these smart strategies can help you secure your new home in today's dynamic real estate market.Get pre-approved. Obtaining pre-approval for a mortgage gives you a clear budget to work with and shows sellers you're a serious and committed buyer, giving you a significant edge.Consider fixer-uppers. Houses in need of repairs may not attract as many potential buyers. These properties may be less expensive, and with some renovations, you can significantly increase their value.Act fast. With homes still selling quickly, your real estate agent will keep you informed and help you make swift decisions so you're ready to make a competitive offer when the time is right.
Read moreJuly Real Estate Newsletter 2024
Are New Homes Getting Smaller? New homes are on a downsizing trend, subtly scaling back on square footage. These modestly smaller houses prioritize cost-efficiency without sacrificing the essentials, reflecting a shift in home buyer preferences for more manageable, affordable living spaces. This trend is a positive step toward opening up the housing market for first-time buyers as well as sellers wishing to downsize.According to industry analysts, home builders have reduced the sizes of new homes by 4% over the past year. With median square footage now just under 2,200 square feet, overall new home prices have dropped 6%. However, while the houses may be smaller, they still offer many of the big advantages of new construction, including brand-new appliances and systems, advanced technology, better energy efficiency, and lower maintenance costs. Builders are opting to forego formal living and dining rooms, and they're reducing the square footage of some secondary bedrooms. These alterations allow builders to focus on what really matters to most buyers. Family living spaces are actually getting bigger, and larger kitchens often feature a huge island as the central eating area. Trendy outdoor living areas are also common in new construction despite smaller lots. Even with limited space, these amenities ensure new homes are functional and appealing. Creative floor plans and strategic design choices mean smaller doesn't feel cramped. This evolution in housing reflects an awareness of contemporary needs, positioning smaller homes as economically savvy choices. With lower costs and efficient designs, these homes are able to meet diverse needs and make homeownership more accessible while maintaining the appeal of modern living preferences. Millennial Momentum in the Housing Market Far from mere participants in the housing market, the millennial generation is setting new trends and redefining the expectations and realities of homeownership. Their significant influence is reshaping the market and consumer priorities. Due to uncertain economic factors, many in this generation delayed marriage and home purchases, but recent data shows a shift. Indiana University's Business Research Center reports that the "household formation" rate is doubling that of population growth, creating a big demand for houses — primarily driven by millennials.In 2023, nearly 40% of buyers were millennials. Between first-time buyers and families moving up to bigger homes, they were the largest group of buyers in the real estate market. Their purchasing power is a major force that can steer industry trends. With their strong influence on the market and a preference for technology, sustainability and adaptable living spaces, millennials are set to drive housing innovation for the foreseeable future. Turn Home-Selling Stress Into Success At first, selling a house may seem overwhelming, but with a few simple strategies, you can sail through the process like a champ.Set realistic expectations. Home sales can take time, and there may be ups and downs along the way. Focus on your end goal to prepare yourself for potential challenges.Stay organized and proactive. Keep track of important documents, appointments and deadlines. Being prepared can reduce stress and make the process more manageable.Lean on your people. Talk to friends, family and a trusted real estate agent for advice and encouragement. Sharing helps to ease anxiety, so you'll feel more supported and less stressed.Focus on the future. Visualize all of the exciting opportunities that await. Whether it's a new house, a new city or a new job, keeping your eye on the positive aspects of the transition will do wonders for your motivation and optimism.Remember: Selling your house can be the gateway to a fresh start and new possibilities — the opportunity to embark on a new chapter in your life. So stay focused because the best is yet to come. Unique Ways To Add Front Yard Curb Appeal Transforming your front yard from bland to breathtaking doesn't always require traditional landscaping. Explore these inventive ways to elevate your home's curb appeal. Convert an ordinary front porch into a showstopping haven with a porch swing and seasonal decor. Hanging baskets, a succulent wall or colorful window boxes add a touch of natural beauty. Design an elegant gathering space with a built-in fire pit surrounded by low-profile seating. Add a fountain or water feature for an eye-catching focal point. The sound of flowing water can be calming and help block any traffic noise. Create pathways using high-quality materials like natural stone and incorporating artistic patterns to lead visitors to your doorstep in style. Illuminate with path lighting. Cover College Costs With Real Estate Investments For those parents or grandparents navigating the hurdles of college costs, real estate investments offer a sensible avenue for financial support. Consider the following strategy. Finance the purchase of an investment property with a fixed-rate 15-year mortgage. Rent the property, using the income to pay down the mortgage. Sell or refinance the property, and use the equity to pay college expenses. If you make the investment when your child or grandchild is a baby and use the rental income to pay down the mortgage, it could be paid off by the time he or she graduates high school.
Read moreJune Real Estate Newsletter 2024
Time To Sell? Signs To Know You're Ready Are you considering selling your house but unsure whether the time is right? Assessing a few key factors can help you decide if you're ready for a move.You have the wrong amount of space. Whether you're running out of room for your growing family or you're an empty nester and the house feels too big, one sure way to know it's time to move is when your home no longer fits your lifestyle.You've built up equity. When selling your house and purchasing a new one, it's wise to have enough equity to cover at least a 20% down payment on your new home to avoid paying private mortgage insurance (PMI). Make sure you also have enough to cover closing costs and moving expenses.The market is in your favor. The timing of your house sale can significantly impact the offers you receive. Take advantage of high home values and strong demand to maximize your sale price.Your house is ready to list. Properties in good condition and not needing any extensive repairs are more attractive to buyers. If minor touchups and fixes are required, be sure to address those before putting your house on the market.You've found the right real estate agent to help you. Once you decide it's time to sell, a real estate professional will guide you through the process, helping you move on to the next exciting chapter of your life. Keep Curb Appeal Up When Temperatures Soar Maintaining curb appeal throughout the long summer months can be a feverish undertaking. Consider these tips to keep your home looking refreshed, even on the hottest days.Add potted succulents to your landscape. These heat-tolerant beauties not only reduce your watering and weeding workload but also come in a variety of muted tones and textures that give your outdoor space a trendy touch.Look for indications of wear and tear on your home's exterior. Heat from the sun can cause paint to fade, blister, peel, and crack. If you see any of these signs, it may be time to have your house repainted.Mow your lawn on a regular basis and use an edger or trimmer for a clean, crisp perimeter. Pressure wash your concrete driveway and walkways to complete the manicured look.Wash away dirt and pollen left behind by seasonal winds and storms. Clean your windows inside and out so the bright summer sun can help your home shine. What's Going on With the Housing Market? Last year, economists predicted falling mortgage rates in 2024 would increase the number of potential buyers, with sellers eager to list their homes. When rates fall and more properties are on the market, home prices tend to level off. More sellers will naturally allow for more sales.Even though mortgage rates have been rising for the past two years, data shows that inventory has been increasing, and home prices have remained steady. Unless there is a significant drop or increase in mortgage rates, home prices will likely remain consistent with last year.You can rely on a knowledgeable real estate agent to help sell your home quickly for the best price. How To Stand Out as a Buyer A competitive housing market moves quickly, so buyers often need ways to capture the seller's attention. With the right strategies in place, your dream home is just one good offer away.Get PreapprovedLoan preapproval gives a seller confidence in your funding ability, and knowing your purchase limit can help you make a competitive offer when other bids are on the table.Present Your Best OfferIn a seller's market, you may only get one shot at making an offer, so make it your best.Don't Sweat the Small StuffAsking for a lot of extras during negotiations may deter a seller. Stay focused on the most critical items, such as the roof, foundation and plumbing.Act FastCompetitive markets move swiftly. To reduce deliberation time, make a list of nonnegotiable features you want in a home.Work With a Real Estate ProfessionalBuying a house is a complex process, so having someone you trust to help you navigate the details is important. Advantages of Putting a House in a Trust Placing a house in a trust can help ensure a smooth transfer of the property to your beneficiary upon your passing. It establishes a fiduciary relationship, which prioritizes the protection of another individual's interests. Here are some of the benefits of creating a trust.Avoid probate. Probate can be an expensive, lengthy process for those who inherit property and other assets. A trust allows for direct transfer without going through the court. Reduce taxes. Depending on the type of trust you establish, you may be able to minimize estate taxes or other taxes that could be imposed on your property.Maintain privacy. Placing your house in a trust ensures sensitive financial information isn't included in public records.
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Michael Finstad
Whether you're looking to buy or sell your home, I am here to guide you toward meeting your real estate goals. Reach out to learn more today!