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Selling Lake Luxury

What feels at times to be a dark year, one bright spot in 2020 is a hot real estate market in Minnesota. Meredith Howell, a real estate agent with Coldwell Banker has enjoyed a long and successful career selling homes in the Lake Minnetonka area and beyond. 

Meredith grew up in Edina and went to the University of Minnesota to study math and business. While she started her career in commercial construction lending and investment analysis, she never considered selling homes.  Then she and her husband moved to Wayzata.  She credits her husband with seeing something in her that she didn’t see in herself and he convinced her to try selling residential real estate.  

She first began as an agent at Burnet. Meredith and her husband had a personal friendship with Ralph Burnet and she made many great connections during her years there. She was able to combine her outgoing personality with her business background and it all just clicked. She really sees those years as the pinnacle of working in real estate as it was pre-internet. “People sometimes want to rely solely on their own research now, but there is something to be said for hiring an expert.” 

It’s no secret the Lake Minnetonka area is not only a coveted place to live but a destination for others to window shop properties. While many admire the exteriors and even have favorites picked out, not all have an opportunity to have a peek inside. Meredith agrees but it’s more than that for her. “A lot of agents say they love showing homes. And I do love showing them but what I really like is doing the deal. Analyzing the data and bringing people together is what I like the best. It was great to have a quantitative background but it also would be great to have a background in psychology. It’s really about trying to get people to embrace a prudent business decision but there is definitely an emotional piece in purchasing that asset.”  

The housing market is very strong right now but agents still face challenges. Meredith explains, 

“What stands out is we all have strong buyers and so very little inventory. It’s true across the board. (At every price point) If something isn’t selling, it’s simply price right now. And the mental state of today is nobody wants to do work on a home, buyers want turnkey. People don’t have the time and are busy with other things. They want to move in and hit the ground running.” 

Personally, I have many friends who are moving this year, some just a few miles from their current home. In some ways it seems a precarious time for a big change and yet I envy their enthusiasm. They have a new place to look forward to and since we have all spent more time at home lately, changing it up seems very exciting. Meredith says the interest rates make moving more compelling in general but also she has seen different motivations from buyers this past year.  She says, “We all have this hypothesis, there is a lot of money coming in from California because those buyers want to get out of California. Many are people who previously have roots here and there is a connection but they want to get out of California and are escaping here. Maybe they grew up here. Or they have family who also live here. It’s really having an impact on the upper bracket on Lake Minnetonka.”  

When Meredith mentions the upper bracket, I start to fantasize about a luxury mudroom with an alcove for hockey gear. I sense such mudrooms may not be the priority in the upper bracket. But what do those clients want right now?  She tells me home libraries and offices are of critical importance now.  And in the needs section-they see recreational facilities listed. Pools and indoor sport courts make the top of the list. Meredith contends people aren’t traveling or going to health clubs as often now, so the feeling of having access to all of that at home is important to them. 

Many people have not only made home changes but also job changes this year. People may be starting their career in real estate wanting success but that may not happen for all of them. How do they start and someday end up where Meredith is now?  She says, “I can remember when I first started out and was afraid to pick up the phone. So I tell new agents to go to everything. Go to every open house. Don’t just sit there. Learn. Do the research. Look at all the comps. Get informed. Be transparent about yourself when you meet buyers and sellers. Because the most important thing is to gain the trust of a new client. Information is one thing but the interpretation of the information is the true value I bring to the table.”

One thing Meredith and I clearly have in common is we are both Minnesota girls through and through. Both born and raised here we love where we live as we share an affinity for the water. As we talk, she tells me how much she enjoys it in Wayzata.  She currently serves on a task force for addressing the design standards and works with others committed to enhancing and protecting the community.  She mentions she is looking at the lake as we speak on the phone.  As our warm weather lake recreation season comes to an end and we head into the winter, this area still gives back to all of us with winter recreation and new vistas. The views are just as stunning even with a hint of frost in the air.  

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