Thank you again to everyone (past 2009 purchasing clients) that voted me a 2010 Super Agent! This is two years in a row now that I have received the award and am honored! I could not ask for more wonderful clients. Thank You!
Archive for the ‘Sellers’ Category
Voted 2010 Super Agent - Thank You!
Wednesday, June 23rd, 20102010 Home Buyer and Home Seller Perks – FREE 1 Year Home Warranty + more
Tuesday, November 3rd, 2009When you buy or sell a home with me in 2010 you will receive a FREE 1 Year Home Warranty. To learn more about the 2010 perks I am offering visit either my Home Buyer page or my Home Seller page on my website www.nextdooragent.com. There you will find the details of the program and some of the benefits of a home warranty.
Please pass this information on to anyone you know that may be looking to buy a home or sell a home in the next year!
Seller Staging Tips - Great Websites
Wednesday, September 2nd, 2009If you are thinking about selling your home or are currently in the process of getting ready to sell here are a few great staging websites. Staging your home correctly does make a big difference and in most cases will help it sell quicker.
If you feel that you could use some help with staging please let me know. I would be happy to assist you myself or refer you to a professional stager.
HGTV – www.hgtv.com/hgtv/shows_hdts/
Staging Diva – www.stagingdiva.com
Staging 101 – www.staging101.com
Moving Checklist - Buying or Selling Your Home
Wednesday, April 29th, 2009Since this is the PRIME home buying and selling time of the year I thought I would post a link where you can find a moving checklist, provided by Edina Realty. No matter if you are moving from Minneapolis to Eden Prairie, or Edina to Duluth it has some good tips to keep you organized.
Don’t forget that if you have pets you will have to help them adjustment to their new home too!
Eden Prairie Community Market Update
Sunday, April 5th, 2009As a Realtor, I am always reading market statistics on many different communities. Here is an example of what kind of market information I look at monthly. Eden Prairie Community Market Update. If you are interested in seeing statistics on a certain community you can go to the Minneapolis Association of Realtors website or e-mail me and I will send you the information. From Minneapolis to Chanhassen to Maple Grove, they feature information on over 100+ Twin Cities communities.
Eden Prairie and Twin Cities Real Estate Market Update
Sunday, April 5th, 2009According to the statistics from the Minneapolis Association of Realtors there are about 13% less homes on the market this March compared to March of 2008, which means less homes are being offered for sale and more homes are being sold. Pending sales are up 17% this year compared to last which also contributes to the decreased supply. The price point with the most inventory and sales in the past year have been homes priced under $150,000, which I would guess is mostly made up of lender-mediated properties.
Here are some additional Twin Cities real estate statistics
% of original list price received at sale the last twelve months – 91.6%
Average sales price the last twelve months - $233,602
Months of supply of current inventory – 7.8 (down from 9.2 last March)
Home affordability index – increase of 31.4%
Average days on the market – 157
To find more Twin Cities statistics you can read the Minneapolis Association of Realtors Housing Supply Outlook. This report also breaks down the statistics by single family homes, town homes and condos.
Interesting Explanation of the Credit Situation - Video
Monday, March 2nd, 2009We have all heard about the Credit Crisis in America over and over again on the news, in our cars on the way to work and even at work as co-workers and business associates talk about it. Although you hear about it many times a day, do you really understand it and how we got to where we are today?
Here is a great ten minute video explaining the credit crisis in simple, easy to understand terms. I found it very interesting and learned a lot, so I wanted to share it with you.
Top 10 Things to Expect In the Housing Market in 2009
Monday, January 26th, 2009By FrontDoor.com | Published: 12/03/2008
After the too-good-to-be-true housing boom in the first half of this decade, 2008 was a dose of reality. The subprime mortgage crisis and the collapse of major financial institutions made this year a tough one for real estate. Expect 2009 to be filled with more change and adjustment in home values and expectations. On a positive note, help is on the way from the Feds, and some experts say a slow recovery could begin in late 2009. Prepare yourself for the challenges — and opportunities — of 2009 by getting familiar with what to expect in the housing market.
- Continued market adjustments. With home prices in some markets having reached astronomical levels, it was inevitable a reset button be pushed. Sellers will continue to be challenged in 2009 as the inflated pricing of years past adjusts to normal levels. With banks and builders willing to slash prices to sell a backlog of foreclosures and new homes, individual sellers will have to price their homes competitively.
- Action from the Obama administration. President-elect Barack Obama’s plan to help the housing sector includes a 10 percent mortgage tax credit for homeowners who don’t itemize their taxes and a crackdown on abusive lending practices.
- More assistance programs for homeowners in danger of foreclosure. While the federal government is attempting to reduce foreclosures, a report released by the Joint Economic Committee predicts 2 million foreclosures in 2009. Homeowners who are at risk should take steps to avoid foreclosure.
- Some calm to the chaos of the banks’ restructuring. This should cause loan modifications and short sales to get easier, and it will also (eventually) decrease the number of bank-owned properties on the market.
- Thorough reviews of mortgage applications. Before the subprime mortgage debacle, you didn’t have to prove you could afford to borrow $200,000 for a home and you didn’t need a down payment. Those days of sketchy lending practices are gone. Lenders now require potential borrowers to provide extensive income and expense documentation. Homebuyers with the best credit will get the lowest interest rates. Take steps now to get your finances in order and boost your credit score.
- Low prices and low interest rates. 2009 could be the time for reluctant homebuyers to act, as this is perhaps the last year of the best buying opportunity in recorded economic history.
- Cool tech tricks and tools for the real estate obsessed. As homebuyers turn to the Web more and more for their real estate needs, video, webcasts and mobile search tools are becoming more prevalent. Sellers should consider using these cutting-edge tools to make their homes stand out.
- Wiser consumers. After facing this foreclosure crisis, buyers, sellers, real estate agents and even tenants will have a deeper understanding of real estate, mortgage and credit, which they can use to make better decisions and be more self-protective in the future.
- Leaner, greener homebuying. Across the board, homebuying is becoming more eco-friendly, from transactions being conducted digitally to buyers opting for smaller homes within walking distance of school and work.
- An increase in consumer confidence. As the year goes on and we near the projected end of the recession, sellers can breathe a sigh of relief as buyers regain confidence in the market.
– Front Door (http://www.frontdoor.com/top10/)
November Market Update
Monday, January 26th, 2009 With all the media coverage on the market lately, I thought it was time to share some facts and also let you know what I am seeing out there as a Realtor®.
If you are trying to sell your home you are probably feeling that we are in a down or even terrible market right now. On the other hand, if you are a buyer you are probably feeling this is an opportunistic time to be purchasing real estate. With the market correction homes have become more affordable, and without this natural occurrence many of us would not be able to afford a home in the future. We are experiencing one of the largest pricing corrections there has been in over 20 years. Therefore, my advice would be to take advantage of this correction, as once the market recovers we will not see another down turn like this for a long time….analysts are saying probably not for another 20 years.
The positive news is that pending sales in the Twin Cities rose 6.9% in October from a year ago; the fourth consecutive month of increases. Although homes on the market are selling, it is at a lower median price. The growing number of foreclosed home sales has driven down the median price by 18.2% in October. Remember these are the overall Twin Cities averages, as some areas have been more affected than others. For example in Brooklyn Park 64% of the home sales year-to-date have been lender mediated, where as in Edina only 8.3% have.
If you would like more specific statistics on your neighborhood or one are interested in, let me know and I can send them to you.
Bits of good news surface for Twin Cities housing market – Star Tribune 2008
Housing market uptick? – Star Tribune 2008
Minneapolis Association of Realtors
Foreclosure Market - What You Need To Know
Monday, January 26th, 2009Foreclosed real estate inventory has increased 92% in the Twin Cities since this time last year, while the traditional inventory of homes for sale has decreased by 16%, therefore the foreclosure market is something anyone looking for a deal on a new home will want to understand.
A foreclosed home is real estate owned by the bank because the previous owner was no longer able to pay their mortgage. Banks do not like to have these properties on their books and want to get them sold as quickly as possible, since they tend to cost the bank a lot of money in fees and lost payments. It is different for each property, but most foreclosed real estate is listed between 5% - 30% below market value, creating a true deal for a buyer that is able to snatch it up. Working with a bank on a real estate transaction is a lot different than a seller also, because banks have no emotion involved in the property and just want to sell it as fast as possible for the highest price.
Below is some information on what you can expect, in most situations, when working with a bank on a foreclosure sale, again, I will stress MOST, because in some cases depending on the bank some requirements could be different…….
- Banks will not accept contingent offers, so if you have a home to sell you will need to sell it first
- Bank-owned properties are sold as-is, which means what you see in the home is what you get, they are not willing to do repairs for you as a normal seller would
- Foreclosures do not have a seller’s disclosure because it is being sold as-is, therefore you are highly encouraged and able to get a home inspection
- The longer that a foreclosed property sits on the market the more banks are willing to work with you on a lower offer
- It is a rule of thumb that on any property today a buyer should offer 10% lower than the asking price, adjusting that percentage higher or lower based on the price, days on the market and the property’s condition
- Banks usually lower prices on foreclosed real estate on schedules such as 30, 60, 90 days, etc.
- Some banks, such as Countrywide require all buyers to get qualified with them in addition to their own lender
- Depending on the bank, they can take 1-10 days to get back to you on an offer
- Most banks will ask you to put a larger earnest money check down than you would if you were buying from an actual homeowner. Most banks would like to see 2% - 5% of the selling price as earnest money
- Most banks will only take cash and conventional offers, but some will also take FHA
For some great information and statistics about the Twin Cities Foreclosure market visit Q2 2008 Foreclosures and Short Sales in the Twin Cities Housing Markets.
