Archive for the ‘Twin Cities Info’ Category
Eden Prairie Named #1 City to Live in by Money Magazine
Tuesday, July 13th, 2010Congrats to June Buyers!
Wednesday, June 30th, 2010Congrats to all of my June buyers that closed in the last week! One closed yesterday, just in the nick-of-time to receive the move-up tax credit. Enjoy your new homes!
Eden Prairie Proposed Southwest Transit Light Rail
Saturday, November 21st, 2009The possibility of a light rail coming to Eden Prairie is pretty big news for commuters or individuals that would just prefer public transportation to downtown Minneapolis. The Southwest light rail project is expected to be completed in 2030 if it all moves forward as planned, with the route to Eden Prairie completed much earlier in 2014. Route 3A would start in Eden Prairie and then head through Hopkins, St. Louis Park, ending in Minneapolis. Once light rail riders reach downtown Minneapolis they would then be able to connect with other rail lines. For more information on this project visit Southwest Transitway.
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.
First-time Homebuyer: Upper Hand?
Tuesday, March 24th, 2009
With rates around 5% or under right now and a $8,000 tax credit, first-time homebuyers really have the upper hand in the real estate market. From the statistics and the discussion in my Edina Real Estate office it sounds like a lot of buyers are taking advantage of it too. It is hard to tell how much longer interest rates will stay low, but we do know that the first-time homebuyer tax credit is avaliable until Decebmer 1st 2009.
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.
Tips: Finding Good Deals in this Housing Market
Monday, January 26th, 2009Here are some tips on finding a good deal, but first a little background on my last buyer that got a deal of his lifetime.
My buyer was looking in NE Minneapolis with the goal of finding a home the he could fix up himself and add equity over a five year period. He had done his homework on what he wanted, knew which area he liked and was pre-qualified with a bank. After looking at a few different options, we both watched the market every day to see what was new.
The result was a four bedroom, two bath, two fireplace and two car garage home with some small repairs for him to do himself. These repairs ended up only being carpet, paint, and when the snow melts a little yard work; for a do-it-yourselfer like him completely simple and inexpensive. For my buyer the best part was he purchased this home for $100,000 less than the tax value and what the house was appraised for this year. To get this kind of deal, we did have to move VERY quickly. We put an offer in the 1st day it was on the market and later found out there were five backup offers behind us. Sooooo…. our lesson here was the early bird gets the worm.
Here are some Tips on how to find a good deal:
- Narrow down the specific area that you would like to purchase in, making it easier to know exactly what is on the market.
- Find a Realtor that is familiar with that area so that they can help you spot a good deal.
- Receive automatic e-mails from your Realtor so that you can see what new properties come onto the market each day.
- Make sure you are completely qualified with a bank or lender and ready to make an offer at all times.
- Move QUICK when you find a home you want, it may be a buyers market, but when it comes to good deals there are a lot of smart people out there looking for the same thing as you.
- If you are buying a bank owned property, make sure your Realtor tells you what to expect, as things with banks are mainly on their terms and timeline.
Edina Realty – Making the Move
Monday, January 26th, 2009Happy New Year Everyone
With the New Year fresh in my mind and hours of research behind me, I have made the decision to join the Edina Realty team. I will be making the move to their Eden Prairie office today and tomorrow, oh how I love moving. At least for this move it is only a few boxes of files, and I don’t have to enlist the help of my dad or brother. This move to Edina Realty will not change anything for my clients except now I will be apart of the #1 real estate team in the Twin Cities.
I just wanted to thank all of my friends, family and clients for their support in 2008. I’m looking forward to making 2009 a great year also! Best wishes to everyone in 2009, may all your dreams come true.
Special thank you to Andrew Campbell, Beth and Nate Russell, James Kong, Corey and Alysia Nelson, Cory Vandenberghe, Desarae Veit, Mindy Christianson and Jamie Tharp.
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/)
