Recent Posts
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Blah Blah Babycakes » Planes, Trains and Taxis
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Absence of Distraction » Gilded Chicken
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Desperate Irish Housewife » Oh Yeah. They're Scared.
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Access Vikings: » Packers release Robinson
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Absence of Distraction » It hurts my eEars
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Alt Text » 1st Annual: Alt Text's Best of the Twin Cities
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The Rake: Breaking Bread » Acadia Cafe: Shades of the New Riv
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The Rake: Road Rake » Duh. Duh. Duh, Duh Duh?
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WorkdayMinnesota.com: News » FED TO RE-LAUNCH McCAIN REVEALED CAMPAIGN; UNIONISTS IN MICHIGAN, ST. PAUL GET HEAD START
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Birdchick Blog » What I Missed At Carpenter Today
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The Current Music Blog » Do The Shuffle
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Minneapolis Fucking Rocks » Stereolab Announce North American Tour (Including Minneapolis)
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Twin Cities Real Estate Blog » Q&A - How Long Should it Take to Sell My Home?
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Twin Cities Real Estate Blog » Price Per Square Foot - Lender-Mediated vs Traditional Sellers
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Twin Cities Real Estate Blog » Aaron Dickinson and MAAR Publish Report on Foreclosures and Short Sales on Twin Cities MLS
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Twin Cities Real Estate Blog » Foreclosures and Short Sales Skewing Twin Cities MLS Statistics
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Twin Cities Real Estate Blog » Agents Disrespecting Vacant Houses
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Twin Cities Real Estate Blog » Price Per Square Foot Explained
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Twin Cities Real Estate Blog » Pricing Comparison of Southern Twin Cities Suburbs
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Twin Cities Real Estate Blog » So Much to Say, No Time to Say It
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Twin Cities Real Estate Blog » Greedy Buyer Loses in Multiple Offers
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Twin Cities Real Estate Blog » Q&A: When Will the Twin Cities Real Estate Market Hit Bottom?
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Twin Cities Real Estate Blog » Poll: What Percentage of Listings on the MLS Are Foreclosures or Short Sales?
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Twin Cities Real Estate Blog » Q&A: How Much Off the Price of a House Can I Offer?
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Twin Cities Real Estate Blog » Q&A: How Long to Hear Back on a Short Sale?
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Twin Cities Real Estate Blog » Q&A: What Counts as Finished Square Feet?
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Twin Cities Real Estate Blog » Q&A: Will My City See Appreciation in the Next 5 Years?
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Twin Cities Real Estate Blog » Q&A: Is Now a Good Time to Buy Up?
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Twin Cities Real Estate Blog » New Regular Feature: Questions & Answers
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Twin Cities Real Estate Blog » Twin Cities Mortgage Rates Fall
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Twin Cities Real Estate Blog » Microsoft Photosynth - Killer App for Real Estate?
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Twin Cities Real Estate Blog » REALTORS Looking to be Part of the Solution
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Twin Cities Real Estate Blog » Efficiency Furniture in a Box
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Twin Cities Real Estate Blog » Star Tribune Prints the Wrong Story
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Twin Cities Real Estate Blog » Twin Cities Home Prices Fall to 5 Year Low
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Twin Cities Real Estate Blog » Twin Cities Real Estate Affordability Hits 5 Year High
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Twin Cities Real Estate Blog » Looking for Foreclosures or Short Sales - Come to Me!
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Twin Cities Real Estate Blog » Banks: Install Security Systems in Foreclosures
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Twin Cities Real Estate Blog » Minneapolis Considering Plan to Save Neighborhoods from Foreclosure Crisis
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Twin Cities Real Estate Blog » Foreclosures & Shorts Sales Should Be Classified As Such on MLS
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Twin Cities Real Estate Blog » Kudos to a Friend Across the River
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Twin Cities Real Estate Blog » Re-listing Homes: Not Unethical
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Twin Cities Real Estate Blog » St. Paul Real Estate - Two Different Stories
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Twin Cities Real Estate Blog » Short Sales & Foreclosures - Home Owner White Collar Crime?
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Twin Cities Real Estate Blog » Twin Cities Affordability Hits Highest Level in Nearly 4 Years!
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Twin Cities Real Estate Blog » Short Sales & Foreclosures = More Multiple Offers
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Twin Cities Real Estate Blog » Declining Market Takes a Bigger Bite
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Twin Cities Real Estate Blog » Beyond Brochures, Stamps, & Gas
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Twin Cities Real Estate Blog » Economy in Trouble: Bad for Stocks, Good for Housing
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Twin Cities Real Estate Blog » Coming Soon to the Twin Cities - 10,000+ More Homes for Sale
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Twin Cities Real Estate Blog » Eden Prairie Townhome Development: 65% Foreclosed in 2007
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Twin Cities Real Estate Blog » Twin Cities Interest Rates Drop to Multi-Year Low
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Twin Cities Real Estate Blog » Declining Market Appraisals - The End of 100% Financing
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Twin Cities Real Estate Blog » Bought a New dSLR Camera
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Twin Cities Real Estate Blog » Great Video for Twin Cities Home Sellers
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Twin Cities Real Estate Blog » Twin Cities Real Estate Affordability Hits 34 Month High
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Twin Cities Real Estate Blog » The Best Time of Year to Buy a Home
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Twin Cities Real Estate Blog » Buying New Construction
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Twin Cities Real Estate Blog » Tax Rebates on Energy Efficient Upgrades
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Twin Cities Real Estate Blog » Contracts: Yes, They Mean What They Say
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Twin Cities Real Estate Blog » UPS (or Amazon) Calls You For a Delivery
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Twin Cities Real Estate Blog » Houses - When is a Good Deal a Good Deal?
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Twin Cities Real Estate Blog » Minneapolis the “Most Affordable Place to Live Well”
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Twin Cities Real Estate Blog » Worthless MLS Listing
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Twin Cities Real Estate Blog » Finding Townhomes in the Dark
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Twin Cities Real Estate Blog » Nearly 9% of Twin Cities MLS Listings Distressed Sales?
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Twin Cities Real Estate Blog » Sign Pollution - SPAM for the Real World
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Twin Cities Real Estate Blog » Twin Cities Listings - Overpricing Will Hurt You… Bad!
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Twin Cities Real Estate Blog » Two Graphs - One Message for The Twin Cities Real Estate Market
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Twin Cities Real Estate Blog » Minneapolis/St. Paul Days on Market
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Twin Cities Real Estate Blog » Minneapolis/St. Paul #1 for Business
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Twin Cities Real Estate Blog » Edina Realty Mortgage offers up to $500 off closing costs!
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Twin Cities Real Estate Blog » Lack of 1st Time Buyers Hurting Twin Cities Market
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Twin Cities Real Estate Blog » Foreclosures & Short Sales: Often a Bad Deal
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Twin Cities Real Estate Blog » Banks: Their Own Worst Enemy
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Twin Cities Real Estate Blog » Golden Valley’s Hidden 13.1 Million Dollar Tax
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Twin Cities Real Estate Blog » Agents Becoming Spammers
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Twin Cities Real Estate Blog » Weekend Mortgage Rates
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Twin Cities Real Estate Blog » Buyers: Will Your Lender be There at Closing?
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Twin Cities Real Estate Blog » Need a Big Tree Now? Here’s How
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Twin Cities Real Estate Blog » The Average Twin Cities Home is Overpriced by $10,000 When First Listed
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Twin Cities Real Estate Blog » Weekend Mortgage Rates
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Twin Cities Real Estate Blog » Disclose, Disclose, Disclose
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Twin Cities Real Estate Blog » Talk About Too Much Credit!
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Twin Cities Real Estate Blog » Convincing People Not to Sell
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Twin Cities Real Estate Blog » Some clients are tougher than others
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Twin Cities Real Estate Blog » 2005 to 2007 - A Tale of Two Markets
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Twin Cities Real Estate Blog » Interest Rates Heading Lower?
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Twin Cities Real Estate Blog » Better Photos Using High Dynamic Range (HDR) Photo Editing
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Twin Cities Real Estate Blog » Our Market Hasn’t Hit Bottom Yet
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Twin Cities Real Estate Blog » We All Share The Trail System
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Twin Cities Real Estate Blog » Top Reasons Consumers Choose a Realtor
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Twin Cities Real Estate Blog » June: A Month for Farewells
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Twin Cities Real Estate Blog » Golden Valley Revises I/I Inspection Requirements
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Twin Cities Real Estate Blog » Overpricing- A Horrible Way to Sell Your Home
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Twin Cities Real Estate Blog » Other Important Questions to Ask Your Loan Officer
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Twin Cities Real Estate Blog » Have a Question or Idea for a Post?
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Twin Cities Real Estate Blog » Awesome New Market Statistics from the Minneapolis Area Assoction of Realtors
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Twin Cities Real Estate Blog » Golden Valley’s Inflow/Infiltration Conundrum
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Twin Cities Real Estate Blog » “McMansions” and “Monster Houses”
Henry and I are taking our act on the road. We are waiting for a cab to take us to the airport to begin our… [Link]
I know I don't eat as well - healthy - as I can, especially on weekdays. I go back and forth on breakfast, which is to say that I eat it sometimes and know it's good for me and know my days are better when I have it but I still often skip it and that's bad. I do the … [Link]
Is it just me, or is everyone having this problem:Every time I try to call up a story about Hillary Clinton, my internet connection goes kerplooey.This has not always been the case. Back when the former First Lady (I use the term loosely) was the presumptive (and I do mean presumptive) nominee, I could read about her until the cows … [Link]
In a move that should not come as a big surprise the Packers have released receiver Koren Robinson.Robinson joined the Packers on Sept. 12, 2006 after being let go by the Vikings. He had 21 catches for 241 yards with one touchdown last season and finished second on the team with 25 kickoff returns for 596 yards. Robinson’s departure from Minnesota has been … [Link]
iEars? Not sure. The shouting on the internet, especially in blog post or news article comments, especially political ones - Obama, Clinton and McCain't (did I say that?) supporters alike - is driving me mad. What shouting you ask WHEN YOU POST THINGS IN ALL CAPS TO GET YOUR POINT ACROSS! I tend to skip those comments and relegate them … [Link]
Best Pho: Ngon Vietnamese Bistro (Frogtown, Saint Paul) Best Gyro: Gardens of Salonica (NE Minneapolis) Best Tater Tots: Bulldog NE (NE Minneapolis) Best Cold Press: Dunn Bros Best Text/Design Conference: minnēbar (it's tomorrow!) To be continued next week… [Link]
I felt a twinge of nostalgia the other night when I stopped in for a bite at the Acadia Café, which recently moved from Franklin and Nicollet to Cedar and Riverside. Back in my college days – and for many years after, the space was home to the New Riverside Café, run by an anarchist collective. In the early years, there … [Link]
If you are going to review films, as my USC intern used to say, then start at the top. So here is my review of Iron Man. Because Iron Man is more of a movie than a film, I am not sure what to say. Films engage you. Movies distract you. To be honest, Iron Man may well be a film … [Link]
WASHINGTON, D.C. - The AFL-CIO will re-launch its and ldquo;McCain Revealed and rdquo; campaign in dozens of cities on March 10 and March 17, focusing on Arizona Sen. John McCain and rsquo;s health care and economic plans. But unionists in Michigan and Minnesota already have a head start. [Link]
I may be at the World Series of Birding. I may even be feeling a little high on my horse because I got to see a wood sandpiper today. However, Larry Sirvio just emailed over his photo of what came into the banding nets at Carpenter Nature Center this morning:Arrrgh. I am just pea green with envy! Great photo, Larry! … [Link]
Let's rock and roll! The Impressions - "Same Thing It Took" The great thing about the Impressions is how many of their songs have become standards to me without even knowing it. When listening to a compilation of theirs, I was stunned at the number of tracks I recognized. The Alarmists - "New Romans" Appropriately, a track from a local … [Link]
Download: Stereolab - T"hree Women"06-15 Athens, Greece - Synch Festival07-19 Tonsberg, Norway - Slottsfjell Festival09-20 Costa Mesa, CA - Detroit Bar09-21 Pomona, CA - Glass House09-24 Austin, TX - La Zona Rosa09-26 Atlanta, GA - Variety Playhouse09-27 Athens, GA - 40 Watt Club09-29 Carrboro, NC - Cat's Cradle09-30 Washington, DC - 9:30 Club10-01 Philadelphia, PA - Trocadero10-02 New York, NY … [Link]
According to the RMLS’s analysis of the 13 county Twin Cities metro area, the average home is selling in 165 days. But also according to the RMLS, that home is only selling for 91.7% of original list price. Now I’m not 100% sure on this, but my feeling is that most sellers would prefer to sell their homes faster and … [Link]
As a follow-up to the report I co-authored with Jeff Allen from MAAR, below is a comparison of price per finished square foot between lender-mediated sales and traditional sales. As can be seen by the chart above, there is a substantial price discount on a cost per square foot basis when you look at lender mediated sales. My reasoning for … [Link]
You can find the report here. Background In late October I wrote a blog post regarding foreclosures and short sales listed on the MLS in the Twin Cities. Once I started researching this topic, I found that the information I was uncovering was previously unknown in our market and that the trends it offered were very insightful. I shared this … [Link]
In the first quarter of 2007, sold homes reported by the MLS were 90% “Traditional Sellers” and 10% “Bank Mediated Sellers” (bank owned foreclosures and/or short sales). In the first quarter of 2008, these “bank mediated” listings comprised more than 27% of the sales. The Median Sales Price of homes sold by Traditional Sellers in Q1 2008 was $220,000, down … [Link]
I have a listing that is vacant. The house is not a foreclosure and it is not a short sale. The house is clean, freshly painted, and has all utilities on. Apparently because it is vacant, agents/their buyers feel that they do not need to afford the same respect they would to an occupied home. When I arrived for an open … [Link]
Just after I posted my article about price per square foot for cities in the southern metro, I came across a blog posting from MAAR that explains PPSF quite nicely and gives some more numbers for comparison. ShareThis [Link]
I took a little bit of time to compare some local communities’ price per square foot calculations from January - March 2007 vs January - March 2008. Price per square foot is a nice comparison since it looks at cost comparisons that are not influenced by size of house, since many of the communities vary greatly in size of house … [Link]
I’ve got mountains of thoughts to share with you all but have simply not had the time to write about it. Blogging takes concentration & clarity of thought… two things I have had very little of lately with this busy market. I’m working with some great buyers & sellers and having a great time but it seems like there is … [Link]
This is a story about a buyer who was too greedy for his own good, and how his underestimating of the situation left him with terrible regret when he lost out on the offer for his “dream home.” About a month ago this buyer went looking at new construction in a outer suburb of the Twin Cities. This neighborhood, while … [Link]
This question comes up with both my clients and my coworkers: “When will we hit bottom?” The problem with that question is that there is more than one answer. Are we talking about: Lowest sales price? Fewest units sold in a month? Highest supply of homes on the market? Longest days on market? Lowest (or highest) affordability? Depending on who … [Link]
I’m looking to gauge the public’s opinion on what percentage of active listings on our local MLS are either forecloures (bank owned) or short sales (bank approval needed). Survey results will be share in the future. Please scroll down for the poll. Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll. ShareThis [Link]
Question: I’ve been reading in the newspaper and seeing on TV that houses are not selling for what they are listed for. How much can I take off the asking price? Answer: Houses are selling on average for 91% of their original list price, which is to say that this is an average. Homes that are dramatically overpriced will not … [Link]
Question: I submitted an offer on a listing where the seller needs to get approval of a short sale from their bank(s)…how long will it take to hear back? Answer: Responses from banks on short sales is typically taking anywhere from 2 weeks to 2 months, with 1+ months being the most typical. Most lenders are so bogged down with … [Link]
Question: How do I know what is considered “finished square feet” in a home? Answer: The typical definition of finished square feet includes all of the following: A permanent heat source (i.e. not a portable heater) Permanent lighting Finished walls (painted concrete block is ok) Finished ceiling (but not necessarily ceiling tiles or drywall, as in a loft) Finished floors … [Link]
Question:With houses having fallen in price over the last few year, will {Minneapolis / Brooklyn Park / Crystal / Apple Valley / Chaska / St. Paul / Woodbury / etc} going to see appreciation in the next 5 years? Answer: There is no crystal ball that will foretell the future but based on what I’m seeing and hearing in the market, … [Link]
Question: “I own a smaller home and am thinking about buying a bigger one… is now a good time to buy up?” Answer: Part of the answer depends on where/what you are selling and where/what you are buying. The general rule of thumb is that this is a good time to make a move if you’re sensitive to interest rates … [Link]
I’m going to start regularly posting questions I receive from clients and the answers I’ve provided them. If you have questions you’d like answers to, please do not hesitate to ask! Each Q&A will be a separate blog post and there is now a category called: “Questions and Answers” as well, which will contain all the posts. I hope to … [Link]
On Friday my loan officers were quoting rates on 30yr fixed mortgages in the 5.5% - 6% range again… which is down more than .5% from just a couple weeks ago. On a $200,000 house, that means a monthly payment that is more than $80 less than it was just 2 weeks before. Or in other terms, it would be … [Link]
Microsoft is working on a fantastic program called Photosynth that you can currently download in a very basic preview. This program could take virtual tours to levels never seen before… maybe too far! It’s a great application and shows great potential… I hope to have a chance to try it on a house sometime… ShareThis [Link]
Everyone seems to be talking about foreclosures, short sales, and the housing market in general. REALTORS are looking to not only be part of the conversation, but also contribute to the solution. While some have accused REALTORS of contributing to this mess, which I have to say we did have a role in, we certainly did not expect nor intend for … [Link]
Imagine taking a whole bedroom set with you in a box! ShareThis [Link]
I just read the most recent “the sky is falling” real estate article from the Star Tribune. The Star Tribune profiles a family (the Floyds) that are losing to foreclosure their house in North Minneapolis that they’ve lived in for 23 years. Today they owe 4X the amount they originally paid for the house! Instead of this being an article about how important money management … [Link]
MAAR released figures this week that show the Median Sales Price in the 13-county Twin Cities region fell in February to $195,060… the lowest level since 2003. Sparked by strong competition and lower demand from buyers, prices have moved sharply lower in just the last few months. While this news isn’t exciting for sellers, it is a very positive development for … [Link]
The Minneapolis Area Association of REALTORS released their latest market update this week which shows a Housing Affordability Index number of 157… the highest affordability in 5 years and 14% higher than a year ago! Though interest rates did tick up some in the last month, median sales price took another dip which more than made up for the rate increase … [Link]
If you are an unrepresented buyer looking for foreclosures or short sales in the Twin Cities Metro, you should contact me to get set up for a custom MLS search for properties marked as foreclosures or short sales. Through hours of research and trial and error, I have found a list of terms that REALTORS commonly use to note properties … [Link]
Recently I was looking at foreclosure homes under $80,000 with a buyer and we saw house after house with damage that appeared to be after the home was vacated by the previous owner. The most common thing found missing was most/all of the copper plumbing. In homes that had copper or other items stolen, the cost to repair the home … [Link]
The Star Tribune has an article regarding a plan in Minneapolis to give $10,000 in assistance to buyers in many of Minneapolis’ hardest hit neighborhoods. While the program being discussed is limited to only 50 buyers ($500,000 in funds), it is a good start. Depending on the property, the city may be able to get away with less than $10,000 … [Link]
There’s a lively discussion going on in our office regarding foreclosures and short sales and their impact in this market. I was going to call it a debate but typically a debate has two opposing viewpoints whereas of the people I’ve spoken to, we all seem to be in agreement: the MLS should add a flag for foreclosures and short sales. Right now most … [Link]
My friend and fellow blogger, Teresa Boardman, was featured in an article in the March issue of REALTOR Magazine. Nice job T! ShareThis [Link]
In February, a local real estate agent did an interview for Nightline and came off very badly. What his intent is to refresh the property so that the buyer gives it another consideration. He is correct that when buyers see that a home has been for sale for a long time, they immediately think something is wrong with it. However, … [Link]
2007 was a year of opposite experiences for St. Paul… parts of St. Paul saw statistically flat prices or even modest sales price appreciation while other parts saw significant declines. When you have a 25% difference between your best performing neighborhoods and your worst performing, in the same city and in the same year, there’s a looming crisis that needs to be … [Link]
In this difficult housing market, many recent home buyers are either behind in their payments or owe more money on the home than it is worth. For some homeowners behind in their payments, a job loss or other financial calamity accounts for their inability to pay. For other homeowners, it was that they were sold on a loan with an adjustable rate and … [Link]
With the release of this week’s Weekly Market Activity Report we find that the Twin Cities Housing Affordability Index hit a near 4-year high! The Housing Affordability Index takes into account interest rates, area median income, and median home sales price. With both sales prices and interest rates falling recently, we find the Index has increased quite substantially in recent months. Interest … [Link]
Sounds kinda funny but many of the foreclosures & short sales I’ve been showing lately are receiving multiple offers… and are doing so at a much higher rate than the rest of the listings on the market! In some cases the homes sell for at or above asking price, though most still sell for less than asking. What is the … [Link]
I heard from my loan officer Thursday that between the lenders marking zip codes as “declining market,” and Fannie Mae/Freddie Mac doing the same thing, and appraisers noting it more and more as well, nearly all markets in the Twin Cities have been marked as a declining market or are likely to be hit by it soon. In nearly all … [Link]
Many agents try to explain the reasons why they deserve their commissions by mentioning that we’re self employed, which means we not only split our commission with our broker but also pay all our own supplies, gas, health insurance, marketing materials, etc. They then go through and explain how their knowledge and experience can save their clients time and money, which … [Link]
As the news about a slowing economy and fears of recession mount, the stock market has taken a huge hit, falling double-digit percentages in the last couple months, but housing is benefitting. As money has been taken out of stocks, it has been flowing into bonds, which are historically a very safe investment. When demand for bonds rises, that reduces … [Link]
Every week I look over updated stats from the Minneapolis Area Association of REALTORS to see what new things I can learn from them and I’ve found another interesting thought: As of 1/22/2008, the Twin Cities region has 12.2% more listings today than we did a year ago. The 3-month average is 10.8% higher this year over last as well, … [Link]
I recently came across a small townhome development in Eden Prairie that had multiple units for sale on the MLS, all of which were in the Redemption Period of Foreclosure. After showing it to my client, a neighbor next door who was renting his unit came out and asked me what I knew about what was going on with the … [Link]
Over the last couple of weeks I’ve been seeing rates on 30-year fixed mortgages fall substantially… I’ve seen some recent quotes for 5.5%! When you look at a straight affordability perspective, taking 1/2% off the interest rate (which is what has happened in the last few weeks) on a $200,000 loan saves you $1000 per year in interest charges, which would … [Link]
More and more, I am hearing about appraisals that are coming back with notations from the appraiser that the property is in a “declining market.” Unfortunately there is no set-in-stone definition for what is or is not a declining market. What’s come up in my experience is either the pricing of comparables has fallen considerably or the days on market is … [Link]
I’m quite excited… I recently purchased a new Canon Digital Rebel XTi camera, a 10-20mm lens, a 28-70mm lens, a 70-300mm lens, and a high-powered flash. This was quite an expensive upgrade but so far I am very pleased with the results. I hope that this will further improve the quality of my photographs for my listings, which I already thought … [Link]
This is short and sweet, but definitely to the point. If you’re a prospective seller and you’re looking for the next step after watching this, give me a call. ShareThis [Link]
The Minneapolis Area Association of REALTORS released their weekly market report today with new Housing Affordability Index numbers for December 2007. The HAI of 141 is the highest we’ve seen in the Twin Cities since February 2005… nearly 3 years ago. Falling mortgage rates, with many brokers quoting under 6% for a 30-year fixed), and lower sales prices has improved … [Link]
Historically December has been about the best month possible for buyers to negotiate with sellers simply because in the month of December there are so many listings on the market and so few buyers! Likely due to the holidays, this seasonal drop in demand is significant enough that our “Percent of Original List Price Received at Sale” typically hits its … [Link]
I’ve recently had interactions with several buyers that have bought or are in the process of buying new construction homes. In these situations, the buyer did not bring their own agent into the purchase process and are now realizing these issues: Builders are giving good discounts off of the “base model” of their homes, but buyers will upgrade many of … [Link]
Through December 31st 2007, if you purchase specific qualifying energy-efficient items for your home, you can save hundreds of dollars via federal tax rebates. Water heaters 80% efficient or greater (tankless) - $300 Furnaces 95% efficient or greater - $150 Air Conditioners 14 SEER or greater - $300 Insulation - 10% of cost, up to $500 Windows - 10% of … [Link]
Twice in as many months I’ve had to deal with agents that don’t seem to think that the language in a contract matters much. In the first situation, my Buyer requested the Seller to clean the furnace and chimney and provide receipts for the work performed 3 days prior to closing. A few days before that I called the agent to … [Link]
So I got a call from Virginia today… which in of itself isn’t terribly unusual since I get lots of out-of-state calls from my web site. This call was an automated message from UPS telling me that they were delivering a package to me on Friday from Amazon.com between 8am and 7pm and that it requires a signature at time of delivery. … [Link]
I just wrapped up negotiations with a buyer to purchase a new construction townhome in the south metro. When the dust cleared, we negotiated about $5000 off of the listing price of $170,000. In this market, that doesn’t sound like a good deal, does it? On the face of it, $5000 off of $170,000 is ok, but nothing to write … [Link]
Forbes just named Minneapolis the “Most Affordable Place to Live Well.” What an honor! Those of us who live around here though already knew that we’ve got an awesome place to live, work, and play. ShareThis [Link]
An agent just posted a listing for nearly $500,000 with no interior photos and both Agent and Public Remarks that read: “sold as-is.” There are room dimensions, but nothing else go from. How worthless! In this market of record levels of inventory and weak buyer demand, not including additional photos or any agent remarks is simply unforgivable. In my opinion … [Link]
As the weather turns colder, I’m spending more time with buyers showing them houses in the dark since as of Sunday it gets dark at 5pm. This week I went out and bought a new big flashlight simply because many of the homes I’ve been showing lately have no electricity and my little flashlights just didn’t do the job. While … [Link]
Out of plain old curiosity, I decided to do some quick searching on the MLS to get an idea of how many listings in the Twin Cities are either bank owned or potentially on their way to foreclosure. The results were staggering! Out of 33764 active Residential listings in the 13 county metro area, 3009 (8.9%) came up in the results when searching with the … [Link]
There’s a few agents in town that have a tendency to go nuts with open house signs… I know one that puts up signs on busy interesections a mile away, another puts 2 signs on 2 corners, and a third will put up 15+ signs. I’ve also seen an agent that put up directional arrows for houses that have sold. … [Link]
I just sold a condo that I had listed for about 5 months. The reason it took so long to sell was not the neighborhood (several other very similar units sold in the same development during that time), it wasn’t the marketing (I had at least 10 Open Houses during the time and advertised in print and online), and it wasn’t the … [Link]
Take a look at the two charts below: These graphs are on different time scales (3 years and 4 years respectively) but the trends are extremely easy to read: Sales volume has fallen substantially from its highs in 2005 and inventory this year has climbed to record highs. While the growth of inventory has fallen sharply, up just 9% from … [Link]
In September 2007, the average Cumulative Days on Market (CDOM, which includes properties listed several times but not sold) stood at 141 days. This is an increase of 25.8% over last year. The Minneapolis Area Association of Realtors (MAAR) has started publishing CDOM in just the last few months. Prior to that, the association provided figures based on Days on … [Link]
According to a recent article from Marketwatch, the Minneapolis/St. Paul area is the best place for businesses. LOS ANGELES (MarketWatch) — Forget the bone-chilling winters, the Buick-sized summer mosquitoes and the “Minnesota Nice” demeanor mocked in the film “Fargo.” Minneapolis-St. Paul is where it’s at when it comes to business, much more so than any other of the nation’s major … [Link]
From now through December 31, 2007, apply for a loan with Edina Realty Mortgage and receive up to $500 off closing costs. Amount of discount depends on the loan amount. Save up to $500 on closing costs with this coupon ShareThis [Link]
MAAR just released some statistics for August 2007. Below you will find a chart showing a comparison of housing supply between August 2006 and August 2007. While the higher price points have the most months’ supply, the lower price points have seen the highest percentage increase in months’ supply over the last year. What does this mean? Our market is slow … [Link]
As I previously wrote on my other blog, foreclosures and short sales have their headaches. The question is: Are they worth it? Some foreclosure and short sales homes are a good value… and many are not. For many buyers, the best value may be achieved simply by negotiating with real human being-type sellers versus with a bank. At a certain price foreclosures … [Link]
I had a buyer in February that wrote an offer on a house that was in the process of foreclosure. The seller had bought it for $230,000 a couple years back and left it 75% of the way into a rehab. It had been on the market for several months but was finally priced reduced to $160,000. At that price it was a … [Link]
Golden Valley shares the same problem as 45 other communities in the Twin Cities: during rainfall events, Golden Valley discharges a significantly higher amount of sewage than it is allowed to due to excessive inflow and infiltration (I/I). In essence, the city is being fined nearly $400,000 per year by the Metropolitan Council for excess I/I flow and has until 2013 to … [Link]
Yes, the market is slow. Yes, the showing activity has fallen. Yes, housing activity is at record highs. No, agents should not Spam each other for things already in the MLS. Agents are running scared now with sellers that are very disappointed with showings and general market interest in their homes. They are pushing their agents to “make something happen” … [Link]
Weekend Rates 08/24/2007-08/27/2007 Rates are effective until 9:30 AM on Monday Conventional 15 Year Fixed 5.875-6.125% 30 Year Fixed 6.25-6.50% 40 Year Fixed 6.50-6.75% 7/1 ARM 6.625-7.00% CDMP - 100%, No MI 30 Year … [Link]
In recent weeks we’ve seen several mortgage lenders close their doors and others dramatically scale back their loan products, tighten their underwriting standards, and stop funding some closings entirely. In this market it is especially important that you know who the underlying lender is for the loan. While your loan officer may still be in business, many mortgage brokers do not … [Link]
I lost a 50-year-old Weeping Willow tree to a wind storm earlier this summer. While I absolutely hated that willow because of it continually dropped branches into the yard, it did provide all of my backyard shade after about 11am. With this loss of shade, my yard feels completely exposed and I’ve noticed that the house is significantly warmer in … [Link]
Some may argue that’s a bold statement, but there are some readily available stats from the Minneapolis Area Association of Realtors to back that claim up. Based upon sales this year through July, the average home received 95.5% of its original sales price at closing. On a June 2007 median priced home of $232,500 that ends up being $10,462. That’s quite … [Link]
SHARETHIS.addEntry({ title: "Weekend Mortgage Rates", url: "http://www.twincitiesrealesta~ }); [Link]
Honestly, this seems to be one of the hardest issues in the real estate business, yet it is also one of the easiest issues to understand: As a seller: disclose, disclose, disclose! I’ve interacted with several properties very recently where the seller did not know or decided it wasn’t pertinent to share material facts about the condition of the property … [Link]
Saw this on Startribune.com today and thought it was too funny not to pass along… Manhattan man deluged with 2,000 copies of his credit card Associated Press Last update: July 26, 2007 – 9:59 AM NEW YORK — Frank Van Buren gets a lot more credit than he deserves. The Manhattan accountant found himself flooded with plastic in recent weeks, as … [Link]
So I’m a Realtor, but I’m really a real estate salesperson. That means I sell real estate. Ok, so what’s the big deal… everyone knows that! Well, twice in the last week I’ve encouraged prospective sellers not sell. Their situations dictated that there just were not enough compelling reasons to go through all the efforts of preparing a home for … [Link]
Today I was fortunate enough to get a seller of mine closed that I had been working with for a year. Luckily I had teamed up with a favorite peer of mine on the listing so her and I tag-teamed on the different aspects of the pre-listing, listing, contract negotiations and closing. It was probably the most difficult client to get closed… … [Link]
MAAR has just released another awesome set of stats on the Twin Cities marketplace and I wanted to give you a quick overview of the key points: June 2005 to June 2007 year to date comparison: 2005 2007 % Change New Listings 52,414 59,717 + 13.9% Pending Sales 34,146 24,713 - 27.6% Closed Sales 26,399 20,044 - 24.1% Active … [Link]
In the last 60 days interest rates jumped approximately 1/2% from about 6.25% to 6.75%. This was quite a dramatic jump for such a small timeframe but has been seen before. We saw a nearly identical spike in rates in 2006 at almost the exact same time. People often ask me what brings about changes in the interest rates. While … [Link]
With 90%+ of buyers starting their home searches online, it has become more important than ever to make sure the photos that buyers see are the very best they can be. While some Realtors pay a professional photographer to come in and take pictures of their listings, this can be extremely expensive and not cost-effective for the average home. Consequently … [Link]
All of this data is based off of statistics provided by the Minneapolis Area Association of Realtors through April 2007. This is a year of wild extremes: Homes priced right and in good condition are often selling quickly, some with 2 or 3 offers. An overpriced home that’s brought into the right price point can “pop” as well. Some houses get 3 … [Link]
This is a little bit of a tangent from my normal commentary but I think it is important to say so I hope you will humor me… I’m an avid user of the trails in Plymouth between Medicine Lake and Parker’s Lake, which then connects to the Luce Line that seems to go on forever. I’m on them frequently this … [Link]
The Minneapolis Area Association of Realtors has released a list of the most frequently stated reasons for using a Realtor. What are your thoughts? ShareThis [Link]
Every other year in June real estate agents licensed in Minnesota must have completed a total of 30 hours of continuing education in the last two years and pay a licensing fee to keep their real estate license. While I don’t know exact numbers, I’m assuming that approximately 1/2 of agents will have their licenses up for renewal this year. Based on … [Link]
Followup from a previous posting. I participated with many other Realtors and staff from our local boards in several meetings with Golden Valley staff on our concerns with their I/I inspection program. While the conversations were not always the most polite, we did find a way to come to an understanding that I think makes it a lot easier for home … [Link]
I was doing a CMA for a prospective seller on some townhomes in Hopkins this week. While the comparables that have sold in the last 6 months have sold in the high $120k’s to low $130k’s, several had listed in the $140k’s and even $150k. I understand that some sellers “can’t afford to sell their home at that price” and by … [Link]
There’s a lot of lists out there for buyers on common questions to ask your loan officer/broker, but here’s a few more questions that should be asked but usually are not: What type of mortgage program do you have me approved on? Most common: 80/20, 100% one loan, Conventional, FHA. Be wary of interest-only loans or ARM loans as they are … [Link]
Would you like me to discuss something on this blog? Please let me know! ShareThis [Link]
On Monday MAAR released a great new tool that charts sales activity at the city level for both the current month and year to date and compares that to the same month last year and the year to date last year, respectively. The reports cover 100 cities closest to the Twin Cities Metro Area. This new chart provides some great … [Link]
As of January 1, 2007, Golden Valley requires that all homes that are sold in the city complete a “Time of Sale” inspection of the home’s sanitary sewer and sump pump connections for possible I/I (Inflow and Infiltration) problems and then requires the homeowner to correct any defficiencies before closing. This was brought about by a new surcharge that the … [Link]
The Southwest Journal had a good article regarding Minneapolis’ discussion of a change in ordinance that could limit the construction of new homes that are dramatically larger than their neighbors. It’s worth a read: http://www.swjournal.com/articles/2~ ShareThis [Link]