Minnesota Home Buyers Tips & Trends

Buy a house, get a check

noreply@blogger.com (Buyers Real Estate Group) — Fri, 06 Nov 2009 22:05:00 +0000

According to the Minneapolis Star Tribune, the House has decided to extend and expand the first time home buyer rebate. First time home buyers are still able to get $8,000. Now buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500.

Here are the basic rules as stated by the Star Tribune:

Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. First-time homebuyers — or people who haven't owned homes in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.

For more details, you can check out the NAR Issue Brief Homebuyer Tax Credit Changes. For more help, please contact Minnesota's Buyers Real Estate Group!

Apple Cranberry Pecan Stuffing (Kraft Foods)

noreply@blogger.com (Buyers Real Estate Group) — Sun, 01 Nov 2009 13:49:00 +0000

We wanted to share some of our favorite recipes for the holidays. We wanted to start with some that include apples. I love using apples in my recipes this time of year!

Apple Cranberry Pecan Stuffing (Kraft Foods)

3 cups apple juice

1/4 cup margarine

2 small apples, chopped

1 cup dried cranberries

2 pkg. (6 oz each) Stove Top Stuffing for Chicken

1/2 cup chopped toasted pecans

Bring juice and margarine to boil in medium saucepan on high heat. Stir in apples, cranberries and stuffing mix; cover. Remove from heat. Let stand 5 minutes, stir in pecans. Serves 16, 1/2 cup each.

Market is improving

noreply@blogger.com (Buyers Real Estate Group) — Fri, 30 Oct 2009 16:45:00 +0000

Another recent article, this time in RISMedia remarks at the improvement in the housing market in the last few months.

“Broadly speaking, the rate of annual decline in home price values continues to improve,” says David M. Blitzer, chairman of the Index Committee at Standard & Poor’s. “The two Composites and 19 of the 20 metro areas showed an improvement in the annual rates of return, as seen through a moderation in their annual declines. Looking at the monthly data, 17 of the MSAs and both Composites saw price increases in August over July. While many of the markets remain down versus this time last year, the relative rate of decline has shown some real improvement. California, in particular, has seen some real positive prints in recent months. We see this general trend whether you look at the as-reported data or the seasonally adjusted figures. Once again, however, we do want to remind people of the upcoming expiration of the Federal First-Time Buyer’s Tax Credit in November and anticipated higher unemployment rates through year-end. Both may have a dampening effect on home prices.”

The good news for our area, Minneapolis and San Francisco reported positive returns greater than +2.0%

Twin Cities is Hot!

noreply@blogger.com (Buyers Real Estate Group) — Thu, 29 Oct 2009 00:56:00 +0000

According to the Minneapolis Star Tribune, the Twin Cities housing market is hot. Home prices have risen for the fourth month in a row. Home prices are back where they were in August 2001.

Experts warn that with the precarious economy the prices could dip easily. Others hypothesize that prices have gone up as homebuyer try to buy before the colder months. But for today the signs point to a hot market. So what does that mean for the homebuyer? Well, it means housing are going more quickly and prices may be rising. Now might be the time to buy, depending on what you want.

Another contributing factor is the first time homebuyer tax credit, however signs point to an extension for that program.

October's Skinny Report

noreply@blogger.com (Buyers Real Estate Group) — Tue, 20 Oct 2009 15:35:00 +0000

Limited time offer – it’s a new theme for real estate market. There’s a limited time for the first time home buyer tax credits. And we’ve seen a bump in home sales accordingly. In fact we’re even buying through inventory. Check out the latest The Skinny from Minnesota Realtors for more info.

Housing Supply

noreply@blogger.com (Buyers Real Estate Group) — Fri, 16 Oct 2009 14:06:00 +0000

Here’s the latest advice from Minneapolis Area Association of Realtors:

If you're buying a home in the price range below $120,000, you'll have to move fast. There's only 2.9 months of supply in that range, which places it in the extreme seller's market category. The reason for the tight inventory picture? There's been a huge upsurge in home buying activity—sales are up 127.5 percent in that category over the last twelve months.

If you’re looking in that market, be sure to get a Home Buyer Agent on your side to help give you the edge in the transaction – remember buyer agents work for you!

Halloween Fun

noreply@blogger.com (Buyers Real Estate Group) — Thu, 15 Oct 2009 00:17:00 +0000

Yes, it’s been a chilly fall – but that’s no excuse to stay indoors. The leafs are still changing. The sun is warm and often shining. It is a beautiful time to be in Minnesota. Why not spend some time in the great outdoors celebrating Halloween.

Pumpkin Patches is a web site that lists pumpkin patches, corn mazes, hay rides and more all around Minnesota. Check out options in the Twin Cities or use it as an excuse for a weekend getaway.

Haunted House is a web site that tracks – you guesses it – haunted houses in the areas.

KS95 has a web site that focuses on a wide range of Halloween events – from family events to nighttime 21+ parties.

Two Minneapolis Housing Resource Fairs

noreply@blogger.com (Buyers Real Estate Group) — Thu, 08 Oct 2009 23:14:00 +0000

The City of Minneapolis and Live MSP are hosting two housing resource fairs:

South Minneapolis Housing Resource Fair VIEW PDF FLYER
Tuesday, October 20, 5:00 p.m. – 7:30 p.m.
Park Avenue United Methodist Church, 3400 Park Ave S

North Minneapolis Housing Resource Fair VIEW PDF FLYER
Wednesday, October 21, 5:00 p.m. – 7:30 p.m.Minneapolis Urban League, 2100 Plymouth Ave N

Each event will have information for potential home buyers and current homeowners. If you are looking to purchase a home, you can learn more about downpayment assistance programs, the federal tax credit, and other programs and opportunities. If you are a current homeowner, learn more about low interest renovation loans, energy-efficiency programs, and loan modification and refinancing options to lower your monthly payment.

Meet one-on-one with lenders, real estate agents, and housing and financial educators. The open house events are free and refreshments will be provided. Events are sponsored by Freddie Mac and US Bank.

Help spread the word and feel free to contact Mary Kay Bailey at 651.315.1478 or Cherie Shoquist, City of Minneapolis, at 612.673.5078 or Cherie.Shoquist@ci.minneapolis.mn.us if you would like more information.

Dangerous wallboards

noreply@blogger.com (Buyers Real Estate Group) — Sun, 04 Oct 2009 17:25:00 +0000

There was an interesting article in the Minneapolis Star Tribune this weekend for homeowner and homebuyers alike. A reader wrote in with the following question:

I've heard about wallboard from China that is causing problems in new houses. How do I know if I might have it?

You’ll have to visit the Strib for the whole answer – but the good news is that this problem isn’t as common in Minnesota as other parts of the US but apparently homes with drywall work done from 2004-2008 should be paying attention. The problem was that the drywall was contaminated with sulfur compounds, causing it to emit sulfur dioxide. Sometimes this emits an odor, but not always.

The bad news is that the way to find out if your wall boards are at risk you need to search for the “mad in china” tag on the back – easier to do with unfinished walls.

The Skinny September 2009

noreply@blogger.com (Buyers Real Estate Group) — Mon, 28 Sep 2009 22:32:00 +0000

We’re seeing more home purchases than last year at this time– which has been a trends for about 14 weeks. The best market continues to be the market for homes under $175,000. Learn more on “The Skinny”, a month video created by the Minneapolis Realtors.

Foreclosures in Minnesota

noreply@blogger.com (Buyers Real Estate Group) — Fri, 25 Sep 2009 14:28:00 +0000

Did you know that the foreclosure rate in Minnesota is the highest in the Upper Midwest? The Minneapolis Star Tribune reported that last week. Minnesota 2020 has a proposal to help alleviate that problem. They suggest that Minnesotans consider starting a new program that would guarantee new homebuyers’ down payments for five years even if the market continues to decline. This type of “price floor” program would stop the housing market free fall and get local markets moving again, according to report authors.

They maintain that federal loans will not be successful if property values decrease – a Minnesota Home Values Guarantee Program could help homebuyers mitigate that risk.

The Best of Mpls / St Paul

noreply@blogger.com (Buyers Real Estate Group) — Wed, 23 Sep 2009 22:55:00 +0000

Mpls/St Paul Magazine just came out with their Best of the Cities list. It’s a great roadmap to tour the city whether you’re new to the Twin Cities or you have guests coming into town and want to show them the local highlights. You can pick up a hard copy this month or check out the online version for a few of the highlights.

First Time Homebuyer Deals

noreply@blogger.com (Buyers Real Estate Group) — Fri, 18 Sep 2009 17:53:00 +0000

November 30 is the current deadline for the first time homebuyer rebate. Here’s the scoop from RIS Media:

For those who purchase a home this year, the tax credit is for 10% of the purchase price, up to $8,000. Those who have owned a home in the past three years aren’t eligible. Buyers also have to meet eligibility requirements regarding income; the current credit begins to phase out for singles who make more than $75,000 and couples who make more than $150,000.

So if you are or you know a first time homebuyer have them find a home buyer real estate agent to help them make a purchase in time to take advantage of this great opportunity.

Most Expensive Zip Codes

noreply@blogger.com (Buyers Real Estate Group) — Thu, 17 Sep 2009 22:37:00 +0000

So I have good new and bad news from Forbe’s list of the most expensive zip codes. The good news is that none of the list of the zip codes that have seen the greatest loss in the last were in Minnesota. The bad news is that none of the zip code that have seen the greatest gain were in Minnesota either. Maybe we can be OK with above average – but somewhere in the bell curve.

Don't forget to vote

noreply@blogger.com (Buyers Real Estate Group) — Tue, 15 Sep 2009 15:20:00 +0000

It’s Primary Day in Minnesota. There are no primaries in Minneapolis as they are forgoing it to employ ranked-choice voting for the first time in November. But there are a couple of contested races in St Paul, Bloomington, St Louis Park and Maplewood.

Check out the Minneapolis Star Tribune for more information on the races or info on voting.

Minneapolis a top city to earn a living

noreply@blogger.com (Buyers Real Estate Group) — Fri, 11 Sep 2009 22:05:00 +0000

Looking for a job? Forbes recently posted their list of the Best US Cities to Earn a Living. Minneapolis-St Paul ranked number 3! Here are their stats:

Number of Forbes’ 400 Best Big Companies: 4
Number of Forbes’ 200 Best Small Companies: 6
Median Income: 32,509
ACCRA Cost of Living Index # (100 Median): 112.1
Five-Year forecasted Annual Job Growth: 0.83%

So we can’t promise you a job but we can tell you that we are indeed a good place to earn a living!

Minnesota Schools

noreply@blogger.com (Buyers Real Estate Group) — Tue, 08 Sep 2009 20:29:00 +0000

School has started! We have school buses, school patrols and kids everywhere. It’s great to see their smiling faces and it seems like a good time to look at Minnesota school resources

The Minnesota Department of Education compiles anything and everything related to education in the state. You can learn about gift programs, drop prevention and everything in between. While the site is geared toward teachers and other education professionals it can provide insight for parents as well.

School Report Cards are exactly what they sound like. Check it out to see the reading and math scores, demographics of students, school opportunities, staffing and more.

Great Schools is an interesting site where parents can rate their experiences with a school. I would take comments with a grain of salt but sometimes the details are telling.

Eco House at the Fair

noreply@blogger.com (Buyers Real Estate Group) — Wed, 02 Sep 2009 02:13:00 +0000

Been to the State Fair yet? If you are planning to go, be sure to visit the Eco Experience for some good ideas you can implement in your own home to promote a green (and often budget-friendly) household.

The Eco Experience is a building at the Fair that features cutting-edge, environmentally-friendly services and products. This year they will feature a Net Zero Eco House constructed in the building complete with a solar façade and green roof. You can follow the progress of the house as it’s built on the Living Green Facebook page.

Picnic drink recipe

noreply@blogger.com (Buyers Real Estate Group) — Sun, 30 Aug 2009 04:22:00 +0000

Sometimes it’s not where you go or even who you’re with – but what you’re drinking. We wanted to share our very easy recipe for Sangria that won’t leave you begging for mercy the next day.

Ingredients:

Red wine
Fresca (7up or Sprite or anything like that)
Fruit

Get a big pitcher, pour in a bottle of wine, pour in a couple of cans of Fresca to taste. Cut up fruit, such as red and green apples put in the refrigerator until ready to serve. It’s very refreshing and low on alcohol and calories.

August Skinny - video on TC housing market

noreply@blogger.com (Buyers Real Estate Group) — Wed, 26 Aug 2009 16:03:00 +0000

Here’s the latest from the Minneapolis Area Association of REALTORS® on the Minneapolis / St Paul housing market:

Perfect Picnic Place - Como

noreply@blogger.com (Buyers Real Estate Group) — Wed, 26 Aug 2009 04:00:00 +0000

Been to the Como zoo in the last few years? If not – check it out. They have done a tremendous amount of work on the zoo. It’s not the Como Zoo of our childhood at all. One word of warning – the Polar Bears are getting a new home this year and during the transition they have been temporarily move to a new zoo. We found that out the hard way. But aside from the Polar Bears, you’ll see all of your old favorites.

There’s a really nice cafeteria in the zoo now too. OK, “really nice” in zoo terms – but you know what we REALTORS like it’s say – location, location, location – and you just can’t beat lunch in the zoo for something different.

But Como is more than the zoo. Right next to the zoo is the conservatory, which is beautiful. Not that we care in the summer – but in the winter the conservatory can be a respite for a cold body – it’s always warm and humid. So you might file that away for next January.

Como Lake is in full form for the summer. It’s the perfect size for a lunchtime walk. Or you can take a quick dip at the beach. Bring a blanket and your picnic and you’ll find a ton fo places to set down. Feeling ambitious? You could even rent a pontoon. It would be like a tiny vacation.

Got more than an hour for lunch? You could play a full round of golf at Como at the public golf course. The truth is you could have a picnic at Como every day for a week and have a very different experience each time

Twin Cities Market Update

noreply@blogger.com (Buyers Real Estate Group) — Tue, 18 Aug 2009 21:29:00 +0000

The Minneapolis Area Association of Realtors just updated their 100+ housing market database. Check it out for information on any of the Twin Cities communities. You can search by county and city and will get information at the neighborhood level.

You’ll get the following housing statistics:

New listings and closed sales
Median sales price
Percentage of original list price received
Average days on market until sale
Inventory of homes for sale

Home sales are up!

noreply@blogger.com (Buyers Real Estate Group) — Thu, 13 Aug 2009 23:58:00 +0000

Reports on the local housing market are in. The good news is that signed purchase agreements in the Twin Cities are up 16 percent from last July. Closed sales are up 36 percent.

More good new for home buyers – housing prices continue to fall. The median price for July was $171,000. That’s a drop of 18 percent from last year and 27 percent from 2007.

Median price is taking a hit form the large number of foreclosed properties on the market. The number is lower than earlier this year – but is still higher than we’d like to see.

For more info check out the Star Tribune.

Submitted by exclusive home buyer agent, Mary Rugani

Neighborhood Stabilization in Hennepin County

noreply@blogger.com (Buyers Real Estate Group) — Wed, 12 Aug 2009 15:20:00 +0000

This just in from the Neighborhood Stabilization Program (NSP) in Hennepin County.

The U.S. Department of Housing and Urban Development's (HUD) new Neighborhood Stabilization Program (NSP) provides emergency assistance to states and local governments for the redevelopment of abandoned and foreclosed homes. The focus of this program is the purchase, management and resale of foreclosed and abandoned properties for the purpose of stabilizing neighborhoods. Hennepin County has received an allocation of $3,885,729 from HUD under NSP. In addition, Hennepin County submitted a competitive NSP application to Minnesota Housing Finance Agency (MN Housing) and was awarded $4,715,

298.

NSP has a list of recommendations on their web site for homebuyers who are interested in pursuing funding.

Perfect Picnic Place - Stone Arch Bridge

noreply@blogger.com (Buyers Real Estate Group) — Sat, 08 Aug 2009 14:29:00 +0000

Just outside of downtown Minneapolis is a quiet and historical park. Just take a quick walk over the Stone Arch Bridge – and there you are. Getting there is half the fun. Be sure to see what’s going with the dam. Take a look at the new 35W bridge. Check out the endless bridge at the Guthrie Theater.

Once you get across the bridge you’ll see plenty of picnic tables. Walk a little ways and you’ll also see several restaurants – most with outside seating. Tugg’s has some of the best lemonade in Minneapolis. If you have the time and the energy you could even walk all the way to Surdyk’s to get cheese, bread and wine!

After you’ve eaten you can take a walk down by the river – there are great trails.