The Don Edam Group | Twin Cities Real Estate Experts - Specializing in Minneapolis, St. Paul, Edina, and surrounding communities in Minnesota

10 Mistakes Sellers Make – Great Video

2009-07-08T19:36:06Z

This is right in line with 10 of the bigger mistakes I see sellers making on a daily basis. I came across the video below over at Howcast. Invest a couple minutes of your time and take a look:

The Geography of Jobs

2009-06-10T19:41:25Z

I love visual representations of data. Making vast amounts of data easy to grasp is quite an art and this map, produced by TIP Strategies Inc, really made the current job picture hit home in historical terms. While I like to keep upbeat throughout this blog, I’m of the belief that the job losses aren’t going to get much better anytime soon. Take a look and let me know your thoughts…

The Geography of Jobs

The Geography of Jobs from TIP Strategies, Inc

Explaining the Credit Crisis

2009-03-18T15:08:38Z

In conversations regarding the recent downturn in both the housing market and economy as a whole, its inevitable that I get the question on how this all started. I usually think I do a pretty good job of explaining CDOs and the freezing of the credit market, but this guy blows me out of the water! If you’ve ever wondered what the heck everyone is talking about over the past 6 months with regards to the economy, or just want a refresher course on how we got to where we are today….I invite you to check out this excellent video put together by Jonathan Jarvis for a thesis project he was working on at the Art Center College of Design in Pasedena, CA.

Click here to view the embedded video.

How to Save Some Money on Your Property Taxes

2009-03-11T19:35:13Z

I was browsing through some posts on The Consumerist this morning and came across this post with a link to the Homeowner’s Property Tax Reduction Kit (PDF) from the American Homeowner’s Association. I get asked questions all the time regarding people’s property taxes and assessments. I have yet to find something this thorough. If you have the time, give it a read (86 pages)…and hopefully it will save you some money in the long run.

Your $8000 Tax Credit | What Home Buyers Need to Know about the American Recovery and Reinvestment Act of 2009

2009-02-24T16:15:43Z

Image from www.larealestateblog.net

President Obama signed the American Recovery and Reinvestment Act of 2009 into law last week. Of note to potential home buyers and current home owners was Section 1006, which granted an “Extension of and Increase in First-Time Homebuyer Credit” as well as a Waiver of the requirement to Repay. Here are the details:

The previous tax credit was given to those that purchased their first home up until July 1st, 2009. The new extension of the tax credit replaces that date with December 1st, 2009
The previous tax credit was $7,500.00. The new tax credit is $8,000.00
The previous tax credit was essentially a $7,500 loan from the government to be repaid over time. The new tax credit is does not require that you repay (with some exceptions…generally if you sell your home within a 3 year period from purchase).
The effective date of this tax credit is December 31st, 2008.

To get more information on the original bill that the American Recovery and Reinvestment Act of 2009 revised, we’ve linked to a previous post of ours that explains the details of the old $7,500 tax credit

If you have any questions on the $8,000 tax credit and how it impacts you as a home buyer, don’t hesitate to ask.

Your $7500 Tax Rebate | H.R. 3221, the “Housing and Economic Recovery Act of 2008″ | Why You Should Care Series – Post 2

JPMorgan and Citigroup to Halt Foreclosures Temporarily

2009-02-16T17:18:26Z

JPMorgan and Citigroup announced last Friday that they would temporarily halt their foreclosures while they wait for the government to finalize some of its foreclosure relief package. The foreclosure relief package was a portion of the $700 billion under the Troubled Asset Relief Program (TARP) and was outlined by Secretary of the Treasury Tim Geithner as being in the neighborhood of $50 billion. The detail of the plan expected to be worked out by early March.

Citigroup will hold off on foreclosures effective February 12th and will do so until either March 12th, 2009 or until the government finalizes all the details of its foreclosure relief package (whichever comes first). JPMorgan will hold off on its foreclosures until March 6th (extending a program they had initiated last year).

Fannie Mae and Freddie Mac Change Their Appraisal Process

2009-01-08T18:32:46Z

A lender I’ve worked with in the past sent me the following yesterday afternoon regarding Fannie Mae and Freddie Mac’s change in how appraisals will be ordered:

Fannie Mae and Freddie Mac Change the Appraisal Process

Freddie Mac and Fannie Mae will implement a revised Home Valuation Code of Conduct beginning May 1, 2009. In an attempt to increase the reliability of appraisals, the revised code builds on existing seller-servicer guidelines and will apply to lenders that sell single-family mortgage loans to Fannie Mae and Freddie Mac.

One major difference in the code is that lenders will be required to order appraisals from one central clearing house, which will in turn select an appraiser. The down side of such a process is that lenders will have little to no communication with the appraiser, which means there won’t be an opportunity to have a discussion or touch base with appraisers before they go out to appraise the house. The new code is intended to help assure that borrowers, home buyers and secondary mortgage market investors receive fair and independent property valuations.

In some areas, lenders have already implemented these changes, and in the next few weeks and months, more will have to begin the process.

I understand the reasoning behind it is to ensure there is no behind-the-scenes talking between the lender and the appraiser to influence the appraiser’s final price valuation, but all this is going to end up doing is increase the length of time it takes to close on a home (as well as probably raise appraisal prices because of lack of competition). I vote a big no for this one.

Additional Resources:
Federal Housing Finance Agency’s News Release
Federal Housing Finance Agency’s Home Valuation Code of Conduct

Check out our new Map Based Search of Homes for Sale in Minnesota

Rates are at their best levels in 5 years – If you can brave this Minnesota Cold!

2008-12-15T16:32:34Z

Bond and home loan rates rallied late Friday to reach their best levels in years! While I’m not normally a rate watcher, and definitely not a guy to tell people ‘Now is the time to buy!’ ; I think there is some opportunity to ride this rate dip and do one of two things.

1. Those that were on the fence, really serious about buying, but waiting for the right time may be in the perfect position to get a house at a steep December discount with a great rate attached to it.

2. Those hoping to ride the housing prices out a little while longer before deciding to sell can refi to make it much more palatable during the next year or two. Now, when refinancing, you always have to consider closing costs to make sure it makes sense, but something to definitely look into.

If you need any help in finding a good mortgage broker, I can always deliver a few suggestions that clients of mine have used in the past.

Those of you in Minnesota, stay warm and stay safe!

Fannie Mae to Suspend All Foreclosures until January 2009

2008-11-20T22:02:39Z

Fannie Mae has just issued a press release letting it be known that they have ordered their loan servicers and attorneys to suspend any and all foreclosures scheduled from next week to the end of the year in homes that are owner occupied. This is being done while Fannie figures out how to implement a better loan modification program with all of its loan servicers. This should help out with inventory numbers in early 2009.

Bringing Video Into Our Marketing Plan

2009-01-06T16:42:44Z

We’re always attempting to stay at the forefront of technology (as long as it makes sense for our clients). Recently, a new way to create an eye-catching video came across our desk (err…screens) and it looks like its something we’re going to implement in all of our listings. Below is our first “test” video. Let us know your thoughts…