Minnesota Real Estate Blog | Minneapolis & St. Paul Real Estate and Homes

Twin Cities Real Estate Market Activity Report - WE 4/19

noreply@blogger.com (Hennepin Group) — Tue, 20 Apr 2010 21:00:00 +0000

Twin Cities Real Estate Market Activity Report

With the final days of the tax credit ticking away, buyers and sellers are hitting overdrive in an attempt to cash in on the credit’s considerable incentives.

For the week ending April 10 there were a whopping 2,527 new listings, a huge jump of 47.9 percent over the same week in 2009. Only 28 percent of these are re-lists of properties that have already been on the market in the last year (the number was 33 percent a year ago at this time), so we know that many of these listings are brand new.

Pending sales were a little closer to year-over year figures, with the 1,084 signed purchase agreements just 3.6 percent above 2009 numbers. And proving the axiom that “Everything Rises Must Converge” the number of active listings is finally higher than it was last year. That’s the first time that’s happened since April 2008.

Two other important numbers this week:

Housing Affordability Index: At 206 this has dropped 5.5 percent from 2009. However, this number is still the highest it has been in several years.

Months Supply of Inventory: The 6.5 months of housing out there is the lowest it has been in several years.

Get the latest MLS listings at MN-TwinCities.com and ChadElliot.com. Personalized searches and saving. Set up your own email notifications to see when new homes come on the market!

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Cities Monthly Skinny - April

noreply@blogger.com (Hennepin Group) — Tue, 20 Apr 2010 17:22:00 +0000

Twin Cities Monthly Skinny Recap for April
For the third month in a row we have seen a month over month in price gains. Sellers are getting offers closer to there asking price and there are almost a quarter less foreclosures currently on the market. Are things getting better?

Check out MN-TwinCities.com for more information on the Minneapolis / St. Paul Real Estate markets and trends. Or contact Chad Elliot at chadelliot@kw.com for a personal analysis of your home.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Cities Market Activity Report WE 4/12

noreply@blogger.com (Hennepin Group) — Tue, 13 Apr 2010 17:53:00 +0000

Twin Cities Market Activity Report

Minneapolis / Saint Paul Real Estate

The usually sproingy spring market is slowly slipping back into place after a few years of squish. Pending sales continue to outpace weekly year-over-year figures. The 1,122 purchase agreements signed during the week ending April 3 were 11.8 percent above last year.

Active listings have slowly risen all year and now have surpassed where the market stood at this point last year by half a percentage point. (That's the only plus sign you'll see on page 4 of the report.) Two other new values to take a look at this week: Days on Market Until Sale (page 5) has dropped to its lowest point in years. It now takes an average of 130 days to get a house sold in the Twin Cities.

Percentage of Original List Price Received at Sale (page 6) is moving in the opposite direction, rising 2.7 percent over last year. This should motivate sellers as we warm through spring and summer.

With the home buyer tax credit ending soon and the Spring Real Estate market heating up this is your perfect time to look for that new home! For the latest listings in Minneapolis and Saint Paul check out ChadElliot.com.

Source: MAAR

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Minneapolis - Saint Paul Home Tour 2010

noreply@blogger.com (Hennepin Group) — Tue, 06 Apr 2010 17:18:00 +0000

The Minneapolis & Saint Paul Home Tour, in its 23rd year, is a celebration of city living within the cities of Minneapolis and Saint Paul, and shows, through real-life examples, what can be done to remodel and expand existing housing stock. Tour organizers report 13 percent of visitors surveyed last year were looking to buy homes. So, consider holding open houses during the tour near tour locations. See the front page of http://www.msphometour.com/ for a sneak peek.

Dates: Saturday and Sunday, April 24 and 25, 2009 (rain or shine!)

Times: Saturday, 10:00 a.m.–5:00 p.m., Sunday, 1:00 p.m.–5:00 p.m.

Cost: FREE

More Info: http://www.msphometour.com/

Source: Minneapolis Neighborhood Revitalization Program

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Cities Market Activity Report - WE 4/5

noreply@blogger.com (Hennepin Group) — Tue, 06 Apr 2010 16:53:00 +0000

Twin Cities Market Activity Report - WE 4/5

The Twin Cities housing market continues its spring dance as the 2010 weekly numbers outpace the equivalent weeks of 2009. New listings for the week ending March 27 were at 2,240, 29.4 percent higher than during the same week last year.

Pending sales are up 13.8 percent over last year, and we once again broke the magical "1,000 margin" with 1,049 purchase agreements.

A stat to start watching closely is the ever-shrinking Supply-Demand Ratio. The ratio is squatting at 4.39 homes per buyer. That's a lot less inventory than we've seen in recent years, indicating that buyers need to move quickly to get the home they want, especially in the lower price ranges where homes are selling the quickest. - Provided by MAAR

Minneapolis / St. Paul Real Estate markets are always changing. For updated information visit my website, ChadElliot.com or call me at (651) 795-1147

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

FHA Changes - UFMIP increasing to 2.25%

noreply@blogger.com (Hennepin Group) — Thu, 01 Apr 2010 18:40:00 +0000

FHA Changes - UFMIP increasing to 2.25%

You are probably all aware of the FHA changes which have been passed by Congress and will soon be in place. Deadlines are right around the corner, so here are some critical things you need to know:

– All FHA case numbers issued on or after Monday, April 5, 2010 will be subject to HUD’s increase in UFMIP to 2.25% (currently HUD’s UFMIP is 1.75%).

– The effective date falls on a Monday, therefore buyers really need to obtain their FHA case number by the preceding Friday, April 2, 2010.

– Since duplicate addresses (either the property being connected to a previous buyer, or our buyer being connected to a different property) may result in a delay in getting a FHA case number. Any FHA buyer who wants to eliminate any possibility of being charged the higher UFMIP should deliver their executed purchase agreement to their mortgage company as soon as possible - but no later then April 2nd.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

April is Fair Housing Month!

noreply@blogger.com (Hennepin Group) — Thu, 01 Apr 2010 18:04:00 +0000

REALTORS Remain Tops on Fair Housing Law

As outspoken supporters for fair housing issues and homeownership, REALTORS® will join the nation in recognizing “Fair Housing Month” this April.

Signed into law in 1968 and amended in 1988, the Fair Housing Act prohibits housing discrimination on the basis of race, color, religion, sex, disability, familial status and national origin. REALTORS® work tirelessly to support this law, as well as ensure the benefits of homeownership are available to everyone.

“REALTORS® are committed to bringing America home,” said NATIONAL ASSOCIATION OF REALTORS® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “NAR’s members work hard to build communities and an environment where everyone, regardless of race, color, religion, sex or disability can choose where they want to live.”

Through the years NAR has developed education on diversity and fair housing laws for its members. These programs and resources have educated REALTORS® on the importance of inclusive housing practices and the promotion of minority homeownership.

One program, At Home with Diversity, is a comprehensive diversity training course for members. The program provides demographics and statistics that help participants understand their local areas, marketing strategies and guidelines, as well as exercises to build diversity awareness. In celebration of Fair Housing Month, NAR will waive the course fee during the entire month of April for any local or state REALTOR® association that sponsors the course.

NAR will also implement a new course that examines the role REALTORS® can play in affordable housing. The course will provide guidance on how to expand opportunities to benefit home buyers as well as entire communities. The course will be available to REALTORS® in May during NAR’s Midyear Legislative Meetings in Washington, D.C.

“NAR has expanded and implemented fair housing education, programs, and resources for members because REALTORS® believe homeownership is an investment in everyone’s future,” said Golder. “And REALTORS® across the country pledge to stay committed to this cause.”

REALTORS® also support programs that help improve the quality of a neighborhood as a whole while also promoting diversity. As a sponsor of the School of the Future Design Competition, NAR encourages middle school students to redesign their schools to create better learning places that are environmentally responsive and are assets to their neighborhoods. REALTORS® serve as mentors to students and as judges at the regional and national level.

In addition, NAR provides funds to state and local REALTOR® associations that promote diversity, housing opportunities, and smart growth. The Ira Gribin Workforce Housing Grants are awarded to state REALTOR® associations to promote workforce housing initiatives.

The NAR Diversity Initiative Grant Program provides up to $5,000 in matching funds for activities that reinforce the role of REALTORS® in diverse communities. Grants for programs that support the mission of NAR’s REALTORS® Housing Opportunity Program are available through the NAR Housing Opportunity Fund. Associations can also receive financial resources for programs and activities that promote REALTORS® as leaders in improving their communities by advancing smart growth.

Source: NAR

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Cities Market Activity Report - WE 3/29

noreply@blogger.com (Hennepin Group) — Thu, 01 Apr 2010 17:26:00 +0000

Twin Cities Market Activity Report - WE 3/29

The local housing market continues to mimic spring growth, as Twin
Citizens emerge from their wintry cocoons just in time for the final days
of the home buyer tax credit. For the week ending March 20, there were 2,277 new listings, up 28.8 percent from a year ago and marking the seventh consecutive week of strong year-over-year increases.

Pending sales dropped a bit from their high the previous week, but the 950 signed purchase agreements for the week were 10.2 percent ahead of where they were at this point last year.

As the tax credit's April 30 deadline looms, expect a flurry of home sales activity. Time will tell what happens when the credit has expired, but the next few weeks should be extremely active. - Provided by MAAR

HOMEBUYERS TAX CREDIT IS ENDING APRIL 30th! - Don't miss out.. visit ChadElliot.com for more information on the Homebuyers Tax Credit.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Cities Market Activity Report - WE 3/22

noreply@blogger.com (Hennepin Group) — Tue, 23 Mar 2010 15:18:00 +0000

Twin Cities Market Activity Report - WE 3/22

provided by MAAR

The spring market is heating up as the federal tax credit deadline draws near. The Twin Cities housing market saw some resurgence in several metrics for the week ending March 13.

Pending sales were where the real action was. The magical "1,000" barrier was finally broken for the first time this spring with 1,027 purchase agreements signed for the week. This was an improvement in the year-over-year figures by 18.0 percent. The 2,110 new listings were
slightly down from the previous week's high, but they still outpaced 2009 numbers at this time by 17.9 percent.

The number of active listings slowly continues its upward mobility. There were 24,524 homes available on the market for the week ending March 22. This is still below last year, but as the graph on page 4 shows, active listings are getting closer and closer to where they were during the spring of 2009.

Thinking about buying or selling? Looking for a new home in Minneapolis? Contact me or visit my website at ChadElliot.com for more information.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Citites Housing Supply Outlook - March

noreply@blogger.com (Hennepin Group) — Fri, 19 Mar 2010 17:21:00 +0000

Twin Cities Housing Supply Outlook
provided by MAAR

Sales growth is strongest now in the townhouse segment. Over the last 12 months the number of sales has increased by 24.4 percent, compared to increases of 14.8 percent and 11.8 percent for single-family and condo homes, respectively. All of that townhouse sales growth can be found in the price segments below $150,000.

Below $120,000 there is only 3.1 months of supply, down from the mark of 6.1 a year ago. Above $1 million there is 32.8 months of supply, up from the mark of 24.8 from a year ago.

Sales in the higher price ranges continue to slow. The market drivers of activity in the lower price ranges (low rates, tax credits) are having little to no effect in the upper bracket segments.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Cities Market Activity Report - WE 3/15

noreply@blogger.com (Hennepin Group) — Fri, 19 Mar 2010 16:20:00 +0000

Twin Cities Markety Activity Report - WE 3/15
provided by MAAR

The $6,500 tax credit for move-up buyers appears to be stimulating some sellers to place their homes on the market in an attempt to sell them before the credit expires. For the week ending March 6, there were 2,279 new listings, an increase of 24.6 percent from a year ago.

Every price range is seeing increased listing activity except for the two ends of the price spectrum: below $120,000 and above $1 million. For the same reporting week, there were 809 accepted offers, which is a decline of 6.9 percent from a year ago. Over the last three months, pending sales have been just 2.0 percent higher than during the same period a year ago.

As a result of the strong new listings and flat pending sales, the inventory of available homes is rising faster this spring than it did last year. While there are still 8.2 percent fewer homes for sale right now than there were a year ago, that's a much smaller year-over-year decline than we've seen over the last two years

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

The Twin Cities Monthly Skinny - March

noreply@blogger.com (Hennepin Group) — Fri, 19 Mar 2010 16:11:00 +0000

The Twin Cities Monthly Skinny is here for the month of March! We have seen a pretty active market even in the heart of winter for the Twin Cities. There have been many positive signs pointing to an upward trend in our Real Estate Market. Keep in mind the Tax Credits will be ending on April 30th! ...don't get left out in the cold :)

If you are looking to buy or sell in the Twin Cities (Minneapolis / St. Paul) or any other surrounding city contact me and we can discuss your opitions or you can visit my website at ChadElliot.com for more information.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

FHFA Extends Refinance Program by One Year

noreply@blogger.com (Hennepin Group) — Tue, 09 Mar 2010 19:39:00 +0000

Are you upside down on your home or condo in Minneapolis-St. Paul?

FHFA Extends Refinance Program By One Year

Federal Housing Finance Agency Acting Director Ed DeMarco today announced the extension of the Home Affordable Refinance Program, (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2011. The program is a key component of the Administration’s Making Home Affordable Program announced last February. The HARP program expands access to refinancing for qualified individuals and families whose homes have lost value. The program was set to expire on June 10 of this year. MORE

Source: Federal Housing Finance Agency

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Minneapolis-Saint Paul Home Tour 2010!

noreply@blogger.com (Hennepin Group) — Tue, 09 Mar 2010 19:18:00 +0000

The Minneapolis & Saint Paul Home Tour, in its 23rd year, is a celebration of city living within the cities of Minneapolis and Saint Paul, and shows, through real-life examples, what can be done to remodel and expand existing housing stock. Tour organizers report 13 percent of visitors surveyed last year were looking to buy homes. So, consider holding open houses during the tour near tour locations. See the front page of www.MSPHomeTour.com for a sneak peek.

The Tour offers an exclusive: Be the "highest and best" to arrange your sponsorship of the April 24–25, 2010 tour and be the only real estate company in the tour's promo! Call Margo Ashmore at 612.673.5103 or 612.867.4874 or email her at mfashmore@aol.com this week.

Dates: Saturday and Sunday, April 24 and 25, 2009 (rain or shine!)
Times: Saturday, 10:00 a.m.–5:00 p.m., Sunday, 1:00 p.m.–5:00 p.m.
Cost: FREE
More Info: www.MSPHomeTour.com

Source: Minneapolis Neighborhood Revitalization Program

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Cities Market Activity Report - WE 3/8

noreply@blogger.com (Hennepin Group) — Tue, 09 Mar 2010 03:21:00 +0000

Twin Cities Market Activity Report - WE 3/8
provided by MAAR

Warming weather, affordability and approaching deadlines are
activating the housing market. With less than 60 days left until the home buyer tax credit expires, buyers and sellers appear to be kicking it into a new gear. There were 1,715 new listings for the week ending February 27, an increase of 5.3 percent from a year ago and the fourth consecutive week of year-over-year increase. The $6,500 tax credit for move-up buyers appears to be stimulating some sellers to place their homes on the market in an attempt to sell them before the credit expires.

For the same reporting week, there were 868 accepted offers, which is a bump of 13.9 percent from a year ago. After several months of relatively flat home buying, the last two weeks have seen a jump as the credit deadline nears.

Days on Market continues to decrease, landing at 142 days in February. That was a 9.7 percent decrease from a year ago. The Percent of Original Price Received at Sale stood at 92.3 percent in February, a 3.4 percent increase over the year prior.
If you are looking to buy or sell in Minneapolis, St. Paul, Maple Grove, Plymouth or any of the surrounding suburbs contact me or visit my website at http://www.chadelliot.com/

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Buyers Who Wait May Lose a Lot

noreply@blogger.com (Hennepin Group) — Tue, 02 Mar 2010 20:01:00 +0000

Buyers Who Wait May Lose a Lot
Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

If you are looking to buy a home in Minneapolis, St. Paul, Maple Grove, Plymouth or any other surround city contact me or visit MN-TwinCities.com for more information.

Source: Money Magazine, Beth Braverman

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

How to price to sell and still make a profit!

noreply@blogger.com (Hennepin Group) — Fri, 26 Feb 2010 19:20:00 +0000

How to price to sell and still make a profit!

The asking price you set for your home significantly affects whether you will profit in the sale, how much you will profit and how long your home will sit on the market. Your real estate agent's knowledge of the overall market and what's selling - or not selling - will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won't leave money on the table.

Here are some points to consider: Time. Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make money, think about a price that will encourage buyer activity (read: fair market value).

Value vs. Cost. Pricing your home to sell in a timely fashion requires some objectivity. It's important that you not confuse value with cost - in other words, how much you value your home versus what buyers are willing to pay for it. Don't place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants hardwood floors or granite countertops.

Keep it simple. Because time is of the essence, make it easy for the buyers. Remain flexible on when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a desirable move-in date makes for a smoother transition between homes, it could cause you to lose the sale altogether.

If you are interested in selling your home in Minneapolis, Maple Grove, Plymouth or any surrounding city give me a call or visit http://www.MN-TwinCities.com of more information.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

We are still in a Buyer's Market, but for how long?

noreply@blogger.com (Hennepin Group) — Thu, 25 Feb 2010 23:36:00 +0000

We are still in a Buyer's Market, but for how long?

We all wish we had a crystal ball to predict when the real estate market will recover. Unfortunately no one knows exactly when that will happen, but there is plenty of speculation to go around.

"If it is just speculation, why is it so important that I buy now?" you may ask. There are many good reasons to buy sooner rather than later. Not only are interest rates the lowest they have ever been in recorded history, but they are predicted to rise, it is only a matter of time. Home prices are still low, especially compared to the "peak" of the market. However, every "nth" of a point the interest rates go up, the monthly payment will also rise. This means that to have the same monthly payment purchasing year from now as you could have purchasing today, you will have to spend less on the sales price of a home.

Other good reasons to buy now are the Home-buyer Tax Credit, which is set to expire on April 30, 2010, USDA is still offering 100% financing on qualifying properties, the Neighborhood Stabilization Program (NSP) is offiering downpayment assistance on qualifying areas and there are many other programs designed to stimulate the real estate market out there for buyers as well.

Also, lending practices and credit standards are continuing to "tighten up". This means that more and more buyers will be shut out of the market as they become ineligable due to stricter lending guidelines.

-Mortgage Rates: The rate on a 30-year mortgage averaged 5% last week, according to Freddie Mac. Rates are low in part because the Federal Reserve has been buying up about $3 trillion in mortgage-backed securities and mortgage agency debt. The aim is to hold down interest rates and keep mortgages available. But the Fed has no plans to buy any more past March 30, 2010. The likely result is an uptick in rates. Economists at the Mortgage Bankers Association expect to see a 6.1% rate by year end. Such a rise would add about $104 to the monthly payment on a $150,000 mortgage.

-Home Buyer Tax Credit: The home buyer tax credit expires on April 30, 2010 and no one knows if Congress will renew it a second time. To qualify for the credit, you must sign a purchase contract by April 30, 2010 and close by July 1, 2010. First-time buyers get up to $8,000. "First-time" is defined as someone who hasn't owned a home in three years. Move-up buyers get up to $6,500 when they purchase a new primary residence. To get the credit, you have to have lived in the old home for at least five out of the last eight years. The credits start phasing out at $125,000 in adjusted gross income for singles and $225,000 for joint filers.

- Credit Standards: Mortgage lenders have been tightening credit standards, which means fewer eligible buyers. Lenders are insisting on credit scores of 640 to 660 for loans sold to Fannie Mae, Freddie Mac and 620 for FHA guaranteed loans. Those standards are higher than the federal agencies themselves insist on. FHA-which guarantees loans for people with low down-payments-has been raising its own insurance charges to borrowers and demanding higher premiums from people with poor credit scores."

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Understanding the Buyer

noreply@blogger.com (Hennepin Group) — Thu, 25 Feb 2010 22:54:00 +0000

As the seller, you can control three factors that will affect the sale of your home:

* The home's condition
* Asking price
* Marketing strategy

However, it's important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers' market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.

Location
Unfortunately, the most influential factor in determining your home's appeal to buyers is something you can't control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.

Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and "empty nesters," or couples whose children have grown up and moved out.

Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the "hot ticket" items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.

Twin Cities Market Activity Report - WE 2/22

noreply@blogger.com (Hennepin Group) — Thu, 25 Feb 2010 20:02:00 +0000

Twin Cities Market Activity Report - WE 2/22
provided by MAAR

The Twin Cities housing market in early 2010 looks pretty much like it did in early 2009. How similar? Over the last three months, there have been 7,189 signed purchase agreements; there were 7,186 a year ago during the same time period. Eerie, no? Robotic precision.

For the week ending February 13, there were 711 pending sales, down 2.7 percent from last year, and new listings posted 1,764 units, up 4.9 percent from a year ago. The only thing that's really changed much is the supply of available homes, which continues to dwindle relative to a year ago. The current stock of 22,271 available homes represents a 12.4 percent decline from a year ago.

For more information on the Maple Grove, Minneapolis, Plymouth, St. Paul real estate markets please contact me or visit my website at http://www.MN-TwinCities.com/.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Being a Landlord Can Be Increasingly Profitable

noreply@blogger.com (Hennepin Group) — Wed, 24 Feb 2010 16:20:00 +0000

Being a Landlord Can Be Increasingly Profitable

Despite falling rents and rising vacancies, the profitability of residential rental property is improving.

Investments in apartment complexes are generating annual returns of 7-8 percent immediately because purchase prices have declined.

Buying a rental property isn’t for everyone. It requires putting down at least 50 percent in cash because banks are reluctant to lend more. And buyers need to be able to hold the property for at least three to five years or more to give the investment time to gain value.

Local Market Monitor, which analyzes real estate investments, identifies these good and not-so-good markets for landlords:

Good Markets
Columbus, Ohio
Washington, D.C.
Raleigh, N.C.
Greenville, S.C.
Columbia, S.C.
Kansas City, Mo.
Oklahoma City, Okla.
Fort Worth, Texas
El Paso, Texas

Bad Markets
Detroit
Cleveland
Wilmington, Del.
Dayton, Ohio
Orlando
Tampa-St. Petersburg
Boise, Idaho
Stockton, Calif.
Las Vegas
Phoenix

Source: The Wall Street Journal, M.P. McQueen (02/20/2010)

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Foreclosures in Minnesota remain "dangerously high"

noreply@blogger.com (Hennepin Group) — Tue, 23 Feb 2010 21:42:00 +0000

Foreclosures in Minnesota remain "dangerously high"

There were 23,019 home foreclosures in Minnesota in 2009. While that was down 12 percent from 2008, it was still the second highest year on record, according to the Minnesota Home Ownership Center.

“The foreclosure numbers in Minnesota remain dangerously high,” said Ed Nelson, marketing and communications manager for the center.

Hennepin County had the highest number of home foreclosures in the state in 2009, followed by Ramsey, Anoka, Dakota and Washington counties.

The Top 10
Home foreclosures in 2009, by county
1. Hennepin........5,655
2. Ramsey..........2,519
3. Anoka............2,069
4. Dakota............1,787
5. Washington....1,255
6. Wright...............861
7. Scott.................811
8. Sherburne.........702
9. Stearns.............506
10. St. Louis..........441

For more information click here

Source: Minnesota Home Ownership Center

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Cities Market Activity Report - WE 2/15

noreply@blogger.com (Hennepin Group) — Thu, 18 Feb 2010 16:26:00 +0000

Twin Cities Market Activity Report - WE 2/15
provided by MAAR

The Twin Cities housing market at the beginning of 2010 continues to look similar to the Twin Cities housing market at the beginning of 2009. There were 1,848 new listings for the week ending February 6, a 3.8 percent increase from the same week last year. On a similar track, there were 780 pending sales for the same week, 4.7 percent above last year.

With supply dropping—now at 5.5 months of availability—it may be that potential buyers are all too familiar with the inventory they have to choose from, especially in the lower price ranges where sales have been through the roof in the last year and inventory has dropped quickly.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

The Twin Cities Monthly Skinny - February

noreply@blogger.com (Hennepin Group) — Tue, 16 Feb 2010 18:16:00 +0000

The Twin Cities Monthly Skinny for February is here! In January, we saw the first signs of a "normal" market with home prices stabilizing when compared to last year. Take a few minutes and enjoy the video.

If you have any further questions or would like to know more details about the Elk River, Big Lake, Otsego, Maple Grove, Ramsey and Minneapolis housing markets give me a call or visit MN-TwinCities.com.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com

Twin Cities Housing Supply Outlook - February

noreply@blogger.com (Hennepin Group) — Thu, 11 Feb 2010 22:06:00 +0000

Twin Cities Housing Supply Outlook - February 2010
provided by MAAR

The new construction market has made huge strides in cutting down on oversupply the last year. The inventory of newly built homes has dropped to 2,175, down 32.6 percent from the last year. Meanwhile—on the demand side—sales picked up during 2009 thanks to the federal tax credit for first time buyers. The combined effect is that the Months Supply of new construction inventory has fallen from 11.0 to 7.8 in the last year.

Does that mean its time for builders to start putting new projects in the ground, post haste? Not quite. The impending loss of the federal tax credit and a likely increase in mortgage rates down the road mean that downward pressure on home sales is on the horizon. Regardless, the new construction market is in a much better place than it was a year ago.

The biggest growth in new construction home sales can be found in the lower price ranges of single-family detached properties. Sales are up strongly in that segment over the last 12 months.

CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330	Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com ChadElliot.com