An additional $2 million in Energy Saver Rebates is available for homeowners who install eligible energy-saving home improvements. These improvements must be financed using a Fix-up Fund loan, which allows homeowners finance the cost of making energy efficient upgrades. Rebates up to $10,000 are available for application on a first-come, first-served basis. More information and an Energy Saver Rebate application are available at www.mnhousing.gov. Or call Minnesota Housing at 651-296-8215 or 800-710-8871. … [Read more...]
Are Higher-End Twin Cities Foreclosures Coming?
September 27, 2010 by 3 Comments
For a while now there's been some talk that the foreclosure activity would become more prevalent in the higher-priced home market - well as of yet we haven't seen that materialize. In fact, by far the strongest activity remains in the lowest price ranges for both foreclosures and short sales: In the future we may see an influx of foreclosures at higher price points but for right now our local MLS is showing the foreclosure activity is still more heavily found in the lower price points. … [Read more...]
Q&A – What if I Didn't Pull Permits?
September 24, 2010 by Leave a Comment
When selling a home, one of the questions on the Seller's Disclosure Statement is whether the owner did work to the property that required a permit and if so, was the permit pulled? Often homeowners do some kind of work on their property that requires a permit but for what ever reason the owner didn't get a permit for the work. What has happened cannot be undone but it is important to disclose to the buyer of your home what work you did and what permits you did or did not get. Sometimes the buyer will request … [Read more...]
2 in 3 Bank Owned Homes Under $100k Sold to Cash Buyers
September 23, 2010 by 5 Comments
During the first 6 months of 2010, 63% of all the bank owned homes under $100,000 were purchased with cash. Why is this? Banks LOVE cashBanks that have foreclosure inventory on their books want to sell those homes quickly and they want to be sure that if they accept an offer that the buyer will be able to close on the property. Cash offers can close quickly and also eliminate concerns about appraisals and the buyer's lender approvals so the seller has higher confidence it will close. All things being equal, … [Read more...]
2010 Twin Cities House Prices – Fall Forecast
September 22, 2010 by 3 Comments
Twin Cities Median Sales Price - All Properties (image courtesy Minneapolis Area Association of REALTORS) What does the fall and winter 2010 hold for Twin Cities home prices? If the last couple years are any benchmark, we should see median sales prices drop substantially... most likely back to the $155,000-$160,000 range that we have seen the last two years. The fact that buyer activity has slackened since the expiration of the tax credits and our very seasonal market make this a pretty safe bet to make. It is … [Read more...]
Are Condos & Townhomes The Next Housing Boom?
September 21, 2010 by 7 Comments
The Star Tribune has a good article discussing the demographic changes coming to the Twin Cities in the coming years and how cities and housing are not currently designed for the needs of our aging population. The best explanation of the trend is found in their infographic:(image courtesy Star Tribune) So while new housing built in the last 20 years targeted larger households, the growth in households in the next 5 years is in smaller households. But not so fast! Currently there is a glut of townhomes and … [Read more...]
Changes in Maple Grove New Home Construction
September 20, 2010 by 1 Comment
Maple Grove is a great example of the dramatically changed new single family home construction market. Just two years ago the typical new Maple Grove home was about $625,000 - today it is about $500,000 and still falling. Maple Grove's largesse peaked in 2007 when the 12-month rolling average median sales price hit $690,000! While the cost for land and the material/labor cost of building homes have dropped, the house itself is also changing. Consumers are building smaller and more economical homes than they … [Read more...]
Radon in Minnesota: Silent Killer
September 19, 2010 by Leave a Comment
I have talked about Radon before but it is important to bring it up again - this is a significant problem in Minnesota: Image courtesy EPA Most people have heard the word radon before, but many probably do not understand what it is. As found in the EPA's A Citizen's Guide to Radon (pdf version here): Radon is a cancer-causing, radioactive gas. You can't see radon. And you can't smell it or taste it. But it may be a problem in your home. Radon is estimated to cause many thousands of deaths each year. That's … [Read more...]
Q&A: Should I Refinance My Home?
September 10, 2010 by Leave a Comment
With the ultra-low interest rates right now a lot of people are wondering if they should refinance their home. It can make a lot of sense for anyone planning to stay in their home more than 3 years - but every case is different and there are no hard rules. It is important to take into account the specifics of your situation. Some people don't have the money to refinance. One option is to "buy up" the interest rate for discount points, which would mean you would have a higher than market rate interest rate … [Read more...]
Twin Cities Home Buyer Activity Down More Than 30% vs. Last Year
September 7, 2010 by 1 Comment
For a 4th month in a row, buyer showings are substantially slower than last year at this time, though each month's buyer activity is very slowly improving versus last year. The tax credit hangover has certainly been severe! Historically showing activity slows substantially in September but last year we saw a strong September and October due to the previous tax credit expiration. Many of the agents in my office (myself included) feel like buyer activity has improved some in the last few weeks but until we see … [Read more...]
