The Minneapolis Area Association of Realtors has released a list of the most frequently stated reasons for using a Realtor. What are your thoughts? … [Read more...]
June: A Month for Farewells
May 28, 2007 by Leave a Comment
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 the current market conditions and the fact that membership in the Minneapolis Area Association of Realtors has doubled since 2000, it is safe to assume that some … [Read more...]
Golden Valley Revises I/I Inspection Requirements
May 28, 2007 by 1 Comment
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 sellers to sell their homes but also meets the city's need for reduction in inflow and infiltration of clear water into the sanitary sewer system. Read below for … [Read more...]
Overpricing- A Horrible Way to Sell Your Home
May 1, 2007 by 2 Comments
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 putting it on the market that much higher than comparables, they won't have to worry about that because no one is going to make them an offer. Consequently, if they're stuck with a house that … [Read more...]
Other Important Questions to Ask Your Loan Officer
April 23, 2007 by Leave a Comment
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 typically not the best loan for you over the longer term. What is the maximum seller contributions allowed with this program? Most common: 3%, 6%. Lenders maximum … [Read more...]
Have a Question or Idea for a Post?
April 15, 2007 by Leave a Comment
Would you like me to discuss something on this blog? Please let me know! … [Read more...]
Awesome New Market Statistics from the Minneapolis Area Assoction of Realtors
April 10, 2007 by Leave a Comment
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 insights into the differences occurring today between cities. Some cities are seeing dramatic additional slowing of sales activity as compared to last year while some communities have quite … [Read more...]
Golden Valley's Inflow/Infiltration Conundrum
April 10, 2007 by 2 Comments
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 Metropolitan Council will start issuing cities with excessive "clear water" inflow during rain events. Today I had the opportunity to meet with some of my … [Read more...]
"McMansions" and "Monster Houses"
April 9, 2007 by Leave a Comment
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/2007/03/23/neighbors/nn04.txt … [Read more...]
Save Some Money on a New Water Heater
April 3, 2007 by 1 Comment
For 2007, Centerpoint Energy (formerly Minnegasco) is offering a $50 - $75 rebate on qualifying energy-efficient water heaters. If you've got a water heater over 15 years old (or even 10 years old in some cases) you run the risk of a failure that could flood your basement. It's a lot cheaper to replace the water heater than to repair a flooded basement, and the energy savings may very well pay for the upgrade! Buying Tips Tip 1: When you are shopping for a new water heater, look at the First Hour Rating on … [Read more...]
