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Open Houses – Buyers Beware

Many buyers start off their home search alone by finding homes on the Internet and then visiting the home at an Open House. When you do go to an Open House, the real estate agent you meet at the house will be kind, courteous and answer all your questions. What you may or may not understand is that this agent is there representing the seller's best interests, not yours. Anything you say to that agent may be relayed to the seller, so be careful what you reveal if you are seriously interested in the home. State of … [Read more...]

Selling a Home in 2006

There’s been a host of articles, TV shows and books that have come out recently to educate sellers on how to stage their home for sale, but little focus on how sellers should cope with the changing reality of the housing market. Appraisals are not necessarily an indicator of market value Over the last few years many sellers have refinanced their homes to lock in lower rates or to take cash out for remodeling, a 2nd home, etc. I have seen some appraisals that showed significantly over-inflated values. If I turn my … [Read more...]

Price Competition Heating Up

As the inventory and days on market in the Twin Cities increase, smart agents and sellers are reassessing their price every 15-30 days.  I've seen in two different townhome developments that new listings are being priced at or below the others currently for sale.  This is smart pricing on the part of the new listing but has a negative effect on the other homes listed for sale. For sellers that listed their home previously, they are now forced to reevaluate their pricing in the face of the new competition.  If … [Read more...]

Edina Realty Top Broker in Downtown Minneapolis

Barely a year after opening the Downtown Office, Edina Realty has doubled their market share in downtown and now the market leader for the burgeoning new residential market in that area. In today's changing real estate market, strength and leadership is key to success.  Edina Realty has been a leader in the Twin Cities market for years and continues to show its leadership today.  There's a reason we're #1! … [Read more...]

Sell Now or Wait?

There have been many recent stories on television and in the paper talking about how many homes are for sale now, how it is taking longer to sell, and how some sellers are giving concessions to get the deal closed. Some sellers are considering waiting to sell their homes in belief that the housing market will improve.  Yes, the market is definitely in the buyer's favor right now but this is the beginning of a multiyear trend.  The number of houses for sale has increased each year for the last four or five … [Read more...]

Buyers: How the “Tone” of Your Offer Can Make the Difference

With the Twin Cities housing market moving in favor of buyers, many buyers are negotiating more with sellers.  Houses that are in good condition and priced correctly are still selling quickly, but the average home is for sale approximately 60 days before receiving an acceptable offer.  While the current market does dictate that sellers be more accommodating to a prospective buyer, the market is not so bad that sellers are willing to "give away" their home. While the change in the market has been easy to see as a … [Read more...]

Week of May 22 Market Activity

As you can see from the report below, the housing market is continuing to adjust.  We now have a 6.4 months supply of homes for sale today, and that number is likely to continue to increase.  Pending Sales, or homes that have accepted offers but have not yet closed, as still behind last year at this time while the inventory for sale today is up 40% over the same time last year: Weekly Market Activity Report - May 22, 2006 What does this mean to you as a consumer? If you are selling your home, expect it to take … [Read more...]

Sponsor Me on the MS150 Bike Tour

June 10-11, 2006 I will be participating in the MS 150 Bike Tour from Duluth to the Twin Cities.  This bike ride is 75 miles each day Saturday and Sunday, with a stopover Saturday night at Hinkley. The reason I ride: there are more than 7500 people in Minnesota and Western Wisconsin afflicted with MS.  While much has been learned about this disease, there is not a complete understanding of why it happens and there is no cure.  MS strikes healthy people at all ages, in many situations a person with MS can be … [Read more...]

March Market Statistics

The March market statistics were made available recently.  It is a tale of good and bad, here are some of the stats: Active listings at month-end are up 42.9% over March last year Closed sales are down 2.2% through March, as compared to last year Median sales price is up 2.7% over last year, to $225,000 If you are a seller, this means that there is likely several homes in your area that are currently listed and are competing with your home.  This means that pricing, staging, and condition are critical to … [Read more...]

Interest Rates Ticking Up

The interest rates have been inching up the last month and are currently near 6 3/8% on a 30 year fixed.  The industry is expecting for rates to creep up to 6 3/4% by the end of 2006.  Historically that is still an excellent rate but it will put a little cool on the market this year.  We're expecting near-record homes sales again this year, but homes will take longer to sell than they have in past years. … [Read more...]

Disclaimer

TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.