There is a clause on Page 4 of the standard Minnesota Association of REALTORS Purchase Agreement titled "DEFAULT:" 171. DEFAULT: If Buyer defaults in any of the agreements hereunder, Seller may terminate this Purchase Agreement 172. under the provisions of MN Statute 559.21. If either Buyer or Seller defaults in any of the agreements hereunder or 173. there exists an unfulfilled condition after the date specified for fulfillment, either party may cancel this Purchase 174. Agreement under MN Statute 559.217, Subd. … [Read more...]
Shadow Inventory – The Housing Market’s Boogieman
February 1, 2012 by 4 Comments
April 2013 Update: These words are as true today as they were a year ago. For years now we've been hearing housing "experts" talk about the shadow housing inventory. This is apparently all the distressed housing backlog that has yet to make its way through the system. Depending on who you talk to, it may or may not include homeowners that are underwater (but current), people who have jobs now but might not later, or people who will decide to default just because everyone else is (the "herd … [Read more...]
Minnesota Pre-Foreclosure Notices Drop to New Lows
January 25, 2012 by 2 Comments
The Minnesota Home Ownership Center has been tracking pre-foreclosure notices in Minnesota since the state legislature required notices to be sent to housing counselors as part of the foreclosure process in late 2008.Recent quarters have shown substantially fewer notices sent out and the Center's numbers from Q4 2011 continue this trend:While a quarter or two of lower activity could just be a short-term trend, we have now had a full year of substantially diminished notices. I'm not saying we are done with … [Read more...]
The Twin Cities Housing Market Has Bottomed
January 17, 2012 by 5 Comments
After years of price declines, today I am here to say that the Twin Cities housing market has bottomed. Having sold houses for the last nine years I can tell you I've seen both the up and the dramatic down of our market... it has been quite the theme park ride! I think we are all sick of the real estate roller coaster and would prefer to enjoy a little "lazy river" type housing market for a while - one that ebbs and flows but without the steep drops or climbs of our recent past. I've spent years looking at many … [Read more...]
Foreclosures and Short Sales Now Worth the Same
January 9, 2012 by 2 Comments
Since the housing downturn has started, short sales always have always commanded a higher price per square foot. Well that has now changed. Median Sales Prices are also quickly coming together as well. The rule of thumb in the past was that short sales were often in better condition than a bank owned and so commanded a premium. Today we see that foreclosures are often being cleaned up and thus the condition isn't as different. We also have a buyer pool that has heard all the horror stories of trying to … [Read more...]
Twin Cities Home Buyers Forget to Take a Holiday
January 4, 2012 by 3 Comments
What are normally the coldest weeks in the real estate market are this year much warmer than normal, just like our weather. We've seen huge year-over-year increases in Pending Sales for months now but the weeks ending 12/17 and 12/24 saw 48% more accepted purchase agreements than a year ago. Those are numbers you just can't ignore. If/when the temperature drops will we see less buyer activity? Time will soon tell... if buyer activity does fall then some of this can be chalked up to just the weather. If … [Read more...]
2011/2012 New Year's Eve Party – Parties, Events & Dinner in Minneapolis, St. Paul and the Greater Twin Cities
December 26, 2011 by Leave a Comment
Looking for a party or event for New Year's Eve in the Twin Cities? Below you will find a list of sites that cover events happening all over town. There are lots of food, dance, theatre and music options available and many neighborhood restaurants and bars have something going on too. Please be safe as you enjoy ringing in the new year! Metromix Twin Cities - New Year's Eve in Minneapolis/St. Paul Nearly two dozen events are detailed from music to dance, theatre and bowling. Citypages - New Year's Eve … [Read more...]
Twin Cities Foreclosures Hit 4+ Year Low
December 2, 2011 by Leave a Comment
In recent months a common phrase has been uttered by countless buyers and real estate agents: "where are all the foreclosures?" Since August 2010 the Twin Cities Region has seen foreclosures for sale drop 52% from approximately 4000 to about 1900 today. This is the first time since July 2007 that we have seen inventory this low. Twin Cities Homes for Sale Based on data available as of December 2, 2011. All data from Regional Multiple Listing Service, Inc. Powered by 10K Research and … [Read more...]
Pricing Your Home Right for Today's Market
November 22, 2011 by 5 Comments
The housing market is full of a mix of Foreclosures, Short Sales and Traditional Sellers. Traditional Sellers today have fewer foreclosures, short sales and other traditional sellers to compete with than last year but the competition is still heavy since we still have far more home inventory than we have buyers for it.A while back I did a market analysis for a potential seller and while their current competition's prices were all above $200k, all the sales of comparable properties were well below $200k. What's … [Read more...]
Missed Showing = Missed Sale
November 14, 2011 by 1 Comment
Two of my clients this year have bought houses that were difficult to see. The first client was refused only the 1st time. The second was refused the first two times! In both cases the buyers had enough interest to try again but I can tell you that often isn't the case. I would say about 50% of the time we don't come back for a 2nd chance.Sellers - It can be tough to be ready for every showing but know that it only takes one to sell the house! … [Read more...]
