Show All » 2010 » January
Wednesday, February 10, 2010December 2009 Andover, MN Housing Update
Taking a look at the Andover MN real estate housing market update, there were a total of 49 new homes listed in the month of December 2009, opposed to 50 new houses listed in December of 2008. This negative 2.0% change is offset by the positive 45.8% increase we saw in sales numbers: December 2008 saw 24 units closed, while December of 2009 had 35 homes that were sold.We also saw a 6.7% positive increase in the area of median sale price. While December 2008 rounded out at $194,000, December of 2009 showed an increase of $13,000, with a total median sales price of $207,000. Unfortunately, we did see a decline in average sales price by a negative 1.2%. A major high point in last years numbers for December versus this years was the average number of days these homes were on the market. We saw positive 16.2% decrease with only 162 days, December of 2009, from December 2008's average of 194 days on the market.
As far as the number of townhouse-condo units sold, the numbers calculate out to a much lower 5.0% decline, with 38 units sold December 2009 compared to 40 in December 2008. With the new December data in we see that 2009 was marked by more housing sales, but with fewer new units being introduced, and a decrease in overall returns on the sales.
Looking at the year to date data, we saw 896 new units listed in 2008 opposed to 798 listings in 2009. This information is a 10.9% overall decrease. Thankfully, we did see an increase in closed sales in 2009, with 412 closed opposed to 2008's 340 closed, a 21.2% increase. Median and average sales suffered in 2009 with median sales dropping to $205,000 from 2008's $226,120; a difference of a negative 9.3%. With an average sales price decrease from 2008's $240,262 to 2009's $219,445, we are left with a negative 8.7% decline in average sales price.
On the other hand, the percentage of the original list price received at sale rose in 2009 by a positive 0.8%, with 92.7% in 2009 to 2008's 92.0%. To close things out, we saw no real change in the average number of days these homes were on the market with an average of 162 days for both years.
That’s a wrap on your 2008-2009 Andover housing market figures. We do have a number of top agents on our team who know the Andover market very well. Please don't hesitate to let us know know how we can help. Posted By: Ryan ONeill @ 6:35:29 PM
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Show All » First Time Home Buyer Program » Ramsey County, MN
Wednesday, February 03, 2010Ramsey County First Time Homebuyer Program
Ramsey County has introduced a program with 20,000 ways to help first time homebuyers purchase their first home!
Important disclosure: All of the financing information in this blog entry is provided by The MN Home Loan Partners of Cornerstone Mortgage Company, Burnsville, MN. Please contact Cornerstone at 952-808-0042 in regards to this financing option that are available for first time home buyers.
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Show All » 2010 » January
Sunday, January 24, 2010Roseville MN Real Estate
Roseville is just minutes north of St. Paul and east of Minneapolis making this first-ring suburb a quick commute. Boasting the greatest number of restaurants per capita in the Twin Cities there's always fun new eateries to explore! Thanks in part to a large amount land that is zoned commercially, property taxes in Roseville are some of the lowest in the metro. Thanks to our friends at the Minneapolis Area Association of Realtors, we're examining the housing numbers for December 2008, December 2009, and year-to-date figures to keep everything into perspective.
The number of single-family homes in December 2008 was 85 homes on market, 24 being new listings. December 2009 saw the total number of homes on the market grow 11.8% to 95. The townhouse and condo inventories saw a 1.7% decrease between December 2008's 59 units and December 2009's 58 units. New market listings in December '09 were down 16.7% to 20 over the previous year. The change of new market listings follows the year-to-date trend: 582 in 2008 down 9.3% in 2009 to 528.
Closed sales for December 2009 declined slightly while closings year-to-date saw a small increase. In December '08 and year-end of 2008, the numbers of closed sales were 17 and 279 respectively. Closed sales for December '09 slipped 23.5% to 13 with the year-to-date at 290 closings, a 3.9% increase over the previous year.
The average sales price for December 2008 to December 2009 decreased from $222,347 to $203,944 in 2009. The average sales price for the year-to-date decreased 9.2% from $239,220 to $217,189 in 2008 and 2009 respectively. The percent of sellers receiving the original list price decreased 0.1% from December 2008's 91.1% to 91.1% in December '09. For the year-to-date in 2009, 92.4% percent of sellers in Roseville received the original listing price (not accounting for previous listing prices), which remained the same from the previous year.
The average number of days a home sat on the market didn't see much of change, decreasing by one day from 153 days in December '08 to 152 days in December '09. The year-to-date average fell by 6.2% from 125 days to 117 days.
While the average sales price hovered around $200K, the median sales price for Roseville decreased 32% in December '09 to $145,000 indicating perhaps that more investors or first time homebuyers are purchasing homes in this dynamic city. If you’re looking to purchase your first home, before you do anything check out the Minnesota Real Estate Team's free mn first time homebuyer seminar. After the class, you may even consider purchasing an investment property to generate some extra income at the end of the month. If so, let the mn investment property team help you find the right property.
Posted By: Ryan ONeill @ 8:16:11 PMTop
Show All » 2010 » January
Monday, January 04, 2010RESPA Changes - 2010
Did you know on Friday, January 1, 2010, the biggest change to home disclosures in over 30 years went into effect?
The change is a complete overhaul of the Good Faith Estimate – a standard disclosure document sent to borrowers – under the Real Estate Settlement Procedure Act (RESPA). RESPA requires that buyers receive disclosures at various times throughout the process of buying a property and outlaws kickbacks that increase the cost of settlement services. RESPA is a Housing and Urban Development (HUD) consumer protection statute designed to help homebuyers be better shoppers in the home buying process and is enforced by the government (HUD).
On the old Good Faith Estimate several fees were classified as undefined line items. Due to poor disclosure on the old forms, borrowers found themselves in financial trouble when their mortgage payments increased exponentially and they didn’t understand why or how that could happen. When borrowers don’t fully understand all the fees associated with the closing process, fear and uncertainty can dictate their buying experience.
The new Good Faith Estimate form defines the rate, whether the rate can change, and the details of the loan terms and costs to provide more transparency on fees associated with closing a loan. The goal is to help eliminate any surprises at the closing table and to give borrowers the confidence necessary to shop around for the best deal to ensure a positive home buying experience.
While some real estate professionals are apprehensive about the change in forms, not us with The Minnesota Real Estate Team! We've been apprised of changes since November 2009! In addition to finding the best real estate for their clients, the team also conducts free seminars for minnesota first time homebuyers. If you’re considering purchasing your first home and have questions about changes on the Good Faith Estimate, our team can help you.
Whether you’re a first-time homebuyer or a seasoned investor, 2010 will be a year that you’re going to need the experience of The Minnesota Real Estate Team. With over 700 homes sold in 2009, The mn real estate team has the experience you deserve.
Posted By: Ryan ONeill @ 5:29:34 PMTop
Show All » 2009 » December
Monday, December 21, 2009The Minnesota Real Estate Team
As we near the end of the 2009 real estate year, The Minnesota Real Estate Team would like to take this opportunity to thank all of its current and past clients.
This year is really turning out to be a remarkable one indeed, and we are humbled to have worked with so many fine clients. In 2009, our team will have closed over 700 homes here in the Minnesota real estate market. This is a sizeable increase from 2008, and it really is due in large part to so many of the hard working real estate agents part of the team. I would like to high-light just a few of our top agents and their achievements in 2009:
1. Scott Ficek, invesment property real estate agent extraordinaire, closed over 80 homes in 2009. He really has such an outstanding program for all real estate investors out there. Go to his blog, www.MinnesotaInvestmentRealEstate.com to read and learn anything and everything you wanted to know about real estate investing.
2. Kevin Curtis - with over 6 million closed and over 45 homes sold, Kevin agian has had a remarkable sales year. The 2007 Agent of the Year for The Minnesota Real Estate Team continued to put up huge numbers here in 2009. Kevin offers a great real estate site for all those looking to browse for properties. Check out www.MinnesotaPropertiesOnline.com.
3. Tony D'Agostino - his first full year on the team, Tony D closed over 6.8 million worth of real estate. What a guy!!
4. Jesse Grumdahl - Jesse Grumdahl, owner of www.MnShortSale.com showed in 2009 how to successfully close a ton of short sales. 6.7 million closed in 2009, Jesse had an absolute monster sales year.
5. Rob Reinke - year after year Rob puts up huge sales numbers for our team. Owner of www.MnShortSaleExpert.com, Rob too closed a ton of short sale files. Over 6 million sold, over 40 homes closed. Congrats on an awesome year Rob!
6. Bernie Borschke - Bernie B as we call him :), had a remarkable year. Closed over 5 million, over 40 homes. What a phenomenal year indeed!
7. Mary Alice Short - the queen of short sales in our Minnesota real estate market, Mary Alice put up over 5 million closed as well in 2009.
8. Steve Howe -when it comes to first time home buyers and a blog for any and all info relating to buying your first home, check out www.MinnesotaFirstHome.com Steve, closing 20 homes in 2009, had an absolute awesome sales year.
9. Adam Benedict - Adam really showed what a ton of hard work and determination could do by closing over 4.5 million in 2009. Congrats Adam!! Your hard work certainly has paid off.
10. John Stenroos - John had another awesome year in 2009. When it comes to "big buck" homes, John knows how to get them closed. Again, he closed a couple million plus properties here in 2009. Over 4.5 million sold as well.
Thanks to all of our team members on a wonderful 2010. We take pride in helping each and every client however we can. And again, we are very much humbled to have worked with so many outstanding clients over the years.
Short sales, first time home buyers, investors...you name it. We are here to help!
Posted By: Ryan O'Neill @ 11:30:30 PMTop
Show All » 2009 » June
Wednesday, June 17, 2009New Minnesota law postponing foreclosures
Mary Alice Short, a top short sale listing agent with our team, recently posted an awesome article regarding a new MN law that will postpone foreclosures.
This is effective as of June 15th of this year. Go to http://www.mnshortsalerealtor.com/?p=581 for more info.
Posted By: Ryan O'Neill @ 2:54:50 PMTop
Show All » 2009 » May
Thursday, May 28, 2009Helping Familes Save Homes Act of 2009
I wanted to share some news with readers of our blog regarding short sales and foreclosures, and the process involved with them.
Mary Alice Short is an agent on our team who just emailed me some information regarding this new Act.
Essentially, The Helping Families Save Their Homes Act of 2009 requires that the various banks must now give tenants a 90 day notice to vacate a property after they have foreclosed on the property. This new law is effective May 21, 2009. Also, as an additional sidenote, if there is a lease in place at the time of foreclosure, the bank must allow the tenants to remain in the property for the life of the lease and then give the tenants a 90 day notice to vacate.
Mary Alice just sent this information over, and below is a link to the actual act. Check our her site and take a quick read of this new act.
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Show All » 2009 » April
Friday, April 24, 2009Minnneapolis University Area Real Estate
Minneapolis, University area - Market Update - April, 2009
Let's take a look at what is happening for real estate buying and selling near the University of Minnesota in Minneapolis. Comparing March of 2008 to March of 2009, there was an increase of 127.3% in new listings put on the market (11 last March vs. 25 this March). Closed sales are down 33.3%, with 8 listings closing this March. The median sales price is down 7.2%, from $203,500 to $188,750. Average days on the market in the University area are up 115%, from 79 days last March to 170 days in March of 2009. As far as single family homes that are on the market, there were 27 actives in March of 2008 compared to 30 actives in March of 2009, which is an 11.1% increase. Townhome and condo inventory is also up by 50%, from 36 to 54 active listings.
When looking at January through March, comparing 2008 to 2009, closed sales are down 10%, with 18 closings so far in 2009. The median sales price went from $238,000 in 2008 to $198,750 in 2009. Average days on the market are up 96%, from 88 days last year to 173 days in 2009! The percent of original list price received at the time of sale decreased 5.7% going from 91.2% to only 86% this year.
Some of these numbers are quite drastic for the Minneapolis University Neighborhood. Sale prices are still dropping as more homes continue to go on the market and market time increases. Closed sales continue to dwindle. It still is a great time to buy in the University neighborhood. And these numbers certainly mean great things for students looking for housing in the area or investors looking to buy and rent to students.
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Show All » 2009 » March
Saturday, March 28, 2009Buy or rent?
As a buyer you need to consider the market before deciding whether or not to purchase a home. Several considerations are the rate of market decline, how much you are paying for rent and the length of time you plan to own the property.
I finally found a calculator that allows you to factor in depreciation when purchasing a property. Here it is, courtesy of the New York Times.
MaryAlice Short
MN & WI Realtor, MBA
Remax Advantage Plus
MN Real Estate Team - The #1 MN Remax Team 2006-2008
1170 15th Avenue SE #302
Minneapolis, MN 55414
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Show All » 2009 » February
Friday, February 20, 2009Homeowner Affordibility and Stability Plan
The proposed Homeowner Affordibility and Stability Plan will be as ineffective as the Hope for Homeowners program at stemming the tide of foreclosures and here is why.
1. The bill will only help the borrowers if the mortgage is on their primary residence.
a. Investors who purchased rental properties will still find the foreclosure / short sale is their best option in most cases.
2. Your loan amount must fall under Fannie Mae / Freddie Mac conforming loan limits.
a. The limit is $417,000 for the Twin Cities area.
3. You must be able to qualify for a 30 year fixed loan on your CURRENT income.
a. Good luck getting qualified if you got an Option ARM mortgage product and qualified using the minimum payment or interest-only payment. The majority of homeowners that are in trouble got there because their mortgage is adjusted and their payments have doubled or even tripled. Too bad there is about $500 billion in option ARM mortgages that will be adjusting from 2009-2012.
4. If you have lost your job or have had a decrease in your income there will be no practical help for you.
5. If you have a Fannie Mae or Freddie Mac loan you may qualify to refinance your home up to 105% of the property value.
a. Considering that values in the Twin Cities decreased 21% last year the limit of 105% financing will disqualify most homeowners.
b. If the 21% decrease in value wasn’t bad enough – consider that most borrowers with option ARM loans have been making the minimum payment. This payment usually didn’t even cover the entire amount of interest that was due each month. So, the unpaid interest has increased the loan amount, further increasing the difference between the amount owed and the property value.
c. If your loan is not with Fannie Mae or Freddie Mac it will not qualify.
6. Lenders have to agree to participate in the Homeowner Affordability and Stability Plan. Few lenders will likely agree to this. This is similar to the Hope For Homeowners Plan in which no major lenders participated.
a. Since it unlikely that the major lenders will agree to participate the Plan, it will help very few homeowners.
So to sum it up, borrowers who find themselves in trouble due to an adjusting option-ARM mortgage are very unlikely to find relief and will most likely find themselves facing a foreclosure.
A foreclosure does not need to be a traumatic event. In many cases, a foreclosure provides relief to borrowers and allows them to get them back on track to rebuilding their finances and credit.
By Mary Alice Short
Posted By: Ryan O'Neill @ 10:25:59 AMTop
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