Show All » 2008 » May
Wednesday, May 07, 2008 ** NEW **Minnesota Real Estate Weekly News
More upbeat news for the local Twin Cities real estate market. The current number of homes for sale, 32,448, is less than the number that was for sale at this same time last year. Thankfully, we are down 0.4% compared to last year in total number of active listings. Pending sales dropped this past week to 804. This unfortunately is a 14.6% decline compared to the same time in 2007. This past week, 2,155 new listings come onto the market, also a drop of 14.2% compared to last year.
Overall, these numbers do seem encouraging. We are seeing less homes being put onto the market, and slowly but surely, our existing inventory is continuing to shrink.
Our team, The Minnesota Real Estate Team, continues to see an increase for both buyer and seller activity. Year to date, the team has 209 closings on the books for 2008. We are seeing an increased number of investor buyers as well as first time home buyers looking to get into homeownership. We also have helped a number of sellers who have needed to short sale their home. Check out our short sale division at http://www.mnrealestateteam.com/ShortSales.asp
Please call us today at 952-649-1456 for all of your real estate questions. We are the #1 real estate team in Minnesota...here to help you with all of your real estate needs. Have a great day.
Posted By: Ryan O'Neill @ 8:39:31 AMTop
Show All » 2008 » April
Tuesday, April 29, 2008Minnesota Real Estate Weekly Update
The tide is slowly turning here in the Twin Cities real estate market. This past week saw only 2,152 new listings come onto the market. This is down 19.6% from 2007. 893 properties went pending, a decrease of only 0.3%. And lastly, there are 32,234 active properties for sale, a decrease of 0.4% compared to last year.
This is good news indeed for our market.
Year to date, our team is seeing a large increase in buyer activity. We have 207 accepted closings on the books for 2008. This is an increase of 74% for our team compared to 2007.
Our team's goal in 2008 is to be one of the top ten REMAX teams in the country. We are currently #1 in Minnesota through the end of April.
With this being said, we pride ourselves in getting results for our buyers and sellers. If you are looking for a great purchase on a bank owned property, call us today at 952-649-1456. If you need to get your property sold, call us as well. We are always here to help.
Look for another real estate update next week!
Posted By: Ryan O'Neill @ 4:41:29 PMTop
Show All » 2008 » April
Tuesday, April 22, 2008Minnesota Real Estate Weekly Update
Finally some good news for the Minnesota real estate scene! For the week ending April 12th, there were 858 pending sales! This is only down 3.8 % from 2007. 2,156 new listings went onto the market. This is down a whopping 20.1% compared to the same time in 2007. Right now, there are 31,915 active listings on the market. This is up only 1.3% from 2007.
The conclusion: more pendings, less inventory coming on the market....eventually will lead us back to a more balanced market. These are very good numbers indeed!
If you area homeowner and you need to short sale your property, check out our short sale team led by Mary Alice Short. They are knowledgable, hard working, and they get results for our sellers. Go to http://www.mnrealestateteam.com/ShortSales.asp for more info.
If you are a regular home seller and would like information on how our team can help out, email us at Ryan@MnRealEstateTeam.com or call today at 952-649-1456. Year to date, the team has sold 193 homes. Simply stated, we bring results for our sellers.
If you are a real estate investor, plug in to our seminars at www.InvestmentPropertyGuys.com
If you like talk radio regarding real estate, tune in Saturdays, 3-5 PM on 100.3 KTLK, FM to The Minnesota Real Estate Show. We take your calls all throughout the week at 1-800-396-0406. Check out the show site and all of our wonderful preferred partners at www.MnRealEstateShow.com
Look for another real estate update next week!
Posted By: Ryan O'Neill @ 11:20:15 AMTop
Show All » 2008 » April
Monday, April 21, 2008To File or Not to File?
I have been working with a lot of clients who have filed or are considering filing a bankruptcy. If you are in a situation where you have declared a bankruptcy and included mortgages in the bankruptcy there are a few things you should be aware of.
First a bankruptcy does not transfer ownership of a property. Once the bankruptcy is discharged the lender will move forward with the foreclosure. Most foreclosures take twelve months to complete in Minnesota. The foreclosure is the process that will allow the lender to take ownership of the property.
During the foreclosure process, the owner (borrower) is still responsible for that property. The owner is responsible for maintaining, securing and insuring the property. If the property is damaged, the lender may submit the claim to your insurance. This could impact the rates you are paying for other insurance policies.
If you have had the mortgage discharged in a bankruptcy it is possible to sell the property (using a short sale if necessary), avoid the foreclosure and transfer ownership of the property to the buyer.
Posted by Mary Alice Short
MaryAlice@MnRealEstateTeam.com
Posted By: Ryan O'Neill @ 6:28:16 PM
Top
Show All » 2008 » April
Tuesday, April 15, 2008Short Sales - Myths and Reality
The phone calls and emails keep pouring in from consumers who have been caught between a rock and a hard place by the combination of falling real estate values and adjusting loans. It is amazing how fast and hard values have fallen in some areas.
I would like to clear up some common misconceptions about the short sale process.
First, you do not necessarily need to miss payments in order to get a short sale approved. We have successfully negotiated short sales with numerous lenders without the borrower missing a payment. Some lenders that will do this are, GMAC, Homecomings, Avelo, Countrywide, etc.
Second, many borrowers are confused about the tax consequences of a short sale or foreclosure. Basically it works like this, if a lender is unable to recover the loan amount in full, they will issue a 1099 to the borrower for the deficiency balance. In a short sale, the 1099 is for the deficiency between the amount owed and the money the bank netted in the short sale. In the case of foreclosure, the 1099 is issued for the deficiency between the amount owed and the sale price of the property at the foreclosure sale. Generally the highest bidder at the foreclosure sale is the lender. It was very common for lenders to bid the loan amount. Lately though lenders have been getting smart. Lenders have been relying on a Broker Price Opinion (BPO) to determine how much to bid at the foreclosure sale. Many lenders are now bidding less than the loan amount at the foreclosure sale.
Thanks to the Mortgage Forgiveness Debt Relief Act of 2007 borrowers who are issued a 1099 from a short sale or foreclosure are able to exclude the 1099 income from their taxable income (up to 2 million dollars).
Investors and vacation homeowners need to be more wary about the 1099 income. While there is the possibility of writing off the income as a loss, you really should consult a CPA before you do a short sale or a property is foreclosed upon. This is especially true if you did a cash out refinance on the property. Sometimes the tax consequences are staggering. I have had a few clients that were better off declaring bankruptcy due to the tax consequences of a foreclosure.
For more info or if you need short sale help, contact MaryAlice@MnRealEstateTeam.com
Next week…Bankruptcy and Foreclosure.
By Mary Alice Short - RE/MAX Advantage Plus
Short Sale and REO Expert
Member of The Minnesota Real Estate Team
Top
Show All » 2008 » April
Monday, April 14, 2008Minnesota Real Estate Update
The Minnesota Real Estate continues to offer real estate help for buyers, sellers, and investors alike. We have our real estate 101 investing seminar this Wednesday night at 6:30 PM. For more info, go to www.InvestmentPropertyGuys.com or call 952-649-1456.
2,313 new properties came onto the market here in the Twin Cities metro area this past week. This is a modest 0.5% decrease from 2007. 780 listings went pending, a decrease of 18.1% compared to last year at this same time. 31,615 active listings are now on the market. The overall inventory level is only 3% higher than where the market stood last year.
In regards to the supply/demand ratio, we have 7.96 houses on the market for every one buyer. In April 2007, we had 6.5 houses on the market per one buyer, and we had 5.28 houses on the market in April of 2006.
Right now, we have 9.6 months worth of inventory on the market, up 23.9% compared to 2007.
Year to date, the team has sold 187 properties! The market is not all down...not all "doom and gloom" as so much of the media would like us to believe. Work with a professional on your next purchase or sale....work with the #1 Real Estate Team in Minnesota, The Minnesota Real Estate Team!
Look for another real estate update here next week!
Posted By: Ryan O'Neill @ 4:57:48 PMTop
Show All » 2008 » April
Tuesday, April 08, 2008Minnesota Real Estate Weekly Update
Finally some more upbeat news for the Twin Cities real estate market! 1,971 new listings came onto the market. This however was a refreshing 14.8% drop compared to last year at this exact same time. Overall inventory levels are at 31,176 listings. This is only a 4.7% increase over last year. Pending sales were lower by only 15.9% compared to last year, with 719 properties accepting offers. Lastly, there are currently 7.96 houses on the market for every one buyer.
These numbers show that the local market here is not as hopeless as many experts think. Buyers continue to make offers and purchase properties at discount prices.
Our team, The Minnesota Real Estate Team has seen an increase in overall activity for our agents this year. Year to date, we have 177 accepted sales set to close. This is up 73% compared to last year at this exact time.
For all of your real estate needs, call us at 952-649-1456. We were again the #1 real estate team in Minnesota in 2007! Put us to work for you!
Look for another real estate update next week!
Posted By: Ryan O'Neill @ 4:39:58 PMTop
Show All » 2008 » April
Tuesday, April 01, 2008Minnesota Real Estate Weekly Report
The Minnesota Real Estate Team continues to have a strong sales year here in 2008. Year to date, the team is up 69.4% in total transactions compared to 2007. The team has 163 accepted sales on the books here in 2008.
If you have the chance, tune in Saturdays, 3-5 PM, to The Minnesota Real Estate Show on 100.3 KTLK, FM. We take any any all of your real estate related questions. You can also go to www.MnRealEstateShow.com to see any and all of the team's preferrred partners.
In regards to the Twin Cities market as a whole, Finally some positive, upbeat news! Only 1,774 new listings came on the market this past week. This is down a sizable 26.3% from the exact same time in 2007! In addition, 763 properties went pending. The number of newly signed purchase agreements (pendings) has been climbing each week. This too is an encouraging sign for our market. Overall inventory levels remain at 30,904 active listings. This is up 5.5% from the same time in 2007.
If you are investor looking to invest in real estate here in Minnestoa...a seller looking to sell....a seller needing to short sale...a first time homebuyer looking for advice....really whatever your real estate need may be, give us a call today at 952-649-1456. We have been the #1 real estate team in Minnesota the last two years in a row, and we pride ourselves on doing anything we can to help out our clients.
Look for another Minnesota real estate update next week!
Posted By: Ryan O'Neill @ 5:29:47 PMTop
Show All » 2008 » March
Tuesday, March 25, 2008Minnesota Real Estate Weekly Update
At last some positive, upbeat news for the Minnesota real estate market! Pending sales jumped noticeably from the previous week for the overall minnesota mls. There were 757 newly signed purchase agreements. This number is only down 8.9% compared to this same time last year. Thankfully, there were also 300 fewer mls listings put on the market this past week than the same time in 2007. A total of 2,078 listings were put on the market with overall inventory still remaining at 30,619. This is an increase of only 5.5% compared to this same time in 2007.
Much of the recent buyer activity has been caused by the increase of investor purchases. As we know, real estate is "on sale" here in the Twin Cities and Minnesota... really across the entire country. The die hard, veteran real estate investors understand this completely. They are buying as much real estate as they literally can!
Our team, The Minnesota Real Estate Team, continues to offer monthly investment property seminars. If you have any interest in learning how you can get into investment property or continue on investing, feel free to give us a call at 952-649-1456 or go to www.InvestmentPropertyGuys.com All of the agents on our team own investment property and can help you build your long term wealth through real estate.
Look for another real estate update next week!
Posted By: Ryan O'Neill @ 4:14:57 PMTop
Show All » 2008 » March
Tuesday, March 18, 2008Minnesota Real Estate Weekly Update
It's another week here in buyer paradise in our local real estate market!!! As many of you know, it is an amazing time to be looking to purchase any real estate here in the Twin Cities. Owner occupied buyers and investors alike have a buying opportunity that many experts feel will not be back for a long, long time.
However, despite low interest rates, motivated sellers, and an abundance of properties to choose from, based on the numbers below, buyers in general still seem a but "hesitant" about moving forward.
For the week ending March 8th, 2093 new listings were put onto the market here in the Twin Cities area. 682 properties received an acceptable offer and went pending, and 30,453 active listings remain on the market. The pending sales for this week dropped almost 19% compared to the same time last year.
Our team, The Minnesota Real Estate Team, continues to move forward with optimism. We have 148 accepted sales set to close already here for 2008, and our team goal is 500 transactions.
Whether you are a buyer or a seller who is looking to sell, please call us today at 952-649-1456. Our team is here to help you out however we can!
Look for another real estate update here next week!
Posted By: Ryan O'Neill @ 11:16:14 AMTop
Next » |
Last »» |
Records 1 to 10 of 32 |