Monday, November 26th, 2012


This year, there’s a lot to be thankful for beyond the traditional holiday bird. Home buyers can be thankful for record-low mortgage rates. Sellers can be thankful for the possibility of getting more money in less listing time. Some homeowners are thankful for the housing recovery because it may alleviate underwater situations.

Tryptophan doesn’t seem to be slowing buyer and seller optimism.

In the Twin Cities region, for the week ending November 17:

  • New Listings increased 11.4% to 1,046
  • Pending Sales increased 9.8% to 843
  • Inventory decreased 29.4% to 14,770

For the month of October:

  • Median Sales Price increased 14.8% to $175,000
  • Days on Market decreased 25.2% to 103
  • Percent of Original List Price Received increased 3.5% to 94.5%
  • Months Supply of Inventory decreased 40.1% to 3.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

Posted in Weekly Report |
Monday, November 26th, 2012

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Jennifer Cutter (2012 Treasurer, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.

Posted in Monthly Skinny Video |
Monday, November 26th, 2012

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Jennifer Cutter (2012 Treasurer, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.

Posted in Monthly Skinny Video |
Monday, November 26th, 2012

By Trulia
Everyone likes a bargain, a sale, or a giveaway. What’s not to like? In real estate sales incentives can be a great way to motivate a reluctant buyer to take the plunge and consider making an offer on your home despite the current economic downturn. So as a seller what are some ways you can use sales incentives to drive up interest in your property?
Let’s take a look at 10 selling incentives to motivate buyers in a down economy:
1. Pay the points
What are points? Points are fees charged by lenders to provide financing. In general one point equals one percent of the mortgage balance. For instance a buyer paying 1 ½ points on a $200,000 loan will pay $3000 in loan fees. As an incentive to write an offer, some sellers offer to pay points on behalf of the buyer.
2. Buy down the interest rate
Many buyers are unaware that they can secure a lower interest rate by paying additional points at closing. Just like the points discussed above, a point, when buying down the interest rate, is one percentage point of the sales price. For example, a buyer who is securing a $300,000 mortgage, paying one point in loan fees, and then another two points to buy down her interest rate will pay a total of $9,000 dollars in loan costs at closing! If she can save any portion of this amount by choosing one home over another it might very well sway her decision.

Click Here For The Full Story

 

Posted in Minneapolis Home Sales |
Friday, November 23rd, 2012

Make sure you are secure in your job
The house-hunting climate may be favorable, but buyers need to be confident in their income stream before jumping into the real estate market. “If you are unsure about your [employment] outlook, there is nothing wrong with renting,” says Mike Larson of Weiss Research.
Spit-shine your credit
House hunters should consider getting preapproved by a lender before starting their search. “The idea is to try to work your way through the financing issues before you actually are ready to put an offer down,” says Guy Cecala, the publisher of Inside Mortgage Finance.
Gear up to get down
The financial turbulence of the past two years has driven the once popular “no money down” home loan into extinction. Although requirements vary depending on the borrower and the market, buyers will need a down payment of at least 3.5 percent.
Get wired
Joshua Dorkin, founder and CEO of BiggerPockets.com, a real-estate networking and information site, encourages home buyers to find a good real estate blog that covers the area that interests them. “You will get a nice localized perspective as to what’s going on in the neighborhood,” Dorkin says.

Click Here For The Full Story

 

Posted in Buying a home in the winter, Minneapolis Home Sales, Twin Cities Home Sales |

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