Monday, July 2nd, 2012

Another week during the peak selling season has brought further evidence of a market in transition. New listings came in slower than last year but buyer activity has increased over year-ago levels. Buyers are confident in the current affordability picture, and some rents have increased to levels above comparable mortgage payments. Absorption rates, negotiating leverage and market times are all still metrics worth watching carefully. Some agents are reporting that more than half of their clients are in multiple offers. That’s nothing to throw dirt at.

In the Twin Cities region, for the week ending June 23:

  • New Listings decreased 1.6% to 1,395
  • Pending Sales increased 15.8% to 1,105
  • Inventory decreased 30.8% to 17,558

For the month of May:

  • Median Sales Price increased 10.5% to $169,000
  • Days on Market decreased 19.5% to 125
  • Percent of Original List Price Received increased 3.8% to 94.6%
  • Months Supply of Inventory decreased 43.4% to 4.6

Click here for the full Weekly Market Activity Report.

From The Skinny.

Monday, July 2nd, 2012

 

Article by: SHIRLEY SALEMY MEYER , Associated Press

Digging up your home’s history takes diligence, detective work and knowing where to search.

Construction of Julian Sellers’ bungalow in St. Paul began in 1926 and was finished in early 1927. The builder was a Swedish immigrant. The family that first lived there included a married couple, their 6-year-old daughter and the wife’s mother.

Sellers learned all this by sorting through building permits, tax records, city directories, maps, old newspapers on microfilm and more. A retired software engineer and a member of the Twin Cities Bungalow Club, he has chronicled the history of the structure, its environs and the people who lived in it. He even met that 6-year-old daughter when she was in her late 80s.

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Monday, July 2nd, 2012

Real estate staging expert Debra Gould suggests homeowners skip silly staging tactics that insult buyers.

By Debra Gould, StagingDiva.com

The current economy has many homeowners trying to hold on to as much equity in their home as they can. If you’re trying to save money by staging your own home, real estate staging expert Debra Gould advises you tread carefully, as many staging tactics do nothing but work against you in your goal to sell faster and for more money.

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Monday, July 2nd, 2012

By Tara-Nicholle Nelson

I’ve long marveled at how the prospect of buying or selling a home can transform the most patient poetry professor or the sweetest Sunday school teacher into a fast-talking, number-crunching, negotiator extraordinaire. Or, rather, it can make these sorts of people *think* they need to talk and act like wheeler-dealers! In my experience, this mostly involves ranting about “leaving money on the table” while they secretly quiver with the fear of making a mistake!

But offers and negotiations aren’t the only real estate decisions that make people think they should be more strategic than they are legitimately equipped to be. Many buyers and sellers believe they should know precisely how to time the market to buy at the bottom and sell at the top, despite the facts that:

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Monday, July 2nd, 2012

 

Buyers can balance the bargain hunt with realistic expectations.

By Rachel Koning Beals of U.S. News & World Report

Depending on the location, house hunters may find themselves in a strange, transitional real-estate market that’s emerging from historic lows.

Does the buyer have an advantage? Yes, in many areas, that’s still the case.

But buyers have guidelines for success in this type of market, too. They need to show that they’re serious if they hope to secure their dream house amid stiff deal-sniffing buyer competition or sellers so frustrated they may be willing to hold out for a stronger market turnaround. Professionalism and realistic expectations can go a long way toward ensuring a smooth and timely closing transaction, which is important to buyers and sellers alike.

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