Friday, August 23rd, 2013

Posted in Monthly Skinny Videos |
Tuesday, August 20th, 2013

by Julie Wyss

Sure it’s a sellers’ market, but that doesn’t mean it’s a fool proof market.

Sellers who approach the market like a cocky kid who thinks he or she knows it all will soon learn the real estate world isn’t his or her oyster.

If you want to sell your home quickly for the maximum sales price, consider these pearls of wisdom to avoid common seller mistakes.

Mistake No. 1: Pricing your property too high – Every seller wants to get the most money for his or her product. Listing with an excessively high price is a mistake.

A high listing price will simply alienate some buyers before they even see your property. Other buyers could expect more than your home really has to offer.

Over-priced properties tend to take an unusually long time and sell for a lower price than a similar home that’s priced right.

Mistake No. 2: Mistaking refinance appraisals for market value – In a refinance, lenders often estimate the value of your property at a higher level than the home is worth to encourage refinancing.

It’s a good idea to ask your real estate agent for the latest comparable market analysis, based on similar, recently sold properties in the same community.

Mistake No. 3: Forgetting to “showcase” your home – No matter how many times sellers hear this advice, no matter how simple it is to achieve, there’s widespread neglect when it comes to getting a property ready for sale.

Read The Full Article Here

Monday, August 19th, 2013

In the world of costs and benefits, no good deed goes unpunished and every rain cloud has a silver lining. The Commerce Department recently reported that consumer retail spending had risen the most in seven months. That bodes well for residential real estate – an industry sensitive to consumer confidence and spending levels.

But it could force the Federal Reserve’s hand in tapering stimulatory monetary policy sooner than later, something that could push interest rates off their current lows.

In the Twin Cities region, for the week ending August 10:

• New Listings increased 19.1% to 1,650
• Pending Sales increased 10.1% to 1,197
• Inventory decreased 11.3% to 15,990

For the month of July:

• Median Sales Price increased 16.8% to $208,000
• Days on Market decreased 31.4% to 72
• Percent of Original List Price Received increased 2.6% to 97.5%
• Months Supply of Inventory decreased 21.7% to 3.6

Click Here to View Full Weekly Activity Report

Posted in Weekly Market Activity Reports |
Monday, August 19th, 2013

In the world of costs and benefits, no good deed goes unpunished and every rain cloud has a silver lining. The Commerce Department recently reported that consumer retail spending had risen the most in seven months. That bodes well for residential real estate – an industry sensitive to consumer confidence and spending levels.

But it could force the Federal Reserve’s hand in tapering stimulatory monetary policy sooner than later, something that could push interest rates off their current lows.

In the Twin Cities region, for the week ending August 10:

  • New Listings increased 19.1% to 1,650
  • Pending Sales increased 10.1% to 1,197
  • Inventory decreased 11.3% to 15,990

For the month of July:

  • Median Sales Price increased 16.8% to $208,000
  • Days on Market decreased 31.4% to 72
  • Percent of Original List Price Received increased 2.6% to 97.5%
  • Months Supply of Inventory decreased 21.7% to 3.6

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |
Tuesday, August 13th, 2013

Article by: Jim Buchta

Buyers snapped up more homes in July than in any month since mid-2006, according to the Minneapolis Area Association of Realtors. Home prices also marched closer toward prerecession levels.

Article by: Jim Buchta , Star Tribune

Updated: August 12, 2013 – 11:50 PM

Economists have long said that 2013 would be the turning point for the housing recovery. If July is any indication, their predictions are dead-on.

Buyers snapped up more homes in July than in any month since mid-2006, according to the Minneapolis Area Association of Realtors. There were 5,638 sales in the metro area, an 18 percent jump over July of last year.

Home prices also marched closer toward prerecession levels. A combination of pricier homes for sale, slowing foreclosure activity and bidding wars drove the median sales price to nearly $209,000 last month.

A similar recovery is playing out across the country. The National Association of Realtors said home prices rose 87 percent of the 163 U.S. cities tracked by the group.

“Traditional seller activity is on the mend,” said Emily Green, president-elect of the Minneapolis Area Association of Realtors.

The shift is being fueled by an economic turnaround and a sense of urgency that didn’t exist a year ago. The Twin ­Cities has regained all the jobs it lost during the recession, leading to heightened confidence in the housing market. Buying activity has been so brisk that there aren’t enough homes to meet demand.

“Buyers cannot be timid,” said Gary Judson, a sales agent with Edina Realty. “They must be prepared to act quickly and convincingly. If they want to bid low on new listings and try to get the seller to negotiate, they will likely be replaced by more-­serious buyers.”

 Read The Full Article Here

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