Wednesday, November 20th, 2013

WMAR-enotes

 

Fewer people are out scouting homes now that they’re scouting the perfect bird for their Thanksgiving feast. Weekly and monthly seller and buyer activity may be slowing in comparison to last reporting period, but overall markets still show signs of stable recovery. By and large, expect the end of 2013 to look just as juicy and golden as your bird is soon to be.

In the Twin Cities region, for the week ending November 9:

• New Listings increased 11.4% to 1,132 • Pending Sales decreased 3.1% to 819 • Inventory decreased 3.2% to 15,517

For the month of October:

• Median Sales Price increased 11.4% to $195,000 • Days on Market decreased 27.2% to 75 • Percent of Original List Price Received increased 1.4% to 95.8% • Months Supply of Inventory decreased 12.5% to 3.5

 

Click Here to View Full Weekly Activity Report

Monday, November 18th, 2013

 

bigstockphoto_Property_Prices_814896

by The KCM Crew

We have often talked about the difference between COST and PRICE. As a seller, you will be most concerned about ‘short term price’ – where home values are headed over the next six months. As a buyer, you must be concerned not about price but instead about the ‘long term cost’ of the home. Let us explain.

Last month, the Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac all projected that mortgage interest rates will increase by about one full percentage over the next twelve months. We also know that many experts are calling for home prices to also increase over the next year.

What Does This Mean to a Buyer?

Click Here For The Full Article

Wednesday, November 13th, 2013

Traditional Market Share Dominates as Sellers Re-enter the Scene

MAAR-October-2013-Stats-News-ReleaseMinneapolis, Minnesota (November 12, 2013) – The Minneapolis-St. Paul metropolitan housing market continued along the path toward recovery in October. While some measures suggest a slowing in the pace of recovery, this
deceleration is primarily the result of a healing distressed segment. Sellers felt more confident as new listings rose 15.1 percent to 6,102, marking the seventh consecutive year-over-year increase in monthly seller activity. Buyers
closed on 4,495 homes, a modest 1.9 percent increase over last October. Consumers have 15,556 properties from which to choose – or just 3.7 percent fewer than last October, but 19.2 percent more than in January 2013.

The market-wide median sales price was unchanged from September 2013 at $195,000, but was up 11.4 percent compared to October 2012. In October 2011, foreclosures and short sales together comprised 46.2 percent of all closed
sales. In October 2013, these two segments made up only 21.5 percent of all sales. For new listings, the same October figure dropped from 42.4 percent in 2011 to 19.5 percent of all new listings in 2013.

“The slight decrease in pending sales activity is entirely attributable to declines in the number of contracts signed on foreclosure and short sale properties,” said Andy Fazendin, President of the Minneapolis Area Association
of REALTORS® (MAAR).

Click Here For More

Monday, November 11th, 2013

 

Thursday, November 7th, 2013

Article by: JIM BUCHTA , Star Tribune

Gains in income offset higher interest rates and price increases for Twin Cities home buyers.

Rising mortgage rates and higher prices are jacking up the cost of homeownership, but those increases are affecting local buyers far less than in other parts of the country.

The Twin Cities metro area had the second-highest rate of affordability in the nation this year, according to an annual survey by Interest.com. The group found that the median household income in the Twin Cities exceeded the income needed to buy a median-priced home in the area by 24 percent.

“It really says that you’ve got a pretty healthy housing market in Minneapolis,” said Mike Sante, managing editor of Interest.com. “And that means you’ll have money left over to do other things, whether furnishing your house or taking a vacation, and most importantly, saving for the future.”

Click Here For The Full Article