The Minneapolis Area Association of REALTORS® just released the March monthly skinny video a few days ago. From the information provided it appears that snowy weather didn't slow down the home buyers in the Twin Cities market. Over 3500 purchase agreements were written during the last month. And which sellers were on the receiving end of those purchase agreements? Traditional sellers at lower price points (as opposed to lender-mediated or bank-owned properties). This is no doubt due to buyers wanting to get an agreement accepted or countered in a timely manner combined with traditional sellers willingness to negotiate as the deadline to the $8000/$6500 tax credit looms nearer. Check out the video for a full recap of the housing market in the Twin Cities area.
Looking for home sales statistics on a specific community? Check out this link to see snapshots and detailed reports on 20 different north metro communities including Ham Lake, Blaine, Forest Lake and White Bear Lake:
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Information on the housing market and tips on how to buy and sell a home in Minneapolis/St Paul. Specializing in Lakeshore and Acreage homes.
Showing posts with label north metro home sales. Show all posts
Showing posts with label north metro home sales. Show all posts
Sunday, March 21, 2010
Thursday, February 25, 2010
January and February 2010 Twin Cities Real Estate Market Video Updates—A Video Double Feature!
The February Monthly Skinny from the Minneapolis Area Association of REALTORS® was released last week. They say time flies when you are having fun...Well, I have been having fun working with several buyers and traditional sellers to get their homes prepared for the spring market so I missed posting the January Skinny. So...It is Double Feature time!
The January Skinny was a year end update for 2009 as we closed the book and took a huge step toward a balanced market in the Twin Cities. As many of the community snapshots I have posted over the past 3-4 weeks have stated, this is due to many factors. Most noteably, historic affordability, low interest rates, the first time buyer tax credit and pent up demand.
The February Skinny recaps a slow start to 2010. While traditional sales were finally up, home prices are stabilizing and market times are down, there is still reason to be concern. The tax credit for homebuyers that has spurred home sales over the past few months will soon expire. Add to that, the Federal Reserve has announced it will no longer purchase mortgage backed securities which is predicted to cause interest rates to rise...2010 will be an interesting year for buyers, sellers and home owners.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in.JPG)
acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2010 Teri Eckholm
The January Skinny was a year end update for 2009 as we closed the book and took a huge step toward a balanced market in the Twin Cities. As many of the community snapshots I have posted over the past 3-4 weeks have stated, this is due to many factors. Most noteably, historic affordability, low interest rates, the first time buyer tax credit and pent up demand.
The February Skinny recaps a slow start to 2010. While traditional sales were finally up, home prices are stabilizing and market times are down, there is still reason to be concern. The tax credit for homebuyers that has spurred home sales over the past few months will soon expire. Add to that, the Federal Reserve has announced it will no longer purchase mortgage backed securities which is predicted to cause interest rates to rise...2010 will be an interesting year for buyers, sellers and home owners.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in
acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.Copyright 2010 Teri Eckholm
Tuesday, December 22, 2009
December 2009 Twin Cities Real Estate Market Video Update—Continuing Signs of Recovery!
In the December Monthly Skinny from the Minneapolis Area Association of REALTORS® provides a snapshot of the Twin Cities real estate market as we wrap up 2009.
Though there still are challenges in the upper brackets of the housing market, there has been a continued trend of recovery. Though we did still see a 3% month-to-month drop in median home prices, from $175,000 to $170,000, this is lowest drop in two years. Strong home sales added to shrinking supply equates to a stabilizing home market. This month's Skinny notes that our Twin Cities was affected by the $8000 tax credit as part of this recovery. There is hope that the extended and expanded tax credit will continue to stabilize the Twin Cites home marketing into 2010 but only time will tell. Also predictions for the 2010 national market by Lawrence Yun, Chief Economist for the National Association of REALTORS® were shared in this month’s report.
Enjoy the last video update for the Twin Cities real estate market for 2009.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
Though there still are challenges in the upper brackets of the housing market, there has been a continued trend of recovery. Though we did still see a 3% month-to-month drop in median home prices, from $175,000 to $170,000, this is lowest drop in two years. Strong home sales added to shrinking supply equates to a stabilizing home market. This month's Skinny notes that our Twin Cities was affected by the $8000 tax credit as part of this recovery. There is hope that the extended and expanded tax credit will continue to stabilize the Twin Cites home marketing into 2010 but only time will tell. Also predictions for the 2010 national market by Lawrence Yun, Chief Economist for the National Association of REALTORS® were shared in this month’s report.
Enjoy the last video update for the Twin Cities real estate market for 2009.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
Saturday, December 12, 2009
November 2009 Twin Cities Real Estate Market Video Update—Affects of the $8000 Tax Credit!
As we cruise into the cold of winter, we can take a few minutes to review how the fall market energized the Twin Cities real estate market as we view the November Monthly Skinny from the Minneapolis Area Association of REALTORS®.
This month's Skinny examines how the Twin Cities was affected by the $8000 tax credit in the month of October. The announcement of the extension and expansion came late enough into the month that many buyers did not want to risk missing the original November 30th deadline. Almost 4700 purchase agreements were signed in the month of October. The affects of the first time buyer credits were most noteable on homes under $200,000. Also the inventory of foreclosure homes is down considerably now while homes in a short sale position are not selling so quickly. The obvious reason for this is that the approval of the purchase for a lender-owned home is within days while a home in a short sale position will take weeks or even months to obtain all of the approvals required for a closing. As noted in the video it will be interesting to see how the extended and expanded tax credit will affect the real estate market during the next few months. Most first time buyers that wanted to buy may have already purchased a home to meet the original deadline but the expansion for previous homeowners does create a new wild card.
Enjoy the video and lets hope these positive signs for Twin Cities real estate continue into 2010.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
This month's Skinny examines how the Twin Cities was affected by the $8000 tax credit in the month of October. The announcement of the extension and expansion came late enough into the month that many buyers did not want to risk missing the original November 30th deadline. Almost 4700 purchase agreements were signed in the month of October. The affects of the first time buyer credits were most noteable on homes under $200,000. Also the inventory of foreclosure homes is down considerably now while homes in a short sale position are not selling so quickly. The obvious reason for this is that the approval of the purchase for a lender-owned home is within days while a home in a short sale position will take weeks or even months to obtain all of the approvals required for a closing. As noted in the video it will be interesting to see how the extended and expanded tax credit will affect the real estate market during the next few months. Most first time buyers that wanted to buy may have already purchased a home to meet the original deadline but the expansion for previous homeowners does create a new wild card.
Enjoy the video and lets hope these positive signs for Twin Cities real estate continue into 2010.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
Saturday, October 31, 2009
October 2009 Twin Cities Real Estate Market Video Update—Not a Total Comeback but Still Moving Forward!
Althought it is the last day of October, there is still time to share this month's update from the Minneapolis Area Association of REALTORS®.
The October Monthly Skinny points out that even in the cooler September temperatures, theTwin Cities real estate market was hotter than average for early fall. The Twin Cities area saw a 23.5% increase in pending sales in September 2009 as compared to September 2008. Many of these purchase agreements were for homes in the very affordable under $120,000 price range. No doubt due this surge in sales contracts were due to the soon to expire tax credit for first time home buyers. That credit has been such a boon to the lower priced homes that it has really worked down the amount of bank owned properties and there is considerably less inventory in that category going forward. Short sale properties did not see nearly the same amount of action as there is often timeframe issues when placing an offer on a home that is in a short sale position. With the tax credit deadline looming few first time buyers want to take a chance on a short sale not closing prior to the November 30, 2009 expiration date of the credit as it stands today. Yes, the credit could be extended but it is obvious from the numbers that few buyers wanted to take that chance.
So how does this compare to the real estate market is that for single family homes in Anoka County, Ham Lake, Forest Lake and throughout the Twin Cities north metro? The north metro market has had a similar pattern to the rest of the metro area. We are still dealing with a stagnant townhomes and condo market and single family homes in the higher price points. In both of these catagories, there continues to be some amazing opportunities for buyers as compared to just a few years ago. Move up buyers and downsizers can benefit in this market if they own a home valued under $200,000, the price-point where most first time buyers are looking. Seniors who are down sizing from a reasonably sized/priced home can sell to first time buyers and obtain a condo at a steal of a price. Young families who have overgrown their starter home can move up to a larger home in the $250,000-$300,000 price range and have quite a selection to choose from.
Enjoy the video and remember that positive trends don't equate a comeback as there are still many challenges facing the Twin Cities real estate market. But we are moving forward.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
The October Monthly Skinny points out that even in the cooler September temperatures, theTwin Cities real estate market was hotter than average for early fall. The Twin Cities area saw a 23.5% increase in pending sales in September 2009 as compared to September 2008. Many of these purchase agreements were for homes in the very affordable under $120,000 price range. No doubt due this surge in sales contracts were due to the soon to expire tax credit for first time home buyers. That credit has been such a boon to the lower priced homes that it has really worked down the amount of bank owned properties and there is considerably less inventory in that category going forward. Short sale properties did not see nearly the same amount of action as there is often timeframe issues when placing an offer on a home that is in a short sale position. With the tax credit deadline looming few first time buyers want to take a chance on a short sale not closing prior to the November 30, 2009 expiration date of the credit as it stands today. Yes, the credit could be extended but it is obvious from the numbers that few buyers wanted to take that chance.
So how does this compare to the real estate market is that for single family homes in Anoka County, Ham Lake, Forest Lake and throughout the Twin Cities north metro? The north metro market has had a similar pattern to the rest of the metro area. We are still dealing with a stagnant townhomes and condo market and single family homes in the higher price points. In both of these catagories, there continues to be some amazing opportunities for buyers as compared to just a few years ago. Move up buyers and downsizers can benefit in this market if they own a home valued under $200,000, the price-point where most first time buyers are looking. Seniors who are down sizing from a reasonably sized/priced home can sell to first time buyers and obtain a condo at a steal of a price. Young families who have overgrown their starter home can move up to a larger home in the $250,000-$300,000 price range and have quite a selection to choose from.
Enjoy the video and remember that positive trends don't equate a comeback as there are still many challenges facing the Twin Cities real estate market. But we are moving forward.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in
acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.Copyright 2009 Teri Eckholm http://www.terieckholm.com/
Saturday, September 19, 2009
September 2009 Twin Cities Real Estate Market Video Update—Real Estate Statistical Crystal Ball Fuzzy after Tax Credit Expires
In the September Monthly Skinny produced by the Minneapolis Area Association of REALTORS®, it appears there are indications of a continued improving market. We have now experienced fourteen consecutive months of increased pending sales as compared to the same month the year before. Of these sales, 40% were still lender mediated (bank owned, foreclosures and short sales) but traditional sellers are starting to see more action. This is especially true for those with homes priced under $150,000. As most of this activity has been generated by the soon to expire, first time buyer tax credit, the crystal ball is fuzzy going forward as to whether the momentum of the 2009 market will continue into 2010.
My take on the market is that this report is spot-on for single family homes in Anoka County, Ham Lake, Forest Lake and throughout the Twin Cities north metro. What it doesn't mention is that townhomes and condos still have stagnant sales as have homes in the higher price points. In both of these catagories, there continues to be some amazing price opportunities as compared to the previous few years. Move up buyers and downsizers can benefit in this market if they own a home valued under $200,000, the price-point where most first time buyers are looking. Seniors who are down sizing from a reasonably sized/priced home can sell to first time buyers and obtain a condo at a steal of a price. Young families who have overgrown their starter home can move up to a larger home in the $250,000-$300,000 price range and have quite a selection to choose from.
Enjoy the video and lets hope when the crystal ball clears for 2010, the real estate statistical news remains just as positive as it has been this past year!
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
My take on the market is that this report is spot-on for single family homes in Anoka County, Ham Lake, Forest Lake and throughout the Twin Cities north metro. What it doesn't mention is that townhomes and condos still have stagnant sales as have homes in the higher price points. In both of these catagories, there continues to be some amazing price opportunities as compared to the previous few years. Move up buyers and downsizers can benefit in this market if they own a home valued under $200,000, the price-point where most first time buyers are looking. Seniors who are down sizing from a reasonably sized/priced home can sell to first time buyers and obtain a condo at a steal of a price. Young families who have overgrown their starter home can move up to a larger home in the $250,000-$300,000 price range and have quite a selection to choose from.
Enjoy the video and lets hope when the crystal ball clears for 2010, the real estate statistical news remains just as positive as it has been this past year!
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
Monday, August 31, 2009
Thinking about Moving Up to a Larger Home? Why NOW Could be the PERFECT Time to Make Your Move!
So, you have been in your cute and cozy 1950’s one and a half story bungalow for a few years now. It was perfect for a young, just married couple when you bought it. The bedrooms were on the small side but the huge upper level made a great master suite and it worked perfectly when there were just two of you. Then came the puppy who grew into a huge licking Labrador. And later one baby, then two. Now suddenly 1200 square feet is overrun with chew toys, Little Tikes and Duplos. That cozy little bungalow is now cramping your lifestyle. But with real estate prices, can you afford to move? In many cases, YES!
If the scenario above describes your situation, listen up. Though ineligible for the $8000 tax credit for first time buyers, you can benefit from the situation that it has created. The first time buyer tax credit has affected the starter home market in a very positive way. In the north metro areas including Lino Lakes, Blaine, Ham Lake, White Bear and Forest Lake, people are scrambling to find good starter homes for first time buyers prior to the expiration of the first time home credit. Many well priced, single family homes are seeing multiple offers within days of hitting the Twin Cities MLS. The demand for single family homes under $150K is the highest it has been in the past few years.
And better still, there is an amazing selection of homes in the move up category to select from. Historically, if a single family home was sold, that owner had to buy another home creating a chain effect into all different price points. But today’s real estate market offers a unique opportunity as many of the homes being purchased are bank-owned. No one is buying home on the other end. So there move up buyers are seeing a better selection of inventory in the higher price points at great prices.
So why move now? To take advantage of the tax credit, first time buyers must close on their new home by November 30, 2009. When the incentive is over, the demand for first time homes could level off again. So listing your home this fall could make sense as there is a significant demand for starter homes NOW while the deadline for the expiring tax credit is on the horizon.
Are you ready to take advantage of this perfect opportunity to purchase a larger home for your growing family? As a local north metro real estate specialist I can help you assess your current situation and see if is the right time for your family to make a move up!
Note: A special thank you to author and illustrator Elizabeth O. Dulemba for allowing me to use her copyrighted family coloring page as art for my post. If you would like to see more of her coloring pages or her full color art for the children’s books she writes and illustrates, visit her website and blog at www.dulemba.com
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
Friday, August 28, 2009
August 2009 Twin Cities Real Estate Market Video Update—Assessing the Seesawing Real Estate Statistics
The supply and demand seesaw is showing more positive indicators in the Twin Cities housing market according to the Minneapolis Association of Realtors® monthly skinny for August 2009. Pending sales numbers are the best they have looked since 2005…up for the 13 consecutive month in a row. Inventory is down 22% since July 2008…another great indicator of a recovering market. Days on the Market are also down significantly. But a significant amount of the sales continue to be lender mediated short sales and foreclosures so while we can be optimistic, it is best to remain cautiously optimistic when considering the Twin Cities real estate market.
If you are a first time buyer interested in taking advantage of the $8000 tax credit, don’t delay! I am continuing to field questions daily from excited first time Twin Cities north and east metro homebuyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.)
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
If you are a first time buyer interested in taking advantage of the $8000 tax credit, don’t delay! I am continuing to field questions daily from excited first time Twin Cities north and east metro homebuyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.)
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
Thursday, July 23, 2009
July 2009 Twin Cities Real Estate Market Video Update—Half Time Show for the 2009 Real Estate Statistics!
The year is half over and the Minneapolis REALTORS® Association's July Monthly Skinny, it a half time show worth viewing. The report, while not completely rosy, does show that the market has improved significantly since the first of the year. Lender mediated sales are a nearly half of the market at nearly 46% but traditional sellers are starting to get into the game on more and more occasions. Home inventory levels are continuing to move down; there is currently 22% less home listings on the market today as compared to the same time last year. However the total inventory is still in the 7 month range (a balanced market would be 5.6 months). The Twin Cities real estate market is much better than at the beginning of the year. With the $8000 first time homebuyer tax credit coming to a close, there is anticipation of continued activity in the second half of 2009 as well.
First time buyers hoping to take advantage of the credit really have to get moving or they may run out of time. Getting approved for a loan can take a few days but finding a home can take a while. Great REO, bank-owned properties and well priced homes owned by traditional sellers in the lower price points sell in days! A home priced under $150,000, in move-in condition will more than likely have multiple offers within a day of listing in north metro communities like Blaine, Forest Lake and Lino Lakes. I have received several calls from buyers’ agents on a listing I have in pending; “My buyers are very interested in the home, if the deal falls apart.” With little inventory coming on the market but more first time buyers coming in everyday, procrastinating buyers may be disappointed in the selection and frantic pace of the current market. Recently, every time I try to set showings of first time buyer/ starter homes in Ham Lake, Blaine, Hugo or the Forest Lake area, an average of 6 of 10 are under contract, had offers or were sold pending inspection.
If you are a first time buyer interested in taking advantage of the $8000 tax credit, don’t delay! I am continuing to field questions daily from excited first time Anoka County buyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.)
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
First time buyers hoping to take advantage of the credit really have to get moving or they may run out of time. Getting approved for a loan can take a few days but finding a home can take a while. Great REO, bank-owned properties and well priced homes owned by traditional sellers in the lower price points sell in days! A home priced under $150,000, in move-in condition will more than likely have multiple offers within a day of listing in north metro communities like Blaine, Forest Lake and Lino Lakes. I have received several calls from buyers’ agents on a listing I have in pending; “My buyers are very interested in the home, if the deal falls apart.” With little inventory coming on the market but more first time buyers coming in everyday, procrastinating buyers may be disappointed in the selection and frantic pace of the current market. Recently, every time I try to set showings of first time buyer/ starter homes in Ham Lake, Blaine, Hugo or the Forest Lake area, an average of 6 of 10 are under contract, had offers or were sold pending inspection.
If you are a first time buyer interested in taking advantage of the $8000 tax credit, don’t delay! I am continuing to field questions daily from excited first time Anoka County buyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.)
Copyright 2009 Teri Eckholm http://www.terieckholm.com/
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