Here in Minnesota, we all know how much our energy bills can fluctuate due to the wide changes in climate. Heating and cooling your home accounts for nearly one-half of your total utility bills over the course of the year. There is still time left to take advantage of the $1,500 tax credit for energy…read more
The attached article sums up today’s buyers…more and more buyers are not seeking high loan-to-value ratios and are either putting more money down or paying cash. However, many of these buyers are not your “typical” first-time homebuyer who may have little equity (less than 5%) to contribute to the down payment. As lenders have tightened…read more
It has always been a given homeowners have historically had a higher net worth than renters, however new data released suggests owners have a 41% higher net worth! Please see link below for further information: http://www.housingwire.com/2010/11/16/nar-homeowners-net-worth-41-times-greater-than-renters
Please check-out the link below regarding a new article on research compiled by Zillow. Although Zillow numbers are “estimates”, the Twin Cities is showing a -28.2% decrease in the median sales price since the peak of the market in late 2005/early 2006. This is in-line with what I estimated, about 30% Metro Wide. Although this…read more
Just when we thought rates had bottomed out and they couldn’t quite possible go any lower; the Feds met yesterday and will buy back $600 billion on long-term treasuries. As a result, we expect mortgage rates to dip even further! Economists predict rates could even dip down as low as 3.875% very shortly, continuing to…read more
Another good article about the future of home sizes in America. Home buyers continue to reflect on how much space they really need as home sizes are shrinking again after decades of square footages increases. Ironcially the family size in America has decreased while home sizes have increased substantially. It will be interested to see…read more
Just when you think mortgage rates have gone as low as possible..they have declined to another record low! Mortgage rates hit decades-low of 4.19 percent Source: Associated Press/AP Online Publication date: 2010-10-14 By ALAN ZIBEL WASHINGTON – Rates on 30-year mortgages fell to 4.19 percent, the lowest level in decades. They were pushed down by…read more
Great article today in Builder Magazine based on data from RealtyTrac. Not a huge suprise, but it sums up the downward pressure on pricing when foreclousres and short sales account for such a signficant share of real estate transactions. On average, it is estimated foreclosures in the Twin Cities are discounted about 20% from the…read more
The recent news from Zillow.com confirms what I’ve seen in recent years; fewer people are able to obain mortgage dues to credit scores and tighter lender requirments. Typically, lenders like to see credit scores above 720 for the best rates; but even in today’s financial climate I’ve experienced headaches from lenders with buyers with…read more
Today’s article highlights the pros and cons of refinancing with today’s rates. Although I would typically always recommend refinancing to a lower rate if you plan to stay in your house for at least five years & the rate is at least 0.75% lower, there are times when it makes sense to stick with a…read more
