Buyers purchasing a home via FHA financing or can take advantage of HUD’s rehab program at the time they purchase the home. Many foreclosures and short-sale properties need work; this program allows buyers to take advantage of low-interest loans to make those improvements. Please see link below for additional details: http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
I found this article interesting. Building permits are up in the Metro Area. Is it a sign the worst is behind.. tought to gauge right now but I’m caustiously optimistic the construction industry is turning the tide. http://www.finance-commerce.com/article.cfm/2010/03/27/Twin-Cities-area-homebuilding-advances-in-March
Just a reminder the Parade of Homes runs through March 28th. Most builders models are open from 12-6pm. This is a great opportunity to tour new home communities throughout the Twin Cities Metro Area. Although the number of models is down substantially from the heyday of the real estate market, there are hundreds of models…read more
Just a reminder the tax-credit deadline for submitting all offers is April 30th with closing on or before June 30th. With the spring market now in full-swing, we recommend viewing properties ASAP as many homes have been gobbled-up by buyers rushing to beat the deadline. For more information regarding the tax credit click here: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
My family and I just returned from a much-needed vacation to Puerto Rico. We’ve been there before, but believe its a “hidden gem” for its affordability and beauty. We looked into going to Florida, but found real estate rentals to be much more affordable and on the white sand. For instance, most hotels in Florida…read more
New-home buyers responded to the tough times in 2009 by opting for smaller houses, driving down the average size of a house built in the United States for the first time in 27 years. Data recently released by the National Association of Home Builders (NAHB) found the average size of a new home that was…read more
If you purchased a home and qualify for the first-tme homeowners tax credit, please see the link to the IRS website with information regarding your tax return. http://www.irs.gov/newsroom/article/0,,id=218336,00.html
Nearly a year after the Obama administration unveiled its ambitious housing rescue program, foreclosure tallies continue to break records. Foreclosure filings were reported on more than 2.8 million properties in 2009, up 21 percent from the previous year and 120 percent from 2007, according to RealtyTrac. With nearly 10 percent of mortgages now delinquent–which is…read more
Homebuilding activity in the Twin Cities declined for the 6th consecutive year. This past year a total of 4,405 new housing units were constructed, a slight decline from the 4,405 units built in 2008. During the heyday of the real estate boom, the Metro Area peaked at over 19,000 units in 2003! Builders did see…read more
According to year-end numbers from the Minneapolis Association of Realtors, 2009 performed better than 2008 on most fronts. Closed sales increased, new listings were down, however the median sales price decreased by about 15% to $166,000 – the lowest level since the year 2000. The increase in sales and the decrease in the median sales…read more
