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
Todays article in the Star Tribune describes the benefits of living in St. Louis Park and Golden Valley; both communities have experienced larger median home sale increases over the past decade compared to other surburan communities west of Minneapolis. I’ve alwasy been a big proponent of both St. Louis park and Golden Valley as I…read more
As many of us in the industry expected, the housing market has been exceptionally cool since the tax credit expired. Buyer activity has fallen drastically in May, due mostly to a rush to buy before the April 30th deadline. However, I firmly believe another tax credit would prolong the recovery, so although the market is…read more
It’s no secret, today’s builders are making homes more effiecient and scaling back square footages in response to buyer preference and the current housing market. Traditionally builders always built bigger, but today’s buyers are more concerned about cost and smart design. Today’s floor plans maximize square footage and eliminate “wasted space,” together these two factors…read more
Buy a house because you’d enjoy living in it, not because you expect blowout returns. Then you’ll never be disappointed by its quarterly statements.
I’ve attache a great article on short sales. I’ve worked on a number of short sale transactions… and there is nothing “short” about them! The article has some great insight on the process and the hurdles all the parties face. The short-sale wrinkle | Inman News Posted using ShareThis
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
