Shari and Neil

Protect Your House from Water!

2008-06-30T10:42:00.001-05:00

Yes, those are trees growing in my gutter! It’s fun to see those innocent looking seeds flutter to the ground and easy to forget about your gutters in the summer—but trust me, now is a great time to clean out your gutters. While you’re at it, check the grading around your foundation and make sure you have a good slope away from your house. Add running a de-humidifier in your basement and you will be taking three great steps to keeping your basement dry.

Weekly Market Activity Report

2008-06-25T12:41:00.001-05:00

From the Minneapolis Area Association of Realtors

Home sales are continuing along a relatively smooth course so far this summer, with newly signed purchase agreements (pending sales) increasing by 3.8 percent over last year for the week ending June 14. Over the last six weeks, pending sales are behind the same time period in 2007 by only 30 sales, or 0.6 percent. When you compare that to the consistent 15–20 percent declines of the last few years, this is welcome news.Simply matching last year's numbers does not allow home sellers to celebrate recovering buyer interest in their properties. Plus, we need to keep some perspective on what types of sales are comprising this new stabilization of activity. A hearty 27.9 percent of purchase agreements from the last six weeks were made on lender-mediated foreclosures or short sales. Buyer activity is being propped up by the increased market share of these types of properties.Traditional sales over the same six-week period are down 21.0 percent from last year, while lender-mediated sales are up 284.5 percent from 406 sales last year to 1,561 this year. So the traditional seller still faces some challenges—and some new and very different competition.All told, heavy buyer interest in lender-mediated properties is viewed as a positive sign. We need the prevalent lender-mediated inventory to be absorbed before our market can return to some semblance of order. The sooner these properties are worked through the market cycle, the sooner that the mist of uncertainty they bring to negotiation, appraisal and home value will lift.

NEW FOR JUNE! Click here to take our brand-new June edition of “The Monthly Skinny,” a quick-fire video update on the Twin Cities housing market, updated each month. The power of video on the web is in more than just providing a new format to view content -- it's about sharing!

Interest Rates Are Up

2008-06-20T15:11:00.002-05:00

As interest rates up creep up just a bit, buyers seem to be jumping off of the fence and taking action. Here are today's rates from Burnet Home Loans:

Conventional Fixed

30 Year - 6.375%
20 Year - 6.25%
15 Year - 6.0%

FHA/VA Fixed

FHA 30 Year - 6.25%
VA 30 Year - 6.25%

Weekly Market Activity Report

2008-06-10T15:10:00.003-05:00

Things are looking up for the Twin Cities real estate market! The following is from the Minneapolis Area Association of Realtors:

Sellers in the Twin Cities housing market continue to cut back on their output, while simultaneously we appear to have finally found the bottom for buyer activity. New listings for the week ending May 31 were a healthy 23.0 percent behind the same week in 2007, a drop of 522 units. For the same time period, pending sales increased by 4.9 percent over last year—the largest year-over-year increase in 117 weeks, and only the third recorded increase in that time. So even though home sales are still low by historical standards, they’re not falling any further for the time being.
This week’s edition of the MAAR Weekly Market Activity Report features update figures for two metrics. Days on Market Until Sale increased slight to 159, up 27.9 percent from a year ago, and Percent of Original List Price Received at Sale increased slightly to 92.6 percent. Expect the Percent of Original List Price Received at Sale to show further increases during the summer months, when sellers are more likely to receive offers that are closer to their asking prices than in winter.

See the report in full.

The Monthly Skinny Video

2008-06-02T14:04:00.001-05:00

More information from the Minneapolis Area Association of Realtors. This time it is a video format of market information.

NEW! Click here to take a look at our new video series on the housing market, “The Monthly Skinny,” a quick-fire update on the Twin Cities housing market, updated each month. The power of video on the web is in more than just providing a new format to view content -- it's about sharing! Share this video with others via email, the web, office visits, meetings...whatever you'd like.

Weekly Market Activity Report

2008-06-02T14:02:00.002-05:00

From the Minneapolis Area Association of Realtors:

Our housing market is forming up; we can now see both the floor and ceiling. For the second consecutive week, pending sales activity in the Twin Cities market is flat compared to last year, dropping just 1.4 percent from a year ago for the week ending May 24. For the same time period comparison, new listings declined 6.4 percent and total listing supply actually declined, an anomaly for the spring market.

With sales halting their downward decline, new listings still sluggish and overall inventory leveled, the trends are coalescing around a clear picture: we have found the floor for buyer demand while hitting the ceiling of seller supply. Being at or near the bottom of the downward shift is certainly positive news, but keep in mind that the long upward climb out of our nadir will be gradual and measured.This week's edition of the MAAR Weekly Market Activity Report features an updated Supply-Demand Ratio (SDR) figure for June 2008 of 8.23. This means that there are roughly 8.23 homes on the market for each buyer during the month of June, up 9.3 percent from June 2007.

Interest Rate Watch

2008-05-30T14:20:00.002-05:00

As rules continually change in the financing world, FHA continues to show it's merit as our new best friend. The word on the street is that you now need 10% down for a conventional loan - no small feat for a first time buyer!! There are still effective 0 down programs with FHA and their rates are better too. Buh-bye conventional, hello FHA.

Fixed Conventional

30 year - 6.125%
20 Year - 6.00%
15 Year - 5.75%

30 Year Fixed FHA/VA

FHA - 6.00%
VA - 6.00%

Weekly Market Activity Report

2008-05-27T16:07:00.001-05:00

From the Minneapolis Area Association of Realtors

For the first time in ten months—and only the second time in the last two years—the number of purchase agreements (pending sales) signed for our most recent weekly activity set was slightly ahead of one year ago. There were 714 purchase agreements signed for the week ending May 17, which is 1.7 percent higher than one year ago. A hearty 27.5 percent of these sales were mediated by a financial institution as a foreclosure or short sale.Over the last three months, the number of pending sales is still down 10.3 percent compared to 2007, and the number of new listings is down 13.9 percent for the same time period. The total number of homes for sale is 700 units behind this time last year—a year-over-year fall of 2.0 percent, a gap which should only widen as sellers continue to cut back on new listings.

Access the full report

Weekly Market Activity Report

2008-05-12T13:42:00.002-05:00

From the Minneapolis Area Assocation of Realtors:

In Minnesota, warmer weather typically equates to listing increases. But compared to previous years, the run-up to the 2008 summer selling season in the Twin Cities housing market has been meek. The number of new listings for the week ending May 3 was 16.6 percent behind the same time last year—the ninth consecutive week of decline relative to a year ago. Buyer activity is also slower. Over the last three months, pending sales are hovering around a 16 percent year-over-year decline.This week's edition of the MAAR Weekly Market Activity Report features updated figures for several important metrics. As the spring season begins, the Average Days on Market Until Sale decreased to 154 while the Percent of Original List Price Received at Sale increased slightly to 91.7. The Housing Affordability Index decreased to 151, due to slight seasonal increases in sales price and interest rates. Finally, the Months Supply of Inventory increased to 10.2 months; a 5- to 6-month supply rate is considered indicative of a balanced market.

Click here to see the complete report.

Wahoo - Interest Rates Come Down!

2008-05-09T16:59:00.004-05:00

Here are today's rates from Burnet Home Loans:

Conventional Fixed

30 Year - 5.875%
20 Year - 5.625%
15 Year - 5.375%

FHA/VA Fixed

FHA 30 Year - 5.625%
VA 30 Year - 5.625%

Foreclosures and "Traditional Sales" - A Tale of Two Markets

2008-05-06T15:10:00.003-05:00

Yesterday the Minneapolis Area Association of Realtors released a new report: Foreclosures and Short Sales in the Twin Cities Housing Market to members and today that report was released to the press. The report is an attempt to tease apart what is happening in this huge sea of the Twin Cities housing market. There are definitely different streams that make up the sea - sorting them out can be tricky.

Here is my take on the key points in the report:

Lender-mediated sales (foreclosures or short-sales) are definitely making up a larger portion of the market. In the 13 county metro area lender meditated homes made up 3.5% of closed sales in first quarter (Q1) of 2006, they made up 9.3%of closed sales in Q1, 2007, and jumped to 27.6% of closed sales in Q1 2008.

The actual number of "traditional" seller new listings has fallen dramatically. New "traditional" listings are down 27.4% over the last two years. Home owners are holding onto their homes longer and new construction starts are definitely down. This decrease in ready to go "traditional" listings provides an opportunity for rehabbers as there is a decrease in supply in homes that are "move-in ready". Lender mediated homes tend to have more deferred maintenance and work than your average home buyer is ready to take on. The process of buying a lender-mediated home is also much more difficult for most first time home buyers who are likely moving out of a rental situation.

Declines in value are weighted towards lender-mediated sales. It has been widely reported that median sales prices of homes in the Twin Cities was down 10.3% from Q1 of 2007 to Q1 of 2008. When you tease the markets apart, you find that the median sales price of "traditional" homes showed a 3.9% one year decline, and a 3.5% two year drop. However, lender-mediated median sales price had a 10.4% one year decline and a 15.9% two year drop.

The number of lender-mediated listings are heavily weighted toward lower listing prices. Lender-mediated inventory makes up 51.8% of listings under $120,000 and 38.2% of listings $120,001 - $150,000. The percentage of lender-mediated inventory steadily declines as the listing price increases. Lender-mediated listings make up 10.5% of the $250,001 - $350,000 price range.

To see the report for yourself click here. I would be interested in hearing your comments!

Weekly Market Activity Report

2008-05-05T13:54:00.002-05:00

From the Minneapolis Area Association of Realtors:

Ring the bell, sound the alarms, shout from the mountaintops: the number of homes for sale in the Twin Cities region as of today is less than the number for sale at this point last year, a new benchmark which marks an encouraging sign that the market is in an early stage of recovery.
This is the first time since MAAR began tracking inventory figures that we have been able to show a year-over-year decline in listing supply. There are currently 32,448 residential properties for sale, a decline of 134 units from this time in 2007. With sellers still holding back on putting their homes on the market (new listings are down 11.4 percent from last year over the last three months), this downward year-over-year trend in inventory should continue into the summer.This week's edition of the MAAR Weekly Market Activity Report features a new figure for our Supply-Demand Ratio of 7.53, which means there are approximately 7.53 homes on the market for each buyer in May— up 12.9 percent from May 2007 when the figure was 6.67

Click here to see this weeks activity report from the Minneapolis Area Association of Realtors

Interest Rate Watch

2008-05-02T14:20:00.003-05:00

After the fed 1/4 point drop mortgage rates did inch down a bit. Here are the rates from Burnet Home Loans:

Fixed Conventional

30 Year - 5.875%
20 Year - 5.75%
15 Year - 5.375%

FHA/VA Fixed

FHA 30 Year - 5.75%
VA 30 Year - 5.75%

Safely Weed & Feed Your Lawn!

2008-04-30T13:52:00.002-05:00

Corn Gluten is the only non-synthetic weed & feed available. It should be applied to your lawn in the next week to kill germinating seeds. The weed effect will last for 5-6 weeks, it will then sink into the ground, provide nitrogen and act as a fertilizer. Some folks re-apply corn gluten when more dandelions emerge. Children and pets can safely be around this product at any time. Thanks to Mother Earth Gardens for this tip!! This is a patented product and is not currently widely available. It is available at Mother Earth Gardens

Market Activity Report

2008-04-28T18:47:00.003-05:00

From the Minneapolis Area Association of Realtors:

For two years, home buyers in the Twin Cities housing market have behaved like medieval kings—looking down upon their vast and glistening kingdom of available homes for sale with a calm and dismissive eye, slowly selecting their properties without hurry or haste. While their reign is not yet over, there are some noticeable cracks in the walls of their castle.

Sellers are not putting homes on the market with anywhere close to the frequency with which they did the last four years. For the week ending April 19, there were only 2,152 new listings, down 19.6 percent from the same week last year. This marks the sixth week in the last seven with a double-digit percentage drop from 2007. The slowdown in buyer activity has also shown signs of abating, as the number of new purchase agreements signed for the week ending April 19 was 893, only 3 units behind the total of 896 seen this week last year. This is the second straight week of relatively flat year-over-year pending sales activity.

However, it's important to bear in mind that:

1) foreclosure and short-sale activity is taking up a larger portion of our overall market activity than it did previously, which has the effect of propping these numbers up a bit, and

2) we're still 39.8 percent behind our 2005 sales pace from the end of the boom cycle.

But flattening overall supply (only up 0.4 percent from this time last year) and encouraging trends in sales figures should serve as welcome signs that the market corrections we've experienced in the last two years are taking a turn. Some semblance of order may very well be restored to the "kingdom" in the next year.

Click here for the details

Rates are Exactly the Same as Last Time!!

2008-04-25T15:02:00.002-05:00

Really - just check out the rates that I posted on April 19th those are the same rates for today. Have a great week-end.

Impoved Rates!

2008-04-19T07:57:00.003-05:00

There was favorable re-pricing of rates for the week-end.

Fixed Conventional

30 Year - 6%
20 Year - 6%
15 Year 5.5%

FHA/VA Fixed

30 Year FHA - 5.875%
30 Year VA - 5.875%

Interest Rates Creep up....

2008-04-18T13:56:00.002-05:00

Here are today's rates from Burnet Home Loans

Fixed Conventional

30 Year - 6.125%
20 Year - 6.00%
15 Year - 5.625%

Fixed FHA/VA

FHA 3o Year - 5.875%
VA 30 Year - 5.875%

April Contest

2008-04-16T12:39:00.004-05:00

Market Activity Report

2008-04-15T16:28:00.002-05:00

From the Minneapolis Area Association of Realtors:

Spring inventory growth remains staid in the Twin Cities housing market as the annual influx of new properties for sale has not been as rambunctious as the levels seen over the last few springs. The total number of homes for sale in the metro area currently sits at 31,615 up only 3.0 percent from the same time last year—the lowest such year-over-year increase for some years. Home sales remain relatively slow as well, with newly signed purchase agreements (pending sales) from the last three months trailing the same period last year by 16.6 percent.

This week's edition of the MAAR Weekly Market Activity Report features an updated Housing Affordability Index (HAI) for April. The HAI fell slightly to 155 due to a seasonal increase in home prices in March but remains a healthy 16.6 percent above where it was two years ago. Softening prices, motivated sellers and a continuation of historically low interest rates have dramatically improved the affordability picture in recent months.

Interest Rate Watch

2008-04-11T15:29:00.003-05:00

Rates are generally hanging around 5.5% to 6%. Here are the rates for today.

Conventional Fixed

5.75% 30 Year
5.5% 20 Year
5.15% 15 Year

FHA/VA Fixed

5.5% 30 Year FHA
5.5% 30 Year VA

City begins land sale cancellation for Phillips biomass facility

2008-04-10T14:06:00.004-05:00

This story is from council member Gary Schiff's 9th Ward E-News.

The proposed biomass facility at 22nd Ave South near 28th Street East. The East Phillips neighborhood is home to an arsenic contamination EPA Superfund site.
The Minneapolis Public Works director has determined that a March 30th deadline needed to maintain a land sale option for a proposed biomass facility in Phillips has not been met.

Specifically, Public Works Director Steve Kotke says the development lacks a power purchase agreement with Xcel Energy.

In a statement, Kotke wrote "Even though (the developer) has supplied Xcel with considerable materials in their application for a power purchase agreement, they are still in the process of negotiating the terms of a power purchase agreement and no tentative agreement has been reached."

Kotke states that his department will begin the process required to cancel the land sale. Under Minnesota law, the city must notify the purchaser of the intent to cancel the agreement, and also provide an additional 60 days for the buyer to fulfill the contract. According to city Attorney Susan Segal, "Minnesota statute 559.21 requires the seller to provide notice of the cancellation to the potential purchaser and allows the purchaser a period of, in this case, up to 60 days to cure the default. The statutory cancellation process provides a method to insure clear title and to terminate any rights of the potential purchaser under the contract."

Jullonne Glad, an organizer with Minneapolis Residents for Clean Air cautioned that the issue is not over yet. “This is really good news. But we’re still concerned that there is an additional 60 days for the developer to comply with the terms. It is still important for us to communicate with Xcel and the City Council the dangers that this facility poses in our community. We also need to educate the community as to the economic and health affects that this may cause.”

In other developments, south Minneapolis State Senators Linda Berglin and Patricia Torres Ray added language to a bill that directs the Minnesota Pollution Control Agency to “analyze and consider the cumulative levels of past and current pollution from all sources” before issuing a permit to the plant. A final vote on the bill has not been scheduled.

The proposal to convert a former municipal incinerator into a 21-megawatt biomass energy and district heating facility garnered opposition after public hearings held by the MPCA last fall. Opponents site a technical specification document released by the MPCA that states the burner could emit up to 1 million pounds of pollutants annually, including nitrogen oxide, sulfur dioxide, carbon monoxide, arsenic and lead.

Spring Cleaning Tip

2008-03-30T09:55:00.000-05:00

Flexible vacuum: To get something out of a heat register or under the fridge add an empty paper towel roll or empty gift wrap roll to your vacuum. It can be bent or flattened to get in narrow openings.

March Contest

2008-03-17T13:38:00.011-05:00

Click below to see a list of Dining Out for Life participating restaurants:
http://www.aliveness.org/dol.shtml

Dining Out for Life is a major fundraiser for The Aliveness Project which provides services for people with HIV and AIDS. This fabulous event happens to be coordinated by Shari’s cousin Tim! This year the event will be on April 24th.

Interest Rate Watch

2008-03-17T13:03:00.003-05:00

I did not get the rates out on Friday due to being too stinking busy. (There's really no such thing for a real estate agent!) These are rates that I am happy about. I'm not sure if it was the great rates or the great weather - but there was a lot of buyer activity this week-end! As I was doing showings on Saturday it seemed that we saw other buyers and agents everywhere.

Here are those great rates:

Fixed Conventional

30 Year - 5.875%
20 Year - 5.5%
15 Year - 5.125%

FHA/VA Fixed

30 Year FHA - 5.5%
30 Year VA - 5.5%

Market Activity Report

2008-03-11T06:37:00.001-05:00

From The Minneapolis Area Association of Realtors:

The number of new listings on the market has been relatively small so far in 2008. Over the last eight weeks, there have been roughly 1,200 fewer listings put on the market than during the same eight weeks in 2007—a decline of 6.7 percent. The decline in purchase agreement activity during the same period is on a more extreme decline, however—falling by 17.8 percent for the same time period comparison.

What buyers need to hear about is the significant improvement in affordability. Despite an increase in mortgage rates, the Housing Affordability Index (HAI) shot up dramatically for March to 157, the highest figure in five years! The HAI increased because of a decline in sales prices in February and increased consumer income. The home buying environment has been getting exponentially more attractive with each passing month, which is great news for those waiting on a real estate market rebound.

This week's MAAR Weekly Market Activity Report features updated figures for several important metrics. Days on Market Until Sale held steady at 165 in February, an increase of 12.2 percent from last year. The Percent of Original List Price Received at Sale increased slightly to 91.1 percent, and should continue to rise in the spring months as it does each year.

New Pricing on Interest Rates!

2008-03-07T15:14:00.004-06:00

Back down a bit!

Conventional Fixed

30 Year 6.25%
20 year 6.00%
15 Year 5.625%

FHA/VA 30 Year Fixed

FHA - 5.875%
VA - 5.875%

Interest Rates Creep up....

2008-03-07T13:36:00.002-06:00

I have been hearing lots of chatter about interest rates creeping up due to inflation worries and today they have gone up a bit. I'm hoping they will go down again - we had a nice run at being under 6% for a while. Here are today's rates:

Fixed Conventional

30 Year - 6.375%
20 Year - 6.25%
15 Year - 5.75%

FHA/VA Fixed

FHA 30 Year - 6.00%
VA 30 year - 6.00%

FHA Raises Loan Limits

2008-03-06T16:14:00.002-06:00

Big News! FHA has just announced that it has raised it's loan limits. For a single family home in Hennepin County, the new limit is $365,000. Click here to check other counties and to find out the limits for multi-family houses. FHA has become our new best friend for friendly lending options! It is easier to qualify for FHA than conventional and you can often have a smaller down payment with FHA loans. Feel free to contact us if you want more information!

South Minneapolis Housing Fair this Saturday

2008-03-04T07:17:00.004-06:00

The 14th Annual South Minneapolis Housing and Home Improvement Fair is scheduled for this Saturday, March 8th at South High School. The Fair promotes city living, home improvement and maintenance and community involvement. The Fair will feature vendor exhibits and educational seminars geared towards current and prospective homeowners in the process of improving, maintaining, enlarging, purchasing or refinancing a home.

This event is free and open to the public from 10-3.

For additional details and schedule of events visit www.housingfair.org

Interest Rate Watch

2008-03-01T12:50:00.002-06:00

Interest rates inched down a bit.... FHA is gaining more popularity in the current real estate and mortgage market conditions - the rate of 5.5% sure doesn't hurt!

Conventional Fixed

30 Year - 5.875%
20 Year - 5.875%
15 Year - 5.125%

FHA/VA Fixed

FHA 30 Year - 5.5%'
VA 30 Year - 5.5%

How to Remove Markers from Hardwood Floors...

2008-02-29T15:40:00.005-06:00

This fall I hosted a gathering for the children and families of Zachary’s pre-school class at Sunny Hollow Montessori. I learned an important lesson! Never have out Sharpie markers at parties for pre-schoolers! SOMEHOW some permanent marker ended up on our hardwood floors. No worries—I was able to get the market off of the floor with a “magic eraser” from Mr. Clean. These things are great all purpose cleaners. Be careful with them though, because they tend to take the gloss off of things. Use them sparingly on hardwood floors and avoid paint with a gloss finish. Most of our sellers have heard me rave about this product - it is GREAT for cleaning up in bathrooms and cleaning in general. I just received another floor cleaning hint from my mother-in-law - put a diagonal cut in a tennis ball put a pole of some sort into the hole and then use the tennis ball to clean marks up off the floor. Keep those handy hint ideas rolling in!

The Winner of our February Contest

2008-02-29T14:49:00.001-06:00

Jen Zanner is the proud new owner of the $25 gift certificate to Longfellow Grill. Keep entering the contest and some day you'll be a winner too!

Market Activity Report

2008-02-26T07:17:00.000-06:00

From The Minneapolis Area Association of Realtors:

With mercury dropping, snow falling, lips cracking, wet hair freezing, and cars stalling, February has mostly been an exercise in old-fashioned winter hibernation for those of us brave (or foolish) enough to live in the Twin Cities. The weather is by no means the only explanation for the lackluster showing of area home buyers—the uncertainty in the credit markets and dampened consumer confidence are obviously playing their own crucial roles—but it certainly isn't helping. That's why the uptick in temperatures seen in recent days is a welcome sight for home buyers, sellers and real estate brokers alike.

New listings for the week ending February 16 posted 1,859 units, down 8.3 percent from the same week in 2007. Signed purchase agreements (pending sales) declined from last year by 17.8 percent for the same time period comparison, posting 624 units. Despite the general decline in seller activity, the total number of homes for sale is ahead of this time last year by 12.1 percent.

February Contest!

2008-02-15T15:51:00.003-06:00

D'oh - Interest Rates Creep up again

2008-02-15T15:42:00.002-06:00

Rates are still great, but they have crept up a bit again.

Conveional Fixed
30 Year - 6%
20 Year - 5.874%
15 Year 5.5%

FHA/VA 30 Year Fixed
FHA - 5.75%
VA - 5.75%

Interest Rates Creep up....

2008-02-09T12:25:00.000-06:00

Interest rates are like a yo-yo with a little tiny string right now. This week they are up a tiny bit. FHA loans are definitely gaining favor recently. Check out those FHA rates!

Fixed Conventional
30 Year - 5.625%
20 YEar 5.5%
15 Year 5.125%

FHA/VA Fixed 30 Year
FHA - 5.5%
VA - 5.5%

Interest Rates Creep Down....

2008-02-01T15:39:00.001-06:00

Interest rates have creeped DOWN a bit after the fed funds rate went down another .5 point. Stay tuned for more volatility.

Fixed Conventional

30 Year - 5.5%
20 Year - 5.5%
15 Year - 4.875%

Fixed FHA/VA

FHA 30 Year - 5.25%
VA 30 Year - 5.375%

Handy Hint - Wax Removal

2008-01-30T10:20:00.000-06:00

It is fun to have festive candles burning during these dark winter months. However the wax spills on hardwood floors and oak built-in buffet—not so much fun! Shari learned some great ways to get rid of the unwanted wax. For the wood surfaces use a blow dryer to heat up the wax and then carefully soak/wipe up the wax with a paper towel. Shari recommends testing it out in a small area before doing larger areas. For the decorative cloth on the buffet: place brown paper bags over and under the cloth and then iron it on a low setting. The wax will soak into the paper bags. Shift the bag when a portion becomes saturated to soak up more wax. Unfortunately Shari learned that those wax drops you don't find for a few weeks (the ones hanging out on hardwood floors under the dining room table) are much harder to get up - so search high and low when the was is overflowing.

Send us your handy hint for posting consideration.

Market Activity Report - Jan 28

2008-01-29T07:30:00.001-06:00

From The Minneapolis Area Association of Realtors:

With cold weather, high winds and relatively low consumer confidence, the Twin Cities housing market continues to experience low levels of buyer activity in January. Newly signed purchase agreements (pending sales) posted 485 units sold for the week ending January 19, a decline of 19.4 percent from this time last year. For the same time period comparison, new listings held relatively steady, posting 1,877 new units on the market. Roughly half of these are re-lists that have already been placed on the market at least once in the last 12 months.

For a closer look at how our changing market is affecting your specific community, take a look at "The 100," our localized market research tool. It offers free monthly market updates for 125 unique locales within the Twin Cities market. Year-end 2007 numbers are now available for each of these areas.

Interest Rates Creep up....

2008-01-25T14:52:00.000-06:00

The interest rates on mortgages have been on a little roller coaster this week with a low of 5.375%. Right now they are climbing up a bit. They remain in the phenomenal range.

Fixed Conforming

30 Year - 5.625%
20 Year - 5.5%
15 Year - 5.0%

FHA/VA

FHA 30 Year Fixed - 5.5%
VA 30 Year Fixed - 5.5%

January Contest Winner

2008-01-24T16:01:00.001-06:00

Congratulations to our January contest winner Tricia Wegner-Koense. Tricia is the proud new owner of a Caribou Coffee Card. Don't spend it all on one coffee!

Market Activity Report

2008-01-23T05:14:00.000-06:00

From the Minneapolis Area Association of Realtors:

"Plus ça change, plus c'est la même chose." – Alphonse Karr, French novelist

With the arrival of 2008, the Twin Cities housing market remained in its 2007-end holding pattern. Purchase agreements were lower and new listings held steady. For the week ending January 12, there were 4.8 percent fewer new listings on the market compared to last year at this time, while pending sales declined by 24.0 percent for the same time period. The total number of homes for sale in the region is beginning it's annual new year ascent, with 27,931 housing units on the market—up 12.2 percent from the same time last year.

This week's edition of the MAAR Weekly Market Activity Report features an updated January 2008 figure for the Months Supply of Inventory. The figure declined sharply to 8.3 months, as it usually does at the beginning of the year following the holiday inventory drop. The figure is 42.4 percent above this time last year.

For a full, detailed look at how changing supply-demand dynamics are affecting various price ranges and property types in our regional housing market, take a look at our new January 2008 Housing Supply Outlook.

Wahoo - Another Rate Drop!

2008-01-22T15:48:00.000-06:00

Mortgage Interest rates came down today after the Fed Fund rate being slashed by .75 points. Hmmmm I wonder where people got the crazy idea that the fed fund rate and mortgage interest rates were connected? Everything is connected, right? In an case - the rates came down today and I suspect they will come down some more. I will go out on a limb and predict that they will go to 5% before the end of February. Here is what they are today:

Conventional Fixed

30 Year - 5.375%
20 Year - 5.375%
15 Year - 4.875%

FHA/VA

FHA 30 Year - 5.375%
VA 30 Year - 5.375%

Does the Federal Funds Rate Effect Mortgage Rates?

2008-01-17T09:45:00.000-06:00

There has been a lot of talk recently anticipating that the Federal Funds rate will drop soon. Folks often think that the Federal Funds rate has a direct effect on mortgage interest rates. I asked Pat Gleason at Wells Fargo Home Mortgage to shed some light on the subject. She supplied me with the following information:

Does the Federal Funds Rate Affect Mortgage Rates? The short answer: No.
This graph contrasts the movements of the weekly average Federal Funds rate against the movements of the weekly 10-year Treasury Constant Maturity and those of the average 30-year fixed rate mortgage and 5/1 Hybrid ARM. It covers the period from November 2004 through October 2007.

Sources: Federal Reserve, HSH Associates.
For more about Fed Funds, mortgage and other loan rates, click here.
HSH grants permission to utilize this graph providing that the graph and its contents are not altered in any way.

January Contest

2008-01-15T13:38:00.000-06:00

Mortgage Rates Come Down Again!

2008-01-15T11:19:00.000-06:00

Thanks to Jody Hippen for supplying these great rates from Burnet Home Loans! Call Jody at 612-827-9451 with any questions.

Conventional Fixed

30 Year - 5.5%
20 Year - 5.5%
15 Year - 5%

FHA/VA Fixed

30 Year FHA - 5.375%
30 Year VA - 5.375%

Interest Rates Conitnue Their Decent

2008-01-11T16:17:00.000-06:00

Hallelujah! Rates nudge down again. My phone is starting to ring as buyers catch on that now is an amazing time to be buying. Tell your friends!

Conventional Fixed

30 Year - 5.625%
20 Year - 5.625%
15 Year - 5.125%

VA/FHA

30 Year Fixed FHA - 5.5%
30 Year Fixed VA - 5.5%

ARMS?

FORGET ABOUT IT!!!!

The Ice Dam Cometh!

2008-01-09T14:37:00.000-06:00

As winter once again descends upon us, it is the perfect time to evaluate our homes for energy efficiency. If you see large icicles or areas of ice near the eaves it could be an indication that ice dams are forming. Ice dams occur when heat from your home rises through the attic insulation and melts the snow on your roof. The snow melt runs down the roof and re-freezes at the roof edge. A small amount of this is not a problem. If the wrong combination of snow and cold combine with excessive heat loss you may experience melting snow backing up under the shingles and coming into your house. This can cause serious damage to your walls, ceilings and furnishings. Ice dams need not be a permanent affliction. You can lessen their impact with roof cables or eliminate them with proper attic insulation and ventilation. Whether you have ice dams or not, all homeowners should have an energy audit performed to determine a cost effective strategy of energy saving improvements. Making improvements can save you money summer and winter. Energy audits can be scheduled through XCEL ENERGY at (800-244-1111). The cost of an audit is currently $35. There are also many energy saving tips available at their web site (xcelenergy .com).
It is important to remember that the use of salt to melt ice on steps and sidewalks will cause damage to your concrete surfaces. Using sidewalk grit like “quartzite” will provide traction without damaging your concrete. If you have wood floors make sure your guests remove their shoes upon entering to prevent floor damage. Make sure your home has a working smoke detector on every floor including the basement. A carbon monoxide detector should be mandatory safety equipment in every household. If you already own a carbon monoxide detector be sure to replace the module every 5 years to insure its safe operation. HAVE A SAFETY CHECK AND TUNE-UP PERFORMED ON YOUR GAS HEATING APLIANCES ONCE A YEAR! Have a wonderful and safe winter.

Thanks to our good friend Alan J. Copia, Cornerstone Inspections

Reprinted from January 2004 newsletter

Market Activity Report

2008-01-09T14:33:00.000-06:00

From the Minneapolis Area Association of Realtors:

Activity in the Twin Cities housing market saw a Valley Fair-esque drop
for the week ending December 29, compared to the week before.
Blame Santa Claus. New listings, pending sales and total inventory all
fell at least several hundred units as Twin Citizens focused on
celebrating the holiday season during the 12th snowiest December on
record. Due to the unique weather and the vagaries of the Christmas
holiday, little meaningful context can be gleaned from the decreased
numbers.
However, we can utilize some updated figures for several key market
measurements in this week's edition of the MAAR Weekly Market
Activity Report. The Days on Market Before Sale increased to 158.
Although this is higher than December 2006 by 4.6 percent, the figure
will likely start to decrease as 2008 begins and the holiday season
ends. The Percent of Original List Price Received at Sale fell slightly to
91.2 as buyers exerted their seasonal power during the slow
December sales month. And our Supply-Demand Ratio for January fell
to 10.46, which means there will be roughly 10.46 buyers for each
house for sale in January.

Mortgage Rates Tumble

2008-01-04T14:37:00.000-06:00

Wow! Check out these great rates from Burnet Home Loans:

Conventional Fixed
30 Year 5.750%
20 Year 5.625%
15 Year 5.125%

FHA / VA 30 Year
FHA 5.5%
VA 5.5%

Happy New Year!!

Breaking Mortgage News

2007-12-14T16:13:00.000-06:00

The US Senate voted 93-1 to back a bill that makes changes to current FHA loan rules. The house has already passed a similar bill. The cap was extended to $417,000 for maximum loan amount and the down payment amount required was reduced from 3% to 1.5%. This is good news for buyers as FHA loans are responsible safe loans and have more lenient qualifying guidelines. This is a far better product than sub-prime loans that many were turning to. This will not help everyone, but it will help some.

Rate Watch

2007-12-14T16:06:00.000-06:00

Here are the today's rates from Burnet Home Loans. I'm not even going to print the ARMS because the fixed rates are the same or better!

Conventional Fixed
30 Year 6.125%
20 Year 6.00%
15 Year 5.75%

FHA/VA 30 Year
FHA 6%
VA 6%

Open Houses

2007-12-14T11:26:00.000-06:00

If you are out and about this Saturday afternoon stop by and see Shari at 3435 40th Ave (Minneapolis) from 1:00 - 3:00. To search for other open houses visit our web-site and click on the 4th button down. Stay warm out there!

Market Activity Report - Dec 10th

2007-12-11T07:52:00.000-06:00

Home sales perked up for the week ending December 1, as buyers returned following their annual football-and-turkey Thanksgiving holiday. While the number of newly signed purchase agreements (pending sales) grew to 533, it was still behind the same week last year by 10.6 percent. The total inventory of homes for sale continues its seasonal drop, with 4,000 fewer units on the market now compared to eight weeks ago.

This week's edition of the MAAR Weekly Market Activity Report features updated figures for several key metrics:
From the Minneapolis Area Association of Realtors:

Average Days on Market Until Sale increased slightly to 148, a growth of 12.4 percent from one year ago. This figure should continue to grow through December before dropping in the first part of 2008 as more buyers return to the market.
The Percent of Original List Price Received at Sale dipped to 92.4 percent, indicating that seller willingness to negotiate continues to grow.
Mortgage Rates for the Twin Cities region fell slightly again to 6.2, which is having dramatic and positive effects on affordability.
The Housing Affordability Index (HAI) increased to 141 due to falling mortgage rates and home prices. This is the highest HAI mark since February 2005 and, if sustained, bodes well for the long-term health of our market.
Months Supply of Inventory decreased to 9.3 months, as seasonal declines in the number of homes for sale temporarily restrict inventory choice during the holiday season.

Cut down on Snail Mail

2007-12-10T09:51:00.000-06:00

We both recently heard about a service for reducing the amount of mail we receive on Minnesota Public Radio. Catalog Choice lets you opt out of receiving catalog's you no longer wish to receive. I love LL Bean and even occasionally love looking at their catalogs, but I really do not love getting their catalogs every other day! I am much more likely to look on-line when I'm in a buying mood than to hunt down a catalog. All of those catalogs almost always go immediately into recycling at our house. I bet that LL Bean prefers to not send me those expensive catalogs if I'm just going to recycle them! It seems to me that stopping these catalogs for cluttering up my recycle bin will save a ton of gas, paper and ink. If you decide to check out Catalog Choice, have your stack of unwanted catalogs handy as they will ask you for numbers from the catalogs.

Neil and I are making the shift from snail mail to electronic communication. You will not see many things from us in your "snail" mailbox in the future. We will continue to send out our "handy hints" and our monthly contest via email. (We are also moving away from print advertising to on-line forms.) If you do not wish to receive these emails (I can hardly imagine it!) please let us know. If you don't want it, we don't want to send it!

We would love to hear and pass on your ideas for stopping snail mail. Please post your ideas in the comments section.

How Are Interest Rates Today?

2007-12-07T15:14:00.000-06:00

Unfortunately today interest rates creaped up a little. Word on the street is that it was because of strong unemployment numbers - there were more jobs created than anticipated. Coming soon: a guest blogger to speak more about the relationship between interest rates and the economy! Here are today's rates from Burnet Home Loans:

Fixed Conventional
30 Year 6.25%
20 Year 6.125%
15 Year 5.875%

Conventional Arms - (GO WITH THE FIXED!!!)
5 Year 6.25%
7 Year 6.375%
10 Year 6.625%

FHA/VA
FHA - 6%
VA 6%

Market Activity Report - Dec 4th

2007-12-04T06:46:00.000-06:00

From Minneapolis Area Association of Realtors

"It's the same old story, same old song and dance, my friend."

– Steven Tyler, lead singer of Aerosmith and noted housing economist

As expected, we are continuing to see a decline in home sales in the Twin Cities housing market. For the week ending November 24, there were 329 newly signed purchase agreements (pending sales), a decline of 32.2 percent from the same week last year. The severity of this sudden decline is abnormal enough to imply a statistical fluke caused by a small sample size and the vagaries of a major holiday week. How the market performs next week will provide a good indicator of its true direction.

This week's edition of the MAAR Weekly Market Activity Report features an updated Supply-Demand Ratio (SDR) for 2007. The figure increased to 13.44, which means that there are 13.44 homes on the market for every buyer in the month of December, an increase of 34.1 percent from last December. The SDR rises each year in the final months due to the dramatic decline in holiday season home buyers.

Here are the details.

Happy New Home Owners!

2007-12-01T15:52:00.000-06:00

Meet Joe Riemann and Joni Horak, the proud new owners of a home in Longfellow. LOOK they are smiling big! We had a great time with their home search and purchase. There were many houses to choose from in their price range, they got an awesome rate on their City Living loan, they ended up with a wonderful home at a really wonderful price. One of the greatest things about buying now is that buyers are clearly in the driver's seat when it comes to negotiations. I'm not sure that they really believed my tales of what buyers went through a couple of years ago. Back in the day buyers had to decide immediately if they wanted to buy a house. More often than not buyers were in multiple offer situations. I wrote several purchase agreements on the hood of my car. I remember showing a home fist day on market when there were so many other agents showing the same home, folks on the street thought it was an open house! Joe and Joni had plenty of time to think about their decision and compare different houses and areas. Plus we got to write their offer at Longfellow Grill.... The abundant inventory, negotiation power of buyers, great prices and great interest rates makes now an incredible time to buy. If you have questions about the market or buying environment do not hesitate to contact us! 612.728.2236

Holy Cow! Interest rates go below 6%!!

2007-11-30T11:46:00.000-06:00

AAAaaaaahhhh! Such sweet news it is that the interest rate on a 30 year fixed mortgage is at 5.875% today with Bunet Home Loans! Sound the bells, jump up and down and call your friends that are thinking of buying or should be thinking about buying a home. This is an awesome rate - it has been quite a while since 30 year fixed rates were under 6%.

Fixed Conventional
30 Year - 5.875%
20 Year - 5.75%
15 Year - 5.5%

Arms
Don't even think of it t fixed rates are cheaper than arms now!

FHA/VA
FHA - 6%
VA - 5.5%

(Word on the streeet is that we may be able to do FHA loans for 5.5% - sweet!)

Congratulations Ellen!!

2007-11-28T12:56:00.000-06:00

Ellen Seagren was the the winner of our November contest.

She now has $25 to spend on Gas.

Market Activity Report - Nov. 27

2007-11-27T07:53:00.000-06:00

From the Minneapolis Area Association of Realtors:

Despite recent favorable drops in mortgage rates and improvement in housing affordability, buyer activity remains slow in the Twin Cities housing market. For the week ending November 17, there were 545 new purchase agreements signed, down 17.7 percent from the same week in 2006. As we enter the holiday season, sellers continue their annual pause, as the number of new listings on the market and the total number of homes for sale have been in a general seasonal decline for more than eight weeks.

Full Report Here

Maybe that Vacation home IS possible

2007-11-20T10:28:00.000-06:00

Fractional Financing....What is it? My friend Ken Miyamoto at Allegiance Mortgage sent me some great information this morning....

Fractional Financing
“The chance to own your dream home in your dream vacation spot for a fraction of the cost”

Fractional financing has been around for over 15 years. It has been the #1 mortgage choice in the luxurious ski resorts in the Colorado mountain resorts where the common adage is, “the billionaires have moved the millionaires out of the market”.

Simply put, fractional financing is a way to own your dream home for a fraction of the cost. You may purchase a share of an $800,000 dream second home for as little as $200,000 or less….a fraction of the cost. And you don’t have to pay one dime for it when you don’t use it! When you make your monthly mortgage payment you never have to ask yourself, “I haven’t been there in months; what am I doing paying for this when I don’t use it?”

This mortgage has no similarities to a time-share because fractional mortgages provide you the normal tax benefits of home ownership, separate titled or deeded ownership of your share, opportunity to rent that time you don’t use it and you get your share of the appreciation; none of these benefits can be associated with a time-share.

A management agreement and outside management service (like a homeowners association agreement) controls the maintenance and management of the property when you are not there. All you do is show up to enjoy your dream home.

Here are the numbers to purchase an $800,000 dream home:

$200,000 Share = 13 weeks of use (more than most people can actually get away….but if you can get away more than that, buy two shares!)

$180,000 mortgage = PITI payment of $1,486 or $17,832 per year

Rental income 6 weeks = $15,000 per year

Net cost $2,832 per year or $236 per month (Depreciation, tax benefits vary by person)

You may be able to own your $800,000 dream vacation home
for as little as $236 per month!!

And be able to use it more weeks than you can actually get away and
never have to pay a dime for the time you don’t use it.

BUT WAIT IT GETS EVEN BETTER!!
Why don’t you use your IRA funds for the down payment?? You can legally partner with yourself and realize some gains in your IRA which are tax-free, of course, until retirement.

Discuss this with a real IRA expert such as Mr. Todd Grill, President of Entrust Midwest, LLC. Todd will explain why a combination of fractional mortgages and leveraging your retirement funds with real estate just might make the most sense to build wealth and live in your dream vacation home! Give him a call at 763-559-5363.

FAQ

Q. Why don’t I just buy a time-share?

A. That is certainly a possibility but usually you only get to use it a week or two a year (is that enough?). You don’t get the appreciation and you might not get a tax benefit. And unlike fractional financing, with a time-share you might have 26 other users rather than 2-8. Regardless of how they are structured most time-shares are closer to renting than owning. Fractional mortgages are real, deeded, titled home ownership.

Q. Is this some new mortgage scheme or idea that might not work as planned?

A. Fractional Financing has been in existence for many years. It began in the ski resorts of Colorado but has spread to California and other vacation spots. It is financing that is provided by a very large federally chartered bank using their own money. It definitely is not a new or trial mortgage. Of course, once you have your title in your hand, it will be easier to believe. You will own the dream home of your life for a fraction of the cost!

Q. Is it really conceivable that I could buy my dream home and only have it cost me only a few hundred dollars a month?

A. It is possible. With some tax benefit or write-off of interest, some possible appreciation, some possible rental income when you are not there, you could very well own a million dollar dream home for a few hundred dollars a month. Now every case is different and we are not financial planners or accountants or attorneys so you do need to sit down with your financial team and work out the numbers for yourself. But what is certain is you will own that dream home for a fraction of the cost and be able to use it more time than you will probably be able to get away.

Q. What happens if one shareholder defaults on their loan?

A. Nothing happens; the lender owns that share and will sell it; just like any other mortgage. With the current mortgage on your primary home, if your next door neighbor defaults on his loan, it doesn’t impact you or your loan. The same is true of fractional financing; each loan is separate and has its own separate title or deed and one has nothing to do with the other.

Q. Can I sell my share when I want and for what price I want?

A. Of course; a fractional mortgage is exactly the same as any normal mortgage; it is your property to sell or keep.

Q. Who decides when I can use it?

A. The association or management agreement spells that of which you are a part. Most commonly, use is evenly distributed by seasons and special holidays are rotated. The use is equal and fairly distributed throughout the calendar year. In fact there is a standard formula that is used.

Q. How many shares are permitted?

A. We will permit up to 13 shares but the most common numbers are 3-8 shares but each developer or owner can determine the number of fractions they wish to have and that number is usually based on the market. However, if you offer eight shares and that is not enough time for one particular person, they can purchase two shares to increase their use.

Q. Can I share time with other shareholders?

A. Certainly you can contact the others to see if they want to switch times with you or rent some of your time to them or others.

Q. What about maintenance issues or needs in the future?

A. Maintenance is handled by the management agreement or home owners agreement. Most often the shareholders will provide some fund for future needs as do other or normal homeowner associations.

Q. What if one of the other shareholders wants to change the décor or fixtures?

A. Individual shareholders can’t make those decisions; those are all made by the management company according to the management agreement.

Q, What is the loan procedure to get a fractional mortgage?

A. Just like any other mortgage. Contact Ken Miyamoto at Allegiance Mortgage of MN for an application; it is just as simple and straightforward as any residential mortgage….it might even be more simple and straightforward.

Q. I write-off a lot of my income. Can I get a stated income fractional Mortgage?
A. Absolutely you can get a stated income loan.

Q. How about an interest-only payment? Is that possible, too?

A. It certainly is and is quite common.

Q. If I want to sell my single family home on the lake but would like to keep use of it for a little part of the year, could I put it into four fractional pieces and sell only three of them and keep one for myself?

A. Of course. That’s another beauty of fractional mortgages; you can sell to get out some of the equity but you don’t have to give up total use of it. Fractional mortgages can be the best of both worlds for the buyer and the seller.

Q. I’m a developer and own just the kind of place that is perfect for fractional financing. But I got financing to build it and my current lender will not permit partial releases of the title on each property. Do I have to wait until I have all shares sold?

A. You may choose to wait to get all the buyers for the shares or we can provide you the financing (called a Conversion loan) to pay your construction lender off so you can sell shares one at a time and get each buyer their own title as each loan closes.

For more info on Fractional Financing and other great mortgage programs contact Ken Miyamoto at kmiyamoto@allegiancemn.com

Minneapolis: Most Affordable Place to Live Well

2007-11-20T10:03:00.000-06:00

According to Forbes Magazine, Minneapolis is the Most Affordable Place to Live Well. It comes as no surprise to those of us that live here...Access to Recreation, the Arts, great job opportunities and affordable housing are just a few of the things that make Minneapolis special to me. Most newcomers I speak with often seem surprised that we aren't all living in igloos, eating hotdish and muttering little more than "oh sure, you betcha."

What pushed Minneapolis to the top? Last quarter, 61% of the area's home sold were available to the median household earner, according to NAHB/Wells Fargo, which puts the City of Lakes in 17th place of the 50 cities we measured. Minneapolis ranked just under the median in cost of living. Its quality of life ranking most distinguishes it; here the city ranked third, and came in ninth in arts and leisure offerings.

Indeed, Minneapolis has top-notch cultural institutions, whether they be theaters, music halls or museums. The Guthrie Theater, for example, is considered one of the premier facilities in the country. The Twin Cities receive funding from local corporate foundations including those of Target (nyse: TGT - news - people ), 3M (nyse: MMM - news - people ), Best Buy (nyse: BBY - news - people ), General Mills (nyse: GIS - news - people ), Cargill and United Health, and from charitable institutions like the Minneapolis Foundation, which manages just under $700 million in assets.

Read the full article here

Thanksgiving by the Numbers

2007-11-20T07:47:00.000-06:00

From the U.S. Census Bureau

272 million
The preliminary estimate of turkeys raised in the United States in 2007. That’s up 4% from 2006. The turkeys produced in 2005 together weighed 7.2 billion pounds and were valued at $3.2 billion.

46 million
The preliminary estimate of turkeys Minnesota expects to raise in 2007. The Gopher State is tops in turkey production. It is followed by North Carolina (39 million), Arkansas (31 million), Virginia (21.5 million), Missouri (21 million), and California (16.8 million). These six states together will probably account for about two-thirds of U.S. turkeys produced in 2007.

690 million pounds
The forecast for U.S. cranberry production in 2007, essentially unchanged from 2006 and 11% more than 2005. Wisconsin is expected to lead all states in the production of cranberries, with 390 million pounds, followed by Massachusetts (180 million). New Jersey, Oregon, and Washington are also expected to have substantial production, ranging from 18 million to 52 million pounds.

1.6 billion pounds
The total weight of sweet potatoes—another popular Thanksgiving side dish—produced by major sweet potato producing states in 2006. North Carolina (702 million pounds) produced more sweet potatoes than any other state. It was followed by California (381 million pounds). Mississippi and Louisiana also produced large amounts: at least 200 million pounds each.

1 billion pounds
Total pumpkin production of major pumpkin-producing states in 2006. Illinois led the country by producing 492 million pounds of the vined orange gourd. Pumpkin patches in California, Ohio, and Pennsylvania also provided plenty of pumpkins: Each state produced at least 100 million pounds. The value of all the pumpkins produced by major pumpkin-producing states was $101 million.

If you prefer cherry pie, you will be pleased to learn that the nation’s forecasted tart cherry production for 2007 totals 294 million pounds. Of this total, the overwhelming majority (230 million) will be produced in Michigan.

1.8 billion bushels
The total volume of wheat—the essential ingredient of bread, rolls, and pies—produced in the United States in 2006. Kansas and North Dakota accounted for about 30% of the nation's wheat production.

841,280 tons
The 2007 contracted production of snap (green) beans in major snap (green) bean-producing states. Of this total, Wisconsin led all states (310,200 tons). Many Americans consider green bean casserole a traditional Thanksgiving dish.

$9.5 million
The value of U.S. imports of live turkeys during the first half of 2007—99.5% from Canada. Our northern neighbor accounted for all of the cranberries the United States imported ($2.2 million). When it comes to sweet potatoes, however, the Dominican Republic was the source of 63% ($1.7 million) of total imports ($2.7 million). The United States ran a $4.9 million trade deficit in live turkeys during the period but had surpluses of $9.4 million in cranberries and $15.3 million in sweet potatoes.

13.1 pounds
The quantity of turkeys consumed by the typical American in 2005, with a hearty helping devoured at Thanksgiving time. Per capita sweet potato consumption was 4.5 pounds.

An Organic Feast
144,086
Number of certified organic turkeys on the nation’s farmland, as of 2005. Most of these turkeys were in Michigan (56,729) or Pennsylvania (48,815).

The Turkey Industry
$3.6 billion
The value of turkeys shipped in 2002. Arkansas led the way in turkey shipments, with $581.5 million, followed by Virginia ($544.2 million) and North Carolina ($453 million). In 2002, poultry businesses whose primary product was turkey totaled 35 establishments, employing about 17,000 people.

$3.86 billion
Forecast 2007 receipts to farmers from turkey sales. This exceeds the total receipts from sales of products such as rice, peanuts, and tobacco.

The Price is Right
99 cents
Cost per pound of a frozen whole turkey in December 2006.

Market Activity Report - Nov. 20

2007-11-20T07:36:00.000-06:00

From the Minneapolis Area Association of Realtors:

Weekly Market Activity Report
The rapid flattening in fourth-quarter sales can be viewed as a positive sign, as compared to the third quarter, when buyer activity was in rapid decline.

Over the last two weeks, newly signed purchase agreements (pending sales) are behind the same period in 2006 by 15.2 percent, as compared to the last three months when sales dropped by 21.5 percent. Recent listing activity has declined by 4.6 percent, as compared to last year. The total inventory of homes for sale is dropping as we near the holiday season.

Click here for all the numbers.

Weekend Open Houses

2007-11-16T14:22:00.000-06:00

3657 28th Ave S Sunday, Nov. 18, 2-4

Interest Rates for Nov. 16

2007-11-16T11:41:00.000-06:00

Rates for Conventional Fixed Rate loans are slightly better than last week. Burnet Home Loans is reporting no movement on FHA/VA or ARMs.

Conventional Fixed
30 Year 6.125%
20 Year 6.000%
15 Year 5.750%

Conventional Arm
5/1 5.875%
7/1 5.875%
10/1 6.125%

FHA/VA Fixed
FHA 30 Year 6.00%
VA 30 Year 6.00%

Home Inspector on the Radio

2007-11-15T14:08:00.000-06:00

As I was running errands this morning I heard a familiar voice on MPR talking about wet basements, foundation problems and all kinds of fun stuff. John Trostle, a well respected local home inspector was talking with Kerri Miller on mid-morning in a segment titled Different Housing Market, New Issues. It was a great discussion, with some really good call-in questions. John always has great advice.

If you missed it, here's the link.

November Contest

2007-11-15T11:41:00.001-06:00

“City Living” First Time Home Buyer Loan Changes

2007-11-13T12:13:00.000-06:00

There are some great first time home buyer programs out there and City Living is definitely one worth considering. There have been some recent changes that make buying a foreclosed or otherwise vacant home more possible. City Living provides qualified buyers with three different assistance options:

No cash assistance, 5.8% interest rate
2% cash assistance 6.25% interest rate
4% cash assistance 6.375% interest rate

Cash assistance means you get a grant of either 2% or 4% of the loan amount! That is money that you do not have to pay back. Obviously your interest rate will be higher if you choose the cash assistance route. In order to qualify for City Living, you have to meet income guidelines. In addition, to qualify for the 4% cash assistance you need to be one of the following: 1) single, 2) have dependents, 3) purchasing a foreclosed property or 4) purchasing a vacant property. Feel free to contact us with any questions!

Market Activity Report - Nov. 13

2007-11-13T10:20:00.001-06:00

From the Minneapolis Area Association of Realtors:

As mortgage rates decline and home sellers appear increasingly willing to accept moderate offers, home sales have picked up slightly in recent weeks. Newly signed purchase agreements (pending sales) for the week ending November 3 were behind last year at this time by only 13.6 percent. New listings on the market also increased, up 7.3 percent for the same time period comparison. This week's edition of MAAR's Weekly Market Activity Report features updated figures for several key metrics:

Days on Market Until Sale in October was 142 days, an increase of 20.3 percent from one year ago.
Percent of Original List Price Received at Sale declined further to 93.1 percent and should continue to fall until early 2008.
The November Housing Affordability Index increased dramatically to 138 due to declines in mortgage rates and home prices, an important trend for the long-term health and accessibility of our market.
Months Supply of Inventory declined slightly to 9.5 months due to the annual drop in the number of homes for sale that takes place in November.

Here's the 100 Report for Minneapolis.

Weekend Open Houses

2007-11-10T09:41:00.000-06:00

If you're not watching Sunday's big game, come visit us at an Open House.

Neil will be at 3435 40th Ave S from 2-4 and Shari will be at 3017 38th Ave S from 2-4. It should be a beautiful Fall day to get out and about.

Rate Watch Friday November 9th

2007-11-09T13:46:00.000-06:00

Rates have actually inched up a tiny bit. Here are the rates from Burnet Home Loans for Friday November 9th:

Conventional Fixed
30 Year 6.25%
20 Year 6.125%
15 Year 5.875

Conventional Arm
5/1 5.875%
7/1 5.875%
10/1 6.125%

FHA/VA Fixed
FHA 30 Year 6.00%
VA 30 Year 6.00%

Market Activity Report, Nov. 6th

2007-11-06T15:45:00.001-06:00

From the Minneapolis Area Association of Realtors (MAAR):

With mortgage rates falling and a plentiful harvest of homes to choose from for area buyers, the pace of declining home sales in the Twin Cities has slowed slightly in recent weeks. Newly signed purchase agreements (pending sales) were behind this time last year by 16.7 percent for the week ending October 27, an improvement from the large declines seen in late September. While the inventory of homes for sale is still at a record high, it is beginning its annual autumnal drop and should continue to wane through the rest of 2007.

This week's edition of the MAAR Weekly Market Activity Report features updated figures for Mortgage Rates and Supply-Demand Ratio. Rates have fallen dramatically in the last two months, teaming up with home price declines to create important improvements in affordability that will benefit our market down the road. The Supply-Demand Ratio of 11.22 means there are 11.22 homes on the market for every buyer.

For a detailed look at the way our changing market is affecting buyers and sellers in various submarkets affected by price range, property type and construction status, take a look at our Housing Supply Outlook. Dig deeper.

First Snowflake Siting!

2007-11-05T13:15:00.000-06:00

Even though I have lived in Minnesota since 1989, this little Texan still gets really excited the first time snow flies - and it's flying now! I have to admit that this excitement is often tempered by dread of impending frigid weather. This year I am a little more brave after having received a home energy audit and making suggested improvements.

The big impact work we did was in our attic space (a.k.a. our bedroom). We live in one of those wonderful bungalows that had great expansion space in the attic. The previous owners finished the space quite nicely. However, there were a lot of attic bypasses into our room. Lots of air was freely being exchanged between the attic area into the bedroom area. This made for a hotter summer and a cooler winter. I won't lie to you. Crawling around in those attic spaces wasn't the most fun thing I have ever done, but it was very gratifying to make this improvement in our home. We noticed a big difference this summer and things have been feeling pretty good this fall. We have yet to turn on the heat upstairs. (Our upstairs has a separate heating system from the central air/heat that serves the rest of the house.) If you have never had a home energy audit done, I would encourage you to consider it. It's a great way to save energy and to help you embrace the snow.

What About Those Interest Rates?

2007-11-02T12:06:00.000-05:00

Rates remain the same despite the fed lowering rates 1/4 on Wednesday. We will keep watching... Here are the today's rates from Burnet Home Loans. I would stay away from those 10 year arms!

Conventional Fixed
30 year 6.125%
15 year 5.75%

Conventional Arm
5/1 5.875%
7/1 5.875
10/1 6.25%

FHA/VA
FHA 30 year 6.00%
VA 30 year 6.00%

Fed Drops Rates 1/4 point

2007-10-31T14:01:00.000-05:00

I just saw the news from Reuters that the Federal Reserve is dropping interest rates 1/4 point. It remains to be seen what effect this will have on mortgage interest rates. On Friday, Burnet's rates were at 6.125% for a 30 year fixed loan. It seems that rates have been between 6% and 6.5% for ages. If we dipped below 6% I think we would see some sparks. Stay tuned.....

Midtown Greenway Clean up

2007-10-31T11:20:00.000-05:00

Yesterday we went out in the beutiful 68 degree weather to clean the portion of the Midtown Greenway we have adopted from 38th Street to River Road. We were joined by our key volunteer Mary Lowe. Thanks Mary! The folks that use the Greenway seem to be pretty tidy - so there was not very much trash to clean up. Please let us know if you would like to volunteer for our srping clean up.

Fall is the new spring

2007-10-31T10:59:00.000-05:00

“Buy in the fall and sell in the spring” was my mantra for many years. The market has changed dramatically since I became a Realtor in 1999 and it is essential for me to stay in tune and make strategic shifts in order to “play the market”.

It didn’t take me long to figure out that spring was the time to sell (real estate spring used to start in February – even in Minnesota!) back in 1999. The numbers of listings were scarce and there was huge buyer demand. Homes usually sold in multiple offers before the sign went in the yard. I have this vivid memory of showing a house on a sunny day in South Minneapolis the first day on market. There were so many agents showing the house passers by thought it was an open house! In 2007 the picture is very different. There has been a dramatic increase in inventory. We went from having around 15,000 active single family listings in the 13 county metro area in 2004 to having around 35,000 in 2007!

The name of the game is now finding the relative scarcity. When is the best strategic timing for selling my home? I boldly say that November, December and early January (NOW) is a good time to put a home on the market. November 1st the number of listings drops like a bouncing ball. We start to see fewer listings going on the market and many folks taking there houses off of the market with plans to put them back on again in the spring. They are still listening to that golden oldie “buy in the fall and sell in the spring”. But guess what? It’s 2007! You will be competing with a much larger inventory in the spring. Folks buy and sell houses all year long. (This year we had two listings sell in multiple offers on January 5th!) Wouldn’t you rather have your home on the market when it has a better chance of standing out? Let me be the first to say “FALL IS THE NEW SRPING”.

Minneapolis Airport Noise Settlement

2007-10-30T12:09:00.001-05:00

From Mayor R.T. Rybak's office:

Minneapolis Approves Airport Settlement
$127 million Agreement Provides Noise Protection for 9,560 Homes
Oct. 16, 2007 (MINNEAPOLIS) -Minneapolis Mayor R.T. Rybak today signed the unanimous City Council action to approve a proposed settlement that will provide significant and meaningful relief from airport noise pollution for residents in the cities of Minneapolis, Richfield and Eagan.

"More than 9,000 residents, most who live in Minneapolis, will now get significant protection from airport noise pollution," Mayor Rybak said. "That was part of the original deal for expanding the airport more than a decade ago. When that promise was broken, we stood up for our citizens and today we delivered for those people who have waited too long for justice." More

Click here for an interactive Airport Noise map

Market Activity Report for week of Oct. 29

2007-10-30T10:30:00.000-05:00

From the Minneapolis Area Association of Realtors:

As the fall season progresses and we move toward winter, the number of homes for sale in the Twin Cities is in the midst of its annual decline. Total inventory in the 13-county region has fallen by almost 2,000 units in the last two months and should continue to drop through the remainder of 2007. Despite the seasonal dip, home sellers who choose to leave their homes on the market will still face a tough market, as the number of buyers is relatively low. Newly signed purchase agreements (pending sales) for the week ending October 20 were behind the same week last year by 18.1 percent.

Here's the latest Monthly Market Indicators

Weekend Open Houses

2007-10-26T12:08:00.001-05:00

If you're looking for either one of us on a Sunday afternoon, it's likely we're at an Open House.

This Sunday Shari can be found at 2623 Cedar Ave S and Neil will be at 1026 Burgess St.

How are Interst Rates?

2007-10-26T11:42:00.000-05:00

The second most common question we get asked as realtors is "How are Interest Rates?"

Much hullabaloo is made when interst rates creep up an 1/8th or 1/4 point. The media has a field day with this type of doom and gloom. It is rarely reported when interst rates go down - afterall, who wants to hear good news?!

For much of this year rates have been hovering right around 6%.

For today, Burnet Home Loans is publishing the following:

Conventional Fixed Rate Programs
30 year: 6.125%
15 year: 5.750%

Conventional ARM Programs
5/1 ARM: 5.875%
7/1 ARM: 5.875%
10/1 ARM: 6.250%

FHA/VA Programs
30 year fixed: 6.000%
1 year ARM: 6.000%
VA 30 yr fixed: 6.000%

Weekly Market Report October 22

2007-10-25T12:09:00.000-05:00

Weekly Market Activity Report
Buyers remain firmly in the driver's seat in the Twin Cities housing market, but sellers have begun to do a little backseat driving. Over the past three months, sellers have put 6.0 percent less homes on the market than they did for the same period last year. And for the week ending October 13—our most recent reporting period—they put 7.9 percent less homes on the market. While inventory is still at record highs and sellers are still competing for a smaller pool of buyers, signs of slowing seller activity are welcome news for an oversupplied housing market.

Newly signed purchase agreements (pending sales) for the last three months have declined by 20.5 percent relative to the same period in 2006, with the most recent reporting week seeing an 18.3 percent decline. The total number of active listings on the market has begun its annual autumn drop, with incremental dips each week for the last 5 weeks.

Click Here for the full market report.

Welcome

2007-10-24T19:17:00.000-05:00

Welcome to our blog.

Here we will post Minneapolis area Real Estate market news, upcoming events including open houses, mortgage interest rates, market stats, home maintenance tips etc.