Welcome to 7095 Northwood Court, sited on a quiet cul-de-sac in the demand neighborhood of Longacres. This home is truly a Gem, with amazing living spaces designed and built specifically with Family and entertaining in mind. From its custom finished Lower Level to it stunning landscaped yard this home has no equal in Longacres.

From pillar to post this home features brilliant details. Crown Molding can be found in every room. The main level features a Separate Formal Dining Room and Living Room, a spacious Eat-In Gourmet Kitchen, Great Room with gas burning fireplace and built-ins.

The Kitchen features Maple hardwood floors, Birch Cabinets, Granite center island, Stainless Steel Appliances and a Work station.

You will find four bedrooms on the second floor including the private Master Suite. With a vaulted ceiling, large walk-in closet and bath with a double vanity, this is a wonderful retreat.

If the top two floors aren’t quiet enough, the custom finished Lower Level of this amazing home will. A perfect space for entertaining, relaxing or the big game, all your needs are covered with the stone faced fireplace, custom built-in entertainment center and full service Wet Bar. The granite countered Wet Bar features a full refrigerator, wine refrigerator, dishwasher and microwave.

There is another large bedroom on this level.

This home is sited on a beautifully landscaped, private cul-de-sac lot. With the professionally built Deck and Paver Patio, enjoy every moment of this lush retreat. The Deck has been wired for speakers.

The residents of this neighborhood are more than neighbors; the relationships built here become great friendships. With the winding streets, private parks, walking paths you'll enjoy the prime location of this neighborhood nestled between the City of Chanhassen and the Village of Excelsior. Experience Lake Minnetonka and all the conveniences of Chanhassen. Longacres is a unique neighborhood that has a welcoming feeling of community; many social events take place throughout the year including an Annual Picnic, Bunco, Book Clubs and numerous parties. Made up of 225 Lundgren Brothers built residences, Longacres is a neighborhood that people aspire to live in.

For a private showing, please contact us at 952.470.2575 or visit StaffordFamilyRealtors.com for more information.

Check out this New Listing! 7095 Northwood Court, Chanhassen: http://ping.fm/bI4Yx

Great News for First-Time Home Buyers!

HUD recently announced that qualified First-Time Home Buyers who want to take advantage of the available tax credit of up to $8,000 now have another option available to them to help them become homeowners.

It's clear that first-time home buyers have been having a major impact on the housing market this year. The National Association of Realtors announced that first-time buyers, who typically account for less than 40% of home sales each year, have been especially busy…in March, homes that were purchased by first-timers accounted for 53% of all sales, and this percentage is expected to hold true for all of 2009.

With home affordability higher than ever, available tax credits and some of the lowest interest rates ever recorded for home loans, who can blame them? Particularly as a first-time buyer, there may never be a better time to buy a home than right now.

However, the availability of a tax credit, while a great incentive, does not put the money in the hands of a buyer right away. HUD's announcement now allows for prospective and qualified home buyers to borrow the money from approved agencies and lenders.

Weekly Market Activity Report from MAAR

1,004. 1,046. 1,083. 1,078. 1,120. 1,185.

Notice a pattern? That's the number of signed purchase agreements each of the last six weeks in the Twin Cities housing market, growing most weeks as the spring buyer market heats up. The 1,185 pending sales during the week of May 9 were a robust 26.6 percent higher than the same week in 2008. Over the last three months, there have been 2,228 more pending sales than the same period last year.

There are some caveats to this good news:

1. Traditional home sales (excluding foreclosures and short sales) over those last three months are down 17.6 percent from a year ago.
2. Sales above $190,000 are down 19.2 percent from a year ago.
3. Sales of new construction homes are down 16.8 percent from a year ago.

Looking through a sharper lens is sometimes the best way to fully understand market dynamics. Take a look at our Housing Supply Outlook and foreclosures and short sales report to learn more.

Weekly Market Activity Report from MAAR

Not everyone is thrilled by increasing numbers, but what they represent in the Twin Cities housing market is nothing to worry for 108 minutes over. Two increases—pending sales and housing affordability—are indicating improvement in the local housing market.

There were 1,120 pending sales for the week ending May 2, a healthy 26.3 percent above last year at this time. The Housing Affordability Index, now at 219, is 45.5 percent above where it was a year ago.

Active listings continue to underwhelm at 26,450, a decrease of 19.5 percent from last year. The lower figure, coupled with increased sales, has in turn helped to create a Supply Demand Ratio of 5.02 for April—31 percent lower than last year. Combining this with the 24.5 percent drop in Months Supply of Inventory over the past year could speak to the amount of houses (and foreclosures) remaining on the market that are selling through.

We don't want to get too far ahead of ourselves, but this could also usher in some new construction for the summer period. According to the Builders Association of the Twin Cities, there were 419 residential units permitted in April 2009, an increase of 43 percent over March 2009.

You don't have to be able to read hieroglyphics to see that within these numbers there could be some optimism found in what was once Lost.

SO MUCH GOING ON!!!!

It has been another crazy week here in the Stafford Family Realtors Office. We have so much to report!

We have added another New Listing to our desk:

Presenting

748 Kirche Hill Drive, Carver
4 Bedroom / 2 Bathroom / 2 Car Garage
$234,900
MLS #3681868

This well maintained home is just a short walk from 2 neighborhood parks and historic downtown Carver. The current owners have put a lot of work into this home. Their efforts include new paint thruout, new carpet and pad, new light fixtures, new hardware, new wood flooring, new tile, new faucets in the bathrooms.... NEW, NEW, NEW! Great for a First time home buyer!

Take advantage of the new $8,000 Tax Credit as a first time home buyer. Stop by the open house on Sunday, May 17th from 12 -2 and find out more information.


We are also currently running a promotion! When you stop by any of our open houses this month, you can fill out a form to be entered to win a $50 gift card to Bachman's nursery.

OPEN HOUSE SCHEDULE

Saturday, May 16th

1 - 4 PM
1340 Alpine Pass, Golden Valley $399,900 -
Just Reduced $20,000! Now listed at $150,000 LESS than what the previous owners paid in 2008.

Sunday May 17th

12 - 2 PM
748 Kirche Hill Drive, Carver $234,900 -
Just Listed, this is the first open.

12 - 2 PM
9108 Overlook Court, Chanhassen $510,000 -
Another Great listing that has received a price reduction.

2:30 - 4:30 PM
6605 Pointe Lake Lucy, Chanhassen $872,000 -
Another Price Reduction! Beautiful Masterpiece in Minnetonka School District.

2:30 - 4:30 PM
8500 Cedar Court, Victoria $335,000 -
This one too!!! Just reduced. First open since reduction.

3 - 5 PM
910 Anthony Way, Victoria $429,900
Beautiful Twin Home loaded with all the upgrades. Granite, Tray ceilings, Private Master, One Level Living!


STOP BY AND SEE US!

For more information on these or any of our other listings, visit STAFFORDFAMILYREALTORS.com, or call 952.470.2575.

Weekly Market Activity Report from MAAR

We trust that you had a good May Day, International Worker's Day or early Cinco de Mayo celebration. Whatever your cause for celebration, the Twin Cities housing market did not take a holiday. During the week ending April 25, pending sales posted their fourth consecutive week of more than 1,000 sales, a feat not accomplished since 2006. The 1,078 sales represent a 34.1 percent increase over the same week last year.

Supply remains a different story. New listings were hitting the market at a robust pace last spring, but activity has been comparatively tepid this year. New listings are 16.4 percent behind one year ago and the overall supply of homes for sale trails last year by 19.0 percent. We have remained near 26,000 homes for sale for most of this year, betraying the healthy seasonal growth we typically see this time of year.

Yes, supply is down, but there's still plenty of inventory out there. April's showers are behind us, the Housing Affordability Index is stratospherically healthy, low mortgage rates persist, and a first-time buyer tax credit remains in effect. At this clip, your buyers could certainly find May flowers blooming in front of their newly purchased homes.

Weekly Market Activity Report from MAAR

Low mortgage rates, high affordability and government programs designed to encourage home purchases are continuing to spur home sales this spring despite an iffy economy. The week ending April 18 was the fourth consecutive week of pending sales activity that was more than 20 percent higher than during the same week in 2008. There were 1,083 pending sales for the week, up 21.3 percent from this time last year. It was also the third consecutive week of 1,000-plus unit sales, a first-time occurrence since 2006.

All these sales are quickly whisking inventory off the market at a time when new listing inventory is not growing at its typically robust spring rate. The number of total homes for sale is down 18.4 percent from a year ago at 26,318. As a result, the gap between this year's supply of homes and that of previous years continues to grow.

Weekly Market Activity Report from MAAR

Hopeful signs of a Twin Cities housing market recovery carry on thanks to a combination of no growth in the spring supply of homes for sale and still-improving sales figures.

Helping to keep inventory down is slow new listing activity, a metric that has been sluggish all year. For the week ending April 11, there were 20.7 percent fewer new listings than there were during the same week in 2008. Pending sales are still trending in the opposite direction, up 21.9 percent in year-over-year numbers to 1,046 for the week. That's only the second week of 1,000-plus pending sales or more since May 2007. If these two metrics persist, the market could be in for some serious re-balancing.

With the Housing Affordability Index reaching 218—an increase of 40.8 percent over last year—it seems to be an awfully good time for buyers to get off the wall and on the dance floor...being mindful that 29.1 percent of the dance partners are lender-mediated.

CLEAR OUT THE CLUTTER

Spring is here and over the past few weekends I have noticed all the people cleaning out their garages and homes. Trash bins are overflowing with all the unused and cast off items that gathered dust all winter.

Are you one of these people? If so, instead of tossing out all that stuff come and visit us at the Annual Coldwell Banker Burnet for Bridging Event on Saturday April 25th, 2009 from 10-2.

Bridging is a non-profit organization that offers free household items and furniture for families in transition.

Tax receipts for donations are available.

Call us for more information! 952.470.2575

Open Houses for Sunday, April 19th, 2009

Stafford Family Realtors are excited to announce our open houses for this upcoming Sunday. If you miss the ads in the Star Tribune, here is more information.


8500 Cedar Court, Victoria Open: 12-2
$349,900
4 Bedroom / 3 Bath / 3 Car Garage

Our newest listing! This beautiful custom built home from Sondegaard Forcier is finished with Pottery Barn touches. Freshly painted and newly enameled Kitchen accent the spacious open Great Room Floor plan. Featuring a Main Floor Office and large back yard.


606 Carver Bluffs Parkway, Carver Open: 12-2
$459,000
4 Bedroom / 4 Bath / 3 Car Garage

Sighted on the breath taking Carver Bluffs, this former Hans Hagen Model home is loaded with all the high-end amenities. Stainless Steel Appliances, Quartz Counters, Hardwood Floors, 2 Stone Front Fireplaces, custom stained built-ins on every floor and a Two Story Dining area.


3120 Shores Boulevard, Minnetonka Open 12-2
$215,000
3 Bedroom / 1 Bath / 33 Car Garage

Just steps from Lake Minnetonka and two neighborhood parks, this newly remodeled home features new everything! New windows, sliding glass patio door, Hardi Plank siding, new floors throughout, new kitchen, new appliances, new mechanicals, new bathroom, NEW, NEW, NEW!


9108 Overlook Circle, Chanhassen Open: 2:30-4:30
$520,000
5 Bedroom / 4 Bathroom / 3 Car Garage

Located in demand Springfield of Chanhassen, walk to Lake Riley, Bandimere Park or any of the many walking trails. The new Hwy 212 extension offers easy access to the entire metro area. Upgrades include a Gourmet Kitchen with Granite, Great Room floor plan and a loft that can be converted to a 4th bedroom on the second floor.

We look forward to seeing you on Sunday. For more information, please contact Stafford Family Realtors at 952.470.2575 or visit www.StaffordFamilyRealtors.com for more information on these or any of our other listings.

Weekly Market Activity Report from MAAR

It's becoming a wild and active spring for the Twin Cities housing market. First, pending sales ought to give REALTORS® some joy in their Easter baskets, with 1,004 reported for the week ending April 4—a 28.7 percent increase over last year and the best single week since May 2007. New listings went skyward compared to last week with 2,055 for the week ending April 4, but they remain 11.2 percent behind the same week a year ago.

The recent jump in sales is bringing the supply of available homes down even further. There are currently 26,085 homes on the market in the region—17.5 percent below this time last year and good for 7.7 months of supply.

Finally, like Warren Robinett in Adventure, this week's WMAR has its own Easter egg tucked away. The Housing Affordability Index for April has grown to 218, which means the median family income is 218 percent of what's necessary to qualify for the median priced home. For those of you scoring at home, that's a 40.8 percent increase over where we stood last year at this time and is 77.3 percent over our low point of 123 in July 2006. We have to bear in mind that increased lender-mediated activity makes that number supernaturally high.

All in all, dropping prices, low mortgage rates and government incentive programs for home buyers are making this a spring to remember.

Two Great New Listings!!!!

We are pleased to announce two great new listings brought to you by Stafford Family Realtors.

8500 Cedar Court, Victoria MLS# 3668083
$349,900
4 Bedroom / 3 Bath / 3 Car Garage
Pottery Barn beautiful, this home has been freshly painted and shows wonderfully. Newly Enameled kitchen cabinets. Main Floor Office can be used as a separate formal Dining Room or Bedroom. This home features amazing living spaces including a Great Room, Master Suite with private Bath and a Large Eat-in Kitchen.

6461 Oriole Avenue, Chanhassen MLS# 3667982
$259,000
4 Bedroom / 2 Bath / 2 Car Garage
This one won’t last long! Priced to sell, this home is NOT a short sale or foreclosure. Sited on a large lot with mature trees, just steps to Lake Minnewashta, schools, shopping and parks. Amenities include an updated Kitchen, beautiful hardwood floors under carpet in Dining/ Family Room, 3 Wood burning Fireplaces, 2 Full Baths and much more to see.

For more information on these or any of our other listings, please visit StaffordFamilyRealtors.com or call for a private showing to day.

952.470.2575

FIRST ANNUAL MOVIE EVENT

First off, we would like to thank all of our Friends and Clients who came and supported our FIRST ANNUAL STAFFORD FAMILY REALTORS MOVIE EVENT.

With your generous support, we were able to collect over 370 Pounds of food for the CAP Agency Food Shelf.

We had a great time watching Monsters vs. Aliens with all of you and cannot wait for next year when we will try to top our numbers!

THANKS AGAIN!!!

Open Houses for April 5th

We have some great homes open this Sunday!

1340 Alpine Pass in Golden Valley.
1-3:00 PM

We recently received a $20k Price Reduction on this Beautiful Condo Alternative in Tyrol Hills. Situated on a double lot, this home features a Gourmet Kitchen, beautiful Wood Floors and a totally remodeled Bathroom.

910 Anthony Way, Victoria
12-2:00 PM

Just Listed! This twin home lives large. Built from the specs of the model, you will find Granite, Custom Stained mill work and much more. This is main level living at its best!

6605 Mulberry Circle East, Chanhassen
1-3:00 PM

Pottery Barn finishes accentuate this home in award winning Minnetonka Schools. This is a great opportunity.

Please visit StaffordFamilyRealtors.com for more information or call 952.470.2575.

Top 10 Most Heavily Taxed States

It’s April, so people’s thoughts are turning to taxes, and where they live makes a big difference in how much they pay.

Here are the 10 states with the highest taxes, including property, individual income, sales, alcoholic beverages, tobacco, motor vehicles, hunting and fishing, motor fuels, death and gift taxes, as well as insurance premiums. The per capita tax was derived by adding up all the taxes and dividing the total by the number of citizens.

1. Vermont, $3,861
2. Hawaii, $3,856
3. Connecticut, $3,596
4. Minnesota, $3,203
5. New Jersey, $3,024
6. New York, $3,019
7. Massachusetts, $2,953
8. Washington, $2,553
9. Wyoming, $2,357
10. Pennsylvania, $2,223

Source: Forbes, Matt Woolsey (03/30/2009)

Weekly Market Activity Report from MAAR

With mortgage rates plunging downward in recent weeks in response to actions taken by the Federal Reserve, home buying activity remains strong.

For the week ending March 21, pending sales in the Twin Cities were 13.0 percent higher than the same week last year, while the number of new listings on the market was basically flat. Over the last three months, there have been approximately 1,200 more signed purchase agreements than there were a year ago and 3,000 fewer new listings. During this time, 58.1 percent of pending sales have been lender-mediated foreclosures and short sales, while 37.1 percent of new listings have been lender-mediated. The fact that the share of lender-mediated sales easily exceeds the share of new lender-mediated listings is a hopeful sign.

New buyers entering this market will be met with strong affordability but will have less to choose from compared to previous years. There are currently 26,064 homes for sale in the metro area, which is down 15.7 percent and 4,840 units from this time in 2008.

Open Houses for March 29th

Come and visit us at one of our great open houses this upcoming Sunday!

First time open!
3120 Shores Blvd. 12-2
Minnetonka, MN
$215,000

This home is cute as a cupcake! Totally remodeled and loaded with new everything. New Appliances, New Windows, New Roof, New Siding, New Garage, New New New!

9108 Overlook Court 12-2
Chanhassen
$520,000

Located in the family friendly neighborhood of Springfield, this single family home has been beautifully upgraded and features a lower level walk out basement, great for entertaining.

6605 Pointe Lake Lucy 2:30-4:30
Chanhassen
$899,900

A Masterpiece in Minnetonka School District. This home has so many great features, the only way to believe it is to see it.

For more information on these open houses or any other Stafford Listings, please visit StaffordFamliyRealtors.com or call 952.470.2575.

Weekly Market Activity Report from MAAR

Has everyone remembered to "spring" forward? It looks like the Twin Cities Housing Market certainly has, as the new season has brought in an uptick in sales along with the warm weather. The market can only hope that "spring" fever is more than just a figure of speech.

Speaking of pending sales, while they have tapered off during the week ending March 14, there is no denying that since the new year began pending sales have steadily outperformed last year’s numbers. In fact, even with almost no increase in pending sales activity the 870 pending sales for the week are still 14.9 percent higher than last March at this time.

Total active listings are another story. While new listings for this period are only 13.9 percent lower than last year, active listings are down nearly 14.7 percent. This can be looked at in a positive light, however if you consider that pending sales, decreasing inventory and higher HAI (Housing Affordability Index) are all helping to get more people into homes throughout the new spring season. This coupled with the federal government’s tax credit efforts could give the Twin Cities housing market the added boost it needs to awaken and to realize the potential that is out there.

There are many other events that coincide with spring: spring training, spring fever, spring boards… ok, that last one isn't technically associated with the season. But with the Month’s Supply of Inventory for March down 15.2 percent over last year, agents across the Twin Cities can assist buyers in diving right into the market now that conditions are beginning to warm.

Weekly Market Activity Report from MAAR

Weekly Market Activity Report
Ah, spring: that festive season when a young home buyer's fancy turns to thoughts of warm weather, green grass, new flooring, breakfast nooks and purchase agreements.

Pending sales continue to outperform last year, posting 869 for the week ending March 7—good for a 24.7 percent increase. Of these signed purchase agreements, 56.6 percent were for lender-mediated foreclosures and short sales.

New listings for the same time period comparison dropped by 12.6 percent, continuing a months-long trend of fewer home sellers. Increased sales has combined with decreased new listings to draw down the total inventory of homes for sale. The number of active listings for sale is down 14.9 percent from this time last year to 25,901.

Overall, that twitterpated feeling some may be experiencing now is not uncommon. The snow is finally melting, the sun is shining, and home sales all over the Twin Cities have been growing in strength for nine consecutive months

Open Houses for March 15th

We have three great properties that we will be hosting open houses at. Two new listings, their first time on the market are located in the Springfield Neighborhood in Chanhassen and we will be holding a tandem open.

550 Summerfield Drive, Chanhassen
Open 12-2 PM

9108 Overlook Court, Chanhassen
Open 12-3 PM

Both beautiful properties have just been listed on the MLS and have been upgraded with all the amenities. You'll love these homes!

6557 Bartlett Boulevard, Mound
Open 1-3 PM

Come and visit us this weekend.
For more information on these or our other listings, visit StaffordFamliyRealtors.com or call 952.221.7751.

$15K PRICE REDUCTION

Big News! We have recently reduced the price of a beautiful one-owner home in Chaska's Bellavista neighborhood.

1632 Isabella Parkway
Chaska, MN 55318

is now being offered at $535,000. This is a great deal in a rarely available neighborhood n the award winning Chaska Town Course.

Visit StaffordFamilyRealtors.com for more information on this listing or call us at 952.221.7751.

Pricing Disagreement: What is a Home Worth?

Homebuyers and the real estate professionals they choose to sell their homes don't always agree over what the property is worth, and many buyers think both of them are setting prices too high, according to a survey by HomeGain.com Inc.

The survey found that 63 percent of homeowners believe the price their practitioner recommended is too low. About 45 percent of sellers think prices should be 20 percent to 30 percent higher, while 14 percent believe their home should be priced a whopping 30 percent higher.

Meanwhile, 21 percent of homebuyers say the homes they are considering are overpriced by up to 10 percent; 32 percent say prices are 10 percent to 20 percent too high; and 6 percent say homes are more than 21 percent over priced. Only 18 percent believe homes are priced fairly.

“Homeowners know that prices have fallen, but that somehow doesn’t apply to them because they have ‘upgraded vinyl’” or something, Pamela Frey-Primiani of Keller Williams Realty in Sicklerville, N.J., says. “Sellers have got to be realistic in their expectations. An overpriced home in these times does nothing — no showings, no offers, just whining from sellers that it’s all someone else’s fault that the home hasn’t sold.”

Source: HomeGain.com Inc. (03/05/2009)

Weekly Market Activity Report from MAAR

As we approach St. Patrick's Day, there's reason to take advantage of our Blarney Stone kisses and impart some eloquence (or "gift of gab" if you prefer). New listings continue to trail year-over-year numbers in our local housing market, coming in at 1,628 for the week ending February 28, which is 19.2 percent behind this week last year. Total active listings are roughly 5,000 below this time in 2008. In an oversupplied market, this is cause for celebration. Continued growth in home sales adds to the festive spirit, with pending sales showing a healthy 12.1 percent increase over the doldrumish numbers of last February.

There are several important monthly indicators to look at in this week's report. Days on Market Until Sale in February stood at 157 days, down 4.8 percent from last February. This is the third consecutive month of downward year-over-year movement. The Housing Affordability Index (HAI) continues its yearlong improvement with a March 2009 HAI of 206—31.2 percent ahead of its March 2008 mark of 157. Months Supply of Inventory is holding relatively steady at 7.8 months, down 15.2 percent from the mark of 9.2 months we saw a year ago.

According to John Tucillo, one of the foremost real estate economists in the U.S. and former Chief Economist for NAR, there are three necessary phases that must occur for the housing recovery to launch:

1) a decline in new listing activity

2) a decline in days on market

3) an increase in sale price to list price ratio

The first phase came about last summer and the second phase began in the fourth quarter of 2008. Hopefully the third phase will occur sometime this year. Strong affordability, improving chances for a housing recovery and a federal tax credit for first-time buyers equates to a welcome home-buying environment—a little Irish luck for real estate.

Weekly Market Activity Report from MAAR

Brr! Did the last snowstorm convince you that winter has not loosened its icy grip on the Twin Cities quite yet? It seems assured that March will lion in and lamb out, but the Twin Cities housing market is not expected to show the same pattern, as sales continue to climb upward when compared to last year's numbers.

Since December 2008, pending sales for the Twin Cities housing market have continued to outperform the same week for the prior year. For the week ending February 21, pending sales are up 12.4 percent vs. last year at this time. Deep freeze or not, buyers are showing a willingness to brave the temperatures for a deal.

New listings checked in at 1,558, which is 15 percent below 2008. Active listings are off from last year by about 4,000 (or 13.7 percent fewer) homes. Warmer weather tends to coincide with more activity, so we'll be watching new and active listings with much interest over the next few months.

Another number to watch is the Supply-Demand Ratio (SDR). This figure, representing how many homes are available per buyer, is down 21.8 percent to 6.38 homes per buyer compared to last year. That's now nine months in a row of lowered year-over-year SDR. With fewer active listings and a shrinking SDR, sellers may begin to feel some easement from the buyer's market wedge. It's too early to tell, but as many of our REALTOR® members are telling us, the increase in foot traffic is palpable.

Weekly Market Activity Report from MAAR

One. That's the number of times over the last 33 weeks that we've had fewer pending sales this year than we did a year ago. And the week in question was Thanksgiving—a week where making an offer on a home is typically ignored in favor of turkey and afternoon naps during another loss by the Detroit Lions.

The buying party continued for the week ending February 14, as there were 731 pending sales in the Twin Cities—up 17.1 percent. Over the last three months, there have been almost 1,200 more pending sales than there were last year. During this time period, 60.3 percent of sales were lender-mediated foreclosures or short sales.

Increased sales means increased absorption of inventory means less houses for sale. There are approximately 4,000 fewer houses for sale right now than there were at this time last year, a drop of nearly 14 percent. New listings remain sluggish as well. The most recent reporting week saw a 9.5 percent year-over-year drop.

Here’s a warning for potential borrowers: Nervous lenders have tough new rules and are paperwork crazy.

"Borrowers are going to have to prove they are the borrower they say they are," says Keith Gumbinger, vice president of HSH Associates, a mortgage-industry publisher in Pompton Plains, N.J.

Gumbinger says homebuyers should consider these things before they apply for a loan.

1. Down payments are critical. Borrowers should expect to put down at least 10 percent for a “conforming loan” – a mortgage that Fannie Mae and Freddie Mac will purchase.

2. Credit scores count. A 720 on the 850-point FICO rating scale will get a borrower access to the best rates. Rich Bira, branch manager of FCM Direct Lender in Chicago, says: "A score between 720 and 739 gets 0.125 percent added to the rate, a score between 700 and 719 gets 0.375 percent added to the rate, and a score between 680 and 699 gets 0.5 percent added to the rate.”

3. Consider VA and FHA. Borrowers without down payments or with less than stellar credit scores should consider these government-insured loans offered through the Federal Housing Administration of the Veterans Administration. 4. Unearth the records. Before applying, borrowers should organize tax, banking and other records that prove income, savings and debts. They should also expect to be patient about what may seem to be endless requests for information.5. Get rid of debts. Limiting debts, including what borrowers expect to pay for the mortgage, to less than 43 percent of gross income is important.

Source: Chicago Tribune, Mary Umberger (02/15/09)

Weekly Market Activity Report from MAAR

Did you find your "ain true love" on Saturday night? Or were you out there showing houses and adding to the already sizable gains in pending sales seen in the Weekly Market Activity Report? Either way, it appears that more Twin Cities home buyers are finding their hearts' desire as we enter the second month of 2009.

New listings continue their seasonal upward movement, with 1,780 homes for the week ending February 7. This is a 16.2 percent decrease from the same week last year—an ongoing good news trend for an oversupplied market. For the same time period, there were 745 pending sales, an increase of 17.5 percent compared to last year at this time. Sales have increased more steadily than new listings so far this year, which has helped reign in our Months Supply of Inventory to a healthier 7.7 months—down 13.5 percent from last year.

Active listings for sale continue to trail year-over-year numbers. There are currently 25,537 homes for sale, a 12.4 percent decrease from last year. Thankfully, increasing affordability means that a healthier share of these homes should find true romance with a buyer than in previous years.

This information was compiled by Minneapolis Area Association of Realtors.

Home Buyer Tax Credit

The White House and Congress agreed to give first-time home buyers a tax credit for 10 percent of the value of a home, up to a maximum of $8,000. The tax credit is part of the $787.2 billion economic stimulus plan, which President Barack Obama is expected to sign early this week. The tax credit was scaled back from an earlier Senate proposal of $15,000.

The tax credit will apply only to first-time home buyers who purchase a home from the start of 2009 to the end of November 2009. The credit begins phasing out for couples with incomes above $150,000 and individuals with incomes above $75,000. Buyers will have to repay the credit if they sell their home within three years.

The National Association of REALTORS® (NAR) estimates that the tax credit will result in an additional 200,000 home sales and enable many new home buyers to enter the market. According to NAR, first-time home buyers purchased 2.2 million homes last year. This represented 41 percent of all U.S. home sales, up from 39 percent in 2007 and 36 percent in 2006.

Information was first published by Coldwell Banker Burnet Hot Wire Xpress.

FAQ: Senate Stimulus Bill and the Home Buyer Tax Credit

Thanks to Brian Call of Rubicon Motgage Advisors LLC, here are some answers to your questions about the Senate Stimulus Bill.

There have been several questions about the proposed $15,000 home buyer tax credit that is in the Senate version of the economic stimulus bill. It is important to remember that the proposed credit is far from a done deal. If it passes, it will have to be reconciled with the House version of the stimulus bill, which modifies an existing $7,500 home buyer credit, repealing a provision that requires buyers to pay it back.

There are some big differences between those two versions. The Senate version is nonrefundable, meaning you can only receive the credit if you owe federal income taxes. The existing credit is refundable, meaning you get a check from the government even if you do not owe income tax. And the current credit applies to first-time home buyers, defined as anyone who has not bought a house in three years. The Senate version is open to existing homeowners.
Here are some more

Frequently Asked Questions:

If I bought a home and used the $7,500 home buyer tax credit, can I retroactively receive $15,000 credit if it becomes law? No.

Are there any income restrictions on the tax credit? The Senate version currently has no income limits. The current $7,500 tax credit phases out on buyers with incomes exceeding $75,000 for individuals and $150,000 for married couples.

When will the new tax credit go into effect? The Senate version would take effect when the bill is signed by the President into law, and it would last for one year.

Can I take the tax credit this year? Yes. The Senate proposal would allow buyers, even those who purchase in 2009, to claim the credit on their 2008 taxes.

The proposed tax credit is nonrefundable. What does that mean? You can only receive the credit to the extent that you owe federal income taxes. The Senate proposal would give home buyers two years to claim the credit, so buyers could claim a $7,500 credit in 2009 and a $7,500 credit in 2010. A family of four that makes less than $82,000, for example, could have a tax liability of less than $7,500 and they would not receive the full value of the credit.

Are there any repayment requirements on the tax credit? No. The Senate proposal does not require the credit to be paid back. The House proposal eliminates a 15-year repayment provision on the existing $7,500 tax credit.

If I am eligible for the current $7,500 credit, am I also eligible for the $15,000 credit? While the $15,000 credit has fewer restrictions than the existing credit, there is one big difference: because the credit is nonrefundable, if you have a low federal income tax liability, you could end up receiving more money with the current credit than the larger, proposed credit.

Are there any increased down payment requirements on the proposed tax credit? No. A separate measure has been introduced in the House that would expand the tax credit to $15,000 but would require a 5% down payment on mortgages. The Federal Housing Administration currently requires a minimum 3.5% down payment.

Can I use the tax credit to buy a second home? No.

How long do I have to live in my home after I purchase it with the tax credit? The Senate version requires buyers to pay back the credit if they sell the house less than two years after they buy it.

If you are looking for more information please contact Eric or Sharla at 952.470.2575 or Brian Call at briancall@rubiconmortgagellc.com.

http://www.staffordfamilyrealtors.com/

Weekly Market Activity Report from MAAR

For the week ending January 31, new listings continue at a lower level than seen last year, clocking in at 1,635—a 15.3 percent drop. Conversely, pending sales continue to raise sand with 673 recorded for this week's report—25 percent above last year. Basically, this is all welcome news. Having fewer listings on the market, combined with an increase in pending sales, helps to reduce the Months Supply of Inventory to 13.5 percent when compared to last year at this time—down from 8.9 to 7.7 months. This means it will take the current supply of houses for sale 7.7 months to sell (on average).

The Percent of Original List Price Received at Sale continues to fall, with the January figure of 89.5 sitting at 1.6 percent less than 2008. It's important to consider sales prices of foreclosure homes and how they affect this figure.

Our new Housing Affordability Index jumped to 202 in February. This is a new record and means that the median family income is 202 percent of what is necessary to qualify for the median-priced home. Again, we must consider how the sales prices in the lender-mediated market are affecting this figure, but we can say with some confidence that there are a number of very attractive buying opportunities in the local housing market. If we are able to maintain these trends, we'll be well on our way to killing the blues. And to this current market malaise, we'll be singing "gone, gone, gone (done moved on)."

Information compiled and published by Minneapolis Area Association of REALTORS.

NEW LISTINGS

Announcing Three Great New Properties from Stafford Family Realtors

We are excited to announce three new listings that will be coming to the MLS over the next month or so.

Our first property is located in Chanhassen in the Springfield neighborhood. This property is an executive single family home in a beautiful neighborhood. Family friendly this neighborhood sits close to shopping, entertainment, schools, parks and the new 312 corridor.

Are you looking for the perfect destination for your vacation home? Located near Cook, MN, we will soon offer a 7.55 acre property on Lake Vermilion. Ultra private and sited on an exclusive part of the lake, this home is upgraded and comfortable, great for family vacations or a quiet get away.

We also will be bringing on a great family home in Carver Bluffs of Carver. More information to come.

Please contact Eric or Sharla Stafford with any questions.

PRICE REDUCTION

We are extreamly excited to announce that we have recived a $40,000 price reduction on 1340 Alpine Pass in Golden Valley. This beautiful home, built in 1963, sits on a large double lot over looking ponds and mature trees.


The home has been completely updated and features a Gourmet Kitchen with Stainless Steel appliances and Stained Cement counter tops. There are natural Hardwood floors thruout. The reciently updated bathroom features a double vanity with Corian counter tops and a tiled, heated floor.


The home is the perfect alternative to condo style living with all the amenities and room to roam.

With the new price, we are $75,000 less than what the home sold for previously.


This is a truly remarkable opportunity! Don't let it pass you by!


For more information, visit www.StaffordFamilyRealtors.com.

Home Fads That Are Falling Out of Style

In this ever changing world, Fads come and go. The Eighties are trying to make a come-back in personaal fashion, bigger is not always better and Feng Shui has fallen out of alinement. It is hard to keep up with all the changes. Below is a list of the top 6 Fads that have fallen from grace with the Real Estate world.

This list was published on REALTOR, a magazine for Real Estate Professionals. The tips have been compiled by Melissa Dittmann Tracey.

1. Fireplaces: The fireplace skyrocketed in importance in homes in 1991 with 62 percent of new homes having one or more. But the number has steadily been decreasing ever since. In 2007, the number dropped to 51 percent.

2. Carpet: While 54 percent of homes still have carpet floors, the number is decreasing and hardwood floors are taking the place. Vinyl and ceramic tile flooring also are being bypassed more by buyers. Seventeen percent of new homes contain hardwood floors throughout the entire house.

3. Living room: These once-decorative centerpieces of homes are slowly vanishing from newer homes. Thirty-four percent of consumers say they’re willing to buy a home without a living room.

4. Desks in the kitchen: These desks were once looked at as great storage areas but they’re often too small and quickly become clutter spaces in a home, said Gayle Butler, editor in chief of Better Homes and Gardens. Instead, more consumers say they prefer larger desks in or near the family room—equipped with a messaging center—where they can keep an eye on their kids as they work on the computer.

5. Skylights: The little windows that allow natural light to seep into a home from above are falling out of style. Only 10 percent of new homes will include them this year, a continuing downward spiral for skylights.

6. Upscale kitchen finishes: Granite countertops are slowly becoming less desirable among buyers who are now moving toward affordable, low-maintenance laminate countertops—which tend to last longer and now come in various styles.

Weekly Market Update

With temperatures remaining stubbornly arctic, there is a very real possibility that we'll stay below freezing for the entirety of January. After a steady rise for the first two weeks of 2009, the Twin Cities housing market is reflecting the cold, with new listings down by 18 percent when comparing the week ending January 17 to the same week last year. If new listings continue to taper off, the market's supply balance can handle it, as we are still tilted generously in favor of the buyer.

For the same time period comparison, pending sales are up 13.2 percent over last year, and January 2009 has steadily outperformed January 2008. Total active listings trail last year, down by at least 10.5 percent. An ideal situation would be for listings overall to hold steady and for pending sales to keep rising...hopefully bringing temperatures up as well."And all the clouds that low'r'd upon our house, in the deep bosom of the ocean buried." – WS, R3

Information compiled and published by Minneapolis Area Association of REALTORS

You Can’t Stand in the Way of Progress

60-ton house moves across ice on White Bear Lake

Manitou Island, White Bear Lake's tony private island neighborhood, will be short one house this morning.

The house that sheltered generations of caretakers on the island is moving — but only a few blocks away.

Still, for homeowner Doug Kraemer and house mover Terry Semple, who together have picked up and transported a dozen homes in White Bear Lake, this move will be different. They will be wheeling the century-old home across lake ice to make room for potential development on Manitou.

"Honestly, in this economy we're up for anything," said Semple, only half joking. Actually, the lake route is the only one possible.

The bridge that connects the island with the mainland is too narrow and wimpy to support the 60-ton house, Semple said. And with White Bear Lake water levels down 6 feet — meaning the 100-yard-wide channel between the island and Matoska Park is frozen solid in parts — a ride across the ice became plausible.

But that doesn't mean the move is easy. Semple has been trying to thicken the ice in areas by pumping water onto the surface of the lake, and he thinks he has a couple of feet of frozen stuff where he needs it.

The weight of the home will be spread among 64 tires as the house inches over the lake, winched from the far shore.

"It's far more common to tear down a house, sat's one of the neat things about this story — they are saving it," said Sara Hanson, the group's executive director.

The move will allow the Manitou Island Homeowners Association to divide the caretaker's lot into two lots for future building.

The house ultimately will sit on a lot on Sixth Street, just off the corner from Johnson Avenue. But it will have to wait at the back of the lot until spring, when Kraemer can dig a basement and put up a foundation.

This story appeared in the St. Paul Pioneer Press and was written by John Brewer. To read the full article, click the link below:

http://www.twincities.com/ci_11569047

Super Bowl

In honor of Super Bowl XLIII, Stafford Family Realtors will not be hosting open houses the weekend of February 1st.

!Go Cardinals!

Open Houses for January 25

Come stop by for a visit this Sunday at one of our Open Houses:

We have recently recieved a $500,000 price reduction on our two lake properties.

6557 Bartlett Blvd. in Mound will be hosted open by Eric from 2-4 in the afternoon. Stop in and check out this well appointed, luxury lake home on the shores of Minnetonka. This home has it all from an indoor elevator, gourmet kitchen, tram to lake and a Nanny's Suite. If you like this one, ask Eric about 6553 Bartlett Blvd.

We will also host our 7269 Bent Bow Trail in Chanhassen open from 12-2. This home has also seen a $35,000 price reduction, making it the Best Value in Chanhassen. Only Relocation brings this home in demand Longacres on the market.

Just minuets away from downtown, shopping and fabulous parks is 1340 Alpine Pass in demand Tyrol Hill of Golden Valley. This home is the perfect alternative to condo style living. Sited on a double lot with many mature trees, you can enjoy downtown style with pond views. Open from 2-4.

Please visit our website at StaffordFamilyRealtors.com for more informaion!

Weekly Market Activity Report

There's much "change" in the air around the world today. And there is also change happening on the streets of the Twin Cities metro area, as the number of new listings appearing in our Weekly Market Activity Report takes its ascendant year-opening uptick. Despite the increase, new listings for the week ending January 10 have not quite matched the numbers seen at this time period last year (down 7.6 percent), and pending sales are riding a healthy clip above where they were last year (up 19.4 percent) as more homeowners pour back into the market after the year-end transition.

As a summation of how most of 2008 went, total active listings for the year finished down 10 percent from the year before. Time will tell if the flurry of optimism associated with today's presidential inauguration will work its way into the economy, the housing market and, specifically, the Twin Cities housing arena. Hope meets anxiety at the crossroads of 2009.

This information is compiled and published by the Minneapolis Area Association of REALTORS.

Two Great Price Reductions!

We are excited to announce that we have received a HUGE price reduction on two of our Lake Minnetonka listings.

6557 Bartlett Boulevard, Mound

6553 Bartlett Boulevard, Mound

Both properties have been reduced $500,000, we are now at $1,500,000. Both of these Gorgeous Custom built homes overlook Halstead’s Bay on Lake Minnetonka.

We will be hosting 6557 Bartlett Boulevard open this Sunday, January 25th.

For more information on these and all our other listings, please visit StaffordFamilyRealtors.com.

Weekly Market Activity Report from MAAR

The New Year rang in with the normal post-holiday increase in new listings, but listings are still down from the same week last year. Pending sales for the week ending January 3 showed a strong increase during the year-end transition, rising nearly 40 percent compared to last year. Over the last three months of the year, pending sales were 18 percent higher than last year. Local housing inventory has reached its annual low point but looks to rebound in the opening months of 2009.

This week's edition of the MAAR Weekly Market Activity Report features updated figures from several important metrics:

In December, Days on Market Until Sale dropped 6.3 percent compared to last year. The market appears to have reached a plateau in the amount of time needed to sell a house, and this welcome decline certainly could continue into the next year.

Percent of Original List Price Received at Sale closed at 90.0 in December, 1.3 percent lower than last year.

The new Housing Affordability Index (HAI) for January is extremely positive. Last month we stated that the HAI of 180 was the highest we had ever recorded. Now it's even higher, jumping an additional 12 points to 192. The rise reflects the help that interest rates and softer prices have given to the market. (Note: The decline in prices is driven by the significant amount of lender-mediated home sales and its benefit is not equal to all buyers.)

This information is published by the Minneapolis Area Association of REALTORS.

News and Tidbits for January 13th

Eric and Sharla recently returned from their Disney Adventure with the Girls, the holidays are over and we are looking forward to the New Year with nothing but Optimism.

We already have buyers lined up for the beginning of the year which will be keeping us busy. We are excited to announce the newest REALTOR to our team. Jane Field has worked with us over the past year as our Client Services Manager, while she will continue on with that job title; she is also adding REALTOR to the many hats she already wears.

Receiving her license in early December, Jane has already sold her first house. A sure sign of what is to come!

Moving forward, we are eager to see what the future holds and are thankful for all our Clients and Friends and are looking forward to helping you and your family with all your Real Estate needs. Please call us with any questions or if there is any way we can assist you.

www.StaffordFamilyRealtors.com

Trees For Toys 2008

We would like to take a moment to thank all of our friends and clients who made our 2008 Trees for Toys event so successful. Every year we give trees and wreaths to our clients and friends when they bring an unwrapped toy to donate to our drive for the Toys for Tots campaign. Together, our office collected over 600 toys!

We would like to thank you for your generosity, support and friendship and for making 2008 such a great year.

Merry Christmas and best wishes for a happy 2009!

Another Large Price Reduction!!!

We received another large price reduction on our listing on 7269 Bent Bow Trail in the Demand Longacres neighborhood of Chanhassen. This great family home has been freshly painted from top to bottom and features a Two Story Great room with a wall of windows; granite counter tops and a fully finished lower level walk out. We are now offering this home for $4854,000. Check it our on our Website, www.staffordfamilyrealtors.com or call us today!

We have two Great Opportunities for you to come and see this weekend!

We are holding two great properties open this Sunday, December 7th, 2008, both of which are rare opportunities.

7269 Bent Bow Trail, Chanhassen: Only available due to a corporate relocation, this Two Story, Walk Out is located in demand Longacres. Recently reduced by $30,000 and freshly painted from top to bottom, amenities include granite counter tops, a 2-Story Great Room and a fully finished Lower Level. This is your Chance! Open 2-4

1340 Alpine Pass, Golden Valley: Sited on a heavily wooded, private double lot in Tyrol Hills, this updated home has been updated with many high end amenities including stainless steel appliances and a new bathroom. This home is the perfect alternative to a condo. Open 12-2

For more information on these properties or our other listings, please visit www.StaffordFamilyRealtors.com.

Home Rehabs can put Money back in a Seller’s Pocket

Even in these rough economic times, investing in your home still pays off. According to REALTOR® Magazine, despite home price drops in many cities, remodeling projects are holding their own as a way for owners to add value.

Remodeling magazine's annual report, 2008-2009 Cost vs. Value Report, shows that maintenance-related projects and moderately priced upgrades are providing stable paybacks, even in a slower market.

Responding to a survey in the summer of 2008, REALTORS® said that home owners could expect to recoup a national average of 67.3 percent of their investment in 30 different home improvement projects.

Top 10 Project Paybacks

Exterior remodeling projects lead the way for recovery on dollars spent in this year’s Cost vs. Value survey. When compared against the national averages, replacement projects that boost curb appeal (i.e. siding, windows, and decks) give you the greatest chance of recouping your money. Inside, only kitchen remodels can compare, at least on a national level.

1. Upscale fiber cement siding (86.7% return)
2. Midrange wood deck (81.8% return)
3. Midrange vinyl siding (80.7% return)
4. Upscale foam-backed vinyl (80.4% return)
5. Midrange minor kitchen remodel (79.5% return)
6. Upscale vinyl window replacement (79.2% return)
7. Midrange wood window replacement (77.7% return)
8. Midrange vinyl window replacement (77.2% return)
9. Upscale wood window replacement (76.5% return)
10. Midrange major kitchen remodel (76.0% return)

Despite declines in overall remodeling dollars spent and a still shaky housing market, "people’s homes are still one of their best, most solid investments," said Paul Zuch, president of Capital Improvements, a designing, building, and remodeling company in Dallas. "Even though the markets have gone through some adjustments, it’s still smart to invest in your home."

… excerpts from REALTOR® Magazine article by G.M. Filisko / December 2008

Opportunity Knocks!

Here is your chance to get into the demand neighborhood of Longacres!

We are pleased to announce that we have reduced the price on 7269 Bent Bow Trail in Chanhassen. We are now offering this wonderful, single family home in a demand neighborhood for $499,900.

That is a $30,000 price reduction! This home has been freshly painted from top to bottom and includes features such as; Granite Counter Tops, a Two Story Great Room with a wall of windows, and a fully finished Lower Level Walk-Out.

Just minuets from both downtown Excelsior and Chanhassen, this is your perfect place to call home.

Open Houses for November 16th

We are excited to announce our open house schedule for the weekend of November 16th. We are hosting two great properties open from 2 – 4 PM.

2280 South Parkway, Victoria

This 4 Bedroom / 4 Bathroom custom built executive home located in the tranquil countryside of Victoria is bounded by the quiet waters of two lakes & wetlands and is just moments from Deer Run Gold Course. Only Available due to relocation in the demand neighborhood of Watermark. Come and check out this wonderful property!


7269 Bent Bow Trail, Chanhassen

Sited on a corner lot in demand Longacres of Chanhassen, this single family home has been freshly painted from top to bottom. Amenities include a 2-Story Great Room, Granite Counter tops, and a fully finished Lower Level Walk-out. This is the perfect place to call Home.

Enduring Home Design Trends

Katherine Salant, nationally syndicated columnist and author of The Brand-New House Book,says houses designed with both a master and second bedroom on the first floor have become the most popular because they appeal to all age groups.

Young couples use the second bedroom as a nursery. Middle-age couples use it to keep aging parents close by, and older couples like the design because their differing sleep patterns make sharing a bedroom difficult, Salant says.

Here are other trends Salant points to:

• The newest variation on the home office is a completely separate office space, connected to the house by a hallway or a breezeway.
  
• Kitchens are getting smaller, but they are connected to much larger dining areas, often with a center island where family members can sit while they have an informal meal.
  
• Oversized family rooms with high ceilings are giving way to smaller, cozier rooms with lower ceilings.
  
• Home theaters have lost much appeal because people don't want to watch television in a separate area of the home. TV viewing is a more informal activity that people engage in while they're doing other things like cooking or getting ready for work.
  

Source: The Washington Post, Katherine Salant (10/18/2008)

Cities Where Your Dollar Goes Furthest

Money goes further some places in the United States than it does in others.

Housing, in particular, has remained most affordable in the South and the Midwest. That’s because of less stringent building, an abundance of land and growing populations in the South, says Daniel McCue, a research analyst at Harvard’s Joint Center for Housing Studies.

To determine the cities that offer the best quality of life for the least amount of money, Forbes magazine calculated the ratios between a city’s median home price and its median household income. It also factored in projected job growth. And it compared median income to Moody’s Economy.com’s cost of living index.

Here are the 10 cities that it found to offer the best value, and the cities that it believes offers the worst value.

Cities Where Residents Get the Most for Their Money
1. Austin, Texas
2. San Antonio, Texas
3. Indianapolis, Ind.
4. Houston, Texas
5. Charlotte, N.C.
6. Columbus, Ohio
7. Dallas
8. Minneapolis/St. Paul
9. Denver
10. Portland, Ore.

Cities Where Residents Get the Least for Their Money
1. Los Angeles
2. Providence, R.I.
3. New Orleans
4. Philadelphia
5. Cleveland
6. New York
7. Milwaukee, Wisc.
8. St. Louis, Mo.
9. Washington, D.C.
10. Sacramento, Calif.


Source: Forbes, Abha Bhattarai (10/10/2008)

As Seen on TV...

Have you hear the latest news from Coldwell Banker Burnet? Our company is currently running a SALE, something that is a little out of the ordinary for a Real Estate firm. Yet, here we are, with a 10 Day Sales Event. Beginning on October 10th and ending on October 20th, Eric and Sharla Stafford are featuring the property located at 6553 Bartlett Boulevard in Mound for $1,899,000.
Local news station, KSTP featured the Bartlett home on its 5:30 PM and 10 PM news casts Sunday evening. Eric Stafford made an appearance in the video which is linked below.

http://kstp.com/article/stories/S616167.shtml?articleID=183285

For more information on the property or for more on other properties, please contact the Stafford Family Realtors at 952.470.2575 or visit our Website at StaffordFamilyRealtors.com.

Open Houses for October 12th

Stafford Family Realtors present our Open House Schedule. We have two properties participating in the Coldwell Banker Burnet 10 Day Sales Event along with a few other great options.

Sunday, October 12th:

1340 Alpine Pass, Golden Valley 12:00pm-2:00pm
This home is the perfect alternative to condo style living. Just minuets from shopping, dinning and downtown.


2280 South Parkway, Victoria 12:00pm-2:00pm
Situated in the tranquil countryside of Victoria this custom built home is only available due to relocation.


7164 Harrison Hill Trail, Chanhassen 12:00pm-2:00pm
Located in demand Longacres, this home is being featured in the 10 Day Sale Event!


6553 Bartlett Boulevard, Mound 2:30-4:30
Come out and visit this beautiful Craftsman home on Lake Minnetonka. This home has been reduced to $1,899,000 for the 10 Day Sale Event.

Good News!

In the middle of the current financial turmoil,
Standard & Poor’s Case-Shiller Report has some
good news regarding home prices in the Twin
Cities.

The Case-Shiller report, which was released
Sept. 30, notes that home prices in the Twin Cities
rose for two consecutive months this summer.
From May to June, prices rose 0.9 percent,
and from June to July, prices rose 1.3 percent—
the largest increase of all 20 metropolitan areas
surveyed in the report.

In other good news, the Minneapolis Area Association
of REALTORS® (MAAR) has been reporting
an increase in home sales in the metro area over
the summer and early fall, and in some cases
dramatic increases. For the week ended Sept.
20, MAAR reported that the number of pending
sales rose 42.8 percent compared with the
same week last year. MAAR noted that during
the last seven weeks, there were 5,866 signed
purchase agreements, an increase of more than
1,500 units compared to the same time period
last year.

The Case-Shiller Report reviews home prices in
the 20 largest U.S. metropolitan areas. The report
is based on thousands of repeat sales of
the same single-family houses. The MAAR report
studies the median sale prices of all singlefamily
homes, condominiums, and townhomes
on the Regional Multiple Listing Service that sold
during a specific period.

Substantial Price Reductions on two Beautiful Properties!

6605 Pointe Lake Lucy, Chanhassen
$899,900
MLS # 3598690
This custom home built by Denali is located in an executive neighborhood and award winning Minnetonka school district. The current owners recently updated and remodeled the home in the Modern Prairie Style using sophisticated finishes including imported fixtures and hardware.

&

6563 Bartlett Boulevard, Mound
$1,400,000
MLS # 3540067

Enjoy cottage style living in this picturesque, Lake Minnetonka setting.
This modern take on a classic design features four Bedrooms and four Bathrooms, complimented by a Nanny Quarters/ Mother in Law suite and Tram to the 64’ of sand bottom Rip-Rapped Lakeshore.

What the Government Takeover of Fannie Mae and Freddie Mac Means to Housing Industry: NAR Statement:

In short-term, home sales should improve as mortgage rates fall.

Washington, D.C. (September 8, 2008) — The federal government's takeover of secondary mortgage giants Fannie Mae and Freddie Mac should cause a drop in mortgage rates in the short term that benefits home buyers, but the long-term outlook is too early to call. NAR fully supports the action of the U.S. Treasury and the Federal Housing Finance Agency.

The federal government had no choice. The capital situation of the tow companies was not enough to handle the fallout from rising mortgage defaults in the near future. In addition, investors who purchase Fannie Mae and Freddie Mac debt have lost confidence in the two.
In a statement, NAR commended the Treasury's action, announced yesterday, to bring stability and continued liquidity to the mortgage market. "The plan will help restore confidence in the secondary mortgage market," said NAR President Richard F. Gaylord. "We appreciate the steps taken to calm the market, make mortgages more widely available and protect taxpayers. We look forward to working with the administration and Congress to ensure the continued vibrancy of the secondary mortgage market."

Summary of what the Treasury actually did and what it means:

In the takeover, Treasury placed the GSEs into a conservatorship — similar to a Chapter 11 bankruptcy — which fully protects taxpayers from conflicts of interest between taxpayers and shareholders or current management.

The federal government is authorized to take up to an 80 percent stake in the companies, will review their financial condition quarterly, and inject money into the operations as needed. That means the market for GSE securities will be treated more like Treasury obligations, which should push mortgage interest rates down. That in turn, is expected to speed up home sales and help stabilize home prices.

The GSEs will be allowed to increase their mortgage funding over the next year and a half to help stabilize markets. Starting in 2010, the plan calls for them to reduce their portfolios.
The heads of Fannie Mae and Freddie Mac have been relieved of their duties. Treasury selected HErbert Allison, former Merrill Lynch vice chairman, to lead Fannie Mae and David Moffett, former U.S. Bancorp CFO, to guide Freddie Mac.

Talking Points

• NAR, as the leading advocate for homeownership and housing issues, has closely monitored the market turmoil affecting the stock and debts of the two government-sponsored enterprises (GSEs) - Fannie Mae and Freddie Mac. Their mission is crucial to the economy to make fair and affordable mortgages available to home owners and home buyers. That mission must not be interrupted.
  
• Fannie Mae and Freddie Mac play a vital role in the U.S. economy by making fair and affordable mortgage loans available for home buyers and owners. That must not be interrupted. Treasury Secretary Henry M. Paulson Jr. and James B. Lockhart III, director of the Federal Housing Finance Agency that regulates Fannie Mae and Freddie Mac, have issued strong statements assuring the public that credit will continue to flow over the next 12 to 18 months.
  Short term, the takeover will result in government money driving down interest rates, which is expected to spur an increase in home sales.
  
• Long term, the action will lead to a major reorganization of the two GSEs as privately owned models. The brunt of that work will fall to the new administration and new Congress. NAR will help shape that process and the association is already working on a plan to do that.
  The action taken by Treasury and FHFA, which regulates GSEs, makes clear the government will not let the deteriorating conditions of the GSEs disrupt the flow of capital to the housing sector, or harm the national and international financial system.
  
• The GSEs guarantee more than 40 percent of the nation's mortgages and own or guarantee more than $5 trillion in mortgages. Since the credit crunch began in August 2007, the private sector mortgage securitizatation market has virtually disappeared and the market share of the GSEs has jumped to about 70 percent.
  
• NAR will continue to follow events closely and develop recommendations on the future of the GSEs' mission to ensure there will be a robust secondary mortgage market in all markets.

Open Houses for Labor Day Weekend

We are happy to announce that we will be hosting two open houses in the demand Watermark Neighborhood in Victoria.

8121 Krueger Court

4 Bedroom \ 4 Bathroom \ 3 Car Garage

Built by Reggie Award winner Kerber Homes, this stunning home is sited on one of the premier lots in demand Watermark and enjoys a spacious lawn, pond views and quiet, cul-de-sac setting.

2280 South Parkway

4 Bedroom \ 4 Bathroom \ 3 Car Garage

2280 South Parkway is a beautiful custom home with many amenities from the granite counter tops in your Gourmet Kitchen to the Custom Built-ins on every floor. The home features a two story Great Room with tray ceilings; built-in entertainment centers, and a ceiling to floor stone front fireplace and opens to a spacious Gourmet Kitchen with granite counter tops and stainless steel appliances. Just off the Kitchen is the 4 Season Porch. Four Bedrooms are situated on the second floor and the Junior Bathroom features a Jack & Jill vanity. The Lower Level Game room is outfitted with a full service Wet Bar, for all your gaming needs. Another stone faced fireplace is the corner stone of the Lower Level Family Room. Walk out of your lower level to the large backyard with plenty of room to roam and play. You can entertain on the custom landscaped fire pit all summer long.

New Price Reduction on Beautiful Lake Home

6563 Bartlett Boulevard, Mound, MN

We have just taken a large price reduction on this wonderful Lake property.

Now Listed at $1,475,000

~Open House ~ Sunday, August 24th, 2008 ~ 1-3:00 PM ~

Enjoy cottage style living in this picturesque, Lake Minnetonka setting.

This modern take on a classic design features four Bedrooms and four Bathrooms, complimented by a Nanny Quarters/ Mother in Law suite and Tram to the 64’ of sand bottom Rip-Rapped Lakeshore.

The gorgeous Kitchen has beautiful granite countertops and stainless steel appliances. Just off the Kitchen is an open and airy Sun Room. Adjacent to the Sun Room is your Family Room with a gas burning fireplace and views out to the lake.

The first floor also features the Suncrest Builders signature “Flex Room.” This room is yours to use in any way you want from a Formal Dining room to Home Office, the possibilities are endless.

Beautiful stone and workmanship accentuate this like-new construction Storybook style.
The Master Suite looks out on the lake with long, southerly views of Halstead’s Bay. A great sight to wake up to every morning.

Living at home is a Year-Round Vacation when you call 6563 Bartlett Boulevard “Home.”

Come and visit us this Sunday!

Weekly Market Activity Report

For the fifth consecutive week and ninth of the last twelve, there were more purchase agreements written on homes than one year previous.

For the week ending August 2, there were 820 pending sales—an increase of 2.2 percent from the same week in 2007. Over the last three months, pending sales have held relatively steady, posting an increase of 0.6 percent from the same period last year. With sales tantalizing the marketplace with slight upward jiggering over the past several weeks, some might want to predict that we've reached bottom. While the news is encouraging, it's a bit premature to stake that claim. Meanwhile, housing supply is clearly in decline. New listings from the most recently reported week were a stirring 19.8 percent lower than last year and were down 12.8 percent over the last three months.

This week's edition of the MAAR Weekly Market Activity Report features updated figures for several key metrics. Days on Market Until Sale in July fell slightly to 146 but remains up 13.3 percent from July 2007. Percent of Original List Price Received at Sale decreased to 92.6 percent, also down from last year. Months Supply of Inventory is up 8.6 percent from last year at 10.5. And our Housing Affordability Index (HAI) fell 4 points from last month to 144 due to another increase in interest rates and seasonal increases in home prices. Despite the drop, the HAI remains much improved from 2006 and 2007.

Weekly Market Activity Report

There are fewer homes to choose from for today's prospective buyers than there were a year ago. There are currently 32,978 residential housing units up for sale in the Twin Cities region, down 5.5 percent-or about 2,000 units-from this time last year. The cause of the lessened supply is a decrease in new listings combined with more homes coming off the inventory list by way of "sold" signs. For the week ending July 26, there were only 1,816 new listings, a drop of 16.5 percent from one year ago. Newly signed purchase agreements (pending sales) for the same year-over-year comparison increased by 5.1 percent.

Less supply coupled with promising signs of demand have created a new market picture. In August, our Supply-Demand Ratio (SDR) indicates that there will be 8.68 homes for sale per buyer, a decrease of 4.2 percent from one year ago. This is the second consecutive month of downward year-over-year movement in this metric, which is a good thing. A well-balanced market for the month of August would show an SDR of about 5 homes for sale per buyer. We have a ways to go, but we're on the right track if this trend continues

How the New First-Time Buyer Tax Credit Works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500.

Here’s how it works:

The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.
High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Source: The Washington Post, Michelle Singletary (07/03/08)

Rates Expected to Hold Steady Until '09

Former Federal Reserve officials and economists believe the central bank will hold short-term interest rates steady at least in August and September and that rates likely will not be raised until early 2009.

Recent reports on inflation have been dismal, but the central bank has also taken a tough stance in its language of late. The financial markets are more of a concern because of the problems at Fannie Mae and Freddie Mac, and the housing slump and tight credit conditions remain key economic issues for the Fed, analysts say.

"They need to see financial markets settled, some good growth numbers, or good employment numbers," says Mike Moran, chief economist at Daiwa Securities International in New York.

Source: MarketWatch, Greg Robb (07/28/08)

Weekly Market Report from MAAR:

In the Twin Cities housing market, sales are flat like a New York pizza and supply is down like grandma's comforter. Fortunately for us, the data confirms our kitschy similes. Pending sales for the week ending July 19 are ahead of the same week last year by 3.8 percent, while new listings fell by 13.0 percent for the same time period—positive signs of a market in transition.


The total number of active listings for sale currently sits at 33,410, (comfortably) down 1,722 units—or 4.9 percent—from this time last year. Since the number of new homes coming on the market remains in decline and sales appear to have hit bottom, we can expect total inventory to remain lower than last year for some time to come.

23 Days and an Area Rug

Every seller wants their home to sell fast and bring top dollar. Does that sound good to you? Well, it's not luck that makes that happen. It's careful planning and knowing how to professionally spruce up your home that will send home buyers to the writing table.

According to stagedhomes.com, 94% of Staged Homes sell in one month or less and spend less time on the market than those who don’t stage. The average days on market for a home that has not been staged is 165, a home that has been staged can sell with an average of 33 days on market.

7920 Orchid Lane N. is one example of such an instance. Sharla was tapped to stage this two-story, single-family home in Maple Grove, Minn.

The home was listed on the Multiple Listing Service, or MLS, for 310 days before it was pended. What finally sold the home on Orchid Lane?

Staging.

Sharla Stafford of Twin Cities Interiors was tapped to outfit this home with furniture, accents, area rugs and throw pillows. It was amazing what a few lamps, a decorative table and a rug did for the entry way of this house, or what a kitchen table and a few plants did for the kitchen.

So how long did it take for this home to sell once Sharla worked her Staging Magic?

23 Days

That’s right, after a few days of situating furniture, placing throw pillows and a little artwork, this home was off the market.

So if you are putting your home on the market and are wondering what you can do to help sell your home, think about staging. If the example of Orchid Lane did not sell you on the idea, think about these numbers:

If you Replace or Shampoo your Carpeting, it can typically cost you $562 - 808. The benefit for you is that the cost of your home will go up by $1,532 – 1,950. That is a 154% increase!

If you Stage your home it can typically cost you $403 – 584. The benefit for you is that the cost of your home will go up by $1,938 – 2,431. That is a 343% increase!

But if you want to really see a difference, a simple project to undertake is cleaning and de-cluttering.

If you Clean and De-clutter your home it can typically cost you $190 – 318. The benefit for you is that the cost of your home will go up by $1,505 – 1,937. That is a 578% increase!

For more information on Twin Cities Interiors, a division of Stafford Family Realtors, visit our Website.

July 4th, 2008

James G. Blaine once said “The United States is the only country with a known birthday.”

Come out and help us celebrate our Nations birthday at Chanhassen’s 25th 4th of July Celebration. With our Friends and Family, we will be walking in the parade and handing out flags to all those who attend. The event, sponsored by the Rotary Club of Chanhassen, has been voted the best in the Twin Cities. We are excited to celebrate this momentous occasion with our clients, friends and neighbors.

The weekend will kick off on July 3rd with many activities and will continue on July 4th. Check out the website for more information on the events and activities.

The parade will begin at 2:30pm. It has been recommended that you come early to get the best curbside seating. There will be bands, clowns, floats, fire trucks, classic cars, horses, local celebrities and more. The parade route is through downtown Chanhassen on West 78th Street from Chapel Hill to Kerber Boulevard to Santa Vera Drive to Laredo Drive to Chan View.

For more information on the festivities, visit the City of Chanhassen’s Website.

The Land on 10,000 Lakes Welcomes You Home

With our business going strong and many of our clients relocating to the Twin Cities from all across the United States, we though that it might be a good idea to offer a few resources to better prepare you for you next big move.

Whether you are moving to Eden Prairie, Waconia or Chanhassen or heading to Texas, Florida or Ohio; these Websites are great resources for information on what to expect from your new Home.

Sperling’s Best Places is an extensive site featuring side-by-side comparisons of two cities of your choosing. You can get information on Cost of Living, Schools, Crime, Climate and Homes. Sperling’s claims to be responsible for “more "Best Places" studies and projects than any other single organization."

The other site we like is Moving.com. The report you will receive from this site provides an in-depth view of the people, places, and conditions of two cities. Some of the useful information you will receive will focus on demographics, finances, economics and real estate, all things that will impact your quality of life. It also features tons of links for services to help you move.

While these sites are great, they might not give you all the information you are looking for. The best way to get to know an area is to talk to the people who live there. If you have any questions or would like more detailed information on Lake Minnetonka or Minnesota, please feel free to contact Eric or Sharla Stafford or visit our Website.

As Relocation Specialist, we can help make your move as seamless as possible.

8 Tips for Low Cost Staging

8 Tips for Low Cost Staging

In a tough sales market, staging can help move a property. Barb Schwarz, who claims to have invented home staging in the early 1970s, estimates that about one in four homes nationwide are now staged.

Julie Dana and Marcia Layton Turn state in their book, The Complete Idiot's Guide to Staging Your Home to Sell, that a seller stands to gain as much as $9,000 on a $200,000 house if it's staged.

Shelly Wagner, a Detroit-based stager, estimates that the cost per room for staging is $100 – small potatoes if it really helps a home sell.

Here are some ideas from Wagner for effective, low-cost staging:

• Remove scatter rugs and knickknacks from every room.
• Get rid of everything on the kitchen counters, including appliances, except for the coffee maker.
• Remove as much as you can from closets.
• Hire a cleaning service if necessary to make the house spotless. Scrub floors, walls, and windows. Pay special attention to the microwave, oven, and refrigerator.
• Focus on the feature rooms, the living, dining, and master bedrooms. Additional bedrooms are best left empty or minimally furnished.
• Arrange the furniture to show off each room’s best features.
• Set the dining-room table with napkins, plates, and flatware.
• When showing the house, turn on soft instrumental “buying” music, preferably classical or jazz.

It is Mother’s Day again, are you ready?

Happy Mother's Day

from

Stafford Family Realtors

This Mother’s Day we have teamed up with Gatherings at Excelsior Florist this year to offer you a way to celebrate the special ladies in your life. If you mention this ad you can receive $5 off your purchase of $25 or more. Gatherings at Excelsior Florist’s beautiful flower arrangements will surprise and delight!

Keep checking back here for more great offers in the future.

We hope to offer a great new deal every month.

Low-Cost Kitchen Updates

Sellers whose kitchens are old and outdated, but who don’t want to spend money gutting and remodeling, should consider these tips from interior designers for updating inexpensively.

1. Buy new lighting. Replace fixed ceiling lights with modern movable track fixtures.

2. Replace the hardware. Handles on today’s cabinets are large and sleek instead of small and ornate. Also, brass is out. Replacing the outmoded ones can make the whole room look more modern.

3. Buy a new faucet. A stylish faucet can make a big difference.
Update the backsplash. Colorful mosaic tiles are better than plain boring tile.

4. Buy new seating. If sellers can’t afford that, then they can certainly reupholster or replace the cushions.

5. Clean up the clutter. Get rid of the canister set, the breadbox, and all the appliances on the counters. Leave only one bowl of fruit and a plant on the countertops.

Source: The New York Times, Stephen Milioti (03/06/08)

Ignore the Headlines!

Why you should ignore the headlines when it comes to the housing market.

http://www.time.com/time/magazine/article/0,9171,1713483,00.html

Some characteristics of Minnesota home buyers:

• Median age of all home buyers was 36 years old. For first-time buyers, the median age was 28.
• Household income of home buyers was $69,300.
• 69 percent of home buyers said there were no children under 18 residing in the property.
• 56 percent of home buyers were married couples, 24 percent single females, 11 percent single males and 9 percent were unmarried couples.
• 6 percent of home buyers were born outside of the U.S., compared with 9 percent nationally.
• First-time home buyers accounted for 42 percent of homes purchased in 2007.
• 66 percent of first-time home buyers were between 25 and 34 years old.
• 30 percent of buyers use social networking websites (e.g., Myspace, Facebook, Linkedin).
• Among home buyers aged 18 to 24, 59 percent reported using social networking sites.
• 19 percent of homes purchased were new construction.
• 64 percent of homes purchased were detached single-family.
• The typical home buyer purchased a home 14 miles from their previous residence.
• The median price of homes purchased was $221,900 compared to $215,000 in the U.S.
• The typical buyer purchased a home that was 1,850 square feet in size.
• Recent homebuyers plan to live in their home a median of 10 years.
  
  Source: Minnesota Association of REALTORS®

5 Simple Ways to Increase a Home's Value

Good home maintenance is key to creating and preserving a home’s value. Not to mention, it also impresses potential buyers. Here are five basic steps that every home owner ought to take — before spending money on dream bathrooms or gourmet kitchens.

1. Safety. Make sure smoke detectors and carbon monoxide detectors are installed and in good working order. Check fuel-burning appliances to make sure they are properly vented and no gas connections leak. Make sure the electrical system is adequate. Flickering lights and popping breakers are the sign of a problem. Anchor handrails and grab bars adequately.

2. Preventive maintenance. Repair any leaks in the roof, seal gaps in the siding, paint bare wood, replace damaged decking, patch cracks in concrete, and caulk around tubs and showers.

3. Conserve energy. Install a programmable thermostat, weatherstrip doors and windows, fix leaking faucets, upgrade insulation, and replace leaky windows.

4. Go green. Consider environmentally friendly materials for windows, doors, siding, decking, fencing, roofing, flooring, and insulation.

5. Improve comfort. Get rid of clutter, open up spaces, update window treatments to allow in more light, and organize closets and storage.