I think I'm safe in saying, we're all sick of this weather and winter! We need some warmer temps and sun to get the local buyers out and in the market! But, in spite of the weather, the Star Tribune actually had a postive report on the Twin Cities Housing market. Here's the weekly update:
Home sales in the Twin Cities metropolitan area continued to exhibit signs of divergence from last year’s incentive market. The 812 Pending Sales for the week ending March 12 were 20.9 percent fewer than the same week in 2010. Since this year’s weekly Pending Sales figures look more like a standard bell curve than last year’s railroad spike, we’ll continue to see declines through the end of April followed by gains during the summer months.
Sellers introduced 1,453 new homes or 31.1 percent fewer than the same week last year. Active Listings for Sale has been shrinking relative to last year and holding fairly steady at or below 22,000 units so far this year. As of March 21, the current inventory of 22,077 made for 10.0 percent fewer homes for buyers to choose from. This trend has helped the Months Supply of Inventory metric maintain at 7.5 months, just outside the five to six month balanced range.
And here's the article from the Star Tribune:
Minnesota home sales rise, bucking nationwide trend
JIM BUCHTA, Star Tribune
While home sales across the country continue to fall, the housing market in Minnesota is showing some signs of momentum. Or at least stability.
In Minnesota, there were 7,284 home sales during January and February, a 5.7 percent increase over the same period last year, according to the Minnesota Association of Realtors.
Nationwide, the results were less promising. During the first two months of the year, home sales have remained relatively flat compared to 2010. However, on a seasonally adjusted basis, February sales took a turn for the worse, falling 9.6 percent, the National Association of Realtors reported Monday.
"Home sales are being constrained by the twin problems of unnecessarily tight credit, and a measurable level of contract cancellations from some appraisals not supporting prices negotiated between buyers and sellers," said Lawrence Yun, chief economist for the national Realtors group. "This tug and pull is causing a gradual but uneven recovery."
The latest data shows just how volatile the housing market is, both locally and nationally, as the economy struggles to regain its footing and the mortgage industry faces an overhaul. Economists had expected sales to fall only about 4 percent, causing some to wonder if the worse-than-expected sales last month mean that a U.S. recovery is still far away.
Clearly, the biggest obstacle standing in the way of anything that looks like a recovery is the foreclosure crisis, which dominates the market in every corner of the nation and continues to put downward pressure on home prices.
Across the country, prices fell to the lowest level in nearly nine years. Even in Minnesota, where sales have picked up in recent months, sale prices continue to fall. During February the median sale price of all closed sales fell 8 percent to $129,900, luring bargain shoppers into the market.
"Home buyers in Minnesota have recognized that there are outstanding values in the marketplace," said Chris Galler, chief operating officer of the Minnesota Association of Realtors.
While statewide sales figures showed gains, that's not true everywhere in the state. The Realtors association divides the state into 13 regions that correspond to the economic development regions established by the Minnesota Department of Employment and Economic Development.
During January and February four of those regions showed steep declines in sales and only five showed an increase in the median sale price. The regions that did well have strong regional economies tied to a growth industry.
Farmers, for example, are doing particularly well right now because of strong demand for corn and wheat. So in the northwest region, which includes the fertile Red River Valley, sales rose 27 percent.
The south central region, which includes Mankato, saw similar gains. Not true for areas that rely on manufacturing, which was clobbered by the recession. In the Arrowhead region, which includes Duluth, sales were down 10.9 percent. Agents in that part of the state have been anxiously awaiting the reopening of two iron mines.
"That area hasn't had a lot of changes or new people moving in," Galler said. "It's hard for prices to increase; demand is still the key."
The same factors apply in the Headwaters region, where sales fell 35 percent and prices were down 34 percent. Data for the report is provided by agents who are members of the Regional Multiple Listing Service.
In some communities, especially small, rural towns, agents don't subscribe to the service. Galler said that the report still captures the bulk of transactions in the state.
In just the seven-county metro area, where the vast majority of transactions are included in the report, the number of closed sales during January and February rose 3.9 percent.
Though January and February are typically the slowest months of the year, analysts pay close attention to sales activity during these months because they are on the cusp of the spring buying season, which typically starts in late February and early March.
Agents say that this year harsh weather kept many buyers inside. That's evident judging by data released earlier this month by the Minneapolis Area Association of Realtors, which said that in the 13-county metro area, pending sales -- an indication of future closed sales -- had fallen more than expected compared with last year at this time. And according to a weekly report released Monday by the Minneapolis association, pending sales in the 13 county metro area were down 21 percent.
Brad Fisher, a sales manager for Edina Realty and the president of the Minneapolis Area Association of Realtors, said local buyers and sellers need to brace themselves for declines in sales at least through early spring. Sales through the first half of 2010 was buoyed by the federal home-buyer tax credit, which expired last April.
"We pulled that spring business from the second quarter into the first quarter," Fisher said.
Jim Buchta • 612-673-7376
Tuesday, March 22, 2011
Monday, March 21, 2011
Bathroom Updates: 4 Trends To Watch
Granite is slowly beginning to lose some of its popularity in favor of other bathroom vanities, and green–the color, that is–is catching on, as these trends–along with others–gain steam in bathrooms this year, according to a National Kitchen & Bath Association survey of 100 designers. The survey offers insights into the hottest trends in bathrooms for 2011.
Here are four trends to watch in bathroom home design.
1. Quartz countertops more in demand. While granite still reigns in bathroom vanity tops, it’s popularity is slowly sinking as quartz continues to steal some of the market share, according to NKBA. While 83 percent of designers still opt for granite, that number has gradually been narrowing in recent years as quartz increases in demand (54 percent of NKBA designers opted for quartz). A year ago, 85 percent of NKBA designers used granite, compared to 48 percent for quartz. Meanwhile, solid marble vanities have also been on the decline (from 46 percent to 37 percent), while cultured marble has increased slightly in use among NKBA designers from 12 percent to 19 percent.
2. Bathrooms go “green”–literally. Green color palettes for the bathroom are on the rise. Twenty-four percent of NKBA designers say they are using green colors to spice up bathrooms–up a year ago from 14 percent. However, the three most most common color choices in the bathroom remain: Whites and off-whites, beiges, and browns.
3. Sink preferences mount. Under mount sinks continue to dominate newly remodeled bathrooms, but vessel sinks are increasingly becoming a more popular choice. Integrated sink tops are also on the rise, as well as pedestal sinks.
Here are four trends to watch in bathroom home design.
 |
Dupont Zodiaq quart surface in Bianco Carrara; Photo credit: Shadowlight Group |
 |
Photo credit: Delta Faucet Co. |
 |
Kohler’s Conical Bell Vessels sink; Photo credit: Kohler Co. |
 |
Photo credit: Kohler Co. |
4. Satin finishes shine. In following recent kitchen trends, satin nickel faucets in bathrooms are rising in popularity, while brushed nickel faucets are falling out of favor. Other popular faucet finishes in the bathroom include bronze and oil-rubbed bronze, polished chrome, and polished nickel. Meanwhile, stainless steel finishes are becoming less popular in the bathroom.
By Melissa Dittmann Tracey, REALTOR® Magazine
Thursday, March 17, 2011
A Heartfelt Thank You!
Eric & Sharla would like to extend a warm Thank You to all our friends and clients who attended our Morning Movie Event and fundraiser for Love INC which was helt at the Chanhassen Cinema on March 12th. Because of your overwhelming generosity, Love INC now has a 2-month supply of paper products for their families! They are also able to purchase 63 new bike helmets with the cash donations that totaled over $500.00!! You gave in a big way and we really appreciate it!
A special thank you goes out to our trusted business partners, Brian &Annette Call with Rubicon Mortgage Advisors and Regency Title. Thank you for co-sponsoring this event again this year!
It was great to see you last Saturday – thanks again for all of your support!
 |
| Eric & Sharla, Mary Morely of Love INC, Annette Call of Regency Title & Brian Call of Rubicon Mortgage Advisors |
 |
| The three Ps, along with some friends, handed out candy to all the kids who attended the event. |
 |
| Would you like some candy? |
 |
| It was a full house! |
 |
| Bye bye! |
Wednesday, March 16, 2011
For Sale: 5BR/4BA Single Family House in Shorewood, MN, $700,000
Presenting Another Exceptional Home from Stafford Family Realtors
5755 Smithtown Way
Shorewood ~ Minnesota
$700,000
Only relocaiton makes this beautiful home avaliable.
From pillar to post, this home has been lovingly maintained and beautifully updated with Pottery Barn quality finishes throughtout.
Open Sunday, March 20th
12-2 PM stop in for a viewing!
Tuesday, March 15, 2011
What's 'In' and 'Out' In The Kitchen: 10 Trends To Watch
Kitchens are going dark, LED lighting is gaining steam, and trash is getting more attention–all are trends in kitchen designs this year, according to the National Kitchen & Bath Association, which surveyed 100 designers at the end of 2010 to reveal the hottest kitchen trends.
The following is a list of what’s cooking in kitchen trends for 2011, based on NKBA survey results of which kitchen designs are increasing in demand and which are losing favor.
1. Cabinetry
Gaining steam: Maple cabinetry
Losing steam: Cherry cabinetry (Cherry dominated kitchens in early 2010 but was overtaken by maple cabinetry this year)
Gaining steam: Dark natural finishes; light natural and colored painted finishes also remained fairly common, inching up slightly in use.
Gaining steam: Unchilled wine storage (yet undercounter wine refrigerators are losing favor)
Losing steam: Tall pantries, lazy Susans, appliance garages, and pull-out racks are declining slightly in popularity.
Gaining steam: Solid surfaces, a low-maintenance countertop surface, has grown in popularity, but granite and quartz continue to hold dominance. Other countertops surfaces increasing in niche use include butcher block and marble.
Losing steam: Laminate
Gaining steam: French door and side-by-side refrigerators
Losing steam: Freezer-top refrigerators and freezer-bottom models
9. Lighting
Gaining steam: LED energy-efficient lighting options
Losing steam: Incandescent lighting and CFLs (compact fluorescent lights)
The following is a list of what’s cooking in kitchen trends for 2011, based on NKBA survey results of which kitchen designs are increasing in demand and which are losing favor.
 |
| Courtesy of KraftMaid Cabinetry |
1. Cabinetry
Gaining steam: Maple cabinetry
Losing steam: Cherry cabinetry (Cherry dominated kitchens in early 2010 but was overtaken by maple cabinetry this year)
2. Kitchen finishes
Losing steam: Medium natural, glazed, and white painted finishes are on the decline and the use of distressed finishes has dropped significantly in the last year.
 |
Photo credit: Miro Dvorscak |
3. Color
Gaining steam: Grays, beiges, and bones
Losing steam: Brown tones, whites, and off-whites
 |
O’Neil Cabinets shaker style; Photo credit: Courtesy of O’Neil Cabinets |
4. Design styles
Gaining steam: Shaker style, which is characterized by its simplicity, un-ornamented yet functional, finely crafted style. (Shaker overtook contemporary style this year as the No. 2 most popular kitchen design style). Traditional style remains the most popular kitchen design, although it has dropped slightly in popularity compared to last year.
Losing steam: Contemporary style
 |
Kitchen from Huntwood Cabinets features an island with built-in wine cubbies; Photo credit: Alan Bisson |
5. Cabinetry upgrades
Losing steam: Tall pantries, lazy Susans, appliance garages, and pull-out racks are declining slightly in popularity.
 |
DuPont Corian solid surface in Sorrel; Photo Credit: TC Studios |
6. Countertops
Gaining steam: Solid surfaces, a low-maintenance countertop surface, has grown in popularity, but granite and quartz continue to hold dominance. Other countertops surfaces increasing in niche use include butcher block and marble.
Losing steam: Laminate
 |
Liebherr’s 2060 series |
7. Refrigerators
Gaining steam: French door and side-by-side refrigerators
Losing steam: Freezer-top refrigerators and freezer-bottom models
 |
Thermador’s Masterpiece Series 36-inch Silver-Mirrored Induction Cooktop; Photo credit: Thermador |
8. Cooktops
Gaining steam: Induction cooktops are closing the gap on gas and electric models; double wall ovens are increasing in use.
Losing steam: Gas cooktops are still popular but their use is falling slightly in favor of induction and electric cooktops. Single wall ovens and warming drawers are also on the decline.
 |
Photo credit: Kichler Lighting |
Gaining steam: LED energy-efficient lighting options
Losing steam: Incandescent lighting and CFLs (compact fluorescent lights)
 |
Photo credit: Rev-A-Shelf, LLC |
10. Trash
Gaining steam: More designers are taking into account trash considerations in kitchen designs, with trash or recycling pull-outs, garbage disposals, and trash compactors on the rise.
Losing steam: Not considering where the trash goes in the kitchen.
By Melissa Dittmann Tracey, REALTOR® Magazine
March 14, 2011
Thursday, March 10, 2011
Gotta Go to the Auto Show
Need something to do this weekend? The 38th Annual Twin Cities Auto Show is coming to the Minneapolis Convention Center starting Saturday, March 12. Featuring an estimated $15,000,000 in new vehicles, and filled with amazing new displays; this is the 7th largest Auto Show in the nation. GMADA is pleased to present vehicles from almost every manufacturer in the world!
NEW Ultimate Garage by AutoMotorPlexFeatures three unique, fully decorated garage themes: The Racing, Exotic and Contemporary car spaces. Each space is designed, styled and features products relating to the individual themes.
NEW Green Room by Star TribuneThe car industry has never been more Green, with an ever increasing inventory of hybrids, electric, Flex fuel and clean diesels. The Show's main floor has Green vehicles throughout. But the Star Tribune Green Room will highlight these innovative vehicles. As a special feature it will also include the University of Minnesota's award winning Solar Powered car along with these vehicles:
• Audi A3 TDI
• Cadillac Escalade Hybrid
• Lincoln MK2 Hybrid
• Mercedes Benz ML Blue Tec
• Porsche Cayenne Hybrid • Ford Fusion Hybrid
• Toyota Prius Hybrid
• Toyota Camry Hybrid
• Toyota Highlander Hybrid
A million dollars worth of vehicles in one room. The best and most luxurious vehicles that the new car industry has to offer. This is truly the room where you can find your license to dream. See luxury vehicles from:
• Audi
• Bentley
• Cadillac
• Hyundai
• Lincoln
• Maserati
• Mercedes
• Porsche
• VW
Whether you're in the market for a new car or just like to dream, bring the family on down to the Auto Show.
Monday, March 7, 2011
Save Money With Your Edible Garden
An edible garden featuring vegetables and herbs can save you a bundle if you keep it simple and raise plants that offer high yields.
Whether you’re trying to pinch pennies on your grocery bill or just hungering to eat healthier, having your own edible garden is the answer. The beauty of tending a backyard vegetable patch is that you can pick and choose what to grow, allowing you to customize a mix that suits your family’s palate—and gives you the greatest return on investment.
How much can you save?
A backyard edible garden will trim costs from your grocery bill while providing you and your family with the freshest produce possible. According to Bruce Butterfield, research director for the National Gardening Association, a well-maintained garden can produce a half-pound of fresh vegetables for every square foot of garden space. At average market prices, that means a garden returns about $1 per square foot.
Studies conducted by W. Atlee Burpee Co., a mail-order seed company, are even more optimistic. According to Burpee, the average cost-to-benefit ratio of home-grown produce for those who have established gardens is better than 1 to 25. That means every $1 spent on seeds and supplies yields at least $25 worth of vegetables.
Even first-time gardeners will benefit. George Ball, owner of Burpee Co., says that a $10 investment in seeds for tomatoes, beans, bell peppers, lettuce, peas, and carrots, plus $80 for soil, fertilizer, and the cost of building several raised beds, can yield more than $250 worth of veggies and herbs—a substantial portion of the approximately $3,465 the average U.S. family spends on a year’s worth of groceries.
For families that save the harvest, either by freezing, canning, or drying, the cost-benefit ratio climbs even higher. Martha Garway, who tends a 10x10 plot in a Providence, R.I., community garden, freezes much of her summer produce, such as okra, tomatoes, and peppers.
That summer harvest, which costs her $20 for the plot plus the cost of seeds (and she tends to save her own), enables her to “buy only meat and fish through winter—no vegetables,” she says.
Top plants for great returns
For the average gardener in most regions of the country, here are some of the most cost-effective vegetables to grow, and an estimate of what you’ll save over store-bought produce. These figures reflect veggies harvested for fresh eating only; if you freeze or can produce to consume beyond the harvest season, your savings will multiply.
Slicing tomato
Seedling cost: $2.00/plant
Yield: 10-15 pounds tomatoes/plant
Savings: $15-$23/plant
Bell pepper
Seedling cost: $2.00/plant
Yield: 6-8 peppers/plant
Savings: $9-$12/plant
Cucumber
Seed cost: $2.95/packet of 240 seeds
Yield: 10-15 pounds of cucumbers per plant
Savings: $5-$7.50/plant
Bush green beans
Seed cost: $2.95/packet of seeds
Yield: 2.5-3 pounds/5-foot row
Savings: $3.75-$4.50/row
Pole green beans
Seed cost: $2.95/packet of seeds
Yield: 4-5 pounds/5-foot row
Savings: $6-$7.50/row
Leaf lettuce
Seed cost: $2.00/packet of mixed lettuces
Yield: 16 oz. of salad every 3-5 days after leaves mature
Savings: $4 per week
A few vining vegetables, like squash or Malabar spinach, produce abundant yields for the price of a packet of seeds ($2.95). Winter squash types in particular are easy to cure and store, lasting well into spring and offering savings of up to $10-$15 per vine.
Herbs
Herbs offer amazing return. For $1.50, you can buy a 3-inch pot of parsley, chives, oregano, mint, or basil and harvest leaves all season long. With the perennial herbs, like oregano and mint, the harvest continues for years with little maintenance action required. Compare that to “fresh” herbs you’ll get at the grocery for $3 for a 3-ounce packet.
What not to grow
Some vegetables aren’t cost-effective in an edible garden. For instance, you could spend $20 for organic seed potatoes that will yield 15 pounds of spuds from a 20-foot row planting. Compare that with the average price of white potatoes in the supermarket at $1 per pound. Then again, you can’t find Russian Banana fingerlings or Purple Viking potatoes at the grocer, so if you want a specialty spud, grow your own.
Other veggies that don’t pay to grow are ones that are finicky, like celery or asparagus. Both are labor intensive. Onions are relatively cheap to purchase, and it can be difficult to get a large yield of good-size bulbs without a massive garden.
Try growing shallots instead, a gourmet-style onion family member that produces green tops you can harvest like chives and mild flavored bulbs that cost up to $4 a pound at the store.
How big an edible garden?
The median size of an edible garden is about 100 sq. ft., according to the National Gardening Association. For a family of four, a growing space of 200 sq. ft. should keep the family in veggies all summer long. Plan to spend 4 hours a week tending your garden, with 8-12 hours for preparing the planting area in spring, shopping for seeds and seedlings, and sowing crops.
By: Julie Martens
Published: February 2, 2010
Julie Martens is a writer with 21 years’ experience in the field of gardening. Her bylines appear in magazines such as Nature’s Garden, Country Gardens, and Garden Ideas & Outdoor Living. She recently moved into a renovated 1915 home and is busily working on a new garden.
How much can you save?
A backyard edible garden will trim costs from your grocery bill while providing you and your family with the freshest produce possible. According to Bruce Butterfield, research director for the National Gardening Association, a well-maintained garden can produce a half-pound of fresh vegetables for every square foot of garden space. At average market prices, that means a garden returns about $1 per square foot.
Studies conducted by W. Atlee Burpee Co., a mail-order seed company, are even more optimistic. According to Burpee, the average cost-to-benefit ratio of home-grown produce for those who have established gardens is better than 1 to 25. That means every $1 spent on seeds and supplies yields at least $25 worth of vegetables.
Even first-time gardeners will benefit. George Ball, owner of Burpee Co., says that a $10 investment in seeds for tomatoes, beans, bell peppers, lettuce, peas, and carrots, plus $80 for soil, fertilizer, and the cost of building several raised beds, can yield more than $250 worth of veggies and herbs—a substantial portion of the approximately $3,465 the average U.S. family spends on a year’s worth of groceries.
For families that save the harvest, either by freezing, canning, or drying, the cost-benefit ratio climbs even higher. Martha Garway, who tends a 10x10 plot in a Providence, R.I., community garden, freezes much of her summer produce, such as okra, tomatoes, and peppers.
That summer harvest, which costs her $20 for the plot plus the cost of seeds (and she tends to save her own), enables her to “buy only meat and fish through winter—no vegetables,” she says.
Top plants for great returns
For the average gardener in most regions of the country, here are some of the most cost-effective vegetables to grow, and an estimate of what you’ll save over store-bought produce. These figures reflect veggies harvested for fresh eating only; if you freeze or can produce to consume beyond the harvest season, your savings will multiply.
Slicing tomato
Seedling cost: $2.00/plant
Yield: 10-15 pounds tomatoes/plant
Savings: $15-$23/plant
Bell pepper
Seedling cost: $2.00/plant
Yield: 6-8 peppers/plant
Savings: $9-$12/plant
Cucumber
Seed cost: $2.95/packet of 240 seeds
Yield: 10-15 pounds of cucumbers per plant
Savings: $5-$7.50/plant
Bush green beans
Seed cost: $2.95/packet of seeds
Yield: 2.5-3 pounds/5-foot row
Savings: $3.75-$4.50/row
Pole green beans
Seed cost: $2.95/packet of seeds
Yield: 4-5 pounds/5-foot row
Savings: $6-$7.50/row
Leaf lettuce
Seed cost: $2.00/packet of mixed lettuces
Yield: 16 oz. of salad every 3-5 days after leaves mature
Savings: $4 per week
A few vining vegetables, like squash or Malabar spinach, produce abundant yields for the price of a packet of seeds ($2.95). Winter squash types in particular are easy to cure and store, lasting well into spring and offering savings of up to $10-$15 per vine.
Herbs
Herbs offer amazing return. For $1.50, you can buy a 3-inch pot of parsley, chives, oregano, mint, or basil and harvest leaves all season long. With the perennial herbs, like oregano and mint, the harvest continues for years with little maintenance action required. Compare that to “fresh” herbs you’ll get at the grocery for $3 for a 3-ounce packet.
What not to grow
Some vegetables aren’t cost-effective in an edible garden. For instance, you could spend $20 for organic seed potatoes that will yield 15 pounds of spuds from a 20-foot row planting. Compare that with the average price of white potatoes in the supermarket at $1 per pound. Then again, you can’t find Russian Banana fingerlings or Purple Viking potatoes at the grocer, so if you want a specialty spud, grow your own.
Other veggies that don’t pay to grow are ones that are finicky, like celery or asparagus. Both are labor intensive. Onions are relatively cheap to purchase, and it can be difficult to get a large yield of good-size bulbs without a massive garden.
Try growing shallots instead, a gourmet-style onion family member that produces green tops you can harvest like chives and mild flavored bulbs that cost up to $4 a pound at the store.
How big an edible garden?
The median size of an edible garden is about 100 sq. ft., according to the National Gardening Association. For a family of four, a growing space of 200 sq. ft. should keep the family in veggies all summer long. Plan to spend 4 hours a week tending your garden, with 8-12 hours for preparing the planting area in spring, shopping for seeds and seedlings, and sowing crops.
By: Julie Martens
Published: February 2, 2010
Julie Martens is a writer with 21 years’ experience in the field of gardening. Her bylines appear in magazines such as Nature’s Garden, Country Gardens, and Garden Ideas & Outdoor Living. She recently moved into a renovated 1915 home and is busily working on a new garden.
Wednesday, March 2, 2011
Weekend Happenings: Minneapolis Home & Garden Show
Whether you're a homeowner or a "wanna be", you won't want to miss this weekend's Minneapolis Home & Garden Show located at the Minneapolis Convention Center. The event starts today, March 2nd, and runs through Sunday, March 6th.
This huge community event brings the latest in Home, Gardening, Remodeling and Home Decor. The show will display stunning gardens, local celebrities and more! Guests have the opportunity to meet 1,000+ experts and experience thousands of the hottest new products and services.
This year's all new lineup includes appearances by Taniya Nayak of HGTV's Designed to Sell and Andrew Downward of HGTV's Divine Design. Local celebrities will compete in a Celebrity Cooking Contest throughout the show. There will be several presentations by members of the Minnesota State Horticultural Society on topics ranging from composting and sustainable gardening to container gardening and patios. Step inside the unique Idea Home, completely built by energy panels and learn the latest trends for energy efficiency for your home. As you tour the home you will see innovative landscaping, design, home furnishing, kitchen appliances and more!
There is so much to see and do at this fun, family friendly show. Stop on by and let us know what you think.
This huge community event brings the latest in Home, Gardening, Remodeling and Home Decor. The show will display stunning gardens, local celebrities and more! Guests have the opportunity to meet 1,000+ experts and experience thousands of the hottest new products and services.
This year's all new lineup includes appearances by Taniya Nayak of HGTV's Designed to Sell and Andrew Downward of HGTV's Divine Design. Local celebrities will compete in a Celebrity Cooking Contest throughout the show. There will be several presentations by members of the Minnesota State Horticultural Society on topics ranging from composting and sustainable gardening to container gardening and patios. Step inside the unique Idea Home, completely built by energy panels and learn the latest trends for energy efficiency for your home. As you tour the home you will see innovative landscaping, design, home furnishing, kitchen appliances and more!
There is so much to see and do at this fun, family friendly show. Stop on by and let us know what you think.
Tuesday, March 1, 2011
Weekly Market Update
Good afternoon! I hope you’re enjoying a reprieve from the snow and cold we’ve been having! I have to remind myself we are still in the season of winter and spring doesn’t officially start until March 20th! And then spring doesn’t really come until sometime in April – or May!!! Lower expectations and experience less disappointment!
Here’s what’s been happening in our next of the woods this past week:
The gap between current and year-ago listing activity continues to widen, as anticipated. Expect the supply-side numbers to show sizable year-over-year declines due to the high baseline set during the spring 2010 tax credit. It should be noted that we are now approaching a period where we’ll be comparing the 2011 non-tax credit market to the 2010 tax credit market at its peak level.
For the week ending February 19, there were 690 signed purchase agreements, which made for a 12.1 percent decline from the same week last year. There were 1,367 New Listings for the week, representing a 25.4 percent decline from a year ago. Active Listings, at 21,642, have been holding steady since the beginning of the year due to subdued seller activity coupled with fairly reliable sales volumes. That marked a 3.3 percent decline from year-ago inventory levels.
A more meaningful comparison is to look back at 2009 and 2008 and avoid tax credit stimulated activity. This week's 690 Pending Sales fall right in between 2008 and 2009 numbers. While that is less buyer activity than we would like, it does provide hope for the future!
As always – please feel free to call or email us if you have any questions or concerns!
Best regards,
Eric & Sharla
Here’s what’s been happening in our next of the woods this past week:
The gap between current and year-ago listing activity continues to widen, as anticipated. Expect the supply-side numbers to show sizable year-over-year declines due to the high baseline set during the spring 2010 tax credit. It should be noted that we are now approaching a period where we’ll be comparing the 2011 non-tax credit market to the 2010 tax credit market at its peak level.
For the week ending February 19, there were 690 signed purchase agreements, which made for a 12.1 percent decline from the same week last year. There were 1,367 New Listings for the week, representing a 25.4 percent decline from a year ago. Active Listings, at 21,642, have been holding steady since the beginning of the year due to subdued seller activity coupled with fairly reliable sales volumes. That marked a 3.3 percent decline from year-ago inventory levels.
A more meaningful comparison is to look back at 2009 and 2008 and avoid tax credit stimulated activity. This week's 690 Pending Sales fall right in between 2008 and 2009 numbers. While that is less buyer activity than we would like, it does provide hope for the future!
As always – please feel free to call or email us if you have any questions or concerns!
Best regards,
Eric & Sharla
Monday, February 28, 2011
Recasting Your Mortgage: Refinancing's Forgotten Sibling
Want to lower your monthly mortgage payment, but refinancing not in the cards? Here’s an option banks don’t advertise: recasting.
Recasting, also known as re-amortization, is the little-known alternative to lower your mortgage payments. It doesn’t change your interest rate or the term of your loan, but it will reduce the amount you pay each month. The catch? You need a wad of cash—at least $5,000—you’re comfortable parting with to reduce your principal.
Compare recasting with familiar options
When recasting doesn’t pay
If your bank agrees to a recasting, you:
Current Status
Remaining Principal on Mortgage: $200,000
Years Left on Mortgage: 20
Interest Rate: 6%
Monthly Payments: $1,482.36
Status after Recasting
Remaining Principal on Mortgage: $180,000
Years Left on Mortgage: 20
Interest Rate: 6%
Monthly Payments: $1,259.88
Monthly Reduction: $143.28
Monthly Reduction X 240 (20 years): $34,387.20
$34,387.20 - $20,000 (the initial lump sum) = $14,387.20 in total savings
How long will it take?
A recasting is technically simpler than a refinance, but it can take longer because you need the approval of the owner of the loan, which may not be the bank that services it, points out David Coster, chief consumer analyst for Mortgageloan.com. Some banks may take 1 to 2 months to process the request and then 1 to 2 months to implement the new payment. Ask the bank upfront.
Also, banks aren’t obligated to recast and have little incentive, given the low fees they get from the strategy. Still many banks will let you recast your loan as long as you ask—just don’t expect the bank to advertise it the way it might with a refinance.
By: Donna Fuscaldo
Published: February 22, 2011
Donna Fuscaldo has written about personal finance for Dow Jones, the Wall Street Journal, and Fox Business News for more than a decade. As a self-employed professional, her ability to refinance is limited.
Recasting, also known as re-amortization, is the little-known alternative to lower your mortgage payments. It doesn’t change your interest rate or the term of your loan, but it will reduce the amount you pay each month. The catch? You need a wad of cash—at least $5,000—you’re comfortable parting with to reduce your principal.
Compare recasting with familiar options
- Refinancing. You lower your monthly payments, but you often pay hefty fees and go through a credit check.
- Paying off part of the principal with a lump sum. You can do this easily, but you’re only shortening the length of the mortgage; the monthly payments remain the same.
- Recasting. You reduce your monthly payments by paying a lump sum against your principal, but you skip the credit check and pay virtually no fees.
- You’re self-employed or have poor credit, making refinancing a tough proposition.
- You recently refinanced your mortgage and don’t want to go through the cost and hassle again.
- You received an inheritance and believe you’re better off putting it toward your mortgage rather than investing it.
- You foresee trouble down the road—say, a downturn in your industry—and want to lower your monthly mortgage payments now to prepare for that.
- You usually invest spare cash in the stock market, but the outlook is so bleak you might as well reduce your mortgage. This is especially true if you also have a high mortgage and can’t refinance.
When recasting doesn’t pay
- If you pay a high rate and have good credit, a refinance may be worth the cost, especially if you have a legitimate need for a cash-out refi.
- If you have a lump sum and a mortgage at a low rate, you’re better off investing your money. The S&P 500 appreciated by about 15% in 2010. We know there’s no guarantee with the stock market, but that was certainly a better bet last year than paying down a 6% mortgage.
- If banks loosen up and grant new mortgages to riskier prospects. That makes a refinance a possibility if you have weak credit.
If your bank agrees to a recasting, you:
- Pay a lump sum toward your mortgage, typically $5,000 or more.
- Ask your lender to amortize the remaining balance and change your monthly payments, as opposed to just reducing the principal.
- Pay the lender a one-time fee in the neighborhood of $250.
Current Status
Remaining Principal on Mortgage: $200,000
Years Left on Mortgage: 20
Interest Rate: 6%
Monthly Payments: $1,482.36
Status after Recasting
Remaining Principal on Mortgage: $180,000
Years Left on Mortgage: 20
Interest Rate: 6%
Monthly Payments: $1,259.88
Monthly Reduction: $143.28
Monthly Reduction X 240 (20 years): $34,387.20
$34,387.20 - $20,000 (the initial lump sum) = $14,387.20 in total savings
How long will it take?
A recasting is technically simpler than a refinance, but it can take longer because you need the approval of the owner of the loan, which may not be the bank that services it, points out David Coster, chief consumer analyst for Mortgageloan.com. Some banks may take 1 to 2 months to process the request and then 1 to 2 months to implement the new payment. Ask the bank upfront.
Also, banks aren’t obligated to recast and have little incentive, given the low fees they get from the strategy. Still many banks will let you recast your loan as long as you ask—just don’t expect the bank to advertise it the way it might with a refinance.
By: Donna Fuscaldo
Published: February 22, 2011
Donna Fuscaldo has written about personal finance for Dow Jones, the Wall Street Journal, and Fox Business News for more than a decade. As a self-employed professional, her ability to refinance is limited.
Friday, February 25, 2011
Survey: Sellers Fare Better With Agents
Sellers have a better chance at getting their house sold by using a REALTOR® than opting for the do-it-yourself approach, according to a survey of 1,000 home owners by HomeGain.com, an online real estate resource. Nearly 60 percent of home owners who used a REALTOR® to sell their home were successful compared to 39 percent of FSBOs, the survey found.
In the survey, 83 percent of home owners said they used a REALTOR® to sell their home, whereas 17 percent said they tried to sell it themselves. This corresponds to results from NAR's 2010 Profile of Buyers & Sellers, which found 88 percent of sellers were assisted by a real estate agent. (Additionally, 83 percent of buyers bought their home through an agent.)
“It is especially striking that home owners fare significantly better in selling their homes using a REALTOR® than selling on their own,” says Louis Cammarosano, general manager at HomeGain. “Due to that relative success, the level of satisfaction in the home selling process is also higher for home sellers utilizing the services of a REALTOR® than those who try to sell their homes on their own.”
Among the findings in its For Sale by Owner vs. REALTOR® survey:
• 88 percent of home owners who sold their homes using a REALTOR® said they would use a REALTOR® again.
• 24 percent of FSBOs eventually contacted a REALTOR® to help sell their home.
Your home is one of the largest investments of your life. It makes sense to trust a professional with it.
In the survey, 83 percent of home owners said they used a REALTOR® to sell their home, whereas 17 percent said they tried to sell it themselves. This corresponds to results from NAR's 2010 Profile of Buyers & Sellers, which found 88 percent of sellers were assisted by a real estate agent. (Additionally, 83 percent of buyers bought their home through an agent.)
“It is especially striking that home owners fare significantly better in selling their homes using a REALTOR® than selling on their own,” says Louis Cammarosano, general manager at HomeGain. “Due to that relative success, the level of satisfaction in the home selling process is also higher for home sellers utilizing the services of a REALTOR® than those who try to sell their homes on their own.”
Among the findings in its For Sale by Owner vs. REALTOR® survey:
• 88 percent of home owners who sold their homes using a REALTOR® said they would use a REALTOR® again.
• 24 percent of FSBOs eventually contacted a REALTOR® to help sell their home.
Your home is one of the largest investments of your life. It makes sense to trust a professional with it.
Thursday, February 24, 2011
Winter Weekend of Golf
When you live in Minnesota, your golf season can be pretty short. But this weekend you can work on your putting game with two indoor putting tournaments.
The Skyway Open runs from February 24 until February 25, and has 18 architect-designed holes in Minneapolis' skyways. The scramble golf tournament is open to all, and there're prizes up for grabs for the best golfers. The Skyway Open benefits the Boys and Girls Club.
Pub and Putt on February 26 is a strictly over-21 contest involving 9 pubs and bars in Minneapolis, a miniature golf hole in each, drink specials and an after party. You'll need a team of four and a combined entry fee of $180 to participate, but it's reputed to be a great time, and Pub and Putt raises money for several local charities.
The Skyway Open runs from February 24 until February 25, and has 18 architect-designed holes in Minneapolis' skyways. The scramble golf tournament is open to all, and there're prizes up for grabs for the best golfers. The Skyway Open benefits the Boys and Girls Club.
Pub and Putt on February 26 is a strictly over-21 contest involving 9 pubs and bars in Minneapolis, a miniature golf hole in each, drink specials and an after party. You'll need a team of four and a combined entry fee of $180 to participate, but it's reputed to be a great time, and Pub and Putt raises money for several local charities.
Wednesday, February 23, 2011
Charts, Graphs, and Numbers, Oh My!
We had a great speaker this morning at our Tuesday Business meeting. It was Mark Allen from the Minneapolis Association of Realtors. He came in with tons of charts, graphs, and numbers and I ate it up. Usually charts, graphs, and numbers are not my thing - but when it involves real estate, I'm all over it!
It was good information and reassuring. There is light at the end of the tunnel - but that light isn't going to really start shining till the end of 2012/2013. That's when the foreclosures and short sales that have flooded the market will be mostly absorbed.
Here's what he said is in store for 2011:
Here's what happened in our local market last week:
For the week ending February 12, there were 710 signed purchase agreements, a meager drop of 0.1 percent from the same week last year. Although we fully expect to be down in year-over-year comparisons for the next three months due to last year's tax credit incentive, this is still interesting because it marks the first time we've had more than 700 Pending Sales since May 2010. Think about that. More sales activity in mid-February 2011 than mid-June 2010.
Similar to the week prior, there were 1,324 New Listings for the week, representing a decline of 24.9 percent from a year ago. Active Listings increased slightly from the week before to 21,553, just a 3.2 percent decline from last year.
As we work our way through these next three months of apples-to-oranges comparisons to last year, we will be looking back at 2009 and 2008 for further market understanding. This week's 710 Pending Sales compare well to the 714 for the same week in 2009 and 635 in 2008.
How much of this week's reported pendings can be attributed to unseasonably warm weather? Looking at 15-plus inches of fresh snowfall today, we're certain to find out in a couple of weeks.
It was good information and reassuring. There is light at the end of the tunnel - but that light isn't going to really start shining till the end of 2012/2013. That's when the foreclosures and short sales that have flooded the market will be mostly absorbed.
Here's what he said is in store for 2011:
- Seller Activity will be up 3.5%
- Buyer Activity will be up 6.4%
- Prices will climb 3%
- Supply & Demand will trend down
- Interest Rates will trend up
- Housing Affordability will trend down
- New Construction starts will trend up
- We'll see an upward price migration - meaning move-up buyers will re-enter the market
Here's what happened in our local market last week:
For the week ending February 12, there were 710 signed purchase agreements, a meager drop of 0.1 percent from the same week last year. Although we fully expect to be down in year-over-year comparisons for the next three months due to last year's tax credit incentive, this is still interesting because it marks the first time we've had more than 700 Pending Sales since May 2010. Think about that. More sales activity in mid-February 2011 than mid-June 2010.
Similar to the week prior, there were 1,324 New Listings for the week, representing a decline of 24.9 percent from a year ago. Active Listings increased slightly from the week before to 21,553, just a 3.2 percent decline from last year.
As we work our way through these next three months of apples-to-oranges comparisons to last year, we will be looking back at 2009 and 2008 for further market understanding. This week's 710 Pending Sales compare well to the 714 for the same week in 2009 and 635 in 2008.
How much of this week's reported pendings can be attributed to unseasonably warm weather? Looking at 15-plus inches of fresh snowfall today, we're certain to find out in a couple of weeks.
Monday, February 21, 2011
8 Tips for Adding Curb Appeal and Value to Your Home
Here are eight ways to help your home put its best face forward.
Homes with high curb appeal command higher prices and take less time to sell. We're not talking about replacing vinyl siding with redwood siding; we're talking about maintenance and beautifying tasks you'd like to live with anyway.
The way your house looks from the street - attractively landscaped and well maintained - can add thousands to its value and cut the time it takes to sell. But which projects pump up curb appeal most? Some spit and polish goes a long way, and so does a dose of color.
Tip #1: Wash your house's face
Before you scrape any paint or plant more azaleas, ,wash the dirt, mildew and general grunge off the outside of your house. REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses.
A bucket of soapy water and a long-handled, soft-bristled brush can remove the dust and dirt that have splashed onto your wood, vinyl, metal, stucco, brick, and fiber cement siding. Power washers (rental: $75 per day) can reveal the true color of your flagstone walkways.
Wash your windows inside and out, swipe cobwebs from eaves, and hose down downspouts. Don't forget your garage door, which was once bright white. If you can't spray off the dirt, scrub it off with a solution of 1/2 cup trisodium phosphate - TSP, available at grocery stores, hardware stores, and home improvement centers - dissolved in 1 gallon of water.
You and a friend can make your house sparkle in a few weekends. A professional cleaning crew will cost hundreds - depending on the size of the house and number of windows - but will finish in a couple of days.
Tip #2: Freshen the paint job
The most commonly offered curb appeal advice from real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it, and appraisers will value it. Of course, painting is an expensive and time-consuming face lift. To paint a 3,000-square-foot home, figure on spending $375 to $600 on paint; $1,500 to $3,000 on labor.
Your best bet is to match the paint you already have: Scrape off a little and ask your local paint store to match it. Resist the urge to make a statement with color. An appraiser will mark down the value of a house that's painted a wildly different color from its competition.
Tip #3: Regard the roof
The condition of your roof is one of the first things buyers notice and appraisers assess. Missing, curled, or faded shingles add nothing to the look or value of your house. If your neighbors have maintained or replaced their roofs, yours will look especially shabby.
You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. According to Remodeling Magazine's 2010-2011 Cost vs. Value Report, the average cost of a new asphalt shingle roof is about $21,500.
Some tired roofs look a lot better after you remove 25 years of dirt, moss, lichens, and algae. Don't try cleaning your roof yourself: call a professional with the right tools and technique to clean it without damaging it. A 2,000 sq. ft. roof will take a day and $400 to $600 to clean professionally.
Tip #4: Neaten the yard
A well-manicured lawn, fresh mulch, and pruned shrubs boost the curb appeal of any home.
Replace overgrown bushes with leafy plants and colorful annuals. Surround bushes and trees with dark or reddish-brown bark mulch, which gives a rich feel to the yard. Put a crisp edge on garden beds, pull weeds and invasive vines, and plant a few geraniums in pots.
Green up your grass with lawn food and water. Cover bare spots with seeds and sod, get rid of crab grass, and mow regularly.
Tip #5: Add a color splash
Even a little color attracts and pleases the eye of would-be buyers.
Plant a tulip border in the fall that will bloom in the spring. Dig a flowerbed by the mailbox and plant some pansies. Place a brightly colored bench or Adirondack chair on the front porch. Get a little daring, and paint the front door red or blue.
These colorful touches won't add to the value of your house: appraisers don't give you extra points for a blue bench. But beautiful colors enhance curb appeal and help your house to sell faster.
Tip #6: Glam your mailbox
An upscale mailbox, architectural house numbers, or address plaques can make your house stand out.
High-style die cast aluminum mailboxes range from $100 to $350. You can pick up a handsome, hand-painted mailbox for about $50. If you don't buy new, at least give your old mailbox a face lift with paint and new house numbers.
These days, your local home improvement center or hardware store has an impressive selection of decorative numbers. Architectural address plaques, which you tack to the house or plant in the yard, typically range from $80 to $200. Brass house numbers range from $3 to $11 each, depending on size and style.
Tip #7: Fence yourself in
A picket fence with a garden gate to frame the yard is an asset. Not only does it add visual punch to your property, appraisers will give extra value to a fence in good condition, although it has more impact in a family-oriented neighborhood than an upscale retirement community.
Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.
If you already have a fence, make sure it's clean and in good condition. Replace broken gates and tighten loose latches.
Tip #8: Maintenance is a must
Nothing looks worse from the curb - and sets off subconscious alarms - like hanging gutters, missing bricks from the front steps, or peeling paint. Not only can these deferred maintenance items damage your home, but they can decrease the value of your house by 10%.
Here are some maintenance chores that will dramatically help the look of your house.
February 18, 2011
Georgia-based freelance writer Pat Curry has covered housing and real estate for consumer and trade publications for more than a decade.
Homes with high curb appeal command higher prices and take less time to sell. We're not talking about replacing vinyl siding with redwood siding; we're talking about maintenance and beautifying tasks you'd like to live with anyway.
The way your house looks from the street - attractively landscaped and well maintained - can add thousands to its value and cut the time it takes to sell. But which projects pump up curb appeal most? Some spit and polish goes a long way, and so does a dose of color.
Tip #1: Wash your house's face
Before you scrape any paint or plant more azaleas, ,wash the dirt, mildew and general grunge off the outside of your house. REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses.
A bucket of soapy water and a long-handled, soft-bristled brush can remove the dust and dirt that have splashed onto your wood, vinyl, metal, stucco, brick, and fiber cement siding. Power washers (rental: $75 per day) can reveal the true color of your flagstone walkways.
Wash your windows inside and out, swipe cobwebs from eaves, and hose down downspouts. Don't forget your garage door, which was once bright white. If you can't spray off the dirt, scrub it off with a solution of 1/2 cup trisodium phosphate - TSP, available at grocery stores, hardware stores, and home improvement centers - dissolved in 1 gallon of water.
You and a friend can make your house sparkle in a few weekends. A professional cleaning crew will cost hundreds - depending on the size of the house and number of windows - but will finish in a couple of days.
Tip #2: Freshen the paint job
The most commonly offered curb appeal advice from real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it, and appraisers will value it. Of course, painting is an expensive and time-consuming face lift. To paint a 3,000-square-foot home, figure on spending $375 to $600 on paint; $1,500 to $3,000 on labor.
Your best bet is to match the paint you already have: Scrape off a little and ask your local paint store to match it. Resist the urge to make a statement with color. An appraiser will mark down the value of a house that's painted a wildly different color from its competition.
Tip #3: Regard the roof
The condition of your roof is one of the first things buyers notice and appraisers assess. Missing, curled, or faded shingles add nothing to the look or value of your house. If your neighbors have maintained or replaced their roofs, yours will look especially shabby.
You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. According to Remodeling Magazine's 2010-2011 Cost vs. Value Report, the average cost of a new asphalt shingle roof is about $21,500.
Some tired roofs look a lot better after you remove 25 years of dirt, moss, lichens, and algae. Don't try cleaning your roof yourself: call a professional with the right tools and technique to clean it without damaging it. A 2,000 sq. ft. roof will take a day and $400 to $600 to clean professionally.
Tip #4: Neaten the yard
A well-manicured lawn, fresh mulch, and pruned shrubs boost the curb appeal of any home.
Replace overgrown bushes with leafy plants and colorful annuals. Surround bushes and trees with dark or reddish-brown bark mulch, which gives a rich feel to the yard. Put a crisp edge on garden beds, pull weeds and invasive vines, and plant a few geraniums in pots.
Green up your grass with lawn food and water. Cover bare spots with seeds and sod, get rid of crab grass, and mow regularly.
Tip #5: Add a color splash
Even a little color attracts and pleases the eye of would-be buyers.
Plant a tulip border in the fall that will bloom in the spring. Dig a flowerbed by the mailbox and plant some pansies. Place a brightly colored bench or Adirondack chair on the front porch. Get a little daring, and paint the front door red or blue.
These colorful touches won't add to the value of your house: appraisers don't give you extra points for a blue bench. But beautiful colors enhance curb appeal and help your house to sell faster.
Tip #6: Glam your mailbox
An upscale mailbox, architectural house numbers, or address plaques can make your house stand out.
High-style die cast aluminum mailboxes range from $100 to $350. You can pick up a handsome, hand-painted mailbox for about $50. If you don't buy new, at least give your old mailbox a face lift with paint and new house numbers.
These days, your local home improvement center or hardware store has an impressive selection of decorative numbers. Architectural address plaques, which you tack to the house or plant in the yard, typically range from $80 to $200. Brass house numbers range from $3 to $11 each, depending on size and style.
Tip #7: Fence yourself in
A picket fence with a garden gate to frame the yard is an asset. Not only does it add visual punch to your property, appraisers will give extra value to a fence in good condition, although it has more impact in a family-oriented neighborhood than an upscale retirement community.
Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.
If you already have a fence, make sure it's clean and in good condition. Replace broken gates and tighten loose latches.
Tip #8: Maintenance is a must
Nothing looks worse from the curb - and sets off subconscious alarms - like hanging gutters, missing bricks from the front steps, or peeling paint. Not only can these deferred maintenance items damage your home, but they can decrease the value of your house by 10%.
Here are some maintenance chores that will dramatically help the look of your house.
- Refasten sagging gutters.
- Repoint bricks that have lost their mortar.
- Reseal cracked asphalt.
- Straighten shutters.
- Replace cracked windows.
February 18, 2011
Georgia-based freelance writer Pat Curry has covered housing and real estate for consumer and trade publications for more than a decade.
Wednesday, February 16, 2011
Shop In Carver This Weekend
On the third weekend of every month you can find the small, Minnesota river town of Carver bustling with women on a mission to find reclaimed vintage home decor. This small town, with a population just over 3,000, can be found just southwest of Chaska. But don't let the size fool you. Carver is on the verge of exploding due to it's close proximity to the new Highway 212 and it's quaint downtown right on the river. And it is quickly becoming the hot spot for people on the lookout for old things turned new again.
This weekend, the monthly occasional shops in Carver will open their doors from Thursday to Saturday. Savvy shoppers will show up early on Thursday morning to nab the best finds. Be prepared to stand in line before the doors open at Mustard Moon, located at 300 Broadway Street. With a tag line of "All Things Quaint & Old" you'll be sure to find that perfect piece for your home. Located in the basement of one of Carver's many historical buildings, you'll feel like you're walking back in time with the low ceilings and stone walls. Every inch of the shop is filled with treasures that will tempt you. Upstairs, you will find two other vintage-style shops: Seasons in Carver and The Nature Of It.
Other shops open during the weekend include Carver County Flower & Gifts, Country Cottage of Carver, and Objects & Art. Be sure to stay for lunch at Harvey's Bar and Grill or Lisa's Place. All are are within a few blocks of one another.
For great vintage finds close at hand in the southwest metro, be sure to visit Carver this weekend.
Monday, February 14, 2011
Average 30-Year Mortgage Rises Past 5%
Mortgage rates rose this week to their highest level in 10 months, but the increase isn't expected to derail strengthening in the battered U.S. housing market.
Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 5.05% this week. That's the highest since late April and up sharply from a modern record low of 4.17% in November.
Rates would have to rise much more to squelch a housing market recovery, economists say. And the federal government would likely take steps to pull rates down if that occurred, they add.
"Nobody is welcoming a rise in interest rates, but it's not enough to kill purchases in the housing market," says Keith Gumbinger of mortgage researcher HSH.com.
To discourage large numbers of sales, rates would have to top 6%, predicts ISH Global Insight economist Patrick Newport. If they went over 5.5%, that would likely spur government action, adds Cameron Findlay, Lending Tree chief economist.
Even though rates have been rising since November, they're still low by historical standards. For the past 20 years, 30-year fixed loans have averaged 6.9%, Findlay says. For the past 10 years, they averaged 5.93%.
Low rates and low home prices helped fourth-quarter home sales, the NATIONAL ASSOCIATION OF REALTORS® reported Thursday.
Nationwide, fourth-quarter sales rose 15% from the third quarter. But they were still 20% below a year earlier, when federal tax credits artificially boosted sales.
Median prices for single-family homes were up year-over-year in 78 of 152 metropolitan areas. But they were up just 0.2% nationwide, the NAR said. Newport expects prices to drop further and begin to turn around midyear.
The association's data indicate several larger markets posted healthy price gains due to stronger job growth. In Washington, D.C., median prices were up 8.1% year-over-year. The Boston region posted a 4.2% rise, and Austin was up 4.1%.
"Sales clearly recovered in the latter part of 2010," says Lawrence Yun, NAR economist. He expects sales to pick up this year despite interest rates he predicts will be 5.5% or higher by year's end.
But job creation "will trump the rise in rates" and keep home sales improving, Yun says.
Higher rates will have a bigger impact on refinancing activity, Gumbinger says. That fell 8% for the week ended Feb. 4 as interest rates jumped, the Mortgage Bankers Association says.
Mortgage rates follow yields on 10-year Treasury bonds, which have been rising recently.
By Julie Schmit
February 11, 2011
© Copyright 2011 USA TODAY, a division of Gannett Co. Inc.
Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 5.05% this week. That's the highest since late April and up sharply from a modern record low of 4.17% in November.
Rates would have to rise much more to squelch a housing market recovery, economists say. And the federal government would likely take steps to pull rates down if that occurred, they add.
"Nobody is welcoming a rise in interest rates, but it's not enough to kill purchases in the housing market," says Keith Gumbinger of mortgage researcher HSH.com.
To discourage large numbers of sales, rates would have to top 6%, predicts ISH Global Insight economist Patrick Newport. If they went over 5.5%, that would likely spur government action, adds Cameron Findlay, Lending Tree chief economist.
Even though rates have been rising since November, they're still low by historical standards. For the past 20 years, 30-year fixed loans have averaged 6.9%, Findlay says. For the past 10 years, they averaged 5.93%.
Low rates and low home prices helped fourth-quarter home sales, the NATIONAL ASSOCIATION OF REALTORS® reported Thursday.
Nationwide, fourth-quarter sales rose 15% from the third quarter. But they were still 20% below a year earlier, when federal tax credits artificially boosted sales.
Median prices for single-family homes were up year-over-year in 78 of 152 metropolitan areas. But they were up just 0.2% nationwide, the NAR said. Newport expects prices to drop further and begin to turn around midyear.
The association's data indicate several larger markets posted healthy price gains due to stronger job growth. In Washington, D.C., median prices were up 8.1% year-over-year. The Boston region posted a 4.2% rise, and Austin was up 4.1%.
"Sales clearly recovered in the latter part of 2010," says Lawrence Yun, NAR economist. He expects sales to pick up this year despite interest rates he predicts will be 5.5% or higher by year's end.
But job creation "will trump the rise in rates" and keep home sales improving, Yun says.
Higher rates will have a bigger impact on refinancing activity, Gumbinger says. That fell 8% for the week ended Feb. 4 as interest rates jumped, the Mortgage Bankers Association says.
Mortgage rates follow yields on 10-year Treasury bonds, which have been rising recently.
By Julie Schmit
February 11, 2011
© Copyright 2011 USA TODAY, a division of Gannett Co. Inc.
Monday, February 7, 2011
Bills Aim to Stem Home Losses
Legislation intended to stem the continuing tide of home foreclosures was brought to both houses of Congress in January.
Rep. Dennis Cardoza, D-Atwater, re-introduced a bill that would make it easier for home owners to refinance existing mortgages to net more manageable monthly payments. He proposed this bill, called the HOME Act, in 2009.
Last week, U.S. Sen. Barbara Boxer, D-Calif., introduced a similar bill in the Senate.
"Like the HOME Act, Sen. Boxer's bill would lower interest rates for millions of struggling home owners, lowering their monthly mortgage payments and giving them a fair shot at keeping their homes," Cardoza said.
Both bills would allow home owners with mortgages backed by Fannie Mae or Freddie Mac to take advantage of lower interest rates, Cardoza said.
There are about 30 million mortgages backed through Fannie or Freddie, and the potential savings from such a program could amount to a $50 billion reduction in annual payments, according to an estimate from Morgan Stanley and JP Morgan Chase cited in a news release from Cardoza's office.
The economy is directly related to the housing crisis, and recovery requires action to stop the "domino effect of foreclosures," Cardoza said.
The program outlined in the HOME Act would be funded through new mortgage-backed securities and would have little to no cost to taxpayers, according to the release.
February 3, 2011
By The Record, Stockton, Calif.
Distributed by McClatchy-Tribune Information Services
Rep. Dennis Cardoza, D-Atwater, re-introduced a bill that would make it easier for home owners to refinance existing mortgages to net more manageable monthly payments. He proposed this bill, called the HOME Act, in 2009.
Last week, U.S. Sen. Barbara Boxer, D-Calif., introduced a similar bill in the Senate.
"Like the HOME Act, Sen. Boxer's bill would lower interest rates for millions of struggling home owners, lowering their monthly mortgage payments and giving them a fair shot at keeping their homes," Cardoza said.
Both bills would allow home owners with mortgages backed by Fannie Mae or Freddie Mac to take advantage of lower interest rates, Cardoza said.
There are about 30 million mortgages backed through Fannie or Freddie, and the potential savings from such a program could amount to a $50 billion reduction in annual payments, according to an estimate from Morgan Stanley and JP Morgan Chase cited in a news release from Cardoza's office.
The economy is directly related to the housing crisis, and recovery requires action to stop the "domino effect of foreclosures," Cardoza said.
The program outlined in the HOME Act would be funded through new mortgage-backed securities and would have little to no cost to taxpayers, according to the release.
February 3, 2011
By The Record, Stockton, Calif.
Distributed by McClatchy-Tribune Information Services
Friday, February 4, 2011
Minneapolis isn't Miserable!
It's cold here but it could be worse!!! Some of the warmest cities have just been voted "the most miserable". Having spent time in several of these - I happen to agree! There's no place like home.
Even plenty of sunshine can’t get the cities that topped the list of the most miserable smiling.
California residents are pretty miserable, according to Forbes’ list of the most unhappy cities in the United States. California cities account for eight of the 20 most miserable places in the U.S., and four of the top five. Falling home prices, high unemployment, high crime, steep state taxes, and a large budget deficit have brought a lot of Californians down in recent months.
Here is the list of the most miserable cities, according to Forbes:
1. Stockton, Calif.
2. Miami
3. Merced, Calif.
4. Modesto, Calif.
5. Sacramento, Calif.
6. Memphis, Tenn.
7. Chicago
8. West Palm Beach, Fla.
Forbes analyzed 200 U.S. cities for its list, taking into account such factors as housing, unemployment, weather, taxes, commuting times, crime, and how the cities’ sports teams performed in recent years.
"Both California and Florida have a history of boom and bust economies,” Kurt Badenhausen, Forbes senior editor, told Reuters. “People flooded to these states because of the weather during the boom years but that helped inflate the massive bubble in housing."
In Stockton, home prices have fallen by 58 percent over the last three years and unemployment has averaged 14.3 percent--and projected to rise to 18.1 percent in 2011.
"Stockton has issues that it needs to address, but an article like this is the equivalent of bayoneting the wounded," Bob Deis, Stockton city manager, told Forbes.
Cleveland — which last year held the title as the most miserable — is getting a little happier; it ranking 10th on this year's list. Cleveland’s unemployment rate increased at a much slower rate than other parts of the country, which helped improve its ranking this year.
See Forbes.com’s full list of the most miserable.
Source: “California Cities Top Most Miserable List,” Reuters News (Feb. 3, 2011)
Even plenty of sunshine can’t get the cities that topped the list of the most miserable smiling.
California residents are pretty miserable, according to Forbes’ list of the most unhappy cities in the United States. California cities account for eight of the 20 most miserable places in the U.S., and four of the top five. Falling home prices, high unemployment, high crime, steep state taxes, and a large budget deficit have brought a lot of Californians down in recent months.
Here is the list of the most miserable cities, according to Forbes:
1. Stockton, Calif.
2. Miami
3. Merced, Calif.
4. Modesto, Calif.
5. Sacramento, Calif.
6. Memphis, Tenn.
7. Chicago
8. West Palm Beach, Fla.
Forbes analyzed 200 U.S. cities for its list, taking into account such factors as housing, unemployment, weather, taxes, commuting times, crime, and how the cities’ sports teams performed in recent years.
"Both California and Florida have a history of boom and bust economies,” Kurt Badenhausen, Forbes senior editor, told Reuters. “People flooded to these states because of the weather during the boom years but that helped inflate the massive bubble in housing."
In Stockton, home prices have fallen by 58 percent over the last three years and unemployment has averaged 14.3 percent--and projected to rise to 18.1 percent in 2011.
"Stockton has issues that it needs to address, but an article like this is the equivalent of bayoneting the wounded," Bob Deis, Stockton city manager, told Forbes.
Cleveland — which last year held the title as the most miserable — is getting a little happier; it ranking 10th on this year's list. Cleveland’s unemployment rate increased at a much slower rate than other parts of the country, which helped improve its ranking this year.
See Forbes.com’s full list of the most miserable.
Source: “California Cities Top Most Miserable List,” Reuters News (Feb. 3, 2011)
'Shadow' real estate inventory may take 4 years to clear
S&P: Slower liquidation rates to blame
It may take more than four years to clear the "shadow inventory" of distressed homes lurking on the sidelines in the U.S., a factor that's likely to undermine real estate prices as the backlog clears, analysts at Standard & Poor's Ratings Services say.
At 49 months, the estimated time needed to clear shadow inventory at the end of the fourth quarter of 2010 was up 11 percent from the previous quarter and 40 percent from a year ago. With the lone exception of Miami, the months' supply of shadow inventory grew in almost all of the nation's 20 largest metro markets.
But much of the increase in the estimated months needed to clear shadow inventory is due to the fact that it's taking longer for lenders to liquidate distressed homes -- not because the number of distressed properties is growing, analysts said.
Standard & Poor's defines shadow inventory as properties with borrowers who are 90 days or more delinquent on their mortgage payments, properties currently or recently in foreclosure, or properties that are real estate owned (REOs).
Although shadow inventory peaked in the first quarter of 2008, loans that are 90-plus-days delinquent and foreclosed properties are taking longer to become REOs. That's once again lengthening the overall timeline for resolving troubled assets, Standard & Poor's analysts said.
http://www.inman.com/
It may take more than four years to clear the "shadow inventory" of distressed homes lurking on the sidelines in the U.S., a factor that's likely to undermine real estate prices as the backlog clears, analysts at Standard & Poor's Ratings Services say.
At 49 months, the estimated time needed to clear shadow inventory at the end of the fourth quarter of 2010 was up 11 percent from the previous quarter and 40 percent from a year ago. With the lone exception of Miami, the months' supply of shadow inventory grew in almost all of the nation's 20 largest metro markets.
But much of the increase in the estimated months needed to clear shadow inventory is due to the fact that it's taking longer for lenders to liquidate distressed homes -- not because the number of distressed properties is growing, analysts said.
Standard & Poor's defines shadow inventory as properties with borrowers who are 90 days or more delinquent on their mortgage payments, properties currently or recently in foreclosure, or properties that are real estate owned (REOs).
Although shadow inventory peaked in the first quarter of 2008, loans that are 90-plus-days delinquent and foreclosed properties are taking longer to become REOs. That's once again lengthening the overall timeline for resolving troubled assets, Standard & Poor's analysts said.
http://www.inman.com/
Wednesday, February 2, 2011
Weekend Happenings
Embrace the cold weather this weekend and visit Minneapolis' annual Nordic ski event, the City of Lakes Loppet.The City of Lakes Loppet is a cross-country ski festival featuring the beautiful trails and lakes of the Twin Cities. In addition to the nine different races being showcased, there are many more fun events taking place both Saturday and Sunday, February 5 & 6. Take in the Snow Sculpture Contest, play some games at the Minnesota Youth Ski League SuperCarnival, or visit the heated tent in Uptown to take in some brats, BBQ sandwiches, and Minnesota's own Surly Beer. Finish your day with a beautiful night-time ski around Lake of the Isles, lit up with thousands of ice luminaries, plus a heated tent full of music and fun.
Whether you've been a Nordic skier for years or whether you shudder just thinking about being outside in that thin, tight nylon suit, everyone can find something to like at the City of Lakes Loppet.
Subscribe to:
Posts (Atom)