When it comes to buying a home, women are in a bigger hurry, according to a national survey for Coldwell Banker Real Estate that delved into the homebuying psyche.
Coldwell Banker wanted to understand the difference between men and women in the homebuying process so it could help its practitioners do a better job of guiding first-time homebuyers who must make up their minds before the tax credit expires on Dec. 1.
Here are some key findings:
• When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their minds the day they walked into the house vs. 62 percent of men. On the other hand, significantly more men needed two or more visits (32 percent of men vs. 23 percent of women).
• 55 percent of women find it more important to be closer to their extended family than to their job, compared to only 37 percent of men.
• 64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).
• When the respondents were asked how they would use an extra 12x12 room if it could be anything they wanted, men and women agreed on the top three responses: Bedroom, office/study, and family room/den.
• 8 percent—nearly all of which were men—said they would use the extra space for recreation/entertainment.
• 70 percent of couples said the responsibility for making major financial decisions--such as homebuying--are shared equally.
Source: Coldwell Banker Real Estate (08/17/2009)
Wednesday, August 19, 2009
Buyer activity in the Twin Cities housing market continued its strong run in July.
For the 13th consecutive month, there were more pending sales than there were a year ago. July saw 5,174 signed purchase agreements, up 16.0 percent from July 2008 and the strongest July showing since 2005. Of these sales, 43.6 percent were lender-mediated foreclosures and short sales.
"It's been a busy summer," said our prez, Steve Havig. "Buyers are active and supply is shrinking."
New listings continue to post weak numbers, with July's total of 7,669 representing the lowest July output since 2002.
As sales have grown and new listings have slowed, the total number of houses available for sale has dropped dramatically in the Twin Cities. As of August 1st, there were 25,862 homes for sale in the region, down 21.6 percent from a year ago.
The overall July median sales price for all properties was $171,000, down 17.8 percent from one year ago, but up 2.1 percent from the second quarter median sales price of $167,500. The median sales price of traditional homes in June was $213,150, down 6.2 percent from a year ago. Lender-mediated homes posted a May figure of $126,000, down 15.4 percent from a year ago.
There appears to be less room for negotiation, as the Percent of Original List Price Received at Sale continues to improve—the July mark of 94.0 is 1.5 percent higher than last July.
"It's been a busy summer," said our prez, Steve Havig. "Buyers are active and supply is shrinking."
New listings continue to post weak numbers, with July's total of 7,669 representing the lowest July output since 2002.
As sales have grown and new listings have slowed, the total number of houses available for sale has dropped dramatically in the Twin Cities. As of August 1st, there were 25,862 homes for sale in the region, down 21.6 percent from a year ago.
The overall July median sales price for all properties was $171,000, down 17.8 percent from one year ago, but up 2.1 percent from the second quarter median sales price of $167,500. The median sales price of traditional homes in June was $213,150, down 6.2 percent from a year ago. Lender-mediated homes posted a May figure of $126,000, down 15.4 percent from a year ago.
There appears to be less room for negotiation, as the Percent of Original List Price Received at Sale continues to improve—the July mark of 94.0 is 1.5 percent higher than last July.
Tuesday, August 18, 2009
Weekly Market Activity Report from MAAR
The Twin Cities housing market continues to regain a semblance of balance in supply and demand. For the week ending August 8, there were 1,802 new listings, down 9.5 percent from last year. There were also 1,037 purchase agreements signed (pending sales), up 15.2 percent above last year. The total inventory of homes available for sale is down 21.5 percent from a year ago.
The Housing Affordability Index (HAI) of 195 has begun to taper off from its high of 219 earlier this year, yet the current HAI still represents an increase of more than 30 percent from the boom years earlier this decade. Months Supply of Inventory currently sits at 7.2—down 31.4 percent from last year's mark of 10.5.
All in all, the see-saw is moving back towards equilibrium. This doesn't mean that everything is hunky-dory; sellers still face a challenging market, especially in the higher price ranges. But the overall shift is welcome news.
The Housing Affordability Index (HAI) of 195 has begun to taper off from its high of 219 earlier this year, yet the current HAI still represents an increase of more than 30 percent from the boom years earlier this decade. Months Supply of Inventory currently sits at 7.2—down 31.4 percent from last year's mark of 10.5.
All in all, the see-saw is moving back towards equilibrium. This doesn't mean that everything is hunky-dory; sellers still face a challenging market, especially in the higher price ranges. But the overall shift is welcome news.
Wednesday, August 12, 2009
Economists Pronounce the Recession Over
The majority of economists surveyed by the Wall Street Journal say the recession is over and Federal Reserve Chair Ben Bernanke deserves another term.
Of the 47 economists the newspaper surveyed, 27 said the recession has ended and 11 predict another trough this month or next. The rest refused to commit. But they were nearly unanimous is saying that Bernanke should be rehired.
Gross domestic product is expected to grow 2.4 percent in the third quarter at a seasonally adjusted annual rate. Economists were also heartened by a better-than-expected jobless report in July.
Source: The Wall Street Journal, Phil Izzo (08/12/2009)
Of the 47 economists the newspaper surveyed, 27 said the recession has ended and 11 predict another trough this month or next. The rest refused to commit. But they were nearly unanimous is saying that Bernanke should be rehired.
Gross domestic product is expected to grow 2.4 percent in the third quarter at a seasonally adjusted annual rate. Economists were also heartened by a better-than-expected jobless report in July.
Source: The Wall Street Journal, Phil Izzo (08/12/2009)
Tuesday, August 11, 2009
Buyers Shouldn’t Wait on Falling Prices. Advice for Buyers who are on the Fence.
Fear of overpaying for property is common these days, especially in places like New York where prices continue to be unstable.
Are you one of the many buyers who are frozen because you are concerned that you will pay too much? Here are some factors that might get you off the fence:
*Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.
*Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.
*Interest rates are headed up. If prices decline by another 10 percent, but interest rates increase by 1 percentage point, the monthly payment will be the same.
Don't wait too long. If you get into the housing market now, you can also take advantage of the $8,000 Homeowners Tax Credit!
For more informaion on this or any other services we provide, contact us by visiting http://ping.fm/mxBvW
Source: The Wall Street Journal, Douglas Heddings (07/27/2009)
Are you one of the many buyers who are frozen because you are concerned that you will pay too much? Here are some factors that might get you off the fence:
*Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.
*Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.
*Interest rates are headed up. If prices decline by another 10 percent, but interest rates increase by 1 percentage point, the monthly payment will be the same.
Don't wait too long. If you get into the housing market now, you can also take advantage of the $8,000 Homeowners Tax Credit!
For more informaion on this or any other services we provide, contact us by visiting http://ping.fm/mxBvW
Source: The Wall Street Journal, Douglas Heddings (07/27/2009)
Weekly Market Update from MAAR
Woof, it's getting hot out there. The Twin Cities housing market is entering the dog days of summer, and with that comes a bit more stagnant air revolving around new inventory. The 1,637 new listings for the week ending August 1 are 12.2 percent below last year's numbers. Over the past few weeks, pending sales have been flat, but in year-over-year comparisons they are still 20.9 percent above 2008 numbers.
Two new stats for the week:
Days on Market Until Sale: Dropped by 6.6 percent over last year, from 146 to 137. Inventory is being swept up.
Percent of Original List Price: 94 percent. On a steady increase the past few months as is usually the case during the summer months.
Two new stats for the week:
Days on Market Until Sale: Dropped by 6.6 percent over last year, from 146 to 137. Inventory is being swept up.
Percent of Original List Price: 94 percent. On a steady increase the past few months as is usually the case during the summer months.
Thursday, August 6, 2009
Open House Schedule for August 9th, 2009
We have three great properties open this weekend in Chanhassen!
2408 Hunter Drive ~ Chanhassen
Open Sunday 12-2
In the demand neighborhood of Longacres, this home brings a little piece of the northwest to Minnesota. From the enchanted Gardens to the well appointed Lower Level, this home is great for relaxing and entertaining.
2301 Boulder Road ~ Chanhassen
Open Sunday 2:30-4:30
Opening this fall, the new Chanhassen High School is within walking distance from this great home! A Four Season Porch allows you to enjoy the private yard covered with mature trees.
2305 Lukewood Drive ~ Chanhassen
Open Sunday 2:30-4:30
Just listed, this home features a park-like backyard and single level living at its best. Open and spacious the flowing floor plan offers three bedrooms on the main level and a hearth room next to the gourmet kitchen.
2408 Hunter Drive ~ Chanhassen
Open Sunday 12-2
In the demand neighborhood of Longacres, this home brings a little piece of the northwest to Minnesota. From the enchanted Gardens to the well appointed Lower Level, this home is great for relaxing and entertaining.
2301 Boulder Road ~ Chanhassen
Open Sunday 2:30-4:30
Opening this fall, the new Chanhassen High School is within walking distance from this great home! A Four Season Porch allows you to enjoy the private yard covered with mature trees.
2305 Lukewood Drive ~ Chanhassen
Open Sunday 2:30-4:30
Just listed, this home features a park-like backyard and single level living at its best. Open and spacious the flowing floor plan offers three bedrooms on the main level and a hearth room next to the gourmet kitchen.
Tuesday, August 4, 2009
Weekly MAAR Market Update
August. Welcome to another summer month in the Twin Cities housing market. Pending sales in July ended on a fairly positive note. The 1,009 purchase agreements signed for the week ending July 25 were 21.4 percent above last year at this time. The 1,652 new listings this week are 9.0 percent less than this week in 2008. Active listings as a whole are 21.7 percent behind last year.
The metric to watch this month is the Supply-Demand Ratio. At 4.88, this is a startling 34.8 percent less than where we were at this time last year. With less than five houses on the market per buyer and an affordability index sky-high at 192, the window is quickly closing for those wanting to get into a home under ideal conditions.
The metric to watch this month is the Supply-Demand Ratio. At 4.88, this is a startling 34.8 percent less than where we were at this time last year. With less than five houses on the market per buyer and an affordability index sky-high at 192, the window is quickly closing for those wanting to get into a home under ideal conditions.
Tuesday, July 28, 2009
Weekly Market Activity Report from MAAR
"You don't know what you've got 'til it's gone." – Cinderella, 1980s power-balladeers
This week's quote-of-note applies to the current situation of available inventory in the Twin Cities housing market. Our disappearing supply—down 21.4 percent from this time last year—is being caused by absorption from strong pending sales activity (up 18.2 percent year-over-year for the week ending July 18) and weak new listings (down 12.1 percent for the same time period comparison).
With a consistently shrinking inventory and more buyers this summer than we've seen since 2005, buyers who lack urgency could find themselves singing along to that sad classic Cinderella song.
This week's quote-of-note applies to the current situation of available inventory in the Twin Cities housing market. Our disappearing supply—down 21.4 percent from this time last year—is being caused by absorption from strong pending sales activity (up 18.2 percent year-over-year for the week ending July 18) and weak new listings (down 12.1 percent for the same time period comparison).
With a consistently shrinking inventory and more buyers this summer than we've seen since 2005, buyers who lack urgency could find themselves singing along to that sad classic Cinderella song.
Monday, July 27, 2009
Easy Ways to Improve Curb Appeal
Curb appeal can make or break a sale in today’s market.
If your sellers are willing to improve the outside of their homes, here are some low-cost ways to increase a home’s curb appeal.
• Clean up beds by weeding and pruning shrubs. Add mulch for a high-end look.
• Invest in pots. A couple of attractive ceramic (or ceramic look-alike) pots filled with attractive plants can really make an entrance look classier.
• Install landscape lighting on the path to the front door.
• Replace the mailbox with a newer one and put some nice plantings at its base to dress it up.
Source: Tribune Media Services, Cameron Huddleston (07/26/2009)
If your sellers are willing to improve the outside of their homes, here are some low-cost ways to increase a home’s curb appeal.
• Clean up beds by weeding and pruning shrubs. Add mulch for a high-end look.
• Invest in pots. A couple of attractive ceramic (or ceramic look-alike) pots filled with attractive plants can really make an entrance look classier.
• Install landscape lighting on the path to the front door.
• Replace the mailbox with a newer one and put some nice plantings at its base to dress it up.
Source: Tribune Media Services, Cameron Huddleston (07/26/2009)
Thursday, July 23, 2009
Open House Schedule for Sunday, July 26th!!!!
Come Visit Us at one of our great listings this weekend!
12-2 PM
2301 Boulder Road, Chanhassen $417,000
Amazing family home in the demand neighborhood of Stone Creek, walk to parks and the new Chanhassen High School.
12-2 PM
NEW TO MARKET!!!
8016 Erie Avenue, Chanhassen $225,000
Freshly Painted and totally turn key! Everything is new and improved. This great twin home offers walking to shopping, dining, schools & parks.
12-3PM
NEW TO MARKET!!!
2408 Hunter Drive, Chanhassen $572,000
A little piece of Seattle in Minnesota! Well appointed and amazing finished level in this home sited on a lush lot in the demand neighborhood of Longacres.
2:30-4:30PM
9801 Overlook Court, Chanhassen $499,900
A cul-de-sac lot in Springfield of Chanhassen. This home offers a Great Room floor plan with tons of open spaces for relaxing and entertaining. Enjoy the community pool just for residents.
WE HOPE TO SEE YOU THERE!
12-2 PM
2301 Boulder Road, Chanhassen $417,000
Amazing family home in the demand neighborhood of Stone Creek, walk to parks and the new Chanhassen High School.
12-2 PM
NEW TO MARKET!!!
8016 Erie Avenue, Chanhassen $225,000
Freshly Painted and totally turn key! Everything is new and improved. This great twin home offers walking to shopping, dining, schools & parks.
12-3PM
NEW TO MARKET!!!
2408 Hunter Drive, Chanhassen $572,000
A little piece of Seattle in Minnesota! Well appointed and amazing finished level in this home sited on a lush lot in the demand neighborhood of Longacres.
2:30-4:30PM
9801 Overlook Court, Chanhassen $499,900
A cul-de-sac lot in Springfield of Chanhassen. This home offers a Great Room floor plan with tons of open spaces for relaxing and entertaining. Enjoy the community pool just for residents.
WE HOPE TO SEE YOU THERE!
Bake Sale Helps Mom Save Her Home
A Teaneck, N.J., mother of three advertised her plight and sold 500 home-baked apple cakes at $40 each to make the overdue mortgage payments that would make her eligible for a loan modification, saving her home from foreclosure.
Angela Logan’s story appeared first in The Record newspaper and then was widely promoted online and on television. Sympathetic readers and listeners sent in their orders.
Initially, disgruntled neighbors complained to health officials, who said that state law prohibited Logan from baking the cakes in her own kitchen, so the Hilton Hasbrouck Heights lent her their commercial kitchen. She filled the orders by baking for 10 hours straight.
Source: The Wall Street Journal, Nick Timiraos (07/22)
Angela Logan’s story appeared first in The Record newspaper and then was widely promoted online and on television. Sympathetic readers and listeners sent in their orders.
Initially, disgruntled neighbors complained to health officials, who said that state law prohibited Logan from baking the cakes in her own kitchen, so the Hilton Hasbrouck Heights lent her their commercial kitchen. She filled the orders by baking for 10 hours straight.
Source: The Wall Street Journal, Nick Timiraos (07/22)
Weekly Market Update from MAAR
As summer progresses, the Twin Cities housing market continues on a well-established pattern of shrinking supply and growing sales. New listings for the week ending July 11 were 1,867—a 13.7 percent decrease over last year but a nice pickup after the annual July 4 slowdown. Pending sales rose to 1,007, a year-over-year increase of 16.6 percent. That's not as much of a year-over-year expansion as the 30-plus percent growth this number has seen recently, but it still represents a trend of growing demand.
Active listings are at 26,279, a decrease of 21.3 percent from this time last year. Coupling this with a shrinking number for Months Supply of Inventory and a flattening of our Average Days on Market, it's apparent that the buyer advantage over sellers is waning, at least in the lower price ranges.
For more information please clickk on : http://ping.fm/w1MXq
Active listings are at 26,279, a decrease of 21.3 percent from this time last year. Coupling this with a shrinking number for Months Supply of Inventory and a flattening of our Average Days on Market, it's apparent that the buyer advantage over sellers is waning, at least in the lower price ranges.
For more information please clickk on : http://ping.fm/w1MXq
Wednesday, July 22, 2009
Forbes magazine looked at the 100 least expensive places to live. It ranked all 380 metropolitan areas based on cost-of-living data from Moody’s Economy.com and home affordability from the National Association of Home Builders and Wells Fargo.
The magazine also factored in four quality-of-life considerations, including the rate of violent crime, unemployment, average salary for college grads, and cultural opportunities.
The Twin Cities has the #1 spot for the Central Region followed by Omaha-Council Bluffs, Neb-Iowa and St. Louis, Mo.-Illinois.
The magazine also factored in four quality-of-life considerations, including the rate of violent crime, unemployment, average salary for college grads, and cultural opportunities.
The Twin Cities has the #1 spot for the Central Region followed by Omaha-Council Bluffs, Neb-Iowa and St. Louis, Mo.-Illinois.
Experts Say Now is the Time to Buy
Many investment experts advise it's time to buy. With prices falling, it is a once-in-a-generation chance to load up on property, they say.
How much of an investment portfolio should be devoted to real estate? David Swensen, who manages Yale University's endowment, says 20 percent is a smart number.
One possibility is real estate investment trusts (REITs), which, despite the fact that they are slashing dividends to conserve cash, are still paying average yields of 7.3 percent. That’s double the yield on Treasurys.
Should a home be part of the equation? Michael Kirby, founder of Green Street Advisors, says no.
"You should own a house to provide shelter," says Kirby. "In a way, it's not an investment, and it's not part of your investment portfolio. It's really just a living expense. By owning a house you are prepaying rent."
Source: Forbes (08/03/2009)
How much of an investment portfolio should be devoted to real estate? David Swensen, who manages Yale University's endowment, says 20 percent is a smart number.
One possibility is real estate investment trusts (REITs), which, despite the fact that they are slashing dividends to conserve cash, are still paying average yields of 7.3 percent. That’s double the yield on Treasurys.
Should a home be part of the equation? Michael Kirby, founder of Green Street Advisors, says no.
"You should own a house to provide shelter," says Kirby. "In a way, it's not an investment, and it's not part of your investment portfolio. It's really just a living expense. By owning a house you are prepaying rent."
Source: Forbes (08/03/2009)
Monday, July 20, 2009
Introducing 2408 Hunter Drive - Check out our new listing in the #2 Best Place to Live! http://ping.fm/5o8pD
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