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Weekly Market Report

MA Blogging — Mon, 14 May 2012 21:14:57 +0000

If only there were a system of grand, colorful lights for tracking residential real estate. Green for rising market, yellow for a transitional market and red for declining market. Let’s see if we can try to determine today’s market without the ease of well-known signals. Prices are bottoming and starting to rise. Buyer activity is showing year-over-year gains. Homes are selling faster and closer to list price. Multiple offers are becoming commonplace. Inventory levels are leaning toward the seller. Green means go.

In the Twin Cities region, for the week ending May 5:

New Listings decreased 6.6% to 1,643

Pending Sales increased 41.9% to 1,232

Inventory decreased 28.3% to 17,579

For the month of April:

Median Sales Price increased 12.1% to $162,500

Days on Market decreased 15.1% to 135

Percent of Original List Price Received increased 3.6% to 93.4%

Months Supply of Inventory decreased 43.1% to 4.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

Weekly Market Report

MA Blogging — Mon, 07 May 2012 22:21:20 +0000

Buyers don’t live in a spreadsheet. When they find a home to love and cherish, they don’t intellectualize it too much. There are generally fewer homes on the market, they’re selling more quickly and prices in most areas are no longer in a downtrend. Dwindling inventories means there’s less competition and more pricing power for sellers, who are finally starting to be rewarded by strong buyer activity. Interest rates at 50-year lows doesn’t hurt either. Love is in the air and all around the housing market.

In the Twin Cities region, for the week ending April 28:

New Listings decreased 14.9% to 1,475

Pending Sales increased 21.4% to 1,187

Inventory decreased 28.0% to 17,603

For the month of March:

Median Sales Price increased 7.1% to $149,900

Days on Market decreased 9.7% to 144

Percent of Original List Price Received increased 3.8% to 92.1%

Months Supply of Inventory decreased 37.2% to 4.8

Click here for the full Weekly Market Activity Report.

From The Skinny.

March Pending Home Sales Rise, Market Recovering

Kyra — Tue, 01 May 2012 02:42:12 +0000

RIS Media

Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of REALTORS®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.

The index is now at the highest level since April 2010 when it reached 111.3.

Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing. “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good,” he says.

Click Here For More

Soon, those short sales won’t take quite so long

Kyra — Tue, 01 May 2012 02:41:41 +0000

Article by: JIM BUCHTA , Star Tribune

Fannie Mae and Freddie Mac want lenders to act within 30 days of getting a short sale offer.

The short sale process could get a lot quicker starting this summer under new rules that will require lenders to respond to offers within a month.

Fannie Mae and Freddie Mac, the nation’s two largest mortgage backers, will implement the guidelines on June 15. The changes require mortgage servicers to make a decision within 30 days of receiving a short sale offer. They also must consider requests for pre-approved short sales within that same timeframe.

If the lender needs more than 30 days, it must give borrowers weekly status updates and a decision within 60 days of the initial application. This extension gives lenders more time to determine the value of the property or to get the approval of a mortgage insurer.

The moves are aimed at streamlining the short sale process, which often takes months to complete. Faster response times could help thousands of local homeowners. During March, there were 4,084 short sale listings in the Twin Cities area.

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7 Springtime Home Spruces to Boost Buyer Interest

Kyra — Tue, 01 May 2012 02:40:56 +0000

By Tara Nelson

One of the first things many homebuyers look for are the unmistakable signs of something called ‘pride of ownership.’ As a whole, it’s a relatively intangible concept: there are just homes that have it – reeking of their owners’ love and meticulous care for the property — and homes that, well, don’t.

I’ve watched firsthand as buyers who like a cute home that is in generally good shape literally talk themselves into looking at a more homes once they start to notice one rickety gate, which snowballed into a nitpicky laundry list of little, tiny fixes the seller had left undone. The challenge is that between deciding whether and when to sell, staging, interviewing agents and determining a list price, it can be tempting for homeowners to fall into the trap of deferring maintenance on a home they might sell soon.

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What Sellers Say vs. What Buyers Hear

Kyra — Tue, 01 May 2012 02:40:23 +0000

By Tara Nelson

My doctor recently confided in me that physicians have a golden rule when it comes to gettingan accurate estimate of how much alcohol their patients drink on a daily basis. They take whatever number of drinks you enter on the patient information form, then multiply it by a factor of three!

While comedic (if slightly troubling), this rule is not that dissimilar from how home buyers approach the art and science of translating home sale listing-speak into what they think is a more accurate understanding of the property’s characteristics and condition.

Just as property staging creates a somewhat contrived scenario buyers can imagine their own families taking part in, property listing descriptions have evolved into a sort of verbal staging exercise where sellers and agents may create an artificial‘scenario’ that belies the true state of the property. Fortunately for savvy sellers, there’s another parallel between physical and verbal home staging: it’s all about the edit.

Removing well-intentioned but counterproductive verbal clutter from your listing is simple, but not easy. It starts with understanding what buyers take away from your words vs. what you truly meant or intended to convey. Here, to start building that understanding, are four common areas of big-time disconnects between what sellers say and what buyers hear.

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6 tips for a painless closing

Kyra — Tue, 01 May 2012 02:39:50 +0000

Closing on a house can be joyful or horrific. Follow this advice for a smooth settlement.

By Polyana da Costa of Bankrate.com

You finally found the house of your dreams. You signed a contract and got approved for a mortgage. You’ve even hired the movers. Now comes the most important part: the closing.

In an ideal world, closing should be a mere formality, where homebuyer and seller sign on the dotted lines, exchange checks for the keys and shake hands. But this isn’t an ideal world, which means that if you and the professionals you hired don’t prepare, your closing could be a disaster.

Here are six tips for ensuring your closing goes smoothly.

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Weekly Market Report

MA Blogging — Mon, 30 Apr 2012 20:19:59 +0000

There’s that sound again. It’s the media message you once heard on the TV and radio or read in newspapers and on the Internet in days seemingly long gone. Real estate stories are mostly being cast in a generous light. That’s all well and good, but is now the time to list or buy? Answering that question still relies upon many specific, localized, determining factors, but we have reached a place where the process is generally more positive and enjoyable. That big American dream of homeownership is no longer haunted by night terrors.

In the Twin Cities region, for the week ending April 21:

New Listings increased 13.9% to 1,677

Pending Sales increased 41.2% to 1,281

Inventory decreased 28.4% to 17,447

For the month of March:

Median Sales Price increased 7.1% to $149,900

Days on Market decreased 9.7% to 144

Percent of Original List Price Received increased 3.8% to 92.1%

Months Supply of Inventory decreased 37.6% to 4.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

National Open House Weekend

Kyra — Fri, 27 Apr 2012 23:50:59 +0000

Mark your calendars! Start making plans!

The 2012 Nationwide Open House Weekend is this weekend – April 28th and 29th.

With record breaking housing affordability conditions, this event will be better than ever.

Contact your local real estate office for more information on times & locations.

Weekly Market Report

MA Blogging — Mon, 23 Apr 2012 20:12:34 +0000

Job growth, low mortgage rates, rising rents and a relatively inexpensive housing stock. These are just some of the playful teases in the burlesque revue that is today’s market recovery. Another week passed with buyers displaying no signs of slowing down. In general, sellers are discovering a less-intimidating scene, and buyers are reveling in the showy marketplace. As expected, spring’s warming glow continues to fuel optimism and consumer activity. But that won’t necessarily be the case in every area or segment, so do your research before making that move.

In the Twin Cities region, for the week ending April 14:

New Listings decreased 9.5% to 1,637

Pending Sales increased 25.5% to 1,170

Inventory decreased 27.8% to 17,384

For the month of March:

Median Sales Price increased 7.1% to $149,900

Days on Market decreased 9.6% to 145

Percent of Original List Price Received increased 3.8% to 92.1%

Months Supply of Inventory decreased 38.0% to 4.7

Click here for the full Weekly Market Activity Report.

From The Skinny.