MN Real Estate Market Update – May 2012
Well, as we’ve been saying for a few months now, things look to be turning the way of the SELLER in today’s Twin Cities Housing Market.
These key facts are seen in the MLS data, compiled by the MPLS Area Association of Realtors:
- Pending Sales are UP
- Prices are UP
- % of Original List Price Received is UP
- Buyer Demand is UP
- Number of Homes for Sale is DOWN
All of these factors are leading to a stronger “seller’s market” than we’ve seen in Minnesota for over 5 years. In summary–if you’re thinking about selling your home soon, now might be the right time to list it and get it SOLD while buyer demand is at its peak, and other seller competition is at a 5+ year low.
April 2012 MN MLS Housing Info
We may have finally turned the corner on the Twin Cities Housing Market here in Minnesota.
Overall Market Inventory has been down since the beginning of 2012, and it has stayed low even throughout March and April when more homes typically are listed by sellers looking to take advantage of the warmer-weather months. Check out this month’s video produced by the Minneapolis Area Association of Realtors.
Some key numbers include:
- Higher Pending Sales
- Low Inventory
- Higher Median Sale Prices
- Continued Overall Positive Economic News
If you’re thinking about selling your home soon, this might be a good time to get multiple offers on it!
First Time Homebuyers Class – Thursday, May 24th, 2012
Filed under: Buying Info, First Time Home Buyers, Seminars
| May 24, 2012 | ||
| 6:30 pm | to | 8:00 pm |
Are you looking for more information on the Home Buying Process? Look no further!
Our monthly First Time Home Buyer Class will walk you through all the details of buying your first home. Whether you’re just starting the process or have already been searching for homes online, this seminar will teach you how to save money on your home purchase!
Steve Howe with RE/MAX Advantage Plus and Carrie Guarrero with Cornerstone Mortgage cover all the steps of the Home Buying Process including:
- Credit Scores
- Special Home Buyer Programs in MN
- Getting Pre-Approved for a Mortgage
- Using a Buyer’s Agent to Search for Homes
- Making Offer and Handling Negotiations
- Home Inspections
- and a whole lot more
Don’t jump into the biggest investment of your life without getting educated first!
As an added bonus, we will be providing a free copy of your Credit Reports and Credit Scores, so that you can accurately prepare for the Loan Pre-Approval whenever the time is right for you.
We also give all attendees a huge folder full of resources and information on home-ownership, and stay afterwards to answer any and all of your questions. This truly is an educational experience that you cannot miss!
If you’re thinking about buying your first home in the next 2 years, you need to attend this class.
It’s completely free, and there are no strings attached whatsoever. Space is limited, so please sign up beforehand.
Here’s the info:
- What: First Time Home Buyer Class
- Where: Cornerstone Mortgage – 436 Gateway Blvd, Burnsville, MN
- When: Thursday, May 24th 6:30-8:00pm
Upcoming Dates for 2012: May 24, June 21, July 19, August 16, September 27, October 18, November 15, December 20
Please be aware that this is NOT the Homestretch Class for MN Housing Programs. That class is 8 hours long and there is usually a fee to attend it. We recommend getting Pre-Approved with a trusted Loan Officer first, to make sure you need to invest the time and money into the Homestretch Class.
March 2012 MN Housing Info
Filed under: Buying Info, Housing Market, Selling Info
Some interesting new data on the MN Housing Market here, produced by the Minneapolis Area Association of Realtors.
The real estate market may be tipping more in favor of sellers in the twin cities area, due to more pending sales and less inventory for buyers to pick from.
Check out the video for all the stats and info!
MN Home Buyer Frustrations
Here is what some of my clients think about the current inventory of homes for sale in the Twin Cities area of MN.
Home Search (click to listen!)
First Time Homebuyers Class – Thursday, April 19th, 2012
Filed under: Buying Info, First Time Home Buyers, Seminars
| April 19, 2012 | ||
| 6:30 pm | to | 8:00 pm |
Are you looking for more information on the Home Buying Process? Look no further!
Our monthly First Time Home Buyer Class will walk you through all the details of buying your first home. Whether you’re just starting the process or have already been searching for homes online, this seminar will teach you how to save money on your home purchase!
Steve Howe with RE/MAX Advantage Plus and Carrie Guarrero with Cornerstone Mortgage cover all the steps of the Home Buying Process including:
- Credit Scores
- Special Home Buyer Programs in MN
- Getting Pre-Approved for a Mortgage
- Using a Buyer’s Agent to Search for Homes
- Making Offer and Handling Negotiations
- Home Inspections
- and a whole lot more
Don’t jump into the biggest investment of your life without getting educated first!
As an added bonus, we will be providing a free copy of your Credit Reports and Credit Scores, so that you can accurately prepare for the Loan Pre-Approval whenever the time is right for you.
We also give all attendees a huge folder full of resources and information on home-ownership, and stay afterwards to answer any and all of your questions. This truly is an educational experience that you cannot miss!
If you’re thinking about buying your first home in the next 2 years, you need to attend this class.
It’s completely free, and there are no strings attached whatsoever. Space is limited, so please sign up beforehand.
Here’s the info:
- What: First Time Home Buyer Class
- Where: Cornerstone Mortgage – 436 Gateway Blvd, Burnsville, MN
- When: Thursday, April 19th 6:30-8:00pm
Upcoming Dates for 2012: April 19, May 24, June 21, July 19, August 16, September 27, October 18, November 15, December 20
Please be aware that this is NOT the Homestretch Class for MN Housing Programs. That class is 8 hours long and there is usually a fee to attend it. We recommend getting Pre-Approved with a trusted Loan Officer first, to make sure you need to invest the time and money into the Homestretch Class.
Mortgage Debt Forgiveness – Expires December 2012
Filed under: Foreclosures and REOs, Mortgage & Finance, Selling Info
This is VERY IMPORTANT for people who are facing either a Foreclosure or Short Sale situation for their primary residence. Please make sure you read this article and pass along this information to anyone you know who is in need of housing help!
As many of you know, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation of 2007 is set to expire on December 31st, 2012. As of right now, there is no extension in place, so this news is very time sensitive.
Make sure you consult with your legal and tax professional about this issue as well, since I am not a certified expert in this field.
The Act, which was passed back in 2007, allowed homeowners who either got foreclosed or completed a short sale on their Primary Residence to not be taxed on the forgiven debt.
Before this law was passed, a mortgage company could pursue a borrower for the difference they lost in the foreclosure sale or short sale situation. An example of this would be if a mortgage amount of $200,000 were outstanding on a property. The house gets foreclosed on, but can only sell for $150,000. The lender could either pursue this difference of $50,000, or they could give the borrower a 1099-C for the forgiven amount of debt ($50,000 in this scenario), which would be counted as income on the borrower’s tax return for that tax year—thus raising the amount the borrower would be charged in taxes.
For the past 5 years, many homeowners have had the benefit of not being pursued by the lender for this shortfall, or not being taxed on the difference on the short sale.
If there is no extension to the Act, this benefit will expire on December 31st, 2012.
Bottom line: if you or someone you know is facing housing hardship, they need to get the facts in order to act NOW, rather than wait and possibly lose thousands of dollars.
Here is the IRS link with all the details
Let me know what further questions you have on this issue—I’m always here to help!
Minnesota First Time Home Buyer Class – Thursday, March 15th, 2012
Filed under: Buying Info, First Time Home Buyers, Mortgage & Finance, Seminars
| March 15, 2012 | ||
| 6:30 pm | to | 8:00 pm |
Are you looking for more information on the Home Buying Process? Look no further!
Our monthly First Time Home Buyer Class will walk you through all the details of buying your first home. Whether you’re just starting the process or have already been searching for homes online, this seminar will teach you how to save money on your home purchase!
Steve Howe with RE/MAX Advantage Plus and Carrie Guarrero with Cornerstone Mortgage cover all the steps of the Home Buying Process including:
- Credit Scores
- Special Home Buyer Programs in MN
- Getting Pre-Approved for a Mortgage
- Using a Buyer’s Agent to Search for Homes
- Making Offer and Handling Negotiations
- Home Inspections
- and a whole lot more
Don’t jump into the biggest investment of your life without getting educated first!
As an added bonus, we will be providing a free copy of your Credit Reports and Credit Scores, so that you can accurately prepare for the Loan Pre-Approval whenever the time is right for you.
We also give all attendees a huge folder full of resources and information on home-ownership, and stay afterwards to answer any and all of your questions. This truly is an educational experience that you cannot miss!
If you’re thinking about buying your first home in the next 2 years, you need to attend this class.
It’s completely free, and there are no strings attached whatsoever. Space is limited, so please sign up beforehand.
Here’s the info:
- What: First Time Home Buyer Class
- Where: Cornerstone Mortgage – 436 Gateway Blvd, Burnsville, MN
- When: Thursday, March 15th 6:30-8:00pm
Upcoming Dates for 2012: March 15, April 19, May 24, June 21, July 19, August 16, September 27, October 18, November 15, December 20
Please be aware that this is NOT the Homestretch Class for MN Housing Programs. That class is 8 hours long and there is usually a fee to attend it. We recommend getting Pre-Approved with a trusted Loan Officer first, to make sure you need to invest the time and money into the Homestretch Class.
February 2012 MN Real Estate Numbers
Are we seeing a changing of the guard in the Minnesota Housing Market? Some of the data from this month’s video produced by the Minneapolis Area Association of Realtors would suggest so!
Low housing inventory and continued buyer demand means that sellers can expect more interest from qualified buyers.
Super low interest rates and increased Pending Sales show us that buyers are making offers left and right, when they find the right home.
Could we be heading for a seller’s market in 2012–and maybe even some sustained price appreciation?!
Check back to see what happens next month!
Twin Cities MLS Market Update – January 2012
This month’s video (made by the MPLS Association of REALTORs) digs into the MN Housing Market numbers, and what we can possibly expect from the real estate market in 2012.
Some highlights include:
- Pending Sales are up
- Housing Inventory is down
- Prices remain low
- Buyer Demand is strong
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