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About Dakota County, MN

Sellers, Whose Side Are You On?

Mike Carlier ABR CRS GRI: Real Estate Agent in Apple Valley, MN

When sellers sign a listing agreement, they indebt the listing broker to the fiduciary duties that they deserve from us. Often, sellers do things that help the eventual buyer gain an advantage in the sales process. Sometimes, sellers are their own worst enemies.

I'm thinking about asking sellers to sign a statement acknowledging that they understand that certain acts or omissions by them will decrease the final price they receive and increase the time it will take to get there. Here's my first draft of possible acknowledgments:

•1. I understand that my asking price will define the expectations and limit the number of buyers who see my home. An unreasonably high asking price will create unreasonable expectations from buyers.

•2. I understand that there is a finite number of buyers who may want to see my home. Every appointment request that I refuse will significantly limit my chance of receiving an offer, and increase the amount of time needed to sell my home.

•3. Every day my home is on the market is a day closer to a price reduction and/or failure to sell. In the near term, housing data indicates that my home has a higher market value today than it will at any time during the duration of the listing agreement. It is in my best interest to sell quickly, even if I don't absolutely have to move soon.

•4. Buyers typically tour between four and forty homes. My home needs to be in first place to get them to make an offer. If its price, condition, and presentation are not number one, I will not get an offer. Close doesn't count.

Comments and opinions welcome.

Clutter may be a buyer's best friend

Mike Carlier ABR CRS GRI: Real Estate Agent in Apple Valley, MN

When counseling buyers, we discuss what is important to them in finding a new home. We also discuss what is important in getting a good home at a great price. In my opinion, three important traits of a potentially good buy are:

1. Overpriced. A home priced just out of its market range will get few showings and fewer offers. If the seller can afford tosell at a market, our offer may be the only one they see. There is a fair chance that, if the offer is presented properly, they will accept it.

2. Unusual paint colors. Any color that causes a potential buyer to focus more on the walls than the house will send many quickly to the next showing appointment. My advice to my clients is to expect to see, and learn to love homes with ugly colored walls. Much of your competition has moved on, and about a hundred bucks worth of paint will fix it.

3. Clutter. Wading through piles of the owners' "stuff" is annoying, and too much furniture makes the place look like an overstuffed dollhouse. The home looks unattractive, and it will be passed over by many potential buyers. That's great for us. Fewer potential offers put us in a much better bargaining position, and we know that all the stuff will be gone by the time we take posession of our bargain home.

Frankly, I love taking advantage of poorly prepared sellers. That's one of the best parts of my job.

4 Reason's Why Now Is The Time To Buy!!!

11-10-09
Rob Mueller
Rob Mueller: Real Estate Brokerage in Apple Valley, MN

As the recession comes to an end and the economy begins to regain its strength, now more than ever is a great time to be in the market to buy a home. There are several factors that make now a great time to acquire property, but we will specifically talk about 4 key factors. These factors include low median home prices, rock bottom interest rates, available tax credits and investment opportunities!

1. Low Median Home Prices

With the free fall of home prices over the last 3 to 4 years and a large number of distressed properties hitting the market, some areas of the U.S. are seeing the median home prices as low as they were in 1997. As the prices start to flatten, many economist believe that the roughest parts of the real estate road have been passed and that prices could start to rebound in the 2010. The median price in the the U.S. for a single family home is $169,000, that is down 13.8% from last year. The pending sales index, which is up 21% from the same time last year, indicates that consumer's are getting great deals and taking advantage of this buyers market.

2. Rock Bottom Interest Rates

With interests rates on mortgaged money as low as its ever been, its hard not to take advantage of this buyers market if you are able financially. You can lock in a 30 year fixed mortgage at just over 5%, while you can get a 15 year fixed mortgage for just under 4.75%. Credit qualifications for mortgages are a bit more stringent than they have been in the past few years, due to the mortgage crisis which is one reason the housing market is where it is today!

3. Tax Credits

With the first time home buyers tax credit being extended and expanded last week, more people may be able to afford home ownership than ever before. The $8,000 tax credit for first time home buyers was extended through April 2010, and is available to consumers wanting to buy a home that have not owned a home in the last three years. The expansion of the tax credit now includes a $6,500 credit to home owners who have lived in their current residence for at least 5 years. The income limitations are $125,000 for single applicant and $225,000 for married applicants. To receive this tax credit, the purchase agreement must be signed by April 30, 2010 with closing accuring before June 30, 2010.

4. Investment Opportunities

With the number of distressed and foreclosed properties on and set to hit the market, real estate investors have a plethora of options in regards to going about thier business. With foreclosures selling at 50 to 70 percent of market value, investors have the chance to buy these properties, put a little TLC into them, and depending on the circumstances either sell it for a profit or rent it out for a monthly cash flow. Either way there are many opportunities for investors to get involved in the real estate market. Another benefit of the times is that many contractors are looking for work and are willing to do renovations and fix-ups for a lot less than they were charging three or four years ago.

These are just 4 of the many reasons that now is a great time to purchase real estate. Just remember not to get in over your head, stay within your budget and be aware of all the cost that come with home ownership. Find a good real estate agent and none of those problems should be an issues for you.

For Real Estate Specialist in the Minnesota checkout www.workwiththeboss.com

Lakeville Minnesota short sale & foreclosure 2009 3rd quarter information

Kenden Post, CDPE, SFR, ePro: Real Estate Agent in Lakeville, MN

Here are the final sales numbers for short sales, foreclosures, lender mediated, and traditional listings for the 3rd quarter 2009 for Lakeville Minnesota;

Lakeville Minnesota L/M L/M L/M Traditional Traditonal Traditional
Dakota County Oct-08 Oct-09 % Change Oct-08 Oct-09 % Change
Inventory of homes for sale 106 104 -1.9 380 285 -25
Months supply of inventory 8.4 4.3 -48.9 9.4 7.9 -15.6
10/07-9/08 10/08-9/09 %Change 10/07-9/08 10/08-9/09 % Change
New Listings 346 393 13.6 1253 1009 -19.5
Closed Sales 144 247 71.5 523 425 -18.7
Median Sales Price 204500 178000 3-Jan 276605 250250 -9.5
Median Price per sq.ft. 100 89 -10.6 121 112 -7.3
% of original list price 91.7 91.9 0.3 94.1 93.7 -0.4
Days on Market until sold 143 153 6.8 129 138 7.2
L/M=Lender Mediated

Lakeville currently has 26.7% lender mediated homes compared to Minneapolis at 25.2%. The last two quarter of lender mediated homes has held steady. Traditional listings have fallen 25% during the same time frame. The supply of lender mediated homes has fallen from 8.4 months to 4.3 months. Properties listed under $150,000 are moving quickly.

Kenden Post-CDPE, SFR, ePro

Coldwell Banker Burnet-Apple Valley, Minnesota

www.OurFirstMinnesotaHome.com

Kenden@KendenPost.com

(o)952-997-1960, (f)952-997-8810, (c)612-310-6304

Do you know anyone facing foreclosure? You do have options. We are the short sale experts.


SFR-Short Sales and Foreclosure Resource Certified by the National Association of Realtors

Statistics courtesy of Minneapolis Association of Realtors

Free reports at www.YourMnShortSaleExpert.com.

Short sale information can be found at http://MnShortSalesExpert.com

First time home buyers be sure to visit http://OurFirstMinnesotaHome.com/ to register for your Home Sweet Home Buyers ProgramTM

Farmington Minnesota short sales & foreclosure 2009 3rd quarter information

Kenden Post, CDPE, SFR, ePro: Real Estate Agent in Lakeville, MN

Here are the final sales numbers for short sales, foreclosures, lender mediated, and traditional listings for the 3rd quarter 2009 for Farmington Minnesota;

Farmington Minnesota L/M L/M L/M Traditional Traditonal Traditional
Dakota County Oct-09 Oct-09 % Change Oct-09 Oct-09 % Change
Inventory of homes for sale 107 107 0 228 145 -36.4
Months supply of inventory 8.9 4.7 -47.2 10.1 7.1 -29.7
10/07-9/08 10/08-9/09 %Change 10/07-9/08 10/08-9/09 % Change
New Listings 283 365 29 805 515 -36
Closed Sales 119 194 63 278 233 -16.2
Median Sales Price 168200 150000 -10.8 219450 197000 -10.2
Median Price per sq.ft. 99 83 -16.5 115 103 -10.5
% of original list price 90.3 91.6 1.4 94.7 92.1 -2.7
Days on Market until sold 135 134 -0.4 144 163 13.1
L/M=Lender Mediated

Farmington Minnesota has a higher than average lender mediated homes at 42.5% opposed to Minneapolis at 25.2%. The months supply of lender mediated homes has decreased from 8.9 months to 4.7 months supply. New listings for lender mediated homes has increased almost 30% over the last 12 months.

Kenden Post-CDPE, SFR, ePro

Coldwell Banker Burnet-Apple Valley, Minnesota

www.OurFirstMinnesotaHome.com

Kenden@KendenPost.com

(o)952-997-1960, (f)952-997-8810, (c)612-310-6304

Do you know anyone facing foreclosure? You do have options. We are the short sale experts.


SFR-Short Sales and Foreclosure Resource Certified by the National Association of Realtors

Statistics courtesy of Minneapolis Association of Realtors

Free reports at www.YourMnShortSaleExpert.com.

Short sale information can be found at http://MnShortSalesExpert.com

First time home buyers be sure to visit http://OurFirstMinnesotaHome.com/ to register for your Home Sweet Home Buyers ProgramTM