About Scott County, MN

Young wealth right here in Minnesota. I was recently reading an article that ranked Scott County number 9 in the US for people of the age 25-34 who are making more than $100,000 annually as a household income! It was amazing to note this as you would think other larger cities would have ranked higher.

Out of the 45,157 residents of Scott County 6.6% (2,975) make up the qualified residents. Below is the list of top 10 US counties. The majority of the young wealth as you can see are in the D.C. area. Interestingly enough, Scott County is the fastest growing county in Minnesota.

1. Loudoun County, Virginia (D.C. metro area)
2. Arlington County, Virginia (D.C. metro area)
3. San Francisco County, California
4. New York County, New York
5. Douglas County, Colorado
6. Forsyth County, Georgia
7. Alexandria City, Virginia (D.C. metro area)
8. Delaware County, Ohio
9. Scott County, Minnesota
10. Broomfield County, Colorado

For the full article please visit: http://channels.isp.netscape.com/homerealestate/package.jsp?name=fte/youngandrich/youngandrich

By Chad & Sara Huebener

The market is cooling in West Savage, both in terms of active listings and sales. Total listings are down to just 13 - sitting at about 43% of the typical supply. This is amazingly low. 15% of these active properties are short sales or foreclosures. Fortunately this number is far below the metro market average of about 50%.

Even more noteworthy, for the month of October, the most fascinating statistic lies in The Pointe neighborhood - a neighborhood of 242 homes which, for most of the month, had only one home on the market. There are now two active listings in The Pointe, and 50% fall into the short sale/foreclosure category.

The absence of For Sale signs has become an interesting trend. 31% of West Savage inventory, including 100% of the inventory in The Pointe, Hamilton Hills, and Hamilton Hylands, have no yard signs. One property in Hamilton Hills has been converted into a rental, but remains on the market with no sign. Residents should be aware that some homes with For Sale signs are no longer active on the market, but the signs remain posted.

What to watch for: It will be interesting to observe the effect of the new $6,500 Tax Credit for existing homeowners. The tax credit applies to those who have lived in their homes for at least five years and will purchase a new primary residence, with a binding Purchase Agreement secured by April 30, 2010, closing no later than June 30, 2010. We predict we might see an early spring. In real estate terms, this means we think sellers will enter the market (and buyers begin looking for homes) sooner rather than later, in order to get their Purchase Agreements solidified before the tax credit expires.

Inventory is down for Savage as a whole and Scott County. This is typical of this time of year, and we expect to see this remain steady through the winter.

Our West Savage absorption rate is 4.5%. That means if zero new homes come on the market, it will take 4.5 months to sell our existing inventory. This is a nice, low absorption rate!

Search homes for sale in Savage Minnesota and the surrounding area.

• Foreclosures
• Short Sales
• Dream Homes
• Price Reductions
• Luxury Homes
• Town Homes
• Single Family Homes
• Condos
• Bank Owned

Our Map Search makes it easy to see what's for sale in any suburb in the Twin Cities Home Market!
Search Now!

Homes, For Sale, Savage, MN, Minnesota, Single Family, Condos, Town Homes, Luxury Homes, Dream Homes, Foreclosures, Forclosures, Short Sales, Bank Owned, REO, Price Reductions, Reduced, Value, Map Search, Sell, Search, Map, Low Price, Available, Scott County, Help, Buy

By Sara Huebener

Some popular news is being discussed in the real estate industry these days. Chris Galler, a highly respected former colleague of mine from my days at the REALTOR Association, frequently puts out information to local REALTORS covering timely topics. Here is one that might be of interest to ALL West Savage homeowners:

The First Time Homebuyer Tax Credit is set to expire on November 30 of this year. Right now, the House and the Senate are modifying the tax credit to include the following alterations. Stay posted to our blog where we will be notifying homeowners if and when these changes get approved.

PROPOSED CHANGES INCLUDE:

1. The $8000 First Time Homebuyer Tax Credit would remain in effect for those purchasing their first home.

2. Existing homeowners who have lived in their home for at least 5 years would be eligible for a $6,250 tax credit if they choose to sell their home and purchase another home.

3. The tax credit would be extended from December through April 30, 2010.

4. The tax credit would not have a hard close date like the current tax credit does. Currently, first time buyers must CLOSE on the property on or before November 30, 2009. The new plan would allow first or existing homeowners to secure a purchase agreement by April 30, 2010, allowing 60 days to close on the home after the purchase agreement has been secured.

Again, these details are not yet set in stone and are still moving through the House and Senate. Keep watching www.WestSavageBlog.com for status updates!