About Olmsted County, MN

Edina Realty Mortgage Weekend Interest Rates - 4/24/09

Valid through 8:30 AM Monday

See www.EdinaRealty.com for full details.

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David and Lois Marris are top producing REALTORS at Edina Realty of Rochester, MN. Edina Realty is the top real estate brokerage in Minnesota. For more information regarding Rochester MN Real Estate visit our web page at www.DavidAndLoisMarris.com. Contact information: DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Friday, April 24, 2009:

There are currently 819 single family homes available for sale in Rochester, 8 fewer than last week.

272 of these homes are vacant, 9 fewer than last week.

29 homes accepted contracts this past week.

These statistics indicate we are selling homes faster than they are coming on the market as we have had 4 consecutive weeks of declining inventory. We continue to decrease our availability of vacant homes. Hidden in that statistic is an increase in the sale of new construction homes.

If you are considering selling your home, now is a good time to be on the market. Contact us for a detailed marketing plan for your home.

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David and Lois Marris are top producing REALTORS at Edina Realty of Rochester, MN. Edina Realty is the top real estate brokerage in Minnesota. For more information regarding Rochester MN Real Estate visit our web page at www.DavidAndLoisMarris.com. Contact information: DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Rochester MN REALTORs David and Lois Marris -- Community Call to Action

The state of Minnesota must have their rail development plan in place by the end of this year in order to be considered for any federal tax dollars to help with auto-alternative transportation. Rochester wants very much to be a part of any type of plan which brings travelers to our doorstep!

There are several proposed rail routes from Minneapolis to Chicago and only one includes the city of Rochester. Other routes usually travel along the Mississippi River. However, the Mississippi river already has an Amtrak passenger route providing service. Why put a new passenger high speed rail system right next to an existing passenger rail system?

I believe any new rail system should expand our existing service. All of southeast Minnesota would benefit greatly by a statewide rail system which includes a commuter route from Rochester. Rochester is one of just a few growing Minnesota cities, attracting international business and personal travelers. Rochester has a growing university population, bio-science business center and visitor and convention business. Combined with the billion dollar Elk Run Development planned for Pine Island, the Rochester area is an excellent city for high speed rail transportation. As we attract additional travelers, they spend their travel dollars here, benefiting us and the state.

To learn more and express your support for Rochester high speed rail, please attend the MN/DOT Transit and Rail Plan Open House. Youwill be able to talk directly to MN/DOT officials. Please let them know why you think Rochester should be included in a high speed passenger rail route.

MN/DOT Transit and Rail Plan Rochester Open House, Wednesday, April 22nd

Heintz Center

Rochester Community and Technical College

1926 College View Dr SE

4-5pm: Greater Minnesota Transit Plan, rom HA102

5-7pm: Statewide Passenger and Freight Rail Plan, Commons Area

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Rochester MN Real Estate Agents David and Lois Marris are top REALTORs at Edina Realty. Edina Realty is the number one brokerage in Minnesota. Visit www.davidandloismarris.com to search for Rochester homes for sale. Contact: LoisMarris@EdinRealty.com, DavidMarris@EdinaRealty.com, 507-398-3251.

Important political call to action from Rochester REALTORs David and Lois Marris of Edina Realty.

This issue may be heard before the house on Friday or Saturday, April 24th/25th.

Today, the MN House of Rep. Tax Committee released a "delete all amendment" to HF2323 & added provisions that are negative for real estate in the Omnibus Tax Bill. Authored by DFL Rep Ann Lenczewski, it contains a number of tax law modifications that hurt all MN home owners including elimination of the mortgage interest tax deduction. Please review & distribute this "Call to Action" to your clients, customers & friends/family.

HOUSE TAX BILL HURTS REAL ESTATE. The DFL House Tax Plan raises revenue by cutting a number of income tax deductions. The DFL House plan eliminates two major real estate tax deductions: the Mortgage Interest Deduction & Real Estate Property Taxes Deduction. The bill also eliminates provisions of the Relative Homestead Tax.

Please click on here to view the campaign and read more about how this bill affects you and your business then click the take action button on the right hand side.

Click here to find your representative to contact

You can access the bill summary (48 pages) at http://www.house.leg.state.mn.us/hrd/bs/86/HF2323.html

Below is a sample letter you can send (print or email) to your representative. Click here to send the letter electronically.

Subject: Vote NO on HF2323

Dear [decision maker name inserted here],

Vote No on HF2323.

Please oppose the elimination of the Mortgage Interest Deduction and deductibility of real estate property taxes found in HF2323. Many Minnesotans have made housing decisions based upon the Mortgage Interest Deduction and deductibility of real estate property taxes. By changing these deductions you bring additional instability to a weakened housing market and make it harder for Minnesotans to sell homes with values over $200,000.

We understand that the state legislature is dealing with a significant budget shortfall, however, eliminating or significantly modifying the Mortgage Interest Deduction and deductibility of real estate property taxes is not the correct direction for Minnesota.

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Rochester MN Real Estate Agents David and Lois Marris are top REALTORs at Edina Realty. Edina Realty is the number one brokerage in Minnesota. Visit www.davidandloismarris.com to search for Rochester homes for sale. Contact: LoisMarris@EdinRealty.com, DavidMarris@EdinaRealty.com, 507-398-3251.

The market in Rochester has steadily grown over the past few months. With new Mayo Clinic residents and PhD candidates arriving in June, homes sales in the first time buyer range have dramatically increased. It is also a benefit having the first time buyer tax credit of up to $8000. Buyers should also be aware that they may file an addendum to the IRS and still may be able to get the tax credit event though taxes have been filed for the year. As always, consult your accountant first.

Currently in Rochester we have 1,083 homes listed as active on the market. This includes all areas and price ranges. As of January 1, 2009 The NW quadrant of Rochester is still the most active with 522 current active listings, 164 pending and 146 sold at an avg price of $161,967. These homes averaged 127 days on the market. the SW quadrant ranks second in active listings at 234 with 45 pending and 56 sold. The avg. sales price in the SW is higher at $250,838 and averaging 159 days on the market.

In the SE we have 183 homes active with 37 pending and 65 sold. These sold homes have an avg price $128,143 and averaged 129 days on market. Rounding out our city is the NE quadrant with 160 current active homes, 35 pending and 46 sold. The sold homes are averaging $177,305 and are spending an average of 161 days on market.

Interest rates continue to remain steady at an all-time low. Credit scores are crucial to getting the best possible rate. it is always a bonus to have a significant cash down payment as well. Fiscal responsibilty is key.