Savage, MN

If last year was any sign of what will happen this year, despite the media reports of doom and gloom, we are personally optimistic.

All the signs are pointing towards a housing turnaround. This morning, many of our real estate news sources had positive and encouraging things to say about the market. Low inventories, rising sales rates, historically low interest rates, and high affordability are working towards creating a balanced market.

This morning, Corelogic reported that housing may turn the corner this year. The Wall Street Journal reports that sales in the market are "stirring hope" but it is not quite as optimisic. And Inman News reports that sales ended on a positive note in 2011, but while it reports sales level increases, it is not reporting optimism in pricing.

On January 16 we issued our predictions for the market for 2012. Our predictions are consistent with the variety of news sources. Will we/they be right? Who knows? What we DO know is that we are seeing positive signs, personally, in our local West Savage and Scott County marketplace.

If you have noticed a general decrease in for sale signs lately, you're perceptive! With only 12 listings on the market in West Savage, 2 sales and ZERO cancelled /expired listings, in the past 45 days one might think the market is quiet. When considering only the inventory, it’s true. Inventory is WAY down.

But the buyers are out there….and early. We did an Open House in The Pointe yesterday (Jan. 15) and had 9 groups of people through – somewhere in the ballpark of 25 people in all. And it’s only January. If we had to pinpoint a reason for all this scuttle, we’d attribute it to low interest rates and the weather. One thing is unchanged though: Urgency. While they are out looking, buyers are not rushing.

Let’s do quick breakdown on the ACTIVE West Savage inventory: 9 of the 12 are TRADITIONAL. 3 of the 12 are DISTRESSED. The pending sale in your Update this month is distressed. Of the two sold properties, one is a foreclosure and one was traditional.

We have enclosed an additional letter in your packet this month. This letter is going out to people we know, and discusses our predictions for the 2012 market. Of particular interest to you might be the notes on foreclosures and what we are hearing “on the street” in our industry.

Single family and townhome inventory in Savage has remained virtually unchanged, while Scott County (as a whole) inventory is on the rise. Our West Savage absorption rate is 3.79. That means if zero new homes come on the market, it will take 3.79 months to sell our existing inventory.

More on http://wwww.WestSavageBlog.com!

Savage Homes For Sale|13342 Elaine Court , Savage, MN 55378

Completely remodeled 5 Bd, 3 Bth almost 2500 sq ft 3 car garage Home! Granite counter tops, hardwood floors, vaulted ceilings, custom fireplace, wet bar, stainless steel appliances, desk, patio, and so much more, Come see today!!

View More DETAILS and PHOTOS of Savage Homes For Sale

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This spectacular 2BR 3BA townhome offers 1+ level living at its finest with scenic wetland views and lots of natural sunlight on a quiet cul de sac lot. The main floor offers a kitchen with 42” maple cabinetry, maple floors and granite countertops . The living room is vaulted and includes a gas fireplace and a wall of windows leading to the sunroom. The main floor includes a spacious master suite including a private bathroom with whirlpool tub.

The second floor offers a bedroom and loft area perfect for guests. The second floor has its own full bathroom. The lower level is a 4’ high crawl space for storage that spans the entire length of the home.

The association covers sanitation, snow and lawn care, outside maintenance and building exterior. Owning a wetland lot has never been so easy!

VIEW OUR VIRTUAL TOUR for 7053 Connelly Court in Savage.

24 Hour Recorded Message 1-800-605-6994 Ext. 553

This home is proudly marketed by Chad and Sara Huebener of Coldwell Banker Burnet in the Scott County Regional office. If you have questions about this home at 7053 Connelly Court, please contact us at 952-212-3597.

Inventory in West Savage is still low, sitting at about 55% of normal spring/summer levels. There is no question that the Bank of America foreclosure moratorium has impacted foreclosure inventory, as many homes expected to hit the market as bank-owned have been postponed indefinitely.

Buyers have been hitting the streets early this year: A slight bump in interest rates created some urgency. Metrowide, pending sales are up 3.7% for January 2011 in a year-over-year comparison. Even though a larger percentage of home sales have been foreclosure and short sale inventory (compared to traditional,) the traditional seller saw a median sales price increase. Even with all this, home affordability is soaring. Interest rates are still low and pricing very competitive.

Speaking of affordability, the Freddie Mac First Look Initiative is a new program in which buyers searching for their primary residence have up to 15 days to buy a home without competition from investors. Many of these homes come with a two-year home warranty, and in many cases the banks have done many repairs and cosmetic updates (e.g. new carpet.) This initiative makes buying a bank-owned home very attractive for some.

A hot topic in West Savage has been the Workforce Housing proposal, regarding the 14 acre parcel of land behind Rainbow Foods. On February 10 the Savage Planning Commission voted against changing the zoning from Commercial to Mixed Use. On February 22, the City Council revisits this issue, and may uphold the zoning change. More updates will follow on WestSavageBlog.com after the meeting.

Single family/townhome inventory in Savage and Scott County as a whole is down. Our West Savage absorption rate is 10.5. That means if zero new homes come on the market, it will take 10.5 months to sell our existing inventory.