David and Lois Marris

Interest rates are unbelievably low right now and that is great news for home buyers. Last week the federal government took actions meant to lower consumer interest rates on bank loans. So far, it looks as if the steps taken are working and working well as bank lending rates fluctuate between 4.375% and 4.75% for a 30 year fixed loan.

These low interest rates, combined with low housing prices, are creating fantastic opportunities for home buyers right now.

For example, just last fall (2008) when interest rates were at 6.5%, a Rochester home was offered on the market at $234,900. The same home came on the market this spring with interest rates at 4.75% with a home price of $219,900. Your mortgage comparison would look roughly like this:

If you purchase the home at the $219,900 price with the 4.75% 30 year fixed mortgage rate, you would save:

Savings on Down Payment: $1,500
Savings on Monthly Payment: $304
Savings on List Price: $15,000
Savings on Interest Paid over the 30 year life of the loan: $95,891

The savings are significant and home buyers are responding. In the Rochester, MN real estate market we saw a significant increase in sales last week and fantastic buyer traffic at the Edina Realty open houses.

Economists tell us that home buying opportunities like this come around once every 70 years or so. Interest rates are expected to sneak upward over the months so now don't wait!

Visit www.DavidAndLoisMarris.com to search for homes, open houses and more. We can set up an automated search so you will be quickly notified when a home matching your criteria comes available. Just email or call today: DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Real Estate Agents David and Lois Marris are top producing REALTORs at Edina Realty of Rochester, MN.

Finally, a stimulus plan the average home owner can use! Recent actions taken by the Federal Reserve to raise the supply of credit and push down the home mortgage lending rates appear to be working. Last week home mortgage interest rates at Rochester area banks fluctuated between 4.375 and 4.75%. The drop in interest rates drove new buyers into the market and existing home owners to their loan officers.

One mortgage consultant I spoke with indicated she had locked interest rates for 22 people in 3 days. Homeowners with good credit are finally able to refinance at these lower interest rates even if they do not have 20% equity in their home. A homeowner I spoke with recently had just refinanced though they had just purchased their home 6 months ago. The refinance will save them about $400.00 per month. Now that is a significant savings for a credit worthy homeowner!

In Rochester, home buyers took advantage of the low interest rates. In the past seven days, 32 homes have accepted offers with more in negotiations. Almost a third of the homes pending sold within their first 30 days on the market. Low interest rates coupled with low home prices along with a supply of credit has finally shaken the housing market loose a bit.

If you are thinking of selling your home, act now and take advantage of the new buyer activity in the market. If you are thinking of buying, act now to take advantage of the low interest rates and home prices. In our lifetime, here has never been a better time for buyers to buy a home.

Buying or selling, contact us at DavidAndLoisMarris@EdinaRealty.com. Visit www.DavidAndLoisMarris.com to search for more buying and selling news.

REALTORs David and Lois Marris are top producing real estate agents at Edina Realty, the number one brokerage in Minnesota.

The Realty Alliance, a network of North America's elite residential real estate brokerages, has presented the Marris Team of Edina Realty, Rochester, MN with a sales award for 2009. This award is "in recognition of exceptional performance as one of leading residential real estate professionals in North America".

To learn more about the Realty Alliance, visit their web page at www.TheRealtyAlliance.com. To learn more about real estate in Rochester, visit www.DavidAndLoisMarris.com.

David and Lois Marris are top producing real estate agents at Edina Realty of Rochester. You may contact them for all of your real estate needs at DavidAndLoisMarris@EdinaRealty.com

There are 822 single family homes offered for sale in Rochester, MN as of March 22, 2009. This represents an increase of 25 homes over last week. Of the 822 homes, 308 are vacant.

In the last 30 days, 101 homes have gone to "pending" status, having taken an offer to purchase. Of these 101 pending homes, 38 homes or 37 % were on the market for less than 30 days.

Statistics from the Southeast Minnesota Association of Realtors. Get more real estate information at the web page for REALTORS David and Lois Marris at www.DavidAndLoisMarris.com.

Email: DavidAndLoisMarris@EdinaRealty.com. David and Lois Marris are top producing real estate agents in Rochester, MN at Edina Realty.

Edina Realty is coordinating with the Salvation Army and Rochester Community and Technical College's retail merchandising program as they co-sponsor the second Suits to Success event, a program geared toward assisting people as they prepare for the work world.

The Suits to Success program helps job hunters prepare for their in-person job interview by assisting with their wardrobe. Volunteers are on-hand the day of the event to help individuals choose an entire clothing and assecories ensemble right down to the shoes, purse and tie. Having the right attire gives job seekers an extra boost of confidence as they prepare for their interviews.

As you sort through your clothing this spring keep in mind that your professional attire is much needed as a donation to the Suits to Success campaign. Your suits, slacks, blazers, sweaters, dresses, shoes, coats, ties, belts, blouses, shirts...everything work-wear related, can be donated to the program.

Rochester drop-off sites include Edina Reality, 1301 Salem Road, S.W.; Hanny's, 19 First Ave. S.W.; Premier Bank, 3145 Wellner Dr. N.E., Counterpoint, a first-floor shop at University Square; and the Salvation Army Thrift Store, 201 Ninth St. S.E.

More information:

Thrift Store hours and a list of acceptable donations can be found by calling 281-1561.

What: Suits to Success, a one-day event to promote job success for men and women

Where: Salvation Army Thrift Store, 201 Ninth St. SE, Rochester, MN

When: 8:00 AM to 8:00 PM, Wednesday, April 1

For more community information visit our website at www.DavidAndLoisMarris.com. David and Lois Marris are top producing real estate agents at Edina Realty, the number one brokerage in the state of Minnesota.