New AND Improved
Congress has voted to extend and expand the Home Buyer Tax Credit!
Click on the Pile O' Money for more info!
The House voted last night and the Senate voted this afternoon to pass an expansion and extension of the popular First Time Home Buyer $8000 Tax Credit
Download a .pdf file with the details
Updated Status: First Time Home Buyer $8000 Tax Credit from the Minnesota Association of Realtors
What's the scoop on the $8000 Federal First Time Home Buyer Tax Credit?
Chris Galler of the Minnesota Association of Realtors breaks it down and explains the changes that we should be seeing soon. Give me a call at 763-548-1418 so we can get you ready to catch the 2nd wave!
Minneapolis St Paul Area Housing Report
for October 2009 from the Monthly Skinny
Looking for the latest information on the Minneapolis Saint Paul Twin Cities Real Estate Market? Well check out "The Monthly Skinny" video report from the Minneapolis Area Association of Realtors. This information in the video is based on homes for sale and recent home sales in the local Twin Cities market and is a great way to keep up with the rapid changes in our market!
Don't forget, if you want to try to take advantage of the federal tax credit for first time home buyers, you need to be CLOSED by November 30th.
The number of short sales and foreclosures available for sale in the Twin Cities Metro area is dropping off dramatically. This chart really shows the drmatic drop starting around January of this year.
Get your FREE foreclosure & short sale report here.
The supply of lender owned properties in the Minneapolis Saint Paul area is dwindling. For each buyer that is looking to purchase a bank-owned property, there are only 1.84 homes (on average) to choose from. Meanwhile, there are plenty of short sales available. This may be due to common problems associated with getting short sales approved, the time involved, and the difficulty in actually closing them.
The 10 areas with the highest percentage of bank owned sales: Brooklyn Center (58.4%), St. Paul: Central (55.0%), Big Lake Township (52.3%), Minneapolis: North (52.2%), Hilltop/Columbia Heights (48.9%), St. Paul: Hillcrest/Hazel Park/Dayton's Bluff (48.1%), St. Paul: Phalen (47.8%), Minneapolis: Camden (47.8%), Minneapolis: Powderhorn (47.7%), and Brooklyn Park (47.3%). Lender mediates sales were a large part of the overall real estate market in these areas. Click on the chart for a full report and to see where your community ranks. Data and Charts provided by the Minneapolis Area Association of Realtors.
For your free Minneapolis / St Paul Twin Cities Foreclosure and Short Sale Report on Homes for Sale and the most recent quarter Real Estate Housing Market Activity Report, just click on the chart above. Data provided by the Minneapolis Area Association of REALTORS®, Inc. Sponsored by Royal Credit Union www.rcu.org The over supply of houses for sale is starting to ease. The number of homes on the market for each buyer is down to 4.88 which is great news, but does this mean everyone is going to benefit across the board?
Well, no. Actually, the supply of homes currently listed for sale in the upper price ranges continues to increase while the supply of homes in the lower price ranges has fallen.
This is due to a several factors: the first time home buyer tax credit has encouraged people to buy their first starter homes and investors have been purchasing foreclosures (buying low so they can sell high later on). At the same time, there have been layoffs and pay cuts that affect the ability of many home buyers to purchase the higher-end homes and many would-be move-up buyers have decided to wait it out and make do with what they have.
The Twin Cities real estate market is changing each and every day... Check my blog often to get the latest information or contact me if you have questions about YOUR neighborhood.
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