Chris Prescott - Minnesota

Many financially stable home owners have wanted to sell their homes for various reasons over the past year but have either had no luck or just decided to wait. If you are one of these homeowners you should seriously consider putting your home on the market now. Why? There are a variety of reasons:

• Lower inventory. Everyone knows that the housing market has been flooded with short sales and foreclosed properties, but the first time home buyer tax credit had a significant impact in the number of houses on the market. Just about every first time home buyer who qualified for the credit and was able to purchase a home has done so. This has helped to lower the number of available properties, making it more likely that your house will sell.

• Extended tax credit. Most of the first-time home buyers who were going to buy have already done so. But some haven’t. The tax credit has been extended until April which may be just enough time for those who weren’t quite ready to be so.

• Expanded tax credit. The credit was not only extended, but expanded to include first-time home buyers with higher incomes and current home owners. This opens up a whole new group of people who will jump at the chance to buy a home and cash in on the tax credit.

• Low prices. Perhaps you have been concerned about selling your home for less than it is worth. This is a valid concern and has kept many financially stable home owners from listing their home. But consider this: your new home will cost you less as well. It’s quite possible that you may be able to find a home in your price range that you will not be able to afford when its value increases.

• Expanded tax credit. (Again) The expanded tax credit might include you! If you were to purchase a new home before April, then you will qualify for the $6500 tax credit, if you meet the requirements. This just might help to offset any loss you could incur based upon lower property values. Add it to your down payment and you could afford a more expensive house.

• Money for fix-ups. Home buyers hoping to find a house ready to move into with little more than a change of paint color, have been rather dismayed by the condition of many foreclosed homes. Even homes qualifying for short sales could be in need of major TLC simply because a distressed home owner does not have the funds to make repairs. This makes buying a house from a financially secure home-owner a much more attractive to most buyers.

• Flexibility. Another problem that home buyers have found when trying to buy a distressed property is the time it takes for a bank to respond to an offer. You may find a home-buyer who needs to close in two weeks, or one who low-balls an offer and needs several back and forth offers to agree on a reasonable price. You have the flexibility to handle this situation, whereas a bank may not be able to meet their needs.

Now tell me, can you think of a good reason not to list your home? Give me a call and we will get things started.

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Looking for a home in the Edina area? Visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.

Many people in Edina and the greater Minneapolis-St. Paul area took advantage of the first-time home buyer tax credit this year. There were many others who weren’t quite ready to make that jump into home owners, as well as many current home owners who wished they could participate in the credit. Well, if you were one who delayed or didn’t qualify, your chance may have arrived! An expansion and extension of the credit was approved and it’s yours for the taking.

Last week, the credit was extended for another 6 months and expanded to include first-time home buyers with higher incomes. The Worker, Homeownership, and Business Assistance Act of 2009 opens the up-to-$8000 tax credit to almost all first-time home buyers by increasing the maximum annual income. The income cap for single home buyers has increased from $75,000 to $125,000. The cap for married buyers jumps from $150,000 to $225,000.

Home owners looking to purchase a different home shouldn’t feel left out anymore, the new credit covers them as well! Homeowners who lived in their home for at least 5 consecutive years in the past 8 are eligible for a tax credit of up to $6,500 on their next primary residence purchase. The income limits are the same as for first-time home buyers.

The purchased home must be a primary residence costing less than $800,000. Live in it for at least three years after purchase and the $8000 will not have to be paid back.

In order to fight tax fraud, the new law requires anyone claiming the credit to provide documentation that the sale has closed and only adults can claim the credit.

Anxious for your money? Even if you purchase the home in 2010, you can claim it on your 2009 taxes and get an almost instant credit back. Ask your tax professional for details!

Sales contracts must be signed by May 1, 2010, with closing by the end of June. Don’t waste time, let’s start looking! Call me today and I’ll show you what’s available.

If you are a home owner wishing to sell, call me and let’s get your house on the market in time for your next home purchase to qualify you for the credit!

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Looking for a home in the Edina area? Visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.

If you have delayed planting your spring bulbs, delay no more. The University of Minnesota Extension Service recommends planting of most spring bulbs in Minnesota by the end of October. Early November may not be too late though, especially for tulips which can be planted as long as the ground isn’t frozen too hard.

Here are some tips to remember:

• Bulbs should be firm with a papery skin. If soft or moldy, throw them away.

• Bulbs need to be able to grow roots once planted in the fall, and they need the cold winter to break their dormancy cycle in order to bloom in spring.

• Bulbs will need warmth and light in the spring to trigger their growth. Choose a site that will not be shaded in early spring.

• Bulbs can be planted under trees as long as they will receive enough light before and just after their blooming season. Full shade in summer is acceptable.

• Soil near southern and western exposure foundations could start to grow too soon, risking cold damage. It’s better to plant in an area that is sheltered from damaging winds but that will not warm up before other areas.

• Bulbs need rich, well-drained soil. Avoid areas that tend to fill with water during rain storms.

• New bulb beds should be cleared of rocks and matted roots, and some organic matter should be tilled in to a depth of 10-12 inches. Add some fertilizer in when tilling, but do not add it directly to the bulb holes.

• Plan to plant the bulbs in odd numbers or mass plantings. Put the bed where it will be enjoyed from a window or the road.

• The basic rule for planting depth is 2 ½ times deeper than the diameter of the bulb. Sandy soils should be a bit deeper, and heavy clay soil should be a bit shallower.

• Always plant the bulb with the pointed end facing up, cover with a portion of the soil and water well. Add the rest of the soil, smoothing the surface, water again and add 3-5 inches of mulch. Leaf material, grass clippings and straw work well. (You will remove much of this mulch in the spring.)

Then sit back and wait for spring!

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Looking for a home in the Edina area? Visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.

Creek Valley Elementary is one of 6 elementary schools in Edina Public School District. The school’s mission is to “educate the mind and heart of each student in a safe and positive environment with shared, active, and meaningful learning through careful planning and an emphasis on community partnership and the practice and application of ethical values.”

Creek Valley Elementary has an active PTA and Site Council, holds regular events for students, and strives to create a fun and educational environment for students while maintaining communication with and participation of parents.

Edina Public Schools have been recognized by publications around the nation as outstanding. One of the most recent was Family Circle magazine, which ranked Edina as one of its top 10 towns, due in large part to the quality of Edina Public Schools.

Creek Valley Elementary is located at 6401 Gleason Road in Edina. For more information on other Edina public schools, visit the Edina Public School District’s website. http://www.edina.k12.mn.us

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Looking for a home in the Edina area? Visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.

Looking for a unique activity this weekend? Head over to the Mall of America in Bloomington. There is a unique competition going on.

Called “Canstruction”, architect students are competing to see who can build the best structure. But these aren’t just any structures. They are made out of cans. Regular cans of corn, fruit cocktail, SpaghettiO’s, and everything else you can think of!

Beginning today, the competitors have 12 hours to create the most creative and intricate designs they can. Judging of the competition will be Sunday afternoon.

Here is a quick video I found on YouTube showing an entry in a similar Canstruction competition in Canada. Enjoy!

The designs will be deconstructed on Monday and the food donated to the Second Harvest Heartland food bank in St. Paul. Last year the competition raised nearly 20,000 pounds of food!

Want to contribute to the competition and the food drive? Be sure to bring along some canned goods with you when come. These can be delivered to the Sears Court stage throughout the event.

For more information on this competition, visit the Canstruction website.

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Looking for a home in the Edina area? Visit my website. When you are ready to visit any of these homes, or if you would like to list your home, contact me, Chris Prescott, at (952) 944-1728 or via email.