Ryan Bretzel

The current interest rates are great! I don't know why so many are complaining? Ok, so yes we got a little spoiled back in 2003, but really those rates were for mostly 3-1,5-1 ARMs. Any thing in the 5's heck in the 4's sometimes are awesome! Right now were are sitting at interest rates of about 5.25% for 30yr fixed. In the course of 60 years (I wish I had the my history chart to include here) rates like we have now have only been this low; now, 2003,2004, and back in the 40s after WWII.

The most recent rates as shown from Bankrate.com, which by the way I love their website; shows a great depiction of how volatile rates can be. Show is the last 5 years and look at all the peaks and valleys. Many times great rates stick around for a day or two and that is it. Similar to like we had in December 08 and January 09. Buyers need to be ready and have all their ducks in a role because for most lenders you can not lock in a rate unless there is a subject property or a purchase agreement written.

Even if you could lock, that lock is usually only quoted for 30 days. A 45,60, or 90 day lock will cost you more. Lenders will usually increase the rate .125%,.25%.... since guaranteeing that lock further out is a risk for them if rates go up. Basically you gamble any given day what rates will be at and where they will go.

As for me, I do predict rates will go up slightly. As history has shown us in other times of similar economic position (1970s-80s) interest rates went way up...like 15-19%! Think of how that would kill your buying power. Usually for about every 1% interest rate difference that would mean a 10% purchase price difference. So for example lets say you were at 5% on a $200,000. If the interest rates went up to 15% you would need to find a home that was worth $85,000 to be at the same payment!

I know most buyers are scared that what if prices continue to go down? Well lets say they did, but in 30 years you have paid off your mortgage. Now you owe nothing, except taxes. So your $1200 now goes in your pocket every month. Your friend who is renting is continually plugging $XXXX every month to the landlord. By the way do you think in 30 years rent will be higher than is is today? Your mortgage payment would never raise (expect for tax escrow) in 30 years. Also have prices for homes gone up in 30 years, regardless if prices came down for even 5 more years??? I think so.

The time is now. Start your best long term investment now. If you don't plan to be in one spot for at least 5 years then I reccomend not purchasing. No one controls your interest rate exept you.

Falcon Heights, MN Market Update

A small community surrounded by Como Park and Roseville, Falcon Heights has a little over 5,500 residents. A strong community made of mostly 30's, 40's, and 50's 1 and 1 1/2 story homes which features many great architecture like the"Tudor" style. Falcon Heights has always been a strong market because of the high demand from buyers. It is located in the middle of the Twin Cities; Minneapolis and St. Paul, and is near Shopping and easy access to highways.

Current Falcon Heights Market Update as of 2/10/2009*

Current Active Listings: 11 (2/10/09) $263,918 average price point

Pending Listings: 4 (2/10/09)

Solds: 21 (6/1/08-12/31/08) $310,738 average price point 98.1% sold/list price

0 as of (1/1/2009+)

2007 SOLDS (32) $289,923 average price, 82.3 days on market

2008 SOLDS (37) $302,843 average price, 107.5 days on market

2008 had an appreciation of 4.45%!!!

With a smaller market stats can be skewed a little, but this is great news to see the area actually had more sold in 2008 than 2007 and that the average price went up.

Falcon Heights MN 55108 Homes For Sale, Real Estate

*this data is from the MLS for all single family, townhomes, condos, and twin homes

Zipper Art

So I was reading the newspaper today at Caribou before some showings and I ran across an article on this 81 year old woman named Donna Petrell from Hudson. She is a local artest for the past 20+ years using zippers.

She has an interesting art mosaic that she does with old zippers. It is pretty neet and done quite well. I'm alwasy impressed when people find new uses for old things.

To read the full article click below:

http://www.twincities.com/localnews/ci_11640699

This is an amazing story of a home moved from Manitou Island on White Bear Lake to Shore. It took $40,000 and 64 tires on dollies to move this 60 ton home across the 2 foot deep ice. Just imagine the people who built this home watching it roll slowly in the winter to another location. Now I know if anyone ever asks what it will take and cost to move a home :)

To see the full article from the Star Tribune and watch the video click here Land ho! House glides across ice on White Bear Lake

Falcon Height, MN Market Update

A small community surrounded by Como Park and Roseville, Falcon Heights has a little over 5,500 residents. A strong community made of mostly 40's and 50's 1 and 1 1/2 story homes which features many great architecture like the"Tudor" style. Falcon Heights has always been a strong market because of the high demand from buyers. It is located in the middle of the Twin Cities; Minneapolis and St. Paul, and is near Shopping and easy access to highways.

Current Falcon Heights Market Update as of 3/21/2008

Current Active Listings: 9

Pending Listings: 6

Sold Since 1/1/2008: 3

Average sold for $321,559