First Time Home Buyer Assistance still available.

There was a good article in the Star and Tribune this morning on the First Time Buyer assistance program that is available through Dakota county. Dakota County has funds available to those who qualify on down payment assistance and financing when a home is bought in Dakota county. See attached article. I have had many clients use this program when the funds have been available. It is another nice alternative in finding financial assistance when buying a home. There are also other programs in the metro area that offer similar assistance. Call me with any questions you may have on this program.

http://www.startribune.com/local/south/114250499.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aUnciatkEP7DhUsl

Is Now the Right Time to Buy a Home??or are you waiting for home prices to drop further?

There seems to be Buyers out there that are wondering if it is the "right time to buy", they are concerned and wondering if the prices will drop further. They ask me are we at the bottom, will if go much further? It is difficult to answer that question simply. There are many factors that come into play, with one being location, location, location. If you are looking in a particular market it is best to contact a Realtor and have them do an individual market for you. This will give you a better idea of the housing prices and what that market is doing.

We do know one thing and that is that the interest rates have risen in the past couple weeks. So lets look at those numbers. Michelle and Lori at Edina Mortgage have run a couple scenerios with an increase in interest rates vs. decrease in home sale prices. I think you will be surprised where the real saving are.

Consider the following:
When rates increase by 1% over their current level, the price of a home would have to drop nearly 11% to match today’s payment.
Buying Power Formula:
Rate +1% = Home/Loan -11%

Payment (P&I) 30 year fixed Loan Amount
$1043 4.75% $200,000
5.75% $179,000

Act now to take advantage of today’s historic rates and buying power!

If you have any questions on a home or market, please give me a call...

Michelle Moore and Lori PerpichHome Mortgage ConsultantsEdina Realty Mortgage 17271 Kenyon AvenueLakeville, MN 55044952.898.7035 Office 612.708.4245 Cell952.898.7085 Private Fax Apply on-line: www.ReferToMichelle.com MichelleMoore@EdinaRealty.com
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Home & Landscape Expo this Weekend.

Expo show this weekend - Friday 12- 8PM, Saturday 10-8Pm, Sunday 10-5PM.
See everything for the home. Meet the Expert Remodelers.
Minneapolis Convention Center.
Call me for Free tickets-- limited number available.
A great way to get new home ideas!

Watch for Ice Dams!!

This year is the year for ice dams on roofs. Homeowners beware of those big, long icicles hanging from your roof edge. They can be silently causing water back up and damage to your roof and more. Homeowners have been reporting water dripping through window frames, ceilings, electrical outlets and kitchen cupboards! Home inspectors are saying that they have never seen ice dams as severe as they are this year.

What to do with your ice dam? You may want to call a liscensed and insured ice-removing service. They will use steam to remove the ice blockage. You can expect to pay up to $250.00 or more per hour. You can also try Ice Melters-- you can buy these "pucks" of salt made from magnesuim chloride or urea. placing these pucks on or near the ice dam will help melt away the ice.
Don't---

• use axes, hammers or ice picks on the roof. This will cause damage to the shingles
• pull on the icicles, this can cause damage to gutters and shingles.
• use extreme caution on the snowy, icey roof.

Trends in Home buyers and sellers in 2010

The National Association of REALTORS surveys home buyers and sellers annually to gather current information about current trends in the home buying and selling process. The latest 2010 NAR profile of Home buyers and sellers was released in November. Here are some interesting findings:

• married couples account for 3/4 of the sellers.
• median age of home sellers was 49 years old.
• a typical home seller has owned their home for 8 years, this is up from 7 years in 2009.
• Selling a home because it was too small (move up buyers) was the motivation for 21 % of the recent sellers. Job relocation was the second most cited reason to sell at 15 %.
• Among the sellers in the 55 years and older, moving closer to family and friends was the main reason for the move.

information from Real Estate Insights, December 2010 issue.

Clear exterior vents from snow build up

We have seen a lot of snow this year, and some areas the snow drifts have become small mountains around the house. Be sure to check your exterior furnance and water heater vents (they are the plastic pipes that stick out from the house near the foundation). Many high efficiency furnances have an intake pipe and an exhaust pipe that stick out from the house, should these pipes become blocked or covered with snow it can cause the furnance to shut off or worse yet it can cause dangerous combustion gases to back up into the house. Be sure to clear a 3 foot area around the venting pipes and check the area periodically for any drift build up from the winds.

Is it a Good Time to put your House on the Market?

• if you decorate for the Holidays, your home appears even cozier and more welcoming to prospective buyers


• many relocated employees begin their new jobs January 1st and want to get their families settled in before the New Year.


• Listings (the competition) is lower during the Holidays and tends to pick up early Spring. Beat the Rush!


• Tax related real estate purchases need to close by year-end.


• Homebuyers this time of year tend to be more serious buyers. Hopefully this means a quicker sale and fewer showings and less disruptions to your family.