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.

Increase in Interest Rates!

If you are considering buying a home and just waiting for the "right" time. Don't wait too long you may miss out in the historic low interest rates. The economic reports the last couple days have influenced a slight move up in rates up slightly. Employment report is out tomorrow. Good news in the economy translates to higher interest rates.

Keep in mind the overall cost to of a rate increase is ---- On a $200,000 mortgage an increase of 0.25% to rate means a difference of $29/month. That $29 a month is equivalent to nearly $6,000 in purchase power.

School District 196 elementary school awards

All three of Districts 196's elementary magnet schools received 2010 Merit Awards for quality from the organization Magnet Schools of Minnesota.

Cedar Park Elementary Science, Technology, Engineering and Math (Stem ) school, Diamond Path School of International Studies and Glacier Hills School of Arts and Science.

Magnet school enrollment is open to all elementary age students in District 196. Congratulations!!

Did you know???

Eagan and Apple Valley ranked 15th and 20th, respectively in Money magazine's August 2010 issue featuring America's Best Places to Live.

Midwest Home Show

Today is the last day of the Midwest Home Show at the Mpls. Convention center. Open 11-5 today - Sunday. Over 200 remolders, landscapers, home improvers, and designers. A great way to get ideas to spruce up the home for the winter. New this year, "Winter wonderland" - a winterized backyard including an ice rink and brick pizza oven, also a European - inspired cabin.

Tickets at the door $8.00 adults, $3.00 children 6-12. There were ticket discounts at Cub Foods---

Cross country ski trails open December 1st

With all this snow one would wonder when the ski trails will open in Dakota county. December 1st is the date that the parks will be looking to open. Cross county ski passes will be online starting that day--- $5.00 for the day , $20.00 for the season. What a great way to get out and enjoy the fantastic parks and trails.

Home Buying Step to a smooth close

Home Tax Credits still available

The homebuyer tax credit program has been extended for quailified members of the uniformed services, members of the Foreign Services and employees of the intelligence community.

First Time homebuyers can claim up to 10 % of the home's value ($8,000 maximum), and existing homeowners who buy a new home can claim a credit amount up to $6500.00

A contactmust be signed by April 30th, 2011 and close by June 30, 2011.

Call me for more details

Dakota County First Time Homebuyer Funds

Are you a First Time Homebuyer thinking about purchasing a home in Dakota County? There may be funds available to you through Dakota County Community Development Agency. They are offering up to $10,000 in down-payment assistance at a fixed 4.99 percent interest rate. The funding comes through a special bonding authority from the US Treasury. If you would like more information go to www.dakotacountysda.org or give me a call. I can refer you to a lender who is participating in this program.

According to the Minneapolis Area Association of REALTORS® (MAAR), so far this year, the Twin Cities housing market looks very similar to January 2009 in terms of pending sales, new listings and inventory.MAAR reports that the February 2010 Supply-Demand Ratio currently resides at 6.99. That means there are 6.99 homes available for each buyer. This number is 8.5 percent lower than it was one year ago and the lowest February mark since 2006. Fewer homes on the market per buyer is good news for sellers because it translates to less competition, and is also good news for the overall market in its slow movement toward greater balance.December’s average number of days a home was on the market before sale resided at 132. That means repeat homebuyers looking to capitalize on the $6,500 tax credit should already have their home listed for sale – or be listing it immediately - in order to have the best chance at selling by the deadline. Qualified, prospective homebuyers looking to capitalize on either tax incentive ($8,000 first-time homebuyer or $6,500 repeat homebuyer) will need to have a signed purchase agreement by April 30, 2010, and will need to close on their home by June 30, 2010. For more information about the tax credits

Dakota County First Time Homebuyer Funds Available

Dakota County Community Development Agency (CDA) has funds available for First Time Homebuyers purchasing a home in Dakota County. A Low Fixed Interest Rate, currently at 4.99%. Also down payment assitance is available for qualified buyers. Call me for more information.

Limited amount of funds are available-

Housing Tax Credit

Tax Credit Alert... Do not wait too long Buyers and Sellers. You have less than 120 Days to take advantage of the $8,000 First Time Home Buyer Tax Credit or $6500 if you are a move up buyer (selling a current home and purchasing another). You need to have a "signed" purchase agreement to qualify by the end of April. Do not wait too long to take advantage of this incentive. Contact me with any questions on this limited program.

Cul de sacs- strange fact

Increasing numbers of towns and cities are taking exception to cul-de-sacs. Community leaders see cul-de-sacs as traffic-congesting roads that are tough to negotiate for emergency vehicles and time consuming for snow plowing and road maintenance. To this end, cities and towns across the U.S. are limiting, restricting, or even banning cul-de-sacs in new neighborhoods

Minneapolis beautiful skyline