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.

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.

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

Tax Credits for Energy Efficiency

Homeowners can now qualify for tax credits up to $1500. (in most cases) for home improvements made between Jan. 1, 2009- Dec. 31, 2010. Whether you are building a new home or renovating an existing one, there are ways to take advantage of this tax credit.

For existing homes, tax credits are available at 30% of the cost, up to $1500. in 2009 and 2010 for windows and doors, insulation, roofs, HVAC systems, water heaters (non solar) and biomass stoves. For existing new homes, tax credits are available at 30% of the cost, with no upper limit through 2016 for geothermal heat pumps, solr panels, solar water heaters, small wind energy systems and fuel cells.

For home improvements:

• must be 'placed in service" 1/1/2009 through 12/31/2010



• must be owner's primary residence



• must have a Manufacturer Certification statement to qualify



• for record keeping , save receipts and manufacturer certification statement.

For more information on how to qualify for and /or apply for these tax credits visit-

www.energystar.gov/taxcredits

Midwest Home Show

This coming weekend... November 13-15th, Friday, Saturday & Sunday.

Home Remoldeling, Design and Landscaping.

Friday 1-6, Saturday 11-6, Sunday 11-5

Minneapolis Convention Center

www.midwesthomeshow.com

Admission: Adults: $8.00, Children: $3.00---Buy one ticket at Cub Foods, get one free.

Stop by and see me at Rongitsch Homes Booth

Tax Credit Extension & Expansion is Approved!

BREAKING NEWS!
Tax Credit Extension & Expansion is Approved!

President Obama has approved a bill for the Housing Tax Credit Expansion and Extension. Here’s what it means:

The $8,000 First-Time Homebuyer Tax Credit is Extended!

· Now, qualified first-time home buyers would receive their $8000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010.
· The home purchased must be their primary residence
· Buyer cannot have owned a home during the past three years
· Tax credit is up to 10% of the home value (not to exceed $8,000)
· Annual income caps to qualify for the tax credit have increased ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers.
·

PLUS New $6,500 Tax Credit for Current Home Owners Purchasing a Primary Residence

· Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
· The new home does not have to cost more than the old home.
· Eligible for homes with purchase agreements written by April 30, 2010 and that close between November 6, 2009 and June 30, 2010
· Annual income caps to qualify for the full tax credit ($125K for single filers / $225K for joint filers). Partial tax credit can be granted for incomes up to $145K for single filers / $245K for joint filers.

Changes Chart and FAQs from www.realtor.org (National Association of Realtors® website) are attached.

For any tax credit eligibility questions please contact your certified public accountant.

First Time Homebuyer Tax Credit

First-Time Home Buyer Tax Credit - Deadline is Approaching!

If you've decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here's what you have to do to get your benefit:

Close on your home purchase by November 30, 2009,
Ensure that you are a qualified first-time buyer under IRS guidelines,
Decide which year to file under, 2008 or 2009,
File an amended 2008 return or choose to apply the credit to your 2009 tax return.

Contact me for any questions on this.

Home Sales Up month of July

Sales of previously owned single-family homes were up 7.2% compared with June and 5% from July 2008, The National Association of Realtors (NAR) reported Friday. The monthly gain was the largest on record for existing-home sales, which NAR has tracked since 1999.

The Primary Driver is the $8,000 Tax Credit. With only 99 days left to negotiate a purchase agreement and get into a home before the current tax credit runs out.

Time is running out - Call me now to get the process started.

$8,000 Tax Credit

Don't miss out on the $8,000 Tax Credit!!!

The days are counting down to take advantage of the $8,000 Tax Credit for First Time Homebuyers (or if you haven't owned a home in 3 years).

103 days left!! --- only 59 days if you allow the minium 45 day closing timeframe.

If you are considering buying a home now is the time. There have been questions whether the Tax Credit will be extended, at this point it is unknown, it may be extended, reduced or eliminated. The opportunity right now is great-- low interest rates, low prices on homes and a $8,000 incentive.

Call me with questions on this program or homes that are available.

Free Credit Report

Lori's Market Updates

You can receive one Free credit report annually-

Annual Credit Report Request Service
PO Box 105283
Atlanta, GA 30348-5283
877.322.8228

www.annualcreditreport.com

Housing Market Update - Week June 15, 2009

New listings and pending sales both took a jump upward in the week ending June 6 as the annual post-Memorial Day surge in activity took place. There were 1,226 signed purchase agreements in the Twin Cities for the week, which represents a 33.4 percent increase over the same week last year. The 2,160 new listings were a 4.3 percent decline from a year ago but were a significant bump over the activity seen during the Memorial weekend respite.

Statistics provided by MAAR- Minneapolis Area Association of Realtors

Real Estate Market Update….
For the week ending May 16, there were 1,960 new listings, 10.2 percent less than the same week in 2008. The decline in new listings has helped improve the larger picture of total active listings.
Inventory is being sold through at a rate that is still flying high above last year’s numbers. Breaking the 1,200 pending sales threshold for the first time in three years, the 1,235 pending sales occurring during the most recent reporting week is up 36.9 percent over the same week last year. While many of these sales are lender-mediated properties, the increase in sales is welcome news regardless.
The decline in new listings, coupled with increased pending sales, has resulted in active listings supply dropping significantly. A year-over-year comparison of active listings from last May reveals a drop of 20.5 percent, bringing our Supply-Demand Ratio down to a healthy 5.23 houses for sale per buyer.
The rebalancing is beginning but the journey back will be slow. It appears that enough houses will soon be off the market, thus creating a rebalancing of the buyer-seller mix and a reversal in price trends.
****statistics from Minneapolis Area Association of Realtors

First Time Homebuyers take Advantage of Incentive

Results are in and looks like First-Time Homebuyers are responding well to the $8,000 federal stimulus first-time buyer tax credit. Many First Time Homebuyers are taking advantage of the Foreclosures and Low prices and we are seeing an increase in activity with multiple offers on many properties. This is a great opportunity for many First Time Homebuyers were it is the first time they have been able to enter the housing market. Mortgage applications rose in synch with the 5 percent increase in buyer activity. The numbers are telling us that half the homes sold in February are the result of first-time homebuyers.

If you would like more information on the $8,000 First Time Homebuyer Credit please go to my website. www.HomesByLoriHuckle.com

Home Affordability on the Rise!!!

Owning a home hasn't been this good in a long time,... what? All we hear about is all the negative news in the media on the housing market and how the values have dropped in home prices. This may be true, and in some areas the values have been hit harder than others. The good news is that the affordability to own a home hasn't been this good in years. Interest rates are low, and home prices have adjusted that homes once again are more affordable. With the new Stimulus package available to First Time Homebuyers the added $8,000 in the pocket is a nice little boost. The thought is if we can get the First Time Homes moving it will help the rest of the housing market recover.

Please read the following article.

If you have any questions on the New Tax Credit please give me a call.

http://talk.realtor.com/2009/03/04/home-affordability-on-the-rise/

Home Sales are Brisk...with a caveat

Minneapolis, Minnesota (February 11, 2009) – Low mortgage rates and an ample supply of affordable properties kept January home sales strong despite a month of harsh weather, according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.
Pending sales during the month posted a figure of 2,827, an increase of 10.3 percent from last January. This is the eighth consecutive month of year-over-year increase. Closed sales saw an increase of 2.1 percent in January, posting 2,010 units.A growing share of this jump in buyer demand can be found in lender-mediated foreclosures and short sales.
The overall January median sales price of $155,000 is 24.4 percent and a $50,000 lower than last January's mark of $205,000. However, a staggering 59.9 percent of closed sales in January were from the lender-mediated segment, which had a dramatic downward effect on the overall median sales price.
Traditional properties, which exclude foreclosures and short sales, had a January median sales price of $215,000, down 4.3 percent from last year, while lender-mediated homes had a median sales price of $122,000, down 21.4 percent for the same year-over-year comparison.
"Banks have found the magic price formula to overcome condition issues and sell these properties quickly," said Steve Havig, MAAR President. "The good news is that price reductions on traditional properties haven't been as extreme."
Housing affordability also tells a tale of two markets. Lender-mediated properties currently have a Housing Affordability Index (HAI) of an astounding 245, while traditional properties have an HAI of 154, a mark last seen in 2004. The overall HAI jumped another 10 points in the last month, and currently sits at 202. This means that the current median family income is 202 percent of what's necessary to qualify for the median-priced home. This is a new record and up 35.6 percent from last year.
Housing supply continues to draw down. There are almost 3,000 fewer houses for sale than there were one year ago, and new listings in January were 15.7 percent lower than in 2008.
"With listings coming down and sales going up, we're glad to see some inventory getting absorbed and a trend pointing towards a more balanced market," said MAAR President-Elect, Brad Fisher.

Established in 1887, the Minneapolis Area Association of REALTORS® (MAAR) is the leading regional advocate and provider of information services, research and education on the real estate industry for brokers, real estate professionals and the public. With more than 8,500 members, MAAR is one of the 25 largest local REALTOR® associations in the nation and serves the Twin Cities 13-county metro area and western Wisconsin.
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New HealthEast Clinic in Rosemount?

The Health East Clinic would anchor the new development in the rivitalization project of downtown Rosemount. The Waterford Commons, which is scheduled to be completed this summer, is the first big project for Rosemount. It contains 13,000 square feet of retail space and 108 apartments. The clinic would be located kitty corner to the development. See article below.

http://www.bizjournals.com/twincities/stories/2009/02/16/daily59.html?ana=from_rss