Thursday, December 24, 2009

How to Shovel Snow Safely - Driveways, Sidewalks and Steps

Since we are in the middle of a mini-blizzard here in Minnesota and most of us are enjoying spending quality time outside shoveling our driveways. I thought I would share this article I found about shoveling safely. It may seem kind of silly but you can seriously injure yourself while performing this necessary task. So be safe out there and take your time. You don't want to be "that guy/gal" sitting in the emergency room for shoveling snow!

HOW TO SHOVEL SNOW
Safety Tips for clearing Driveways, Sidewalks and Steps
by Venice Kichura (Home Management)

Anyone who’s ever shoveled it know it’s hard work. If you shovel snow, consider that your workout for the day. It takes as much energy to shovel snow as it does to swim laps for 20 minutes. Just 15 minutes of vigorous shoveling constitutes a moderate workout of aerobic and weight lifting exercises.

High Risk Factors

Although many people don’t think about it, shoveling snow can harm or even kill someone. Besides slipping on the snow (or ice) snow shoveling is dangerous because of the demand upon the back, heart and blood pressure. What’s more, the strain of shoveling makes the body constrict arteries and blood vessels because of the cold temperature. Add all this together and you double or even triple the odds of a heart attack.

People who should not shovel include people with a history of heart disease or heart attack, as well as smokers. Also, if you’re overweight or have a sedentary lifestyle, don’t try it. Anyone with high cholesterol or high blood pressure is also at high risk.
Rather than risk your health or even worse, your life, hire the job done. Call for a service or look in your yellow pages or newspaper classifieds for people who shovel snow.

Dress Appropriately

It’s important to dress warmly because you can get hypothermia, a disease in body temperature, if you get over chilled.
Dress in layers. This way you can peel off a layer as your body temperature warms up.
Protect hands, ears and face. By wearing gloves, a woolen scarf and a warm hat, you protect skin from frostbite. Wear skid proof boots. Snow can be slippery. Make sure your boots or shoes have exceptional traction so you won’t fall.

Before Shoveling

Don’t drink caffeinated drinks. Caffeine can dehydrate you, as well as constrict blood vessels and increase your heart rate.
Don’t smoke. The cold air restricts blood vessels, as well as smoking, making a dangerous mix.
Drink plenty of fluids. You don’t want to get dehydrated as the energy from shoveling results in a loss of body fluids.

Warm Up First

Don’t wait until just before shovel. Start warming up with exercises inside when the first snow begins to fall.
Walk indoors. Take a short walk in the safety of your home, as well as a few minutes of calisthenics before going outside.
Stretch muscles. Do a few stretching exercises for the arm muscles and lower back.
Condition muscles. Do exercises such as bicep curls and pushups.

How to Shovel

Make sure your shovel has open ends so you can push the snow to the side. Push into the snow, using your legs and not your back. From the center of the snow, walk the snow to each edge. After moving each load to an edge, swing the bare shovel in the reverse direction.

Additional Tips

Don’t overextend yourself as shoveling places a toll on your body. Take short breaks. Go indoors for a juice break. Just don’t drink caffeine or smoke. Also, be careful not to step on black ice.
Sprinkle Salt after Shoveling
When the work is done, it’s tempting to call it quits. However, check your weather forecast. If the weather predicts freezing temperatures and precipitation, sprinkle rock salt on your driveway, sidewalks and steps to remove any remaining snow. This will melt the snow and give peace of mind as you won’t have to worry about slipping on ice when it freezes.



CHAD ELLIOT, REALTOR©


The Hennepin Group, LLC


Keller Williams Realty


17205 Yale Street NW, Suite D
Elk River, Minnesota, 55330


Mobile: (651) 795-1147

Fax: (763) 241-0187

Email: chadelliot@kw.com






Wednesday, December 23, 2009

The Twin Cities Monthly Skinny - December

The Twin Cities Real Estate Monthly Skinny for December. Another month has come and gone. We saw a lot of activity during the begining of the month before the Tax Credit was extended. Now that the Holidays are in full swing we can expect the market to slow down until the New Year.




CHAD ELLIOT, REALTOR©

The Hennepin Group, LLC

Keller Williams Realty

17205 Yale Street NW, Suite D
Elk River, Minnesota, 55330


Mobile: (651) 795-1147

Fax: (763) 241-0187

Email: chadelliot@kw.com




Twin Cities Market Activity Report - WE 12/21

Twin Cities Market Activity Report - WE 12/21

‘Twas the week before Christmas, and all through the market,
Realtors were selling houses in the Twin Cities, some wearing
parkas.

For the week ending December twelfth there was such a clatter,
Pending sales flattened out, unlike a step ladder.
542 for the week, which was 2.5 percent under last year,
When market volatility was in the stratosphere.
New listings were down to a more normal fashion,
With 1,028 added this week, a stable ration.

Santa may be bringing sellers some Christmas luck,
With the laws of supply and demand in flux.
“On Original Price, on Days on Market!” he calls,
But Housing Affordability makes sellers feel mighty tall.
With just one week left in the year 2009,
The Twin Town Market looks to end just fine.

provided by the Minneapolis Assoc. of REALTORS


CHAD ELLIOT, REALTOR©

The Hennepin Group, LLC

Keller Williams Realty

17205 Yale Street NW, Suite D
Elk River, Minnesota, 55330


Mobile: (651) 795-1147

Fax: (763) 241-0187

Email: chadelliot@kw.com




My Road Trip to Iowa - Part II

My Road Trip to Iowa - Part II

Sorry it has taken me so long to finish up this post. :) So here we go! Day 2 in Iowa was a bit more interesting. Woke up at 8am to sounds above me (slept in the basement) and Catilyn asked if I could take her to school? Being the nice guy I am (and since the school was just a couple of streets over) it was no problem. When I got back I got cleaned up and Lisa and I headed back to UNI so she could take her finals. One thing I wish I would have done is visited the Target DCs which were right down the road from UNI. Oh well maybe next trip. While Lisa was taking her finals I walked around the Student Union. Very nice building with a good food court. I ate at a restaurant called Pretzies(?). Around 4pm Lisa finished up and we headed back to her house and watched a movie. That night we headed down to Cedar Rapids to see some of Lisa's friends. I got to their house and they invited us to a club to watch a local musician peform. Being the live music fan I am I wanted to go. So we went up to "Tailgators" and watch a 1-man band sing covers of new music. He kind of had a Chris Daughtry thing going on but wasn't that bad. The night ended up being a pretty good night - left the bar at midnight to head back to Urbana. The next morning I woke up and packed up my car, made sure Chance went to the bathroom and headed back to Minneapolis.

So I initial thoughts of Iowa were right on the money - flat and cold. But I did leave there meeting very nice people and wouldn't mind exlporing Cedar Falls again. So Target, if you ever transfer me to T-590 I won't go kicking and screaming! ..haha


CHAD ELLIOT, REALTOR©

The Hennepin Group, LLC

Keller Williams Realty

17205 Yale Street NW, Suite D
Elk River, Minnesota, 55330


Mobile: (651) 795-1147

Fax: (763) 241-0187

Email: chadelliot@kw.com




Wednesday, December 16, 2009

My Iowa Road Trip ..a different world from Minnesota! Part I

My Iowa Road Trip ...a different world from Minnesota! Part I

Well I got an invite from a friend to come and visit her in Iowa. I sat there thinking to myself - Do I really want to go to Iowa? What is in Iowa? Needless, to say I have never been and my line of work affords me the opportunity to take quick trips in the middle of the week. So I figured why not? Off I went yesterday morning from good old Elk River, Minnesota to Urbana, Iowa. Now mapquest and my GPS each said 4.5hrs to make the trip. Me being a guy I gave myself 3.5hrs (ladies it's a guy thing you won't understand). I pulled out of my driveway at 1:30pm, roughly an hour late from when I wanted to leave. Now my perceptions during the drive was that Iowa was going to be just as cold and even flatter then Minnesota. And you know I was completely right! Iowa arguably is the most boring state I have driven in, especially during this time of year. No tress and just snow for miles. I arrived at my friends house at 5:45pm (already dark) and hung out for a bit and then ran into town to get some food. Now the town of Urbana has nothing in it ..and I mean nothing! So we had to drive 12 miles up to Vinton for pick up a pizza and stop by a grocery store. At this point I was missing the Target store on every corner in Minnesota. So we go back and ate then we headed out to UNI (University of Northern Iowa) so Lisa could attend a study group.
So here I am sitting in a random computer lab at UNI wondering why I am in Iowa at this point? ..haha


CHAD ELLIOT, REALTOR©

The Hennepin Group, LLC

Keller Williams Realty

17205 Yale Street NW, Suite D
Elk River, Minnesota, 55330


Mobile: (651) 795-1147

Fax: (763) 241-0187

Email: chadelliot@kw.com




Tuesday, December 15, 2009

Find Me on Facebook! - Facebook.com/MinneapolisRealEstate

Find me on Facebook.com! Facebook.com/MinneapolisRealEstate

Whether you are living in Minneapolis, St. Paul, Elk River or St. Cloud I can answer your real estate questions. Get the latest on the Homeowners Tax Credit or get your current home's market value! I use facebook to interact with my clienets and fans in real time - no question is too small to ask!





CHAD ELLIOT, REALTOR©

The Hennepin Group, LLC

Keller Williams Realty

17205 Yale Street NW, Suite D
Elk River, Minnesota, 55330


Mobile: (651) 795-1147

Fax: (763) 241-0187

Email: chadelliot@kw.com




Twin Cities Market Activity Report - WE 12/14

Twin Cities Market Activity Report - WE 12/14

The post-Thanksgiving bump is in effect for the Twin Cities housing market. The week ending December 5 saw pending sales swing upward from the previous week by 152 to settle at 551. This is 7.7 percent less than last year at this time, marking the third week of the last four to post pending sales numbers lower than a year ago. The aftermath of the tax credit's initial expiration date is combining with the typical holiday slowdown to bring sales down (MAAR).

Market Activity Report
Minneapolis / St. Paul / Elk River / Maple Grove / Plymouth

Thursday, December 10, 2009

Twin Cities Housing Supply Outlook - December

In the overall Twin Cities market, home sellers are now getting
closer to their original asking prices than they were a year ago.
Dig a little deeper, however, and it becomes clear that it’s only
the Single-Family Detached segment that's seeing improvement.
The lowest mark for Percent of Original List Price Received at
Sale can be found in previously owned condominiums, which post a
low mark of 88.6 percent.
Home sales continue to look the strongest in the more affordable
price ranges. Homes below $190,000 are selling at a 49.9 percent
faster clip over the last 12 months than they did the prior 12 months.
Above $190,000, sales are down by 10.5 percent.
That's caused some large differences in our calculation of Months
Supply of Inventory by price range. The lower price ranges are
extreme seller's markets, while the higher prices ranges still present
sellers with challenging conditions.

Housing Supply Outlook Report

Twin Cities Market Activity Report - W/E Dec. 7th

Twin Cities Market Activity Report - W/E Dec. 7th

The local housing market experienced the traditional Turkey Day
drop off for the week ending November 28 as Twin Citizens
focused more on turkey and stuffing than purchase agreements
and closing dates. Even taking into account the expected holiday
drop, market activity in the last few weeks has slowed
considerably from the breakneck pace we saw during the first 10
months of the year, likely due to the passing of the home
buyer tax credit's initial deadline. There were 5.9 percent
fewer pending sales compared to the same week in 2008. That's
only the second week of year-over-year decrease in all of 2009
(the first was two weeks earlier).

Now for the good news: Days on Market before Sale dropped 14.5
percent to 127, and the Percentage of Original List Price trended
positive over last year to 94.3. These two metrics should shore up
sellers who are weathering the current economic storm. (MAAR)

To find out the latest listing information for Minneapolis /
St. Paul or any of the surrounding suburbs contact me at
651-795-1147 or visit our website www.HennepinGroup.com

What is your Favorite Holiday Movie?

Since we are in the Holiday Season I thought I would see which Holiday movie is everyone's favorite! Take a minute to take my poll and let me know your thoughts.





I hope everyone has a great Holiday Season! ...and a Great New Year.

Thursday, December 3, 2009

What's the hottest Christmas gift for kids this year?

I don't have any children of my own but I have a niece and nephew that I love to spoil. My sister not very helpful when I ask her what they want for Christmas. So needless to say I am out of loop on what the hottest toys are this season. My niece is 9 and my nephew is 2. Any help or suggestions would go a long way in making me look like the "good" uncle.

Tuesday, December 1, 2009

Twin Cities Market Activity Report - WE 11/30

Twin Cities Market Activity Report - WE 11/30

When compared to the previous week's dive, pending sales held strong during a time of typical seasonal swoon. For the week ending November 21, there were 604 purchase agreements, a 5.2 percent increase over the same week in 2008 and the first time in a month not to show a week-over-week plunge in sales activity (MAAR).

If you have any questions please contact me at any time!

Friday, November 27, 2009

Twas the month before Christmas.....Tis a great time to buy

Twas the month before Christmas...Tis a great time to buy

Twas the month before Christmas, when a few scurries around like a mouse.
A few start shoppers , were looking at a house
The stock market drop had made them move their cash with care
In the hopes that St James place, who soon be theirs.

Their Children were choosing which room for their bed
While dads' visions of a great interest rate danced, in his head
And Mama in her kitchen and a child on her lap
Had just rested, for they had a low interest rate and cap.

When an intelligent lender proposed such a flutter
All sprang from their chair to see was the matter
Away to the table, they flew like a flash
Tore open their file and prayed for more cash

All rooms had a great view of the new fallen snow
Gave the luster of a great day to purchase below
When, what to their wondering eyes a did appear
A sweet REO listing, all shouted with cheer.

With an awesome Realtor to react so quick
They new in a moment they could...buy in a lick
More rapid than eagles with no one to blame
And they all whistled and call out some names

Now Lender, Now Appraiser and processor too
On title, On Docs, on with the big blizzin
To the top of pile with their loan with no call
Now dash away, Dash away all

As dry documents were ready to sign
The buyers were ready to meet and sign on the line
So all flew to the closing table
To close the deal with a lady called Mable

So they closed on their new home that day
Knowing it was a great time buy with little to pay
They had confidence they made a good buy
And live happy ever after... they all let out with a sly...

Wednesday, November 25, 2009

Happy Thanksgiving!

Wishing all of you, your families and friends a wonderful Thanksgiving holiday tomorrow. At a time when many are struggling and it can seem as though the stresses of life, the economy, whatever else is posing a challenge in our day to day lives is overwhelming and all consuming, a day devoted to giving thanks is an opportunity to focus on what we can truly be grateful for in our lives.

Thanksgiving isn't about how much the meal costs or what kind of silverware or china you have to adorn the table. It's not about what kind of car you may drive to your Thanksgiving destination or how fancy your house is. It's not about status or putting on a show and impressing others.

Being truly grateful for what you DO have to appreciate in your life is such a simple thing to do but can easily be overshadowed and neglected when the stress of life takes over.

It's much easier to get caught up in and focus on what's "wrong" or lacking in our lives. Tomorrow's a great opportunity to take a moment and appreciate what we do have and can be grateful for no matter how small or taken for granted those things may be.

Whether you spend the day at a large family gathering or just a quiet day at home, I truly hope each of you has a wonderfully relaxing, joyful and memorable Thanksgiving tomorrow.

Happy Thanksgiving!!!!

Tuesday, November 24, 2009

Twin Cities Weekly Market Activity Report - WE 11/23

Hello Minnesota!

Below is the latest market activity report for the Twin Cities Housing Market for WE 11/23. We are seeing a balancing of the market in lower priced homes but still some uncertainty in the higher end properties. Please feel free to contact me at anytime to discuss your situation.

Twin Cities Market Activity Report

Minneapolis / St. Paul / Maple Grove / Elk River / Plymouth / Champlin / Rogers

The Monthly Skinny - Twin Cities Housing Market

Here is the latest "Monthly Skinny" (MAAR) video. A quick recap on the Twin Cities Housing Market for the last month. We are continuing to see large gains in the lower price points and only a modest decline on home values heading into the 4th Quarter. I hope you enjoy and find it informative.

Thursday, November 12, 2009

Meet Minneapolis

If you have never been to Minneapolis / St. Paul, you are truly missing one of the most dynamic areas of the country. Take a look at the video to see what my town has to offer. Enjoy! :)




Sunday, November 8, 2009

Income Property - HGTV

Okay, this has to be my favorite show on HGTV. The premise of the show is to show home owners how they can earn extra income by renovating the basement of their home and renting it out to reduce their mortgage.

In todays economy I think this is a path that many of us will have to take sometime soon. Home ownership will get tougher and tougher for some to reach and living in newly remodeled space is something that will be very attractive to those looking to rent.

If you get a chance check out this show!

Obama Signs Homebuyer Tax Credit Extension


RISMEDIA, November 9, 2009—President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.

The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for homebuyers who are purchasing their first home from the current November 30 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to relocate.

The following details apply to the homebuyer tax credit expansion:

Who is Eligible
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits
Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
-For married couples filing a joint return, the combined income limit is $225,000.
-Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
-The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000.

Effective Dates
-The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

Types of Homes that Qualify
-All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.

Tax Credit is Refundable
-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.

-For example:
-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.

The www.federalhousingtaxcredit.com site is being updated. Check the site next week for more detailed information on the new tax credit.

For more information, visit www.nahb.org.

Monday, November 2, 2009

Twin Cities Market Activity Report - W/E Nov. 2nd

Here is the latest Twin Cities Market Activity Report for W/E November 2nd. Find out more about the local Twin Cities market by visiting my website HennepinGroup.com

Friday, October 30, 2009

Breaking News: Senate Plans to Extend and Expand Tax Credit


RISMEDIA, October 30, 2009—(MCT/The Wall Street Journal)-The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn.

While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. Lawmakers in Washington also raised the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000, housing-industry sources said. Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, said the sources. The measure still faces votes in the full Senate and the House.

Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan are in full support of the Senate’s proposal to both extend and expand the first-time homebuyer tax credit and called on Congress to approve key housing measures that include the tax credit. “We welcome efforts taken by Congress to extend the First-Time Homebuyer Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide,” said Secretaries Geithner and Donovan. “In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners.”

The current tax credit did little for the new-home market in September, the Commerce Department recently reported—news that took many industry analysts by surprise. Sales fell 3.6% from August and 7.8% from September 2008. Industry observers had expected a fifth consecutive monthly increase in new-home sales, believing that the tax incentive for qualified first-time buyers—credited with 357,000 sales of previously owned homes so far this year—would do the trick. Instead, sales of typically more expensive newly built houses slipped. “The decline in new-home sales seems to us to be more a function of the attractive pricing available on resales in the current environment than a reflection of weakening demand,” said Michael Feder, president of Radar Logic in New York, which tracks the market.

“Since hitting rock bottom in March, demand is up 20 percent,” said Joel L. Naroff of Naroff Economic Advisers in Holland, Pa. For Naroff, the robust rise in existing-home purchases—9.2% year over year in September—indicated that the housing market was not faltering. “Maybe the issue is supply, which fell to its lowest level in 27 years,” he said. “Builders, at least those left standing, have been making sure they don’t have any houses sitting around, and they have been very successful in controlling inventories.”

IHS Global Insight economist Patrick Newport echoed that, noting new-home inventories “sank for the 29th straight month to their lowest level since November 1982.” Naroff maintained housing has recovered enough to stand without the tax credit, but Newport said that if the credit were not extended and expanded, housing demand would take a hit, and home sales would drop.

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real estate market a bigger boost while preventing real estate investors from benefitting. While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor.

(c) 2009, The Philadelphia Inquirer.

Elk River, Minnesota - History




The hardwood forested hills in which Elk River is situated were pushed up by the last glacier that advanced across Minnesota. These hills are made up of coarse materials which is the reason gravel mining is so prevalent in Elk River and also the reason much of the area is not considered good farmland.


To the south of Elk River lies the prairie. This natural boundary between the prairie and woods was also a boundary between Indian nations. Two battles between the Dakota and Ojibwe took place where the Elk River meets the Mississippi in 1772 and 1773.

Zebulon Pike so named the Elk River because of the herds he saw in the area. David Faribault built a trading post near the conjunction of the Elk and Mississippi Rivers in 1846, which he later sold to Pierre Bottineau. The two rivers and the Red River Trail, which passed nearby, made this area a good location for commerce.

In 1851, Ard Godfrey, a native of Orono, Maine, saw the potential of the water power of the Elk River and built a dam and a saw mill. His dam created the first lobe of Lake Orono (called the Mill Pond), which extended from the present day dam to Orono Cemetery Point. In 1855 the area by the dam was platted and the town of Orono (know as Upper Town) was created.

In the latter half of the 19th century, agriculture replaced lumber as the base of Elk River's economy. Grist Mills and a starch factory, which took advantage of the potato fields to the west, were built.

The Orono-Elk River area continued to grow until by 1860 it had reached a population of 723 people. These early settlers typically came from New England. Elk River's population continued to grow following a slow period caused by the civil war.

By 1870, the Elk River swelled to a population of 2,050 and became the county seat in 1872. Around the same time the railroads replaced the rivers as the main focus of transportation and the Lower Town (the present day historic downtown area) replaced Upper Town as the focus of commerce.

The Orono Dam was destroyed by an ice storm in 1912, but hydropower gave a new incentive to dam the Elk River in 1915. This new dam created the four lobes of Lake Orono as we know it today. In 1916, the Village of Elk River received electricity for the first time. The entire township of Elk River would not get electricity until after World War II.

Charles Babcock, a native son of Elk River and the first Commissioner of Highways for the state, had a visionary plan to "get Minnesota out of the mud." His plan to create a network of paved roads became a model for the rest of the nation and the Jefferson Highway (now Highway 10) became one of the first paved roads in the state. Highway 10 used to cross the Elk River over the dam bridge, but was rerouted to its present location shortly after World War II.

1974 Street Scene replaced the rivers as the main focus of transportation and the Lower Town (the present day historic downtown area) replaced Upper Town as the focus of commerce.

The Orono Dam was destroyed by an ice storm in 1912, but hydropower gave a new incentive to dam the Elk River in 1915. This new dam created the four lobes of Lake Orono as we know it today. In 1916, the Village of Elk River received electricity for the first time. The entire township of Elk River would not get electricity until after World War II.

Charles Babcock, a native son of Elk River and the first Commissioner of Highways for the state, had a visionary plan to "get Minnesota out of the mud." His plan to create a network of paved roads became a model for the rest of the nation and the Jefferson Highway (now Highway 10) became one of the first paved roads in the state. Highway 10 used to cross the Elk River over the dam bridge, but was rerouted to its present location shortly after World War II.

In 1978, the Village of Elk River and the Township of Elk River consolidated to create the City of Elk River. The result was one of the largest land based cities in the state at 44 square miles.

Besides transportation, energy has always played a significant role in shaping Elk River. The first rural nuclear power plant in the US went online in 1960 at Great River Energy's (GRE) site. Meant only as a demonstration site it was dismantled after several successful years of operation.

In the late 1980's, GRE's power plant was converted to burn refuse derived fuel. This innovative source of energy was one factor that helped Elk River receive the designation of "Energy City" by the Minnesota Environmental Initiative in October of 1997. As Energy City, Minnesota's energy industries will be demonstrating cutting edge renewable and energy efficient technologies in Elk River.

The creation of Interstate Highway 94 and the upgrade of Highway 101 to four lanes will greatly accelerate Elk River's growth. Once again transportation is dictating where the focus of commercial activities take place in Elk River as new businesses spring up along the Highway 169 corridor.

HGTV - What's your favorite show?

So what's your favorite show(s) on HGTV? If you are like me you are probably addicted to the network and still even watch the reruns when they are on.

Here's how my favorites rank:

1. Income Property

2. Real Estate Intervention

3. Renovation Realities

4. Holmes on Homes

5. House Hunters

Wal-Mart starts selling caskets, urns online

Okay, I found this article online and thought to myself .."WOW" what won't Walmart sell? enjoy!


The world's largest retailer wants to keep its customers even after they die.

Wal-Mart has started selling caskets on its Web site at prices that undercut many funeral homes, long the major seller of caskets.

The move follows a similar one by discount rival Costco, which also sells caskets on its site.

Wal-Mart, based in Bentonville, Ark., quietly put up about 15 caskets and dozens of urns on its Web site last week.

Prices range from $999 for models like "Dad Remembered" and "Mom Remembered" steel caskets to the mid-level $1,699 "Executive Privilege." All are less than $2,000, except for the Sienna Bronze Casket, which sells for $3,199.

Caskets ship within 48 hours. Federal law requires funeral homes to accept third-party caskets.

The caskets come from Star Legacy Funeral Network, Inc., a company based in McHenry, Ill., that sells the same caskets for about the same price — some less — on its site, along with many others.

Star Legacy CEO Rick Obadiah said the response in the first week has been better than the company or Wal-Mart expected, though he declined to give specifics. A spokesman for Walmart.com also declined to release sales figures and downplayed the venture.

"Several online retailers offer this category on their sites," spokesman Ravi Jariwala wrote in an e-mail. "We are simply conducting a limited beta test to understand customer response."

But Obadiah said it is not simply a test. He said more than 200 Star Legacy products, including pet urns and memorial jewelry, and eventually about two dozen caskets, will be sold at walmart.com. The company also supplies similar types of products to online retailer Overstock.com and urns to Costco's Web site.
Other parts of the Wal-Mart empire also sell funeral wares. The company's samsclub.com site sells casket floral arrangements for about $300.

Part of the business model is to get people to plan ahead: Walmart.com is allowing people to pay for the caskets over a period of 12 months for no interest.

The move gives more power to consumers and helps them avoid high mark-ups on caskets, which can often be several hundred percent, said R. Brian Burkhardt, a funeral director who blogs as "Your Funeral Guy."

"You can get a quality casket for $1,000 rather than pay $2,000, $3,000 or $5,000 in a funeral home. That's where it helps the consumer," he said.

The industry is not too concerned about Wal-Mart entering the market, said Pat Lynch, president-elect of the National Funeral Home Directors Association. Consumers have been able to buy caskets online and from other sources for years, with minimal effect on the business, he said.

Wal-Mart's prices for caskets don't differ greatly from those offered at funeral homes, most of which range from $500 to $5,000, Lynch said. He declined to give an average price, saying a casket selection is a personal one.

He said Wal-Mart can't offer one thing funeral directors do have: the ability to comfort someone during a trying time.

"There's no question in my mind as a funeral director for nearly 40 years that the most critical element is the human contact," he said.

By Emily Fredrix
Associated Press

Vote on Extending Homebuyer Credit Delayed Over TARP

Vote on Extending Homebuyer Credit Delayed Over TARP

Oct. 30 (Bloomberg) -- The U.S. Senate won’t vote until next week at the earliest on proposals to extend both an $8,000 tax credit for first-time homebuyers and unemployment benefits for the nation’s jobless. The administration endorses an extension.

Senate action was delayed by a Republican demand that a vote be allowed on an amendment to end the Treasury Department’s Troubled Asset Relief Program at the end of this year.

Senate Majority Leader Harry Reid, a Nevada Democrat, balked yesterday at the demand by Senate Minority Leader Mitch McConnell, a Kentucky Republican. Reid also took procedural steps to end debate and schedule Senate action on extending the homebuyer tax credit and the unemployment benefits.

“I think the first-time home-buyer credit is a great example of funding that’s helped to stabilize the housing market and should be extended,” Jared Bernstein, chief economist to Vice President Joe Biden, said on Bloomberg television. Treasury Secretary Timothy Geithner gave his support yesterday.

Lawmakers announced plans earlier this week to attach the tax-credit proposal to a pending bill on the unemployment benefits. The $8,000 tax credit, enacted earlier this year as part of the $787 billion economic stimulus package, is set to expire at the end of November.

April 30

The lawmakers want to extend the credit until April 30. Their proposal would also expand it to allow higher-income Americans and some who already own homes to qualify for the break.

Homebuyers who have lived in their prior residences for at least five years may receive a credit of $6,500 under the plan, said Senate Finance Committee Chairman Max Baucus. Also, couples earning as much as $225,000 and individuals as much as $125,000 would qualify for the extended break, Baucus said. That’s up from a $75,000 limit for individuals and $150,000 for couples.

“The success of the American economy is closely tied to the success of the housing market; by helping to stabilize the housing market, the homebuyer tax credit has helped to shore up the economy as it begins to recover,” said Baucus, a Montana Democrat. “This would enable an even greater number of potential homebuyers to take the credit.”

Drop in Prices

Lawmakers said they want to prevent home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression.

More than 1.2 million borrowers have claimed $8.5 billion of the $13.6 billion set aside for the homebuyer tax credits this year, according to the Treasury Department. The Obama administration, in endorsing the extension yesterday, said the credit has helped stabilize the nation’s housing market.

The tax break “brought new families into the housing market and contributed to three consecutive months of rising home prices,” Geithner said in a statement.

The measure would require those receiving the tax break to remain in their new homes for three years and they would have to repay the credit if they don’t.

Those buying homes worth more than $800,000 wouldn’t be eligible for the credit, said Baucus. Lawmakers also said they won’t extend the break beyond the new April 30 deadline.

‘Last Extension’

“The American people should understand this -- and the affected industries -- this is the last extension,” said Senator Johnny Isakson, a Georgia Republican who cosponsored the plan. “Tax credits like this only work by creating the sense of urgency to take advantage of them.”

Isakson estimated the new plan would cost $10.2 billion. Senate Banking Committee Chairman Christopher Dodd said the plan wouldn’t add to the government’s budget deficit because lawmakers plan to finance it by delaying a tax break for multinational companies scheduled to take effect next year.

The bill that would include the tax-credit plan calls for extending unemployment benefits by 14 weeks in all states and by an additional six weeks in states with the highest jobless rates. That bill has been stalled for weeks because of an ongoing dispute between Reid and McConnell over amendments to the measure.

McConnell yesterday dropped his demands for votes on amendments related to immigration and the community activist group ACORN. He held firm on his push for the TARP-related amendment.

The proposal would remove Geithner’s ability to unilaterally extend the TARP program beyond its Dec. 31 expiration date to October 2010.

“It seems to me there should be a better time to have this debate,” Reid said.

Any legislation the Senate passed would have to be reconciled with a House-passed bill last month that didn’t include the tax-credit provisions and provides more limited unemployment benefits.

Reid said House Majority Leader Steny Hoyer, a Maryland Democrat, assured him that “they will accept what we’ve talked about with first-time homebuyers.”

Insurance Tips for the Halloween Holiday for Homeowners

Insurance Tips for the Halloween Holiday for Homeowners

Although homeowners insurance is not usually the first thing that comes to mind at Halloween, it should be one of the items that is near the top of the Halloween list. The mere fact of the increased exposure (meaning a stream of people visiting the property), increases the possibility of a homeowners insurance claim.

Halloween Insurance Tips for Homeowners

Listed below are a few things a homeowner can do to reduce the risk of having to report a Halloween insurance claim.

1.Keep Fido out of the way. The constant ringing of the doorbell and the Halloween hustle and bustle gets dogs excited. The oddly dressed people on the other side of the door don't do much to calm Fido down. It's best to make sure that the dog is occupied or kept away from the door so that he does not feel the need to protect his turf or playfully jump on trick or treaters, knocking them to the floor. The last type of Halloween treat a homeowner wants is a liability suit because of the dog.

2.Practice extreme caution with candles. While the orange glowing effect of a candle adds to the Halloween ambiance, it can cause a fire if the candles are not carefully placed and monitored.

3.Illuminate walking paths for trick or treaters. It is possible to decorate a home for Halloween keeping with the dark and gloomy tradition while simultaneously providing enough light for the walking path. Whether the walkway is lined with glowing pumpkins or the muted illumination of solar lights, it is important for the homeowner to properly illuminate the walking path to avoid unnecessary trips and falls.

4.Keep all wiring off the walking path. Along with proper theme related lighting, homeowners must take care to keep the extension cords off the walkway or cover them with mats in such a way to prevent tripping and falling. Trips and falls are common causes for homeowner insurance third party liability claims.

5.Be careful of the 'shock and awe' affect. The Halloween celebration invokes thoughts of horror, fright and shock. However, in an attempt to reduce the possibility of a law suit, it is recommended to refrain from tactics such as suddenly jumping out from darkened bushes or other such scare tactics. These blood rushing tactics may be fun at an amusement park fun house, but it opens the homeowner up to another source of liability. Amusement parks carry Haunted House Insurance to cover such risks, homeowners do not.

6.Purchase additional coverage. If the thought of pulling in the reigns on a Halloween celebration puts a damper on the fun, maybe its time to consider purchasing additional insurance to cover the holiday. Homeowners can call their insurance agent to find out how much it will cost to increase their liability limits to cover the increased holiday exposure.

By taking just a few precautions, homeowners won't have to spend their time worrying about potential insurance claims. The only thing they should be concerned about is whether or not they have enough candy for the hungry little trick or treaters.

How To Request Your Credit Report

How To Request Your Credit Report

How To Request Your Credit ReportChecking your credit report regularly is a good move and can help protect you from identity theft, find and correct errors or unauthorized access. The Fair Credit Reporting Act guarantees you access to a free credit report from each of the three nationwide reporting agencies Experian, Equifax, and TransUnion every year. There are some other times you are entitled to your report for free such as, if you have been denied credit or insurance and your credit was a part of that decision; you are unemployed and plan to look for a job in the next 60 days; you are on welfare, or if you live in certain states (Connecticut is not one of them). You can always obtain your report by paying for it (currently no more than $10.50) from each of the bureaus at any time, but hey if it is free that is much better. Why spend money if you do not have to?
How to request your credit report, select in one of the three ways:

Online. Make sure that you visit AnnualCreditReport.com. It is the only authorized source of your free annual credit report. Do not be fooled by impostor sites, or come-on's like "FREE" this or that. You need to be prepared to confirm your identity, that will include the usual name/address/social security number as well as if you have a bill with this or that company and about what the monthly payment is. You also need to make sure you follow the onscreen prompts to make sure you end up back at the AnnualCreditReport.com site so you can request each of your three reports, it is not a one request get all three at one time set up.

By Phone. The phone number to call is 1-877-322-8228.

By Mail. Use this credit report request formto obtain credit report by mail. The link will open a pdf document in a new window. Print the form, complete and mail to: Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The address will also be on the form.

The Federal Trade Commission has a a great website dedicated to obtaining your free annual credit report. Check it out, there is lots of great information there. They remind you anyone Anyone can write a catchy jingle, but only AnnualCreditReport.com provides you with a truly free credit report. AnnualCreditReport.comrequires no hidden fees or trial memberships.

How to request your credit report, there are 3 easy ways to make your request. Pick the option you feel most comfortable with and start protecting your identity, and fixing any errors that you may have on your report. A hint on adding identity theft protection, request one report at a time. Spread your requests out throughout the year (say Experian in February, Equifax in July and TransUnion in September) and be able to check your credit three times a year, not just once.

Twin Cities Housing Market: Hottest in the Nation?

Minneapolis-St. Paul area home prices rose 3.2 percent in August.It's the fourth straight month of improvement and second month in a row the Cities came out on top.

By KARA McGUIRE, Star Tribune

The Twin Cities area was one of the nation's warmer housing markets this summer as home prices rose faster here than in other metro areas, according to a closely watched housing index released Tuesday.

But market observers still warn that economic uncertainty could cause prices to start sinking again in a "double dip" scenario.

Minneapolis-St. Paul area home prices rose 3.2 percent from July to August, according to the Standard & Poor's/Case-Shiller national home price index, compared with a 1.2 percent average increase for the 20 cities tracked by the index. Only Cleveland failed to show an improvement in prices.

This is the fourth straight month of improvement for Minneapolis-St. Paul and the nation. It is also the second month in a row that the Twin Cities came out on top of the index; prices here rose 4.6 percent from June to July.

Still, home prices have a long way to go before recovering what they've lost. In this market, median home prices are still 13.7 percent below August 2008 levels. That is slightly worse than the 11.3 percent that prices are down nationwide.

The Minneapolis Area Association of Realtors reported the August median home price for the metro area was $175,000. Case-Shiller data show August prices in the Twin Cities area are about where they were in August 2001.

David Blitzer, chairman of the Index Committee at Standard & Poor's, said the Twin Cities may be on the top of the index for the second month in a row because the area's prices peaked and bottomed earlier than the other areas tracked.

The median price peaked in September 2006 at $229,000 and bottomed in April at $153,000.

"Plus, the run-up was not as wild as some places, so the recovery is probably easier," he explained in an e-mail.

Buying before winter

Chris Galler, chief operating officer for the Minnesota Association of Realtors, said he thinks area prices have risen faster because of the area's many cold months.

"Consumers are trying to get into houses before the winter comes," he said, adding he wouldn't be surprised to see prices fall in December and January.

The widely reported Case-Shiller numbers aren't seasonally adjusted. When taking seasonal variations into account, home prices here were up 2.3 percent in August, a slightly lower increase than San Francisco, and up 1.0 percent nationwide.

Housing experts such as Blitzer and Galler worry that prices may head south again if the unemployment rate continues to rise and the home buyer tax credit is not extended.

An extension seemed likely Tuesday afternoon as Senate leaders debated the details.

The credit could buoy home prices through the winter, especially if the credit expires before the housing market traditionally heats up in spring.

The Conference Board reported Tuesday that consumer confidence fell unexpectedly this month because of the unemployment picture. Home prices are tied to consumer confidence, because housing values make up a large percentage of net worth for many families.

Foreclosures still loom

Galler worries about a new wave of foreclosures hitting the market in 2010 due to failed loan modifications and more homeowners losing jobs. Foreclosures depress overall home prices, as homeowners hunt for deals.

"It's very difficult to see where we're not going to have foreclosures going forward," he said.

Data released today by Realty Trac, an online marketplace for foreclosed properties, show foreclosures rising faster locally than nationally. The Minneapolis-St. Paul metro area had 9,767 foreclosure filings in the third quarter, a 13.5 percent increase from the second quarter and nearly double the third-quarter total last year, Realty Trac said.

The report found one in every 136 Twin Cities area households received a foreclosure notice during that period, on par with the national figure.

It's that time of the year again to set them back!

It's that time of the year again to set them back! (Members Only) (edit/delete)
Time -- once again -- to fall back.

Daylight saving time ends at 2 a.m. Sunday, meaning clocks need to be turned back an hour.

If that seems a tad late in the year, well, it is.

In 2005, Congress passed an energy bill that included extending daylight saving time by about a month. Starting two years ago, the change starts the second Sunday of March and ends on the first Sunday of November.

Although the rationale for doing so was to save energy, the benefits -- and drawbacks -- of the time shift have been debated endlessly since it was first written into federal law in 1918.

Obviously, no daylight is actually saved by the shift, since the sun rises and sets independently of any mechanical clock.

Friday, October 16, 2009

The Monthly Skinny - October

Twin Cities Housing Outlook Video



provided by MAAR

Sometimes it's nice to sit back and reflect on life...

Watch below and let me know how this makes you feel....very moving!

Twin Cities Housing Supply Outlook - October

What to Watch For

Twin Cities Housing Supply Outlook

If you're buying a home in the price range below $120,000, you're gonna have to
move fast. There's only 2.9 months of supply in that range, which places it in the
extreme seller's market category. The reason for the tight inventory picture?
There's been a huge upsurge in home buying activity—sales are up 127.5
percent in that category over the last twelve months.

The number of new construction properties available for sale continues to shrink
rapidly as builders pull back from creating new inventory. The current inventory
of 2,426 listed new construction properties in the MLS system represents a drop
of over 1,200 units from a year ago.

Unfortunately for builders, new construction home sales have also rapidly
declined, falling by 18.8 percent (over 800 units) in the last twelve months

Thursday, October 8, 2009

1.4 Million Families Have Taken Advantage of First-Time Home Buyer Tax Credit, More Claims Expected

RISMEDIA, October 8, 2009—With the First-Time Home Buyer Tax Credit deadline quickly approaching, the Internal Revenue Service recently reminded potential home buyers they must complete their first-time home purchases before Dec. 1, 2009 to qualify for the special first-time home buyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far.
The credit of up to $8,000 is generally available to home buyers with qualifying income levels who have never owned a home or have not owned one in the past three years.

The IRS encouraged all eligible homebuyers to take advantage of the first-time home buyer credit but at the same time cautioned taxpayers to avoid schemes that help ineligible people file false claims for the credit. Currently, the agency is investigating a number of cases of potential fraud and is using computer screening tools to identify questionable claims for the credit.
Because the credit is only in effect for a limited time, those considering buying a home must act soon to qualify for the credit. Under the Recovery Act, an eligible home purchase must be completed before Dec. 1, 2009. This means that the last day to close on a home is Nov. 30.

The credit cannot be claimed until after the purchase is completed. For purchases made this year before Dec. 1, taxpayers have the option of claiming the credit on their 2008 returns or waiting until next year and claiming it on their 2009 returns.
For those considering a home purchase this fall, here are some other details about the first-time home buyer credit:

-The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000 for either a single taxpayer or a married couple filing jointly. The limit is $4,000 for a married person filing a separate return. In most cases, the full credit will be available for homes costing $80,000 or more.

-The credit reduces the taxpayer’s tax bill or increases his or her refund, dollar for dollar. Unlike most tax credits, the first-time home buyer credit is fully refundable. This means that the credit will be paid to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

-Only the purchase of a main home located in the United States qualifies. Vacation homes and rental properties are not eligible.

-A home constructed by the taxpayer only qualifies for the credit if the taxpayer occupies it before Dec. 1, 2009.

-The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on the taxpayer’s modified adjusted gross income (MAGI). MAGI is adjusted gross income plus various amounts excluded from income—for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the range is $75,000 to $95,000. This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

-The credit must be repaid if, within three years of purchase, the home ceases to be the taxpayer’s main home. For example, a taxpayer who claims the credit based on a qualifying purchase on Sept. 1, 2009, must repay the full credit if he or she sells the home or converts it to business or rental use at any time before Sept. 1, 2012.

Taxpayers cannot take advantage of the credit even if they buy a main home before Dec. 1 if:

-The taxpayer’s income is too large. This means joint filers with MAGI of $170,000 and above and other taxpayers with MAGI of $95,000 and above.

-The taxpayer buys a home from a close relative. This includes a home purchased from the taxpayer’s spouse, parent, grandparent, child or grandchild.

-The taxpayer owned another main home at any time during the three years prior to the date of purchase. For a married couple filing a joint return, this requirement applies to both spouses. For example, if the taxpayer bought a home on Sept. 1, 2009, the taxpayer cannot take the credit for that home if he or she owned, or had an ownership interest in, another main home at any time from Sept. 2, 2006, through Sept. 1, 2009.

-The taxpayer is a nonresident alien.

For more information, visit www.irs.gov.

Tuesday, September 29, 2009

Twin Cities Weekly Market Activity Report - September 28th

Here is the lastest activity report for the Twin Cities Real Estate Market for W/E September 28th, 2009.

Weekly Market Activity Report

If you have any questions or concerns let me know and I'd be happy to discuss them with you!

Chad Elliot, REALTOR
Hennepin Group, LLC
Keller Williams Integrity Northwest

Sunday, September 20, 2009

Football Season is upon us!

I hope the football fans out there are enjoying the games now that College and NFL seasons are fully underway. Just remember if you are thinking about taking advantage of the 1st-time Homeowner Tax Credit you much close on your home by Nov. 30th. Contact me if you have any questions!

Enjoy the games!!!



Go Gators! and Dolphins!

Tuesday, September 8, 2009

Twin Cities Market Activity Report - September 8th

The latest Twin Cities Market Activity Report is out for September 8th.


If you have any questions let me know! I will be more then happy to discuss your situation and give you a free CMA on your home.

Saturday, September 5, 2009

Have a Great Labor Day Weekend!

I just wanted to take a moment to wish everyone a Happy and Safe Labor Day weekend! Be safe out there and if you choose to have a few adult beverages be sure to have a sober driver. The police are out there and they are not playing any games this weekend. (Hint: Stay off Highway 10).

Chad

Friday, September 4, 2009

Twin Cities Market Activity Report - August 31st

Twin Cities Activity Report - Aug. 31st

First Time Home Buyers your time is running out. You must be close by Nov. 30th to take advantage of the $8,000 Tax Credit. Contact Chad at chadelliot@kw.com or call (651) 795-1147 for more information!

Tuesday, August 25, 2009

When Is a Real Estate Agent a REALTOR®?

When Is a Real Estate Agent a REALTOR®?

A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 members to more than 1 million today. NAR is composed of REALTORS® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry.

Members belong to one or more of 1,700 local associations/boards and 54 state and territory associations of REALTORS® and can join one of our many institutes, societies, and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections. REALTORS® are pledged to a strict Code of Ethics and Standards of Practice.

Working for America's property owners, the NATIONAL ASSOCIATION OF REALTORS® provides a facility for professional development, research, and exchange of information among its members.

The Basics: 2009 First-Time Home Buyer Tax Credit

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Friday, August 21, 2009

Mortgage Rates Lowest Since May

McLEAN, Va. (AP) — Average rates on 30-year mortgages slid to the lowest levels since May this week, Freddie Mac said.

The average rate for a 30-year fixed-rate mortgage was 5.12%, down from 5.29% last week, Freddie Mac said. At this time last year, the average rate for 30-year fixed-rate mortgages was 6.47%.

OVERDUE: Job losses push mortgage delinquencies to a record

Low mortgage rates can spur refinance activity and make home buying more attractive. The last time rates for 30-year mortgages were this low was the week of May 28, when they were 4.91%.
Rates on 30-year mortgages fell to a record low of 4.78% in April, but then rose to 5.6% after yields on long-term government debt, which are closely tied to mortgage rates, climbed.
Frank Nothaft, Freddie Mac's chief economist, said Treasury bond yields fell nearly a quarter of a percentage point over the week, bringing mortgage rates down.

The yield on the benchmark 10-year Treasury note rose Thursday to 3.48% from 3.46% late Wednesday.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.
The average rate on a 15-year fixed-rate mortgage was 4.56%, down from 4.68% last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.57%, down from 4.75%. Rates on one-year, adjustable-rate mortgages fell to 4.69 from 4.72%.

The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for 30-year and 15-year mortgages. Fees averaged 0.6 point for five-year adjustable-rate loans and 0.5 point for one-year adjustable-rate loans.

Friday, August 14, 2009

How to Keep Pet Urine from Damaging Your Lawn

How to Keep Pet Urine from Damaging Your Lawn

Not allowing your dog outside, without a leash, would be the ideal situation to avoid problems with your lawn. However since this is not realistic, because dogs get loose or strange dogs visit your lawn, there are ways to repair your lawn after a dog "strike".

Steps
Understand that the quickest and most effective way to prevent lawn damage is to dilute the offending liquid with water.
Water will wash away the corrosive agents and dilute the urine. This also helps with odors.
Read certain studies on this subject and find that urination can actually have fertilizing affects if it is diluted before 8 hours have elapsed.
To prevent lawn damage for the dedicated lawn gardener is to improve the soil quality. This can be done by using fertilizers and other lawn food to promote soil health.

Tips
For female dogs (females' urine is far more toxic to lawns than urine from males): Give your dog a brewer's yeast tablet every day. They love the taste, it's good for them, and their urine will become non-toxic.

Warnings
Strange dogs visit at all hours. You may not even know when or where they deposit their urine. It might, therefore be difficult to notice these areas until the grass is burned.

Things You'll Need
Water hose
Fertilizer and lawn food/turf builders

Tuesday, August 4, 2009

Caulking - An Important Part of Home Maintenance

Caulking – An Important Part of Home Maintenance

Caulk is a substance that has many important uses. It is widely used in construction to seal openings where air and water might enter wall cavities, helping to prevent water damage, increase energy efficiency, and prevent insects from crawling through cracks into your Lennar home.

Caulk is also used around faucets, pipes, drains, bathtubs and other plumbing fixtures. It provides a moisture barrier, keeping water away from areas that could be damaged if exposed to water. Caulk can be used to close small cracks and gaps that may result from the movement of materials due to changes in temperature. Finally, caulk is often used to provide a neat finish in corners and at the joints of unlike materials.

A flexible caulking compound has been applied to several areas around your home, both inside and outside. Over time, it will deteriorate and need to be repaired or replaced. This is one of the most common – and simplest – homeowner maintenance items. Caulk is relatively inexpensive and easy to apply.

You should check for caulk deterioration on a regular basis around plumbing fixtures, window frames, door frames, floors, and countertop backsplashes. Don’t forget to inspect for caulking deterioration on your home’s exterior, particularly between the foundation and the siding, at the corners and angles between siding materials, and around any objects protruding from exterior surfaces – such as vents, pipes, chimneys, and faucets. Finally, make a point to inspect for caulk deterioration anywhere water is present, such as bathrooms and kitchens; paying special attention to areas such as where tile meets showers and sinks. These areas need to be re-caulked as soon as you notice any deterioration or separation to prevent water damage from occurring.

It is easy to protect these areas by using caulk, and you should plan to do so as part of your summer home maintenance plan since caulking responds better if applied under warm conditions. First, remove the old caulking completely using a putty knife or a scraper, and make sure the area is dry. Then, re-apply new caulk following the line where the two surfaces meet. Hold the caulking gun at a consistent forty-five degree angle to send the caulk deep into the surface you intend to seal. Caulk in one straight continuous stream, avoiding stops and starts along the way.

Make sure the caulk sticks to both sides of the crack or seam. If caulk oozes out of the crack, use a putty knife to push it back in. Make sure to send the caulk to the bottom of the opening to avoid bubbles, and don’t skimp, you want it to form a smooth bead that will seal the crack completely. After you’ve applied the caulk, moisten the tip of your finger and run it along the seam to compress it and wipe off any excess caulk. Let it dry. Doing this as soon as you notice a problem area may save you a lot of time and money down the road.

There are many types of caulks and sealers available. Each type is formulated for a particular application. When shopping for caulk, always refer to the product packaging and if in doubt, ask a qualfied contractor or check with the store clerk for help in determining the best type of caulk for your task at hand.

Monday, July 27, 2009

Summer is Ending Soon and so is the Tax Credit!

Every good thing comes to the end. Summers in Minnesota, days on the lake, cookouts with the family ...and shortly the chance to get a $8000 First Time Home Buyer Tax Credit will be ending. If you are a first time buyer you must be closed on your new home by Dec 1st. So far there has been no extensions to this credit, so be sure not to miss out on this opportunity!

If you are in the market and want more information or have questions contact Chad at 651-795-1147 or visit http://www.HennepinGroup.com

Lender-mediated supply of homes continues to drop

Lender-mediated supply of homes continues to drop

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Thursday, July 16, 2009

Tuesday, July 7, 2009

Keller Williams Integrity

It's a great day to be a REALTOR at Keller William Integrity NW in Elk River, MN! We have been seeing an increase in home buyer traffic, esp. with First Time Home Buyers.

With historically low interest rates and a $8,000 tax credit available it the perfect time to jump into the market. 33% of the Agents at KW Integrity closed transactions last month! That is an outstanding trend we hope continues.

If you have been thinking about buying or selling lately and would like to chat. Contact me at chadelliot@kw.com or visit http://www.chadelliot.com

I would be more then happy to answer any questions you have!

The Hennepin Group is growing Online!

We are launching two new websites to better severe the Twin Cities Real Estate markets. Http://www.ElkRiverHomes.com and Http://www.WoodburyHomeValues.com both will be coming online very soon. These are two market areas that we feel are under valued and seen high potential growth.
Elk River is a stop on the North Star commuter rail which will provide direct transit to downtown Minneapolis this year thus increasing its viability as key suburb to live in for daily commuters.
Woodbury is located just east of St. Paul and its location is central to those who travel to WI or enjoy the St. Croix river. Woodbury is one of the fastest growing suburbs in the metro and attracts many of the finner shopping outlets to the city.

For more information contact Chad Elliot at chadelliot@kw.com or visit Http://www.HennepinGroup.com

Thursday, June 25, 2009

Housing Starts jump 17% in May, wholesale inflation tame

Housing Starts jump 17% in May, wholesale inflation tame.
By Paul Davidson

Housing starts shot up 17.2% in May compared with April in a sign that construction of single-family homes has begun a modest turnaround that could bolster an economic recovery by year's end.

Construction of homes and apartments rose to a seasonally adjusted annual rate of 532,000 in May after hitting an all-time low in April, the Commerce Department said Tuesday. That soundly beat analysts' estimates of 485,000.

Building-permit applications increased 4% to a seasonally adjusted annual pace of 518,000.
Most significant was a 7.5% increase in single-family starts to an annualized rate of 401,000, the highest since November. That's still low by historical standards. But home starts have risen steadily since bottoming in January.

"It's really hard for someone to sell a new home," says Patrick Newport, an economist at IHS Global Insight. "You're competing in markets where foreclosed homes are selling at fire-sale prices."

Still, housing investment should start contributing positively to the nation's gross domestic product by the fourth quarter, Newport says.

Much of the May increase in new residential building stemmed from a 62% jump in multifamily starts to 131,000. However, construction of apartments and condominiums reached a record low of 81,000 in April, and May's totals are still well below levels of two months ago. Also, multifamily totals swing wildly and don't reflect a severe slump in that segment, Newport says.

Multifamily building permits, a more reliable indicator, fell 8.3%, the 11th monthly decline in a row. Construction of apartments and condos has been hampered by a credit crisis that has prevented builders from obtaining financing. Wachovia senior economist Mark Vitner also points to "widespread overbuilding of condominiums and town homes and rising vacancy rates for rental apartments."

Single-family-home permits, however, rose 7.9% to a rate of 408,000. Permit totals exceeding starts indicates starts should continue to move upward in coming months. "That's what gives us confidence that a bottom has been reached," Vitner says.

Other economic news Tuesday was less heartening. Industrial production declined a larger-than-expected 1.1% in May, with manufacturing output falling 1%, the Federal Reserve said. Production of motor vehicles plunged 7.9%; consumer goods, 0.8%; construction supply output, 1%; and business equipment, 1.4%.

Meanwhile, producer prices edged up 0.2% in May as surging gasoline prices offset a drop in food prices, the Labor Department said. Core producer prices, excluding food and energy prices, fell 0.1%.