Tuesday, April 20, 2010

Twin Cities Real Estate Market Activity Report - WE 4/19


With the final days of the tax credit ticking away, buyers and sellers are hitting overdrive in an attempt to cash in on the credit’s considerable incentives.

For the week ending April 10 there were a whopping 2,527 new listings, a huge jump of 47.9 percent over the same week in 2009. Only 28 percent of these are re-lists of properties that have already been on the market in the last year (the number was 33 percent a year ago at this time), so we know that many of these listings are brand new.

Pending sales were a little closer to year-over year figures, with the 1,084 signed purchase agreements just 3.6 percent above 2009 numbers. And proving the axiom that “Everything Rises Must Converge” the number of active listings is finally higher than it was last year. That’s the first time that’s happened since April 2008.

Two other important numbers this week:
Housing Affordability Index: At 206 this has dropped 5.5 percent from 2009. However, this number is still the highest it has been in several years.

Months Supply of Inventory: The 6.5 months of housing out there is the lowest it has been in several years.

Get the latest MLS listings at MN-TwinCities.com and ChadElliot.com.  Personalized searches and saving.  Set up your own email notifications to see when new homes come on the market!


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 Monthly Skinny - April

Twin Cities Monthly Skinny Recap for April
For the third month in a row we have seen a month over month in price gains. Sellers are getting offers closer to there asking price and there are almost a quarter less foreclosures currently on the market. Are things getting better?



Check out MN-TwinCities.com for more information on the Minneapolis / St. Paul Real Estate markets and trends. Or contact Chad Elliot at chadelliot@kw.com for a personal analysis of your home.


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, April 13, 2010

Twin Cities Market Activity Report WE 4/12

Minneapolis / Saint Paul Real Estate

The usually sproingy spring market is slowly slipping back into place after a few years of squish. Pending sales continue to outpace weekly year-over-year figures. The 1,122 purchase agreements signed during the week ending April 3 were 11.8 percent above last year.

Active listings have slowly risen all year and now have surpassed where the market stood at this point last year by half a percentage point. (That's the only plus sign you'll see on page 4 of the report.) Two other new values to take a look at this week: Days on Market Until Sale (page 5) has dropped to its lowest point in years. It now takes an average of 130 days to get a house sold in the Twin Cities.

Percentage of Original List Price Received at Sale (page 6) is moving in the opposite direction, rising 2.7 percent over last year. This should motivate sellers as we warm through spring and summer.

With the home buyer tax credit ending soon and the Spring Real Estate market heating up this is your perfect  time to look for that new home! For the latest listings in Minneapolis and Saint Paul check out ChadElliot.com

Source: MAAR

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, April 6, 2010

Minneapolis - Saint Paul Home Tour 2010



The Minneapolis & Saint Paul Home Tour, in its 23rd year, is a celebration of city living within the cities of Minneapolis and Saint Paul, and shows, through real-life examples, what can be done to remodel and expand existing housing stock. Tour organizers report 13 percent of visitors surveyed last year were looking to buy homes. So, consider holding open houses during the tour near tour locations. See the front page of http://www.msphometour.com/ for a sneak peek.

Dates: Saturday and Sunday, April 24 and 25, 2009 (rain or shine!)

Times: Saturday, 10:00 a.m.–5:00 p.m., Sunday, 1:00 p.m.–5:00 p.m.

Cost: FREE

More Info: http://www.msphometour.com/

Source: Minneapolis Neighborhood Revitalization Program




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 4/5


The Twin Cities housing market continues its spring dance as the 2010 weekly numbers outpace the equivalent weeks of 2009. New listings for the week ending March 27 were at 2,240, 29.4 percent higher than during the same week last year.

Pending sales are up 13.8 percent over last year, and we once again broke the magical "1,000 margin" with 1,049 purchase agreements.

A stat to start watching closely is the ever-shrinking Supply-Demand Ratio. The ratio is squatting at 4.39 homes per buyer. That's a lot less inventory than we've seen in recent years, indicating that buyers need to move quickly to get the home they want, especially in the lower price ranges where homes are selling the quickest. - Provided by MAAR

Minneapolis / St. Paul Real Estate markets are always changing.  For updated information visit my website, ChadElliot.com or call me at (651) 795-1147


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





Thursday, April 1, 2010

FHA Changes - UFMIP increasing to 2.25%

FHA Changes - UFMIP increasing to 2.25%

You are probably all aware of the FHA changes which have been passed by Congress and will soon be in place. Deadlines are right around the corner, so here are some critical things you need to know:

– All FHA case numbers issued on or after Monday, April 5, 2010 will be subject to HUD’s increase in UFMIP to 2.25% (currently HUD’s UFMIP is 1.75%).

– The effective date falls on a Monday, therefore buyers really need to obtain their FHA case number by the preceding Friday, April 2, 2010.

– Since duplicate addresses (either the property being connected to a previous buyer, or our buyer being connected to a different property) may result in a delay in getting a FHA case number. Any FHA buyer who wants to eliminate any possibility of being charged the higher UFMIP should deliver their executed purchase agreement to their mortgage company as soon as possible - but no later then April 2nd.



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




April is Fair Housing Month!


REALTORS Remain Tops on Fair Housing Law

As outspoken supporters for fair housing issues and homeownership, REALTORS® will join the nation in recognizing “Fair Housing Month” this April.

Signed into law in 1968 and amended in 1988, the Fair Housing Act prohibits housing discrimination on the basis of race, color, religion, sex, disability, familial status and national origin. REALTORS® work tirelessly to support this law, as well as ensure the benefits of homeownership are available to everyone.

“REALTORS® are committed to bringing America home,” said NATIONAL ASSOCIATION OF REALTORS® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “NAR’s members work hard to build communities and an environment where everyone, regardless of race, color, religion, sex or disability can choose where they want to live.”

Through the years NAR has developed education on diversity and fair housing laws for its members. These programs and resources have educated REALTORS® on the importance of inclusive housing practices and the promotion of minority homeownership.

One program, At Home with Diversity, is a comprehensive diversity training course for members. The program provides demographics and statistics that help participants understand their local areas, marketing strategies and guidelines, as well as exercises to build diversity awareness. In celebration of Fair Housing Month, NAR will waive the course fee during the entire month of April for any local or state REALTOR® association that sponsors the course.

NAR will also implement a new course that examines the role REALTORS® can play in affordable housing. The course will provide guidance on how to expand opportunities to benefit home buyers as well as entire communities. The course will be available to REALTORS® in May during NAR’s Midyear Legislative Meetings in Washington, D.C.

“NAR has expanded and implemented fair housing education, programs, and resources for members because REALTORS® believe homeownership is an investment in everyone’s future,” said Golder. “And REALTORS® across the country pledge to stay committed to this cause.”

REALTORS® also support programs that help improve the quality of a neighborhood as a whole while also promoting diversity. As a sponsor of the School of the Future Design Competition, NAR encourages middle school students to redesign their schools to create better learning places that are environmentally responsive and are assets to their neighborhoods. REALTORS® serve as mentors to students and as judges at the regional and national level.

In addition, NAR provides funds to state and local REALTOR® associations that promote diversity, housing opportunities, and smart growth. The Ira Gribin Workforce Housing Grants are awarded to state REALTOR® associations to promote workforce housing initiatives.

The NAR Diversity Initiative Grant Program provides up to $5,000 in matching funds for activities that reinforce the role of REALTORS® in diverse communities. Grants for programs that support the mission of NAR’s REALTORS® Housing Opportunity Program are available through the NAR Housing Opportunity Fund. Associations can also receive financial resources for programs and activities that promote REALTORS® as leaders in improving their communities by advancing smart growth.

Source: NAR


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 3/29

Twin Cities Market Activity Report - WE 3/29

The local housing market continues to mimic spring growth, as Twin
Citizens emerge from their wintry cocoons just in time for the final days
of the home buyer tax credit. For the week ending March 20, there were 2,277 new listings, up 28.8 percent from a year ago and marking the seventh consecutive week of strong year-over-year increases.

Pending sales dropped a bit from their high the previous week, but the 950 signed purchase agreements for the week were 10.2 percent ahead of where they were at this point last year.

As the tax credit's April 30 deadline looms, expect a flurry of home sales activity. Time will tell what happens when the credit has expired, but the next few weeks should be extremely active. - Provided by MAAR

HOMEBUYERS TAX CREDIT IS ENDING APRIL 30th! - Don't miss out.. visit ChadElliot.com for more information on the Homebuyers Tax Credit.


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