Twin Cities Market Activity Report - WE 3/22

Twin Cities Market Activity Report - WE 3/22

provided by MAAR

The spring market is heating up as the federal tax credit deadline draws near. The Twin Cities housing market saw some resurgence in several metrics for the week ending March 13.

Pending sales were where the real action was. The magical "1,000" barrier was finally broken for the first time this spring with 1,027 purchase agreements signed for the week. This was an improvement in the year-over-year figures by 18.0 percent. The 2,110 new listings were
slightly down from the previous week's high, but they still outpaced 2009 numbers at this time by 17.9 percent.

The number of active listings slowly continues its upward mobility. There were 24,524 homes available on the market for the week ending March 22. This is still below last year, but as the graph on page 4 shows, active listings are getting closer and closer to where they were during the spring of 2009.

Thinking about buying or selling?  Looking for a new home in Minneapolis?  Contact me or visit my website at ChadElliot.com for more information.

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 ChadElliot.com

Twin Citites Housing Supply Outlook - March

Twin Cities Housing Supply Outlook
provided by MAAR

Sales growth is strongest now in the townhouse segment. Over the last 12 months the number of sales has increased by 24.4 percent, compared to increases of 14.8 percent and 11.8 percent for single-family and condo homes, respectively. All of that townhouse sales growth can be found in the price segments below $150,000.

Below $120,000 there is only 3.1 months of supply, down from the mark of 6.1 a year ago. Above $1 million there is 32.8 months of supply, up from the mark of 24.8 from a year ago.

Sales in the higher price ranges continue to slow. The market drivers of activity in the lower price ranges (low rates, tax credits) are having little to no effect in the upper bracket segments.

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 ChadElliot.com

Twin Cities Market Activity Report - WE 3/15

Twin Cities Markety Activity Report - WE 3/15
provided by MAAR

The $6,500 tax credit for move-up buyers appears to be stimulating some sellers to place their homes on the market in an attempt to sell them before the credit expires. For the week ending March 6, there were 2,279 new listings, an increase of 24.6 percent from a year ago.

Every price range is seeing increased listing activity except for the two ends of the price spectrum: below $120,000 and above $1 million. For the same reporting week, there were 809 accepted offers, which is a decline of 6.9 percent from a year ago. Over the last three months, pending sales have been just 2.0 percent higher than during the same period a year ago.

As a result of the strong new listings and flat pending sales, the inventory of available homes is rising faster this spring than it did last year. While there are still 8.2 percent fewer homes for sale right now than there were a year ago, that's a much smaller year-over-year decline than we've seen over the last two years

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 ChadElliot.com

The Twin Cities Monthly Skinny - March

The Twin Cities Monthly Skinny is here for the month of March! We have seen a pretty active market even in the heart of winter for the Twin Cities. There have been many positive signs pointing to an upward trend in our Real Estate Market. Keep in mind the Tax Credits will be ending on April 30th! ...don't get left out in the cold :)

If you are looking to buy or sell in the Twin Cities (Minneapolis / St. Paul) or any other surrounding city contact me and we can discuss your opitions or you can visit my website at ChadElliot.com for more information.

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 ChadElliot.com

FHFA Extends Refinance Program by One Year

Are you upside down on your home or condo in Minneapolis-St. Paul?

FHFA Extends Refinance Program By One Year

Federal Housing Finance Agency Acting Director Ed DeMarco today announced the extension of the Home Affordable Refinance Program, (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2011. The program is a key component of the Administration’s Making Home Affordable Program announced last February. The HARP program expands access to refinancing for qualified individuals and families whose homes have lost value. The program was set to expire on June 10 of this year. MORE

Source: Federal Housing Finance Agency

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 ChadElliot.com

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 www.MSPHomeTour.com for a sneak peek.

The Tour offers an exclusive: Be the "highest and best" to arrange your sponsorship of the April 24–25, 2010 tour and be the only real estate company in the tour's promo! Call Margo Ashmore at 612.673.5103 or 612.867.4874 or email her at mfashmore@aol.com this week.

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: 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 ChadElliot.com

Twin Cities Market Activity Report - WE 3/8

Twin Cities Market Activity Report - WE 3/8
provided by MAAR

Warming weather, affordability and approaching deadlines are
activating the housing market. With less than 60 days left until the home buyer tax credit expires, buyers and sellers appear to be kicking it into a new gear. There were 1,715 new listings for the week ending February 27, an increase of 5.3 percent from a year ago and the fourth consecutive week of year-over-year increase. The $6,500 tax credit for move-up buyers appears to be stimulating some sellers to place their homes on the market in an attempt to sell them before the credit expires.

For the same reporting week, there were 868 accepted offers, which is a bump of 13.9 percent from a year ago. After several months of relatively flat home buying, the last two weeks have seen a jump as the credit deadline nears.

Days on Market continues to decrease, landing at 142 days in February. That was a 9.7 percent decrease from a year ago. The Percent of Original Price Received at Sale stood at 92.3 percent in February, a 3.4 percent increase over the year prior.
If you are looking to buy or sell in Minneapolis, St. Paul, Maple Grove, Plymouth or any of the surrounding suburbs contact me or visit my website at http://www.chadelliot.com/

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 ChadElliot.com

Buyers Who Wait May Lose a Lot

Buyers Who Wait May Lose a Lot
Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

If you are looking to buy a home in Minneapolis, St. Paul, Maple Grove, Plymouth or any other surround city contact me or visit MN-TwinCities.com for more information.

Source: Money Magazine, Beth Braverman

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 ChadElliot.com