Looking forward to getting out of town for a couple days this weekend

Had a great meeting today and learned a ton!….Now I need time to implement it all!

Had a great meeting today and learned a ton!….Now I need time to implement it all!

Weekly Activity Report May 4, 2009

We trust that you had a good May Day, International Worker’s Day
or early Cinco de Mayo celebration. Whatever your cause for
celebration, the Twin Cities housing market did not take a holiday.
During the week ending April 25, pending sales posted their fourth
consecutive week of more than 1,000 sales, a feat not accomplished
since 2006. The 1,078 sales represent a 34.1 percent increase over
the same week last year.  Supply remains a different story. New listings were hitting the market at a robust pace last spring, but activity has been comparatively tepid this year. New listings are 16.4 percent behind one year ago and the overall supply of homes for sale trails last year by 19.0
percent. We have remained near 26,000 homes for sale for most of
this year, betraying the healthy seasonal growth we typically see this
time of year. Yes, supply is down, but there’s still plenty of inventory out there.  April’s showers are behind us, the Housing Affordability Index is
stratospherically healthy, low mortgage rates persist, and a first-time
buyer tax credit remains in effect. At this clip, your buyers could
certainly find May flowers blooming in front of their newly purchased
homes

Source : Minneapolis Area Association of REALTORS®

Market Update for the 1st Quarter 2009

As of April 3rd, mortgage rates fell to 4.75 percent. That means, on an average $250,000 home loan, a consumer can expect to save $276 per month – more than $99,000 over the life of the loan – at a 4.75 percent rate versus a 6.5 percent rate that we had in July 2008.

13-County Metro

According to the Minneapolis Area Association of REALTORS® (MAAR):

• The median sales price in the 13-county metro area in March was $154,125 – down 23 percent from 2008. This can be largely attributed to the drag distressed properties have had on the market. It’s important to keep in mind that traditional homes are experiencing declines of around 5 percent.
• Nearly 60 percent of first quarter pending sales have been lender-mediated foreclosures and short sales, while just 37.1 percent of new listings have been lender-mediated. The fact that sales of these properties are out-pacing new listings of distressed properties is a hopeful sign.
• Pending sales were up 13.7 percent from first quarter 2008.
• Active listings were down 13 percent from first quarter 2008.
• New listings were down 14.2 percent from first quarter 2008.
• Average days on market were at 150 compared with 165 this same time last year.

According to statistics compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), new residential building permits issued in March increased by 5 percent over February.

 

source: Edina Realty Market Update

Twin Cities Real Estate Activity for the Week of March 30, 2009

With mortgage rates plunging downward in recent weeks in
response to actions taken by the Federal Reserve, home buying
activity remains strong.

For the week ending March 21, pending sales in the Twin Cities
were 13.0 percent higher than the same week last year, while the
number of new listings on the market was basically flat. Over the last
three months, there have been approximately 1,200 more signed
purchase agreements than there were a year ago and 3,000 fewer
new listings. During this time, 58.1 percent of pending sales have
been lender-mediated foreclosures and short sales, while 37.1
percent of new listings have been lender-mediated. The fact that the
share of lender-mediated sales easily exceeds the share of new
lender-mediated listings is a hopeful sign.

New buyers entering this market will be met with strong affordability
but will have less to choose from compared to previous years. There
are currently 26,064 homes for sale in the metro area, which is down
15.7 percent and 4,840 units from this time in 2008.

source: MAAR

Call 952-475-4910 for specific information regarding your area!

Twin Cities Market Activity Report 3.23.09

Has everyone remembered to “spring” forward?  It looks like the Twin Cities housing market certainly has, as the new season has brought in an uptick in sales along with the warm weather.  The market can only hope that “spring” fever is more than just a figure of speech.

Speaking of pending sales, while they have tapered off during the week ending March 14, there is no denying that since the new year began pending sales have steadily outperformed last year’s numbers.  In fact, even with almost no increase in pending sales activity the 870 pending sales for the week are still 14.9 percent higher than last March at this time.

Total active listings are another story.  While new listings for this period are only 13.9 percent lower than last year, active listings are down nearly 14.7 percent.  This can be looked at in a positive light however if you consider the combination of pending sales, decreasing inventory, and higher HAI (Housing Affordability Index) are all helping to get more people into homes throughout the new spring season.  This coupled with the federal government’s tax credit efforts could give the Twin Cities housing market the added boost it needs to awaken and to realize the potential that is out there.

There are many other events that coincide with spring:  spring training, spring fever, spring boards…ok that last one isn’t technically associated with the season.  But with the Month’s Supply of Inventory for March down 15.2 percent over last year, agents across the Twin Cities can assist buyers in diving right into the market now that conditions are beginning to warm.

For detailed information about your area, Call 952-475-4910

Article by Jeff Allen, MAAR

Green Home Benefits

 

Minnesota GreenStar embraces Minnesota’s unique natural environment and targets improving the way Minnesotans live on the land by creating homes that:

• Create healthier indoor environment
• Reduce water consumption
• Improve energy and resource efficiency
• Increase durability and the value of the home
• Preserve natural resources
• Add value through certification

Fundamental to our program is third-party verification ensuring the home is built as designed and the homeowner gets a better built home. Through Minnesota GreenStar, the homeowner will enjoy a more comfortable, healthy, energy efficient home which results in savings for the homeowner, and less impact on the earth. Reduced water usage puts less strain on our rivers, lakes, and aquifers while durable materials extend the life of the home.

There is also a financial benefit to building Green. It helps reduce long-term operating costs, and may help you qualify for energy efficient mortgages and improve resale opportunities through the value of a certificate.

The Benefits of a Green Home

Going green is no longer a fad. Every day we hear about how home builders, home remodelers and home owners are going green. There are distinct advantages to going green but the biggest is the long term savings you can achieve as well as creating better resale value for your home.

The Hermann Group embraces “green living” and can assist you in finding the right green friendly builder or remodeler to help you with your green project. There are several benefits to going green:

• Create healthier indoor environment
• Reduce water consumption
• Improve energy and resource efficiency
• Increase durability and the value of the home
• Preserve natural resources
• Add value through certification

Having your home green certified upon completion is another way to increase your homes value. One such program is the Minnesota GreenStar certification. MN GreenStar is a Green building standard and certification program for both existing and new homes that promotes healthy, durable, high performance homes. Learn more about MN GreenStar.

When building or remodeling an existing home to “green standards” the homeowner will enjoy a more comfortable, healthy, energy efficient home which results in savings for the homeowner, and less impact on the earth. Reduced water usage puts less strain on our rivers, lakes, and aquifers while durable materials extend the life of the home.

There is also a financial benefit to building Green. It helps reduce long-term operating costs, and may help you qualify for energy efficient mortgages and improve resale opportunities through the value of a certificate. The Hermann Group is committed to a greener Minnesota and would like to help you locate the right Green partner to build or remodel your home. Please contact us today.

Lake Minnetonka Living offers desirable amenities

Lake Minnetonka, Wayzata and Excelsior, Minnesota have a lot to offer Home Buyers

Location, location, location! We’ve heard it time and time again and in real estate it is still the number one rule home buyers consider when purchasing a home. 

When you think you have found your next home or at least narrowed it down to 2-3, always be sure to drive the neighborhoods to become familiar with the amenties offered. It’s not a bad idea to drive through the neighborhoods at different times of the day to see what kinds of activities are happening. Do you see parents out playing with thier children or other activities going on? Is the neighborhood park being used, do you see kids out riding thier bikes?

Minnetonka, MN is a beautiful suburb just 15 minutes west of Minneapolis. The Lake Minnetonka area offers a vast array of amenities and the best part is you have Lake Minnetonka right in your back yard!  We have a terrific park and trail system and the city parks are second to none.  These sites provide facilities that include fantastic playground equipment, ball fields, tennis courts, picnic areas, skating rinks and trails. 

Whatever amenities are important to you, shopping and entertainment, a top-rated school district, parks and recreation, accessible public transportation, healthcare and jobs, Minnetonka, MN will not disappoint you!  Home buyers have a wide range of desirable neighborhoods to choose from and housing options range from lake shore living to traditional single family homes.  

Browse through some of the more prominent communities in the Lake Minnetonka area using the links below. The Hermann Group specializes in helping you find the property that’s perfect for YOU in any of these communities, as well as the many other cities and towns surrounding the lake, including Long Lake, Orono, Medina, Minnetonka, Minnetonka Beach, Deephaven, Cottagewood, Tonka Bay, Shorewood, Chanhassen, Spring Park, Mound, Plymouth, and Eden Prairie.

Excelsior Real Estate

Lake Minnetonka Real Estate

Wayzata Real Estate