Did you know that Google offers free 411 service from any phone? If you dial 1800-Goog-411,you say the business and city and Google transfers the call right away. Even better, if you are calling them using your cell phone, they will even send a text message with more info and a map.  Test out this new free service.  

Every year individuals, offices, and managing brokers of Re/Max are eligible to receive various awards.  For the first time, Re/Max of Rochester received an award for the most closed transactions in 2007 for all Re/Max offices in the state of Minnesota. This is quite an accomplishment as we are competing with the larger offices of the Twin Cities. Additionally, our broker received the "Broker of the Year" award.  Duane Sauke is an excellent managing broker and owner of Re/Max of Rochester. As a whole, numerous agents received awards for their successful sales.  For the first time at Re/Max of Rochester, I was inducted into the 100% Club. I feel privileged to work in a great office, with a great broker with a great city to sell real estate in.

Just one of the key components in building a home is the choice of appliances and mechanicals. This is an area that you will really want to research.  Starting with your air conditioner, heater and water heater, you will want to make sure these are energy start products. Additionally, check with your local utility providers to see what standard features they require when obtaining rebates from them. These rebates can be substantial, not to mention the longterm savings you will have.  The same goes for appliances. Be sure that these are energy star products as well. The more energy efficient they are, the more savings that goes back in your pocket. The next thing you will want to do is purchase a Consumer Reports magazine that reviews appliances. Buy your appliances based on their recommendations. From there you can decide what color of appliances you want.  Whether it is black, white, bisque or stainless steel, just make sure it has the energy efficiency and that it will be a reliable product for you. Lastly, when finalizing each appliance that you would like for your home, compare prices with different vendors.  Sometimes vendors will match prices.  Additionally, some vendors will run sales offering discounts for purchasing more than 1 appliance at a time.  Hopefully these tips will help you in a small way as you begin to build your dream home.

If you are following this blog, you can see that I have not followed up with my series on home building. I am now ready to start the series back up again.  As mentioned before, building may be in your immediate future or it may be years off for now. Until then, start collecting pictures from magazines of homes you like. Start a notebook or file folder that has these magazine clippings. Include anything from color schemes, to certain materials used, to layouts, to fabrics for decorating. This will be a big start. Additionally, start collecting magazine clippings or house plans that you you like.  The more you see, the more your ideas will be solidified on what exactly you want in your home.  

The media continues to attribute real estate in a dismal light, but Rochester seems to be protected once again. Unlike most cities around the country, Rochester has a churning market every year, thanks to the incoming and outgoing employees at Mayo Clinic, predominantly.  Real estate sales and construction are down in Rochester, but still not compared to that of the rest of the country.  As a whole, existing home sale prices are down about 6%.  New construction is down 18%, with sales prices down 23%. Compare that with the rest of the country and Rochester is faring well.  

It is that time of year when Rochester real estate becomes highly active.  With the Mayo Clinic "matching" about 200 residents and fellows each year for their residencies and fellowships, those looking for housing drastically increases.  With the mortgage rates under that of last year's rates at this time, it makes it a perfect time to buy, especially in a buyer's market.  

If you have already matched at Mayo, or hope to match at Mayo, I have special financing offers through a local bank here. Home Federal Private Banking offers 100% financing for residents/fellows with no penalty fees/PMI (private mortgage insurance). They offer excellent service and great rates for residents/fellows.

Additionally, when you come to house hunt, let me know as I have 50% off coupons to stay at the Kahler, Kahler Inn and Suites or Marriott hotels during weekend nights.  

 

Before the market even opened this morning, the Fed announced another rate cut.  I had expected them to cut the rate next when they had announced the probability of it next week. However, they felt that with the looming recession, that it was prudent for the economy.  The federal fund rate was cut 3/4 point to 3.5%.   The discount rate was also reduced to 4%. With these rate cuts, what does this mean for the American economy?  Well, consumers have already had fear strike within them.  The Dow dropped 400 points within an hour of opening bell.  While consumers are fearful, the Fed hopes this will actually relax consumers by bringing confidence into our economy. The benefit of this rate cut will not be seen immediately, but sometime in the coming weeks and months. Even though the Fed has made a cut now, they are still planning to cut it again on January 30. 

While the news you hear and read speaks loudly of the looming recession, economic downturn and poor real estate market; Rochester's real estate market has held strong.  It is hopeful that Rochester's economy and real estate sector will not only be stable in 2008, but grow.  The job growth predictions and the low interest rates will provide buyers the  ability to hold good jobs and to afford homes.

A total number of 1674 single family homes sold in 2007 within Rochester city limits.  While that number is not as high as 2006 sales (1769 single family units sold), the Rochester market still proves to be very stable. 

Would you believe that 62% of the 1674 homes sold, were priced between $100000 and $200000?  The next largest sales category was between $200000 and $300000 with 22% sold.  

With 654 single family homes on the market as of today, it is hopeful that 2008 will bring buyers to the sellers and that Rochester's market will continue to be stable, prosperous and growing.

For some reason, I love numbers. Especially, statistics. I guess it provides pertinent information to events in the world, economy and life in general. I recently heard about this new website: www.city-data.com. You can look up most cities in the country and find out so much about the city, the demographics, the weather and many other interesting facts.  I entered my current home location, Rochester, MN and discovered so much about this city that I never knew about.  Check out the data for Rochester:  http://www.city-data.com/city/Rochester-Minnesota.html

 

The Federal Reserve cut rates again today.  The rate fell by 1/4 point to 4.25% The purpose in this rate cut is to keep the country out of recession.  Analysts had hoped that their cut in October was their final cut for 2007, but market conditions worsened in the last six weeks which caused the third and final cut for 2007.  Hopefully, this rate cut will make the economy stronger, the housing sector more active and the dollar stronger.