Ryan Bretzel's Real Estate Thoughts

5/13/08 Falcon Heights, MN Market Update

2008-05-13T15:21:28Z

Falcon Heights, MN Market Update

A small community surrounded by Como Park and Roseville, Falcon Heights has a little over 5,500 residents. A strong community made of mostly 30's, 40's, and 50's 1 and 1 1/2 story homes which features many great architecture like the"Tudor" style. Falcon Heights has always been a strong market because of the high demand from buyers. It is located in the middle of the Twin Cities; Minneapolis and St. Paul, and is near Shopping and easy access to highways.

Current Falcon Heights Market Update as of 5/13/2008

Current Active Listings: 9 (3/21/08), 14 (4/7/08), 13 (4/25/08) 17 (5/13/08) $350,438average price point

Pending Listings: 6 (3/21/08), 6 (4/7/08), 3 (4/25/08), 2 (5/13/08)

Sold Since 1/1/2008: 3 (3/21/08) $321,559, 5 (4/7/08) $305,894, 9 (4/25/08) 10 (5/13/08) $246,433 average price point

With a smaller market stats can be skewed a little. You can see how the average price point has dropped a lot, but there are only 10 listings to base that on. Also a neighbor market Como Park is currently only at 3 months of invetory; a SELLERS MARKET!!

Falcon Heights MN 55108 Homes For Sale, Real Estate

What Interest Rates Really Mean

2008-05-13T09:29:53Z

I was sent this information via a Keller Williams Realty email and was told we could pass it along in blogs and such. I thought it might be a good rememder to what really affects the buyers want or wait, to purchase.

The Fed did this! The Fed did that! Rates are up! Rates are down! Aaaagggh! Okay, now exhale. In turbulent economic times the media can't wait to report what interest rates are doing. Pundits prognosticate, forecasters forecast and soothsayers sooth. When should you buy a home based upon interest rates and when is it the right time?

Visit David Reed's Website

The fact is that interest rates, while important, have little impact when it comes to buying a home. Alright, alright, I'll admit: it's important...but it's not a deal-killer.

There is a fixation on what rates are doing. A fixation on what rates will be in the future and what rates were in the past. I've heard potential home buyers tell me, "I'm not sure I want to buy now because rates are ¼ percent higher now and I think I'll wait." I say, "Wait for what?" I say let's not look at the rate but instead concentrate on what that rate actually represents ... your monthly payment.

Let's look at what an interest rate move of ¼ percent really does to a $200,000 mortgage. Say a 30-year interest rate at 6.00 percent "jumps" to 6 ¼ percent. Shall we sit on the sidelines, thinking such a move is suddenly unaffordable? No. The payment on a $200,000 loan "jumps" by about $32 a month!

Now let's get a bit more draconian and look at a ½ percent increase and the monthly payment increases by $64. Putting that into daily financial terms, $64 is about a tank of gas. While not insignificant, it's hardly a reason to stay on the sidelines of home ownership. Right now, buyers should have more urgency than ever. Home prices have declined enough to make buying more affordable than it's been in recent memory and interest rates (whether at 6 percent or 6 1/4 percent) are historically low. It's time to act.

Are rates important? Sure they are. But are they the end-all? Heck no. Interest rates over the past few years have been in a very tight range, with few major swings. Just remember what interest rates represent, your monthly payment, and pay less attention to the headlines.

Written by David Reed, author of Mortgage 101 and Mortgage Confidential.

Financing Opportunities or Scary?

2008-04-25T22:45:44Z

It is amazing that even after all the change in the lending world there is some interesting things going on. Did you know that some lenders will approve people FHA with under a 580 credit scores and 10% down! I'm not sure if I can be excited about that or not.

I would hate to get close to the closing table and then something change to unqualify my client. What do you think of this?

4/25/08 Falcon Heights, MN Market Update

2008-04-25T22:27:10Z

Falcon Height, MN Market Update

Current Falcon Heights Market Update as of 4/25/2008

Current Active Listings: 9 (3/21/08), 14 (4/7/08), 13 (4/25/08) $401,496 average price point

Pending Listings: 6 (3/21/08), 6 (4/7/08), 3 (4/25/08)

Sold Since 1/1/2008: 3 (3/21/08) $321,559, 5 (4/7/08) $305,894, 9 (4/25/08) $289,864 average price point

With a smaller market stats can be skewed a little. You can see how the average price point has dropped a lot, but there are only 9 listings to base that on. Also a neighbor market Como Park is currently only at 3 months of invetory; a SELLERS MARKET!!

Falcon Heights MN 55108 Homes For Sale, Real Estate

Who is the best Presidential Candidate for the Real Estate and Mortgage Industry??

2008-04-11T12:17:25Z

I'm not one to normally talk politics. In fact I kind of despise it, but this is such an important topic in today's world. I have not done a ton of homework on each candidate's views regarding housing issues so I'm asking my fellow bloggers to help out.

Basically what I am looking for is opinions to each candidate, McCain, Clinton, and Obama in regards to real estate, lending, housing....etc. These are the areas that will ultimately affect me and millions of others in the housing industry. The housing industry relies on many things but it also fuels most of the economy in more ways than one. Which candidate has the best plan to help revitalize the economy, housing market, and keep things going positive so we can all continue to prosper and support our families?

I found this website which has a brief overview, but I'm looking for what you, my fellow comrades are thinking. Thanks in advance!

http://politics.nytimes.com/election-guide/2008/issues/housing.html

The Minnesota Foreclosure Process

2008-04-08T22:40:38Z

I know that many are confused about how the Foreclosure process happens in Minnesota. Every state is different but I found a great link that explains the process through a visual pdf file. Please click on the link below and use to explain to others:

http://www.mnrealtor.com/consumer/ForeclosureProcess.pdf

The biggest difference between Minnesota and other states would be the redemption period. In some states after the sheriffs sale the highest bidder wins, no period to repay the loan amount back (2nd chance) again.

I hope this helps answer some questions.

Falcon Heights MN Real Estate Market Update 4/7/08

2008-04-07T16:26:30Z

Falcon Height, MN Market Update

A small community surrounded by Como Park and Roseville, Falcon Heights has a little over 5,500 residents. A strong community made of mostly 40's and 50's 1 and 1 1/2 story homes which features many great architecture like the"Tudor" style. Falcon Heights has always been a strong market because of the high demand from buyers. It is located in the middle of the Twin Cities; Minneapolis and St. Paul, and is near Shopping and easy access to highways.

Current Falcon Heights Market Update as of 4/07/2008

Current Active Listings: 9 (3/21/08), 14 (4/7/08) $395,654 average price point

Pending Listings: 6 (3/21/08), 6 (4/7/08)

Sold Since 1/1/2008: 3 (3/21/08) $321,559, 5 (4/7/08) $305,894 average price point

So overall there has been a few more listings added, and a few sold. The market is still strong and prices are holding good.

Falcon Heights MN 55108 Homes For Sale, Real Estate

4/7/08 Falcon Heights, MN Real Estate Market Update

2008-04-07T16:25:18Z

Falcon Height, MN Market Update

Current Falcon Heights Market Update as of 4/07/2008

Current Active Listings: 9 (3/21/08), 14 (4/7/08) $395,654 average price point

Pending Listings: 6 (3/21/08), 6 (4/7/08)

Sold Since 1/1/2008: 3 (3/21/08) $321,559, 5 (4/7/08) $305,894 average price point

So overall there has been a few more listings added, and a few sold. The market is still strong and prices are holding good.

Falcon Heights MN 55108 Homes For Sale, Real Estate

Is The Bottom Behind Us?

2008-04-02T21:20:01Z

In my local market of Roseville/Como Park of the Twin Cities (St. Paul/Minneapolis) in Minnesota it appears either the spring market is here or we are seeing a turn around. In the past month or so the active listings are not rising very fast, in fact in some areas the active listings are declining in respect to the rising pendings!

Homes priced in the $175,000-$225,000 price point that are clean and ready to move in are selling very fast. I can think of a whole hand full that were sold in less than 2 weeks. The average days on market for these areas is only 50 days.

Also the Twin Cities was tagged as a declining market, though in speaking with a loan officer today, it appears that Chase Mortgage is not including some areas of the Twin Cities as declining markets now! Maybe we have hit bottom or the end is very near. Is anyone else seeing this type of positive results in the market?

Mold Test? How Much, Cost, Time Frames?

2008-03-22T16:45:47Z

Hi everyone,

I have a buyer that put an offer on a home the other day. They mentioned they would like to do a mold test but I have never had a client want to do one before. On our inspection contingency addendum I put it be done within 5 business days, but I'm not sure if that is enough time. Also, I believe they would just want to do the air sample kind. Has anyone had experience in the past in regards to cost and how long it takes? Any information would be greatly appreciated! Thanks,

Ryan

3/21/08 Falcon Heights, MN Market Update

2008-03-21T22:12:14Z

Falcon Height, MN Market Update

Current Falcon Heights Market Update as of 3/21/2008

Current Active Listings: 9

Pending Listings: 6

Sold Since 1/1/2008: 3

Average sold for $321,559

Real Estate Correlation of Weather and Sales?

2008-03-21T20:19:33Z

Being in Minnesota, we see a huge increase in buyer activity when the sunshine and warmer weather days come out after winter. It is almost like a light switch being turned on. I was wondering in other states; either with more consistent weather year round or even others states were the weather is like Minnesota, do you see such results as well? Buyer activity hear can almost be plotted on the same scale with temperature.

Rosedale Mall Real Estate Kiosk

2008-03-13T11:20:39Z

Stop by our Kiosk at Rosedale Mall! We have created this convenient and non-formal way to chat with a local real estate professional! We love having visitors drop by a we are excited to help with questions that may be on your mind. Any topic from Buying your first home to selling your current home. We can help! It is an informal environment, so feel free to stop by without an appointment. We are located across from Borbers in the main mall corridor on the 2nd level. Looking forward to seeing you there! Hours of operation will be (Mon-Fri: noon-8PM) & (Weekends: noon-4pm).

Please leave comments for us on this blog!

Our office is located near by at:

Keller Williams Integrity Realty

2680 Snelling Ave N

Roseville, MN 55113

Agents are: Shawn Hartmann, Shawn Korby, Joel Meidal, Ryan Radtke, Ryan Bretzel, and Deborah Bastyr. http://www.hartmannteam.com/