mn real estate market: How LOW do you Go? The ART of the LOWBALL Offer!
- 08/11/11 03:52 AM
So you have scoured the internet for the perfect home and you found it! But it is tens of thousands overpriced compared to similar homes. Is there an art to submitting a lowball offer in this changed real estate market? Where do you start? 10% less? 20% less? 50% less? And is it the percentage less than the original list price or the current asking price?
Welcome to the reality of the real estate market today! There is no one-size-fits-all answer on this one. It really depends.
As a REALTOR® working in the north and east Twin Cities metro … (6 comments)
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mn real estate market: January and February 2010 Twin Cities Real Estate Market Video Updates—A Real Estate Double Feature!
- 02/25/10 02:02 AM
The February Monthly Skinny from the Minneapolis Area Association of REALTORS® was released last week. They say time flies when you are having fun...Well, I have been having fun working with several buyers and traditional sellers to get their homes prepared for the spring market so I missed posting the January Skinny. So...It is Double Feature time! The January Skinny was a year end update for 2009 as we closed the book and took a huge step toward a balanced market in the Twin Cities. As many of the community snapshots I have posted over the past 3-4 weeks have stated, … (7 comments)
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mn real estate market: December 2009 Twin Cities Real Estate Market Video Update—Continuing Signs of Recovery!
- 12/22/09 12:34 AM
In the December Monthly Skinny from the Minneapolis Area Association of REALTORS® provides a snapshot of the Twin Cities real estate market as we wrap up 2009.
Though there still are challenges in the upper brackets of the housing market, there has been a continued trend of recovery. Though we did still see a 3% month-to-month drop in median home prices, from $175,000 to $170,000, this is lowest drop in two years. Strong home sales added to shrinking supply equates to a stabilizing home market. This month's Skinny notes that our Twin Cities was affected by the $8000 tax credit as part … (2 comments)
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mn real estate market: November 2009 Twin Cities Real Estate Market Video Update—Affects of the $8000 Tax Credit!
- 12/12/09 09:48 AM
As we cruise into the cold of winter, we can take a few minutes to review how the fall market energized the Twin Cities real estate market as we view the November Monthly Skinny from the Minneapolis Area Association of REALTORS®.
This month's Skinny examines how the Twin Cities was affected by the $8000 tax credit in the month of October. The announcement of the extension and expansion came late enough into the month that many buyers did not want to risk missing the original November 30th deadline. Almost 4700 purchase agreements were signed in the month of October. The … (12 comments)
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mn real estate market: October 2009 Twin Cities Real Estate Market Video Update—Not a Total Comeback but Still Moving Forward!
- 10/31/09 06:19 AM
Althought it is the last day of October, there is still time to share this month's update from the Minneapolis Area Association of REALTORS®.
The October Monthly Skinny points out that even in the cooler September temperatures, theTwin Cities real estate market was hotter than average for early fall. The Twin Cities area saw a 23.5% increase in pending sales in September 2009 as compared to September 2008. Many of these purchase agreements were for homes in the very affordable under $120,000 price range. No doubt due this surge in sales contracts were due to the soon to expire … (6 comments)
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mn real estate market: September 2009 Twin Cities Real Estate Market Video Update—Real Estate Statistical Crystal Ball Fuzzy after Tax Credit Expires!
- 09/19/09 01:36 AM
In the September Monthly Skinny produced by the Minneapolis Association of REALTORS®, it appears there are indications of a continued improving market. We have now experienced fourteen consecutive months of increased pending sales as compared to the same month the year before. Of these sales, 40% were still lender mediated (bank owned, foreclosures and short sales) but traditional sellers are starting to see more action. This is especially true for those with homes priced under $150,000. As most of this activity has been generated by the soon to expire, first time buyer tax credit, the crystal ball is fuzzy going forward … (3 comments)
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mn real estate market: August 2009 Twin Cities Real Estate Market Video Update—Assessing the Seesawing Real Estate Statistics
- 08/29/09 09:01 AM
The supply and demand seesaw that is the Twin Cities real estate market is showing more positive indicators according to the Minneapolis Association of Realtors® monthly skinny for August 2009. Pending sales numbers are the best they have looked since 2005...up for the 13 consecutive month in a row. Inventory is down 22% since July 2008...another great indicator of a recovering market. Days on the Market are also down significantly. But a significant amount of the sales continue to be lender mediated short sales and foreclosures so while we can be optimistic, it is best to remain cautiously optimistic when considering the … (16 comments)
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mn real estate market: July 2009 Twin Cities Real Estate Market Video Update—Mid Year Real Estate Statistics!
- 07/23/09 03:04 PM
The year is half over and the Minneapolis REALTORS® Association's July Monthly Skinny, it a half time show worth viewing. The report, while not completely rosy, does show that the market has improved significantly since the first of the year. Lender mediated sales are a nearly half of the market at nearly 46% but traditional sellers are starting to get into the game on more and more occasions. Home inventory levels are continuing to move down; there is currently 22% less home listings on the market today as compared to the same time last year. However the total inventory is still … (0 comments)
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mn real estate market: November Video Update on the Twin Cities Real Estate Market
- 11/22/08 01:04 AM
November's video Twin Cities real estate market update was just posted this past week on YouTube from the Minneapolis Association of Realtors. It gives a very good snapshot of condition of the Twin Cities real estate market and explanation of where it is today. It is cautiously optimistic about the housing market conditions this fall. Take a look...
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities … (18 comments)
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mn real estate market: Smashing Pumpkins with An Alternative Housing Mantra?
- 10/24/08 02:49 AM
Okay, I am not a metal-head but I do enjoy alternative rock from time to time and have teenagers so 93X is one of the preset stations on our family vehicle. Yesterday, while driving through Forest Lake, MN and flipping stations away from the annoying recorded political ads, I paused on the rock station and heard these lyrics: "Despite all my rage I am still just a rat in a cage". It was the chorus so the mantra was repeated a few times. Although catchy, I know from experience, the rest of the song might not be as lyrical so I … (8 comments)
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mn real estate market: Blaine, MN Real Estate Market Statistics 3rd Quarter 2008
- 10/20/08 06:59 AM
Blaine is expanding by leaps and bounds in the north metro of the Twin Cities. The residential real estate construction boom in Blaine during the past decade has slowed but not stopped making new and existing home purchase opportunities very affordable. Conveniently located along 35W and Highway 65 and connected by Highway 10 just north of the Twin Cities, Blaine is an attractive location for both business and residential development. The community is served by three school districts; Anoka Hennepin District #11, Centennial District #12, and Spring Lake Park District #16. Blaine is best known for the National Sports Center a … (10 comments)
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mn real estate market: Coon Rapids, MN Real Estate Market Statistics Mid-Year 2008
- 07/26/08 10:07 AM
In spite of the real estate slow down Coon Rapids continues to evolve as it has for over 150 years. It has changed from the community's humble beginnings of a dirt road farm community to the 9th largest city and 5th largest suburb in the state of Minnesota. The affects of the real estate market change on Coon Rapids is tempered by its convenient location to downtown Minneapolis and its easy access to Interstate 35, Hwy 65 and Hwy 47/10 for a commute to a lakeside cabin. Coon Rapids is a community with something for everyone: encompassing 23 square miles it … (11 comments)
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mn real estate market: Writing a Lowball Offer in this Changed Real Estate Market—How Low Does a Home Buyer Go?
- 04/28/08 06:41 PM
When is a lowball offer insulting? 10% less? 20% less? 50% less? And is it the percentage less than the original list price or the current asking price?Well, my answer is it depends.As a Realtor working in the north and east Twin Cities metro for the past several years, I have seen my share of sellers who were insulted by a buyer's offer. And not just in a market where buyers have the upperhand either. A few years ago, anything but a full priced offer was insulting. Buyers were afraid to request a few thousand toward closing costs lest the sellers … (52 comments)
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mn real estate market: Real Estate Market Statistics Forest Lake, MN 1st Quarter 2008
- 04/11/08 01:18 AM
Real estate in Forest Lake, MN in north Washington County and east Anoka County is still selling. Activity is up in the Forest Lake market as I can attest from the increased traffic at my open houses and my website. The Days on Market (DOM) Statistic for most homes show that many of the properties that did sell in first quarter were on the market for much of last year. Inventory is up in the under $300,000 price category and down in the over $500,000. Check fourth quarter statistics here. The reduction in inventory in the upper bracket has less to … (10 comments)
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mn real estate market: Spring Forward! Change the Clock! AND Make YOUR Move to a New Home!
- 03/09/08 03:45 AM
In the debate on daylights savings time, I am on the progressive side who likes the change. Sure it messes with some old software so a clock or two is out of sync, but the tradeoff is well worth it. We get an hour more of evening daylight weeks early than in the past. This is a tremendous help to buyers, sellers and Realtors!
The traditional Minnesota winter slow down in housing sales can be attributed to a plethora of reasons: cold, snow, holidays, school year, etc., but it really boils down to one factor. People don't buy homes in the dark. … (24 comments)
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mn real estate market: Lino Lakes, MN Real Estate Market Statistics 4th Quarter 2007
- 01/09/08 01:23 AM
Real estate in Lino Lakes, MN in Anoka County is affordable and selling-though admittedly at a slower pace than most sellers would like. The community is conveniently located near the junction of the 35E and 35W split, just north of the Twin Cities, Lino Lakes is a 33 square miles treasure. With 13 lakes and acres of beautiful protected wetland, the community is served by three school districts; Centennial District #12, Forest Lake District #831, and White Bear Lake District #624. The gem attraction is the pristine 2,700-acre Rice Creek Chain of Lakes Regional Park Reserve is situated within the heart … (6 comments)
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mn real estate market: Ham Lake, MN Real Estate Market Statistics 4th Quarter 2007
- 01/05/08 06:15 AM
The sluggish real estate market continues to affect Ham Lake, MN and Anoka County in the fourth quarter of 2007. Homes are staying on the market longer with an average Days-on-Market (DOM) of 220 days for homes sold in the 4th Quarter (compared to 157 DOM during the 3rd Quarter). Note that DOM for homes under $300,000 is a significantly lower time on the market, selling with an average DOM of 155.While there are 30% fewer homes on the market in Ham Lake, 110 versus 158 at the end of the third quarter, homes are taking a bit longer to sell … (12 comments)
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mn real estate market: A Snapshot of Days on the Market in Minnesota and across the US--How Does Yours Compare?
- 12/13/07 06:21 AM
This week I participated in a real estate experiment of sorts. Actually it was more of a survey of days on the market (DOM) for homes sold across the US. Several of my colleagues and I are tired of the gloom and doom numbers being touted by the national media. While things are slower in certain areas of the nation, the overall numbers are not as bad as the talking heads on the nightly news suggest.Real estate is local. We've all heard this before but it is important to stress this again. Remember the real estate mantra...Location. Location. Location. We have … (12 comments)
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mn real estate market: Twin Cities Market Affordability is Improving--March 2007 Update
- 03/16/07 12:37 AM
According to a press release this week from the St. Paul Area Association of Realtors (SPAAR), real estate is becoming more affordable in the 13 county Twin Cities metro area. This is due to predicted market correction which is a cause of concern to some homeowners who hoped property values would continue to rise indefinitely. Reality has hit with the slowest start in home sales in the past eight years. For the 7th month in a row, the Twin Cities has seen the median price of homes closed drop in comparison to the previous month. Properties are staying on the market … (0 comments)
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So you have scoured the internet for the perfect home and you found it! But it is tens of thousands overpriced compared to similar homes. Is there an art to submitting a lowball offer in this changed real estate market? Where do you start? 10% less? 20% less? 50% less? And is it the percentage less than the original list price or the current asking price? 
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