Looking to make some improvements to your home this year? Check out this report for your area and see what may be some better options for you.
Copy/Paste into your browser:
http://www.remodeling.hw.net/2013/costvsvalue/national.aspx
Tuesday, February 5, 2013
Tuesday, January 29, 2013
Weekly Market Update
For Week Ending January 19, 2013
Publish Date: January 28, 2013 • All comparisons are to 2012
The best real estate professionals leverage the power of data to deliver excellent value and real market understanding to customers. With the exceptional tools at their disposal, they can help buyers and sellers understand market trends and make important decisions. Real estate is "hot" again, even during the winter months, but nobody is predicting a rocket ship rise. It helps everybody if this market recovery incline is smooth and steady, like the gentle flow of a hot air balloon. Here are the numbers for this week.
In the Twin Cities region, for the week ending January 19:
• New Listings decreased 1.6% to 1,077
• Pending Sales increased 17.4% to 822
• Inventory decreased 31.6% to 12,197
For the month of December:
• Median Sales Price increased 15.9% to $168,000
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 40.0% to 3.0
For more market info: http://www.mplsrealtor.com/
Publish Date: January 28, 2013 • All comparisons are to 2012
The best real estate professionals leverage the power of data to deliver excellent value and real market understanding to customers. With the exceptional tools at their disposal, they can help buyers and sellers understand market trends and make important decisions. Real estate is "hot" again, even during the winter months, but nobody is predicting a rocket ship rise. It helps everybody if this market recovery incline is smooth and steady, like the gentle flow of a hot air balloon. Here are the numbers for this week.
In the Twin Cities region, for the week ending January 19:
• New Listings decreased 1.6% to 1,077
• Pending Sales increased 17.4% to 822
• Inventory decreased 31.6% to 12,197
For the month of December:
• Median Sales Price increased 15.9% to $168,000
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 40.0% to 3.0
For more market info: http://www.mplsrealtor.com/
Tuesday, January 15, 2013
NEW MN Housing Programs!
MN Housing now offers a few great programs that may help you get into a home. Here are a summary of the loans and qualifications:
Start Up:
~ Interest Rate: 2.75% (fixed rate)
~ Household Income: (1-2 people) $83,900 & (3+ people) $96,485
*Income varies outside of the Twin Cities
~ Purchase Price: Up to $298,125 ($237,031 outside of Twin cities)
~ Credit Score: 640 – 659 & maximum DTI (Debt to Income ratio) of 45%
~ Credit Score: 650+ & maximum DTI of 50%
~ No co-signers
~ All buyers meet the First Time Home Buyer definition and occupy the home (Anyone who has not had an ownership interest in a principle residence for the previous 3 years)
~ Need to occupy the home within 60 days after closing
~ Borrower can also use Down Payment Assistance with the Start Up program
Step Up:
~ Interest Rate: 2.75%
~ Household Income: (1-2 people) $83,900 (3+ people) $96,485
*Income varies outside of the Twin Cities
~ Purchase Price: Up to $298,125 ($237,031 outside of Twin cities)
~ Credit Score: 640 – 659 & maximum DTI (Debt to Income ratio) of 45%
~ Credit Score: 650+ & maximum DTI of 50%
~ Must be purchased as a principle residence (No Investment, recreational, or non-owner occupied properties)
For complete details on these programs please see www.mnhousing.gov
Start Up:
~ Interest Rate: 2.75% (fixed rate)
~ Household Income: (1-2 people) $83,900 & (3+ people) $96,485
*Income varies outside of the Twin Cities
~ Purchase Price: Up to $298,125 ($237,031 outside of Twin cities)
~ Credit Score: 640 – 659 & maximum DTI (Debt to Income ratio) of 45%
~ Credit Score: 650+ & maximum DTI of 50%
~ No co-signers
~ All buyers meet the First Time Home Buyer definition and occupy the home (Anyone who has not had an ownership interest in a principle residence for the previous 3 years)
~ Need to occupy the home within 60 days after closing
~ Borrower can also use Down Payment Assistance with the Start Up program
Step Up:
~ Interest Rate: 2.75%
~ Household Income: (1-2 people) $83,900 (3+ people) $96,485
*Income varies outside of the Twin Cities
~ Purchase Price: Up to $298,125 ($237,031 outside of Twin cities)
~ Credit Score: 640 – 659 & maximum DTI (Debt to Income ratio) of 45%
~ Credit Score: 650+ & maximum DTI of 50%
~ Must be purchased as a principle residence (No Investment, recreational, or non-owner occupied properties)
For complete details on these programs please see www.mnhousing.gov
Weekly Market Update
For Week Ending January 5, 2013
Publish Date: January 14, 2013 • All comparisons are to 2012
With 2012 in the books, we're starting to see some 2013 activity trickle in. Watch for continuations of last year's trends: less inventory, strong buyer activity and firmer prices. It's hard to believe spring is just around the corner, but would-be spring sellers are noticing the changes that have taken place. It's a much less scary time to sell a home. Foreclosure activity will also be a key metric to watch. For the current cycle, here's what the data shows.
In the Twin Cities region, for the week ending January 5:
• New Listings decreased 34.6% to 832
• Pending Sales increased 12.7% to 594
• Inventory decreased 31.1% to 12,000
For the month of December:
• Median Sales Price increased 16.2% to $168,452
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 42.0% to 2.9
For more information see www.mplsrealtor.com
Publish Date: January 14, 2013 • All comparisons are to 2012
With 2012 in the books, we're starting to see some 2013 activity trickle in. Watch for continuations of last year's trends: less inventory, strong buyer activity and firmer prices. It's hard to believe spring is just around the corner, but would-be spring sellers are noticing the changes that have taken place. It's a much less scary time to sell a home. Foreclosure activity will also be a key metric to watch. For the current cycle, here's what the data shows.
In the Twin Cities region, for the week ending January 5:
• New Listings decreased 34.6% to 832
• Pending Sales increased 12.7% to 594
• Inventory decreased 31.1% to 12,000
For the month of December:
• Median Sales Price increased 16.2% to $168,452
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 42.0% to 2.9
For more information see www.mplsrealtor.com
Tuesday, December 18, 2012
Weekly Market Update
For Week Ending December 8, 2012
Publish Date: December 17, 2012 • All comparisons are to 2011
The chase to 2013 is on, and we are pleased by the prospects ahead. Given the upward progress of the 2012 housing market, many homeowners may find that their properties will be worth more next year. That's a nice change of pace for potential sellers, and for residential real estate as a whole, and is a direct result of widespread improvements in the marketplace. Most of the positive trends we have seen in 2012 should persist into the new year. Let's take a peek at what's happening locally today.
In the Twin Cities region, for the week ending December 8:
• New Listings increased 3.0% to 942
• Pending Sales increased 12.6% to 788
• Inventory decreased 28.8% to 13,832
For the month of November:
• Median Sales Price increased 16.2% to $172,000
• Days on Market decreased 26.2% to 103
• Percent of Original List Price Received increased 3.6% to 94.2%
• Months Supply of Inventory decreased 40.0% to 3.4
For more information see: www.mplsrealtor.com
Publish Date: December 17, 2012 • All comparisons are to 2011
The chase to 2013 is on, and we are pleased by the prospects ahead. Given the upward progress of the 2012 housing market, many homeowners may find that their properties will be worth more next year. That's a nice change of pace for potential sellers, and for residential real estate as a whole, and is a direct result of widespread improvements in the marketplace. Most of the positive trends we have seen in 2012 should persist into the new year. Let's take a peek at what's happening locally today.
In the Twin Cities region, for the week ending December 8:
• New Listings increased 3.0% to 942
• Pending Sales increased 12.6% to 788
• Inventory decreased 28.8% to 13,832
For the month of November:
• Median Sales Price increased 16.2% to $172,000
• Days on Market decreased 26.2% to 103
• Percent of Original List Price Received increased 3.6% to 94.2%
• Months Supply of Inventory decreased 40.0% to 3.4
For more information see: www.mplsrealtor.com
Wednesday, December 5, 2012
New MHFA Programs Start December 18, 2012!
MHFA rolled out their new programs which will be effective with loan locked on or after December 18th. The new MHFA programs are the Start Up and the Step Up programs. The Start Up replaces the prior first time homebuyer loan programs and the Step up is a new program geared towards non-first time home buyers.
Buyers currently qualified and entered into the system before December 18th will be using current Minnesota Housing guidelines
Here is an outline of a few of the major changes:
~ Minimum credit score is 640 with ratio of 45% of less
~ Minimum credit score is 660 with ratio from 45-50% - Maximum housing ratio of 50%
Also, from what we are hearing with upcoming regulation changes we foresee underwriting requiring to show more of a borrower’s ability to repay the mortgage loan. This may include showing reserves for their payment, proof of rent payments, and alternative credit sources for buyers with limited credit and clean/re-established credit history for borrowers with prior major derogatory accounts.
There will be new income limits for the programs – Conventional, RD, and VA will have higher income limits. The FHA income limits have not been posted yet.
Down Payment Assistance changes:
~ The Deferred Payment Loan (formerly the $4,500 assistance) has now changed to 3% of the sales price OR $3,000 whichever is higher
~ Max income limits have been changed to 1 person: $35,250 2 people $40,300 3 people $45,300 and 4 people $50,350
~ Limited to the greater of 8 months PITI or $8,000 reserves after closing
Monthly Payment Loan (new program)
~ This is the only assistance that is available for non-first time home buyers
~ Can be used by first time home buyers who do not qualify for the Home Help or the Deferred Payment Loan
~ Max FHA income limit to follow – Conventional, RD and VA $83,900 for family of 1-2 and $96,485 for 3+
~ Payments are fully amortizing over 10 years at the same interest rate as the first mortgage
~ Maximum loan amount is 5% of the sales price or $5,000 whichever is higher
~ Unlimited cash reserves allowed after closing
Home Help changes:
Maximum loan amount $10,000 – limited to the following:
5% or $5,000 of purchase price plus
$1,000 bank owned/short sale
$1,000 HH income less than 60% AGI
$1,000 HH income less than 50% AGI
$1,000 if housing ratio is under 25%
Limited to the greater of 8 months PITI or $8,000 reserves after closing
Does require a minimum of $500 in reserves
50% forgiven after 6 years (change from 70%)
For more information contact:
Brian K. Lindstrom
Senior Mortgage Banker
NMLS ID #695808
Lake Area Mortgage, A Division of Lake Area Bank
Phone: (651) 209-2922
Fax: (651) 209-2929
E-mail: blindstrom@lakeareamtg.com
Buyers currently qualified and entered into the system before December 18th will be using current Minnesota Housing guidelines
Here is an outline of a few of the major changes:
~ Minimum credit score is 640 with ratio of 45% of less
~ Minimum credit score is 660 with ratio from 45-50% - Maximum housing ratio of 50%
Also, from what we are hearing with upcoming regulation changes we foresee underwriting requiring to show more of a borrower’s ability to repay the mortgage loan. This may include showing reserves for their payment, proof of rent payments, and alternative credit sources for buyers with limited credit and clean/re-established credit history for borrowers with prior major derogatory accounts.
There will be new income limits for the programs – Conventional, RD, and VA will have higher income limits. The FHA income limits have not been posted yet.
Down Payment Assistance changes:
~ The Deferred Payment Loan (formerly the $4,500 assistance) has now changed to 3% of the sales price OR $3,000 whichever is higher
~ Max income limits have been changed to 1 person: $35,250 2 people $40,300 3 people $45,300 and 4 people $50,350
~ Limited to the greater of 8 months PITI or $8,000 reserves after closing
Monthly Payment Loan (new program)
~ This is the only assistance that is available for non-first time home buyers
~ Can be used by first time home buyers who do not qualify for the Home Help or the Deferred Payment Loan
~ Max FHA income limit to follow – Conventional, RD and VA $83,900 for family of 1-2 and $96,485 for 3+
~ Payments are fully amortizing over 10 years at the same interest rate as the first mortgage
~ Maximum loan amount is 5% of the sales price or $5,000 whichever is higher
~ Unlimited cash reserves allowed after closing
Home Help changes:
Maximum loan amount $10,000 – limited to the following:
5% or $5,000 of purchase price plus
$1,000 bank owned/short sale
$1,000 HH income less than 60% AGI
$1,000 HH income less than 50% AGI
$1,000 if housing ratio is under 25%
Limited to the greater of 8 months PITI or $8,000 reserves after closing
Does require a minimum of $500 in reserves
50% forgiven after 6 years (change from 70%)
For more information contact:
Brian K. Lindstrom
Senior Mortgage Banker
NMLS ID #695808
Lake Area Mortgage, A Division of Lake Area Bank
Phone: (651) 209-2922
Fax: (651) 209-2929
E-mail: blindstrom@lakeareamtg.com
Tuesday, November 27, 2012
Weekly Market Update
For Week Ending November 17, 2012
Publish Date: November 26, 2012 • All comparisons are to 2011
This year, there's a lot to be thankful for beyond the traditional holiday bird. Home buyers can be thankful for record-low mortgage rates. Sellers can be thankful for the possibility of getting more money in less listing time. Some homeowners are thankful for the housing recovery because it may alleviate underwater situations. Tryptophan doesn't seem to be slowing buyer and seller optimism.
In the Twin Cities region, for the week ending November 17:
• New Listings increased 11.4% to 1,046
• Pending Sales increased 9.8% to 843
• Inventory decreased 29.4% to 14,770
For the month of October:
• Median Sales Price increased 14.8% to $175,000
• Days on Market decreased 25.2% to 103
• Percent of Original List Price Received increased 3.5% to 94.5%
• Months Supply of Inventory decreased 40.1% to 3.7
For more information go to www.mplsrealtor.com
Publish Date: November 26, 2012 • All comparisons are to 2011
This year, there's a lot to be thankful for beyond the traditional holiday bird. Home buyers can be thankful for record-low mortgage rates. Sellers can be thankful for the possibility of getting more money in less listing time. Some homeowners are thankful for the housing recovery because it may alleviate underwater situations. Tryptophan doesn't seem to be slowing buyer and seller optimism.
In the Twin Cities region, for the week ending November 17:
• New Listings increased 11.4% to 1,046
• Pending Sales increased 9.8% to 843
• Inventory decreased 29.4% to 14,770
For the month of October:
• Median Sales Price increased 14.8% to $175,000
• Days on Market decreased 25.2% to 103
• Percent of Original List Price Received increased 3.5% to 94.5%
• Months Supply of Inventory decreased 40.1% to 3.7
For more information go to www.mplsrealtor.com
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