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

Monday, November 19, 2012

Bedroom Fire Safety Tips

By Dave Donovan
www.realtor.com

According to the U.S. Fire Administration (USFA), about 600 lives are lost every year in fires that originate in the bedroom. The causes of these fires are wide ranging, from smoking in bed to faulty electrical equipment, but one fact remains certain – almost every one of them could have been avoided.

Nothing is 100 percent effective at preventing a fire from breaking out but there are plenty of things you can do to reduce the chances of one breaking out in your bedroom. Here are a few tips you should implement immediately to lower your risk of a bedroom fire.

Tip #1 – Never Smoke in Bed

Smoking in bed is one of the most common causes of bedroom-related fires and because people are usually asleep when the fire starts, mortality rates tend to be high in these instances. While it can be difficult to kick the habit entirely, not smoking in bed is doable and highly recommended for your safety.

Tip #2 – Replace Pre-2007 Mattresses

In 2007, the government passed the Federal Mattress Flammability Standard which requires all mattress manufacturers to make their mattresses according to certain fire-proofing standards. If you have a mattress that pre-dates the standard, then it should be replaced so your bedroom is equipped with the safest possible mattress.

Tip #3 – Install Working Smoke Detectors

A smoke detector should be placed outside each bedroom door and on every level of the home, including the basement. Ideally, the smoke detector will be hard-wired with a battery back-up. In order to ensure constant protection, make a habit of replacing the batteries in the smoke detectors when you change your clocks for daylight savings time.

Tip #4 – Keep Matches and Lighters Hidden

More than 35,000 fires are started every year by children playing with matches or lighters and more than 400 of these fires prove fatal. If you must have lighters or matches in your home, keep them stored somewhere where your child will not have access to them. Teaching your child about fire safety and how it is not something to play with will help give him or her healthy respect for fire which will reduce the chances of your child playing with it.

Tip #5 – Inspect Electrical Appliances Regularly

Bedroom electrical appliances should be checked regularly to help lower the risk of one starting a fire. Extension cords should be in good shape and without evident fraying or cuts in the insulation. Be careful you don’t trap any electrical cords between furniture and the wall or floor and only use appliances and power cords that are UL-Listed.

Tip #6 – Use Space Heaters Properly

Space heaters are notorious for starting bedroom fires because most people don’t realize how dangerous they can be. Space heaters should be placed at least three feet away from all walls, clothing and furniture. Nothing should ever be draped over the heater, even when it is not in use.

Tip #7 – Turn Off Electric Blankets and Heating Pads

Electric blankets are popular holiday gifts and heating pads offer soothing heat when you’re not feeling under the weather, but these devices can be fire hazards when they are left on. While many models have built-in timers, others do not, so it is good practice to turn the heating pad or electric blanket off when you’re finished using it.

Eliminating the risks of suffering a bedroom fire is practically impossible, but by implementing these few tips, you can greatly reduce the risk of it happening in your home.

Monday, November 12, 2012

Weekly Market Update

For Week Ending November 3, 2012
Publish Date: November 12, 2012 • All comparisons are to 2011

1.3 million. That's how many Americans were reportedly lifted out of underwater mortgage situations this year from rising home prices, according to the Obama administration's October Housing Scorecard. There's more going on than meets the eye here. Rising prices also help restore tax base, decreasing the likelihood of
tax increases later. National GDP even benefits. When real estate is chugging along, things are good. And now, arguably more so than ever in the past four or five years, real estate is starting to chug again. It's not at full speed yet, but the open track ahead beckons.

In the Twin Cities region, for the week ending November 3:

• New Listings decreased 1.0% to 1,125
• Pending Sales increased 25.3% to 930
• Inventory decreased 27.7% to 15,434

For the month of October:

• Median Sales Price increased 14.8% to $174,995
• Days on Market decreased 25.0% to 103
• Percent of Original List Price Received increased 3.5% to 94.4%
• Months Supply of Inventory decreased 41.0% to 3.7

For more information please see: www.mplsrealtor.com

Monday, November 5, 2012

Home Buying for Young People: Plan Ahead

By Marcie Geffner
www.realtor.com

Here are five recommendations for young people who want to position themselves for homeownership.

Granted, few young people spend much time day-dreaming about buying their first home. They're naturally preoccupied with academics, athletics, parties, dating and future career possibilities. Nonetheless, there are a number of good reasons to start learning early in life about the costs of buying a home and the responsibilities of homeownership. For example, a college student's misuse or abuse of credit cards can preclude his or her buying a home later on.
Here are five recommendations for young people who want to position themselves for homeownership:

1. Establish good credit habits and a favorable credit history. Get a credit card and use it responsibly. Apply for an automobile loan and make your payments on time every month. If you're renting an apartment, put your own name on the lease and the utility bills and make sure the rent and the bills are paid every month. If you're already struggling with credit card debt or have large student loans, take a free workshop from the non-profit Consumer Credit Counseling Service. Call (800) 388-2227 for information.

2. Start saving for a down payment and closing costs. It's possible to purchase a first home in many parts of the country without much in the way of savings. But in high-cost housing areas, starting to save early can be enormously beneficial because you'll get the advantage of compounding interest and have a longer period of time to grow your investments. Open a savings account or a stock brokerage investment account and make regular deposits.

3. Read some books. Your local library and bookstore probably have at least a few shelves of books about financial management and buying a home. Take notes. Make a financial plan for yourself. You can learn a lot about real estate, budgeting and credit on REALTOR.com® too.

4. Research where you'd like to live. Many young people assume they'll continue living in their own home town when they get older, but people are more mobile than ever and chances are good you'll one day live in another city or even another state. Again, the library, bookstore and Web can be excellent resources for information about housing costs and homeownership opportunities around the country.

5. Tap your real estate agent relatives for advice. Parents, grandparents, aunts, uncles or older cousins in the real estate business can give you good information about the cost of housing in the area where you want to live and what it takes to buy a home. Questions to ask: Is housing affordable in this area? How much money would I need to save in order to buy a home? What advice would you give me about planning my financial future? Would you recommend some books that I might like to read about buying a home? Don't be shy. If you have a question, ask someone in a position to know the answer.

Copyright © 2000 Marcie Geffner. All rights reserved.