Posts in Home Buyer Tools
Blaine MN Updated Housing Statistics - January 2013
...and what all of this means to you…
Often, we’ll hear housing statistics on the news that goes something like this: “housing is recovering” or “prices are up”, but what do these sound bites really mean to prospective home buyers or sellers? Quite frankly; they don’t mean very much at all.
To truly be useful, statistics need to be more specific to the local area or situation. For example, here are the latest updated January 2013 statistics for Blaine MN. These are the numbers for the month of January 2013 and are compared to the month of January 2012.
New listings down -17.9% at 87 listings – While at first glance this seems like bad news, actually it’s not. Last year we had a larger number of bank owned properties on the market at this time of year. Traditionally in Blaine, a large number of Fair Market Sellers take their homes off the market in the winter because of the Holidays, the inconveniences of winter weather, and the mistaken impression that homes do not sell in the winter. So this simply means there are fewer bank owned properties on the market this January when compared to last January. This is good news for Sellers as it will help prices rebound. It can also be good news for most home Buyers because it means the homes that are on the market are very likely to be in better condition and will have a better chance of passing an inspection and especially a FHA inspection.
Closed sales up +39.1% at 64 sales – When sales go up at the same time listings go down, that means that the homes that are on the market are Selling like hot cakes. Great news for Sellers, but this may somewhat limit the selection of homes for Buyers to choose from. So for the relocation Buyers coming into the Blaine area for their new jobs starting in January, this can be a motivating factor.
Imagine, if you will, the music from Dragnet... Dun Ta Dunt Dunt.... Dun Ta Dunt Dunt DUHHH!
You have the right to representation.
If you choose not to be represented, anything you say and do could be used against you in a real estate transaction.
You have the right to a REALTOR®.
If you feel you cannot afford a REALTOR®, your local MLS agreement may provide a REALTOR® for you free of charge.
Do you understand these rights and what you could be giving up without zealous Buyer Representation?
:-) Cute and serious all at the same time....
But Seriously, since the vast majority of the time there is absolutely no fee for the residential Buyer, why wouldn't you want to have your own representation?
Remember, the listing agent represents the Seller and MUST work to the full and exclusive benefit of their Seller.
I am proud to announce my 5 Star Agent rating in Zillow for service to my clients! Thanks to my clients for recommending me!
Updated Weekly Real Estate Market Activity
for Minneapolis Saint Paul Twin Cities Metro Area
Housing Affordability is High
and Sales are Picking Up!
We are starting to see multiple offers again, the number of bank owned properties has dwindled and sale prices in many areas are stabilizing. Several areas are experiencing price increases. The Parade of Homes is wrapping up this weekend and our real estate season is off to a good start!
Legislative Update - Real Estate Issues (update for Feb 2012):At the Federal level, efforts to eliminate the Mortgage Interest Deduction (tax deduction) for homeowners have been quashed (at least for the time being) by all of the good work by the National Association of REALTORS® on the Federal level and the Minnesota Association of REALTORS® on the State of Minnesota level. While this may be brought back up in the future, it is unlikely that it will be an issue again until after the 2012 elections. House Resolution 25 "Expressing the sense of the Congress that the current Federal income tax deduction for interest paid on debt secured by a first or second home should not be further restricted". Thanks to the efforts of the Minnesota Association of REALTORS®, there are no changes expected to the Capital Gains exemption for homesellers. The current exemption for the $250,000 of Capital Gains (single) or $500,000 of Capital Gains (married couple) remains in effect. Efforts to eliminate the Minnesota Property Tax Refund for homeowners have not been successful, again thanks in part to the efforts of the Minnesota Association of REALTORS®. In the Minnesota legislature, a bill has been introduced that would increase the maximum refund allowed for homeowners with household incomes from $37,280 to $100,779. On the Federal level, there are efforts to eliminate the Mortgage Forgiveness Debt Relief Act and Debt Cancellation. This is going to be a big issue for anyone who is unfortunate enough to have to do a short sale of their home. Currently, homeowners can apply to the IRS for a waiver of the taxes on the amount of mortgage debt that is wiped out during the short sale process. In other words, if you owe $200,000 on your mortgage and you do a short sale and the house sells for $150,000, your lender will send you a 1099 for the taxes on the $50,000 that you didn't end up paying.
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