In this challenging market, everyone is looking for whatever edge they can get. The Strib is asking readers to submit their stories:
In today's challenging housing market, sellers can use a little luck. Do you have a selling superstition such as burying a statue of St. Joseph? Have other techniques brought you a buyer? What's worked for you? If you're willing to share your story with a reporter, send a note including your phone number to Lynn Underwood at Lunderwood@startribune.com.
When they come in I will print a link here. Also, feel free to email me YOUR Selling Stories to tjlarson@edinarealty.com.
Wednesday, February 27, 2008
Monday, February 25, 2008
Weekly Twin Cities Real Estate Market Activity Report
Here's the Latest from MAAR:
With mercury dropping, snow falling, lips cracking, wet hair freezing, and cars stalling, February has mostly been an exercise in old-fashioned winter hibernation for those of us brave (or foolish) enough to live in the Twin Cities. The weather is by no means the only explanation for the lackluster showing of area home buyers—the uncertainty in the credit markets and dampened consumer confidence are obviously playing their own crucial roles—but it certainly isn't helping. That's why the uptick in temperatures seen in recent days is a welcome sight for home buyers, sellers and real estate brokers alike.
New listings for the week ending February 16 posted 1,859 units, down 8.3 percent from the same week in 2007. Signed purchase agreements (pending sales) declined from last year by 17.8 percent for the same time period comparison, posting 624 units. Despite the general decline in seller activity, the total number of homes for sale is ahead of this time last year by 12.1 percent.
With mercury dropping, snow falling, lips cracking, wet hair freezing, and cars stalling, February has mostly been an exercise in old-fashioned winter hibernation for those of us brave (or foolish) enough to live in the Twin Cities. The weather is by no means the only explanation for the lackluster showing of area home buyers—the uncertainty in the credit markets and dampened consumer confidence are obviously playing their own crucial roles—but it certainly isn't helping. That's why the uptick in temperatures seen in recent days is a welcome sight for home buyers, sellers and real estate brokers alike.
New listings for the week ending February 16 posted 1,859 units, down 8.3 percent from the same week in 2007. Signed purchase agreements (pending sales) declined from last year by 17.8 percent for the same time period comparison, posting 624 units. Despite the general decline in seller activity, the total number of homes for sale is ahead of this time last year by 12.1 percent.
Monday, February 18, 2008
Weekly Twin Cities Real Estate Market Activity Report
Same Old Same Old...
Here's the Latest from MAAR:
As 2008 progresses, the picture remains relatively static. New listings are
holding steady with last year's pace, home sales remain sluggish and the total
inventory of houses for sale is at record levels—all of which points to a market in
the buyer's favor. Yes, it's been a challenge to think of fresh ways to say the
same thing every week: Sales down, inventory up. buyer's market, interest rates
low, prices low, affordability high, buy now!
Here's the Latest from MAAR:
As 2008 progresses, the picture remains relatively static. New listings are
holding steady with last year's pace, home sales remain sluggish and the total
inventory of houses for sale is at record levels—all of which points to a market in
the buyer's favor. Yes, it's been a challenge to think of fresh ways to say the
same thing every week: Sales down, inventory up. buyer's market, interest rates
low, prices low, affordability high, buy now!
Tuesday, February 12, 2008
"You can sense a change in the air."
This press release from MAAR really sums up the current market:
Buoyed by buyer advantage and seller motivation, Twin Cities home prices continue their downward slope, resulting in improved affordability, according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.
The unignorable and ignoble news is that the January 2008 median sales price of $205,000 is a decrease of 8.9 percent from January 2007. While this is challenging news to a home owner banking on short-term value returns on their property, it's a hopeful sign of good times ahead for those who believe that the market needs accessibility before it can truly improve.
"In simplified terms, things need to go down before they can get up," said Kevin Knudsen, 2008 MAAR President. "Affordability will help kick-start the rebound. It's elementary supply and demand."
The MAAR Housing Affordability Index (HAI) shot up eight points from last month to 149, the healthiest HAI figure since 2004. Further, the number of homes for sale has tripled in the same time, creating what is arguably now the most attractive market for buyers this decade.
Despite the opportunities, home buyers remain relatively inactive. Newly signed purchase agreements (pending sales) posted 2,562 units in January, 20.7 percent behind one year ago. Similarly, closed sales declined by 21.3 percent for the same time period comparison.
Slowed sales means slowed inventory absorption, and the number of homes for sale continues to post record levels. At the end of January, there were 28,166 homes for sale, which amounts to 10.02 homes for each buyer expected during the upcoming month.
The number of new listings on the market is declining, posting 8,322 units in January. This is down 6.8 percent from January 2007, as sellers and builders continue to cut down on adding new supply.
"You can sense a change in the air," said Steve Havig, 2008 MAAR President-Elect. "Needed market corrections are accelerating, which will eventually bring buyers out of the woodwork."
Buoyed by buyer advantage and seller motivation, Twin Cities home prices continue their downward slope, resulting in improved affordability, according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.
The unignorable and ignoble news is that the January 2008 median sales price of $205,000 is a decrease of 8.9 percent from January 2007. While this is challenging news to a home owner banking on short-term value returns on their property, it's a hopeful sign of good times ahead for those who believe that the market needs accessibility before it can truly improve.
"In simplified terms, things need to go down before they can get up," said Kevin Knudsen, 2008 MAAR President. "Affordability will help kick-start the rebound. It's elementary supply and demand."
The MAAR Housing Affordability Index (HAI) shot up eight points from last month to 149, the healthiest HAI figure since 2004. Further, the number of homes for sale has tripled in the same time, creating what is arguably now the most attractive market for buyers this decade.
Despite the opportunities, home buyers remain relatively inactive. Newly signed purchase agreements (pending sales) posted 2,562 units in January, 20.7 percent behind one year ago. Similarly, closed sales declined by 21.3 percent for the same time period comparison.
Slowed sales means slowed inventory absorption, and the number of homes for sale continues to post record levels. At the end of January, there were 28,166 homes for sale, which amounts to 10.02 homes for each buyer expected during the upcoming month.
The number of new listings on the market is declining, posting 8,322 units in January. This is down 6.8 percent from January 2007, as sellers and builders continue to cut down on adding new supply.
"You can sense a change in the air," said Steve Havig, 2008 MAAR President-Elect. "Needed market corrections are accelerating, which will eventually bring buyers out of the woodwork."
Monday, February 11, 2008
Weekly Twin Cities Real Estate Market Activity Report
Here's the latest on the Market from MAAR:
With both the temperature and the region's home prices dropping, home buyers who are willing to brave the harsh and cold meteorological landscape are finding the home buying environment quite warm and welcoming. The MAAR Housing Affordability Index (HAI), which measures how affordable Twin Cities housing is to its residents, jumped in February to 149—the highest level in nearly four years—thanks to continued declines in mortgage rates, a smorgasbord of homes to pick from and a seller psychology that is motivated to move and ready to negotiate.
For the week ending February 2, the number of new units on the market was 1,930—a full 10.2 percent behind the same week in 2007. The decline in listings was met by an even more hearty decline in signed purchase agreements, as pending sales fell by 28.7 percent for the same time period.
Besides the HAI, this week's edition of the MAAR Weekly Market Activity Report features updated figures for several other metrics. In January, the Days on Market Until Sale increased to 165 and the Percent of Original List Price Received at Sale fell to 90.9—both indicators of the continued advantage the buyer holds in this market. The February Months Supply of Inventory increased to 8.9 months, up 37.5 percent from this time last year. A market that's balanced between buyers and sellers would have roughly a 5- to 6-month supply of homes for sale.
Full report HERE.
With both the temperature and the region's home prices dropping, home buyers who are willing to brave the harsh and cold meteorological landscape are finding the home buying environment quite warm and welcoming. The MAAR Housing Affordability Index (HAI), which measures how affordable Twin Cities housing is to its residents, jumped in February to 149—the highest level in nearly four years—thanks to continued declines in mortgage rates, a smorgasbord of homes to pick from and a seller psychology that is motivated to move and ready to negotiate.
For the week ending February 2, the number of new units on the market was 1,930—a full 10.2 percent behind the same week in 2007. The decline in listings was met by an even more hearty decline in signed purchase agreements, as pending sales fell by 28.7 percent for the same time period.
Besides the HAI, this week's edition of the MAAR Weekly Market Activity Report features updated figures for several other metrics. In January, the Days on Market Until Sale increased to 165 and the Percent of Original List Price Received at Sale fell to 90.9—both indicators of the continued advantage the buyer holds in this market. The February Months Supply of Inventory increased to 8.9 months, up 37.5 percent from this time last year. A market that's balanced between buyers and sellers would have roughly a 5- to 6-month supply of homes for sale.
Full report HERE.
Monday, February 04, 2008
Weekly Twin Cities Real Estate Market Activity Report
LISTINGS UP, PENDING SALES DOWN, HUT HUT HUT!
Here's the latest from MAAR:
With the new year in full swing and the unofficial national holiday of Super Bowl XLII now under our pizza-and-beer-engorged belts, the number of homes for sale in the Twin Cities housing market is beginning its annual ascent. With just over 28,000 units on the market as of this morning, inventory is 11.8 percent higher than this time last year—a new record for this time of year. For the week ending January 26, there were 528 purchase agreements signed (pending sales), a decrease of 16.9 percent from the same week in 2007.
The net result of growing supply meeting cooled demand is a market titled in favor of the buyer—a dynamic we can clearly see in our new February 2008 Supply-Demand Ratio (SDR) of 10.02. This means that there are 10.02 houses on the market for every buyer expected this month, up 36.9 percent from February 2007—a tougher environment for sellers.
Consider the flip side of this coin. With a bounty of inventory to peruse, historically low interest rates, improving affordability and motivated sellers, this is truly one of the best times to buy real estate in recent history. Click here for this week's report.
For a closer look at how our changing market is affecting your specific community, take a look at "The 100," our localized market research tool. It offers free monthly market updates for 125 unique locales within the Twin Cities market. Year-end 2007 numbers are now available for each of these areas. Click here to access "The 100."
For a full, detailed look at how changing supply-demand dynamics are affecting various price ranges and property types in our regional housing market, take a look at our new January 2008 Housing Supply Outlook.
Here's the latest from MAAR:
With the new year in full swing and the unofficial national holiday of Super Bowl XLII now under our pizza-and-beer-engorged belts, the number of homes for sale in the Twin Cities housing market is beginning its annual ascent. With just over 28,000 units on the market as of this morning, inventory is 11.8 percent higher than this time last year—a new record for this time of year. For the week ending January 26, there were 528 purchase agreements signed (pending sales), a decrease of 16.9 percent from the same week in 2007.
The net result of growing supply meeting cooled demand is a market titled in favor of the buyer—a dynamic we can clearly see in our new February 2008 Supply-Demand Ratio (SDR) of 10.02. This means that there are 10.02 houses on the market for every buyer expected this month, up 36.9 percent from February 2007—a tougher environment for sellers.
Consider the flip side of this coin. With a bounty of inventory to peruse, historically low interest rates, improving affordability and motivated sellers, this is truly one of the best times to buy real estate in recent history. Click here for this week's report.
For a closer look at how our changing market is affecting your specific community, take a look at "The 100," our localized market research tool. It offers free monthly market updates for 125 unique locales within the Twin Cities market. Year-end 2007 numbers are now available for each of these areas. Click here to access "The 100."
For a full, detailed look at how changing supply-demand dynamics are affecting various price ranges and property types in our regional housing market, take a look at our new January 2008 Housing Supply Outlook.
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