6 tips for selling in today's market!

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Some homeowners have been waiting for years for a better housing market and a good time to sell. Is it better to wait a few more years and see if you can realize a higher sale price, or sell now and move on with your life?

The motivation for selling is a key factor. Are you commuting to work several hours a day and the commute is killing you? Are your children grown and your home is now too big, in addition to being a burden to maintain? Is your home too small? Have you taken a job out of the area? Can you no longer afford to own your home? Or do you no longer want to pay the price it costs to own your home?

These are all good reasons for considering making a move. Not only do current market conditions enter into the equation, but making a move like this is usually more complicated than it was the first time you bought a home.

HOUSE HUNTING TIP: First, you need to find out the probable sale price of your home and access the state of the current home-sale market in your area. You also need to know what you can do to maximize the saleability of your home. Then you should consider where you'll live next and how much that will cost.

If you don't already have one, find an experienced real estate agent who specializes in your area. Friends whose opinion you trust are the best source of agent referrals. Meet with your agent at your home and ask for a comparative market analysis. This will give you information about what homes like yours have been selling for in the current market.

You'll also want to know how long you can expect it to take to sell your home. How many homes like yours have sold recently? Are homes like yours in high demand? Or, is it located in a less desirable area that could mean a longer marketing time and, perhaps, a lower price than you were expecting?

Ask your agent to walk through your home with you and point out what should be done to make your home marketable. Homes that sell today are priced right for the market and are in move-in condition.

You want to make cost-effective improvements. If the kitchen and bathrooms are outdated, consider a cosmetic redo. Update paint, hardware, light fixtures and floor coverings, if necessary. Don't do a complete remodel unless you plan to stay in your home for years; otherwise, you won't recoup your investment.

Deciding where to move -- and when -- can be difficult. Some buyers can afford to buy a new home before selling, and prefer to make the move that way. Most repeat buyers can't afford to buy first. Others who can won't buy first due to market uncertainty and the stress of owning two homes at once.

The most prudent approach to making a move from one home to another is to sell first and rent if necessary until you find the right home to buy. By selling first, you will know exactly how much money you have to apply to a new home. Today's housing market is volatile. A dip in the market could shave tens of thousands of dollars, or more, off your selling price.

The other benefit of renting before buying is that you're under no pressure to buy the first listing you see. Interest rates are low and are expected to stay low through 2012. Prices are also low and aren't expected to move up much for the next several years.

THE CLOSING: This gives you time to find the home that will suit you for the long term.

Drop me an email for information on both selling and buying.

~Dian Hymer, Inman News

Technology is Amazing! Check this out!

Technology from time to time we all accept as a growing and evolving human race. It's inevitable and sometimes fun. Recently I opened up my platform for MLS as I was working and this new app that was just launched really just blew me away.

Our local MLS called Northstar MLS was proud to announce that we are the first MLS to feature HomeSpotter in our NorthstarMLS for Smartphones application. HomeSpotter is a new feature that shows you MLS listings simply by aiming your iPhone or iPad at homes or condo buildings. Currently available for iPhone and iPad only, it is also coming for Android devices in the next couple months.

HomeSpotter overlays property information on your iPhone or iPad live camera feed. As you point your iPhone/iPad down the street, you see a view of the street and info on all the houses for sale pops up. There’s even a radar display that shows the direction and proximity of nearby properties for sale.

Now call me crazy but just 22 years ago when I got into the real estate business we were looking through big thick books like the "White Pages" of homes. Hands full of ink, sneezing from the fresh print like the Sunday paper makes us do. Now when I'm out showing houses I just hold my phone in the air like a magic wand and everything we need to know in the neighborhood is on my phone.

I know we all sit back sometimes and say "whats next"! But seriously what is next? We are going to have Avatar's out looking for homes and report back with the one you should buy?!

Crazy world we are in, but fun technology for sure! Email me if you want to go out and we'll hold our phones to the sky and find a house for you!

Good news in the housing market!

Everyone is wondering when housing values will increase. When will we hit bottom, I am asked often. My answer is the same. If only I had a crystal ball...What I do know is if we are not at the bottom, you will know when we hit bottom after you miss it!

We know many positive things are happening now. These stats are very important. Bottom line is Inventory is down, rates are down, buyers are in the market. This is good news whether you are buying, selling, or investing in rentals.

For Week Ending December 31, 2011 Quick Facts
Publish Date: January 9, 2012 • All comparisons are to 2011

Most observers would agree that this year's housing recovery was not as robust as
many had hoped. That said, a handful of things went right. Supply-side market
correction took the guise of inventory declines and a pullback in listing activity.
Consequently, sellers generally faced fewer challenges than in the past. Driven by
improvements in the economy and record-low mortgage rates, purchase demand
strengthened organically, independent of government incentives. Those sales gains
combined with falling inventories to move the market back toward balance. Nobody
knows what 2012 will bring, but it's a safe bet that these positive developments will
continue to evolve. I look for a very positive 2012!

In the Twin Cities region, for the week ending December 31:

• New Listings decreased 11.6% to 593
• Pending Sales increased 41.7% to 564
• Inventory decreased 24.9% to 18,341

• Median Sales Price decreased 5.6% to $145,000
• Days on Market decreased 2.4% to 140
• Percent of Original List Price Received increased 1.8% to 90.6%

If you or anybody you know needs assistance in the housing market please give me a call at 612.308.4708 or drop me an email. Check out my website @ www.go2joe.com

More Great Housing Data!

As the final days of summer start to wane, Twin Cities home buyers posted their 14th consecutive week of double-digit, year-over-year gains. For the week ending August 13, there were 47.4 percent more purchase agreements signed than during the same week last year. A total of 952 buyers entered contract.

Sellers continued their slowdown, introducing only 1,387 new properties to the marketplace. That's 13.7 percent fewer than last year at this time. Slowed listings and comparatively strong sales figures have helped inventory levels post their largest weekly decline on record. The 24,232 active listings for sale were down 19.7 percent from last year. That record will likely be broken next week.

Renewed economic uncertainties combined with the Fed's announcement to maintain low interest rates could motivate some buyers to postpone their purchases. Though apparent in financial markets, the trepidation has yet to show up in local housing numbers. July's monthly data actually brought relief to some critical market indicators. Price declines are shrinking along with seller concessions, and absorption rates are finally moving in the right direction – toward balance.

This is all good news as those that want to sell have less competition. Those that are buying still have enough to choose from and rates are at historic lows! Now is a great time to buy or sell. Fill out this form if there is anything I can do for you.

Home Sales Rise in February!

WASHINGTON — Pending sales of previously owned U.S. homes unexpectedly rose in February, a trade group said on Monday, pointing to a modest pick-up in home sales. >Economists had expected the index, which leads existing home sales by a month or two, to fall 1.0 percent after a previously reported 2.8 percent decline.

This is especially good news from everyone's perspective. The spring market in real estate, generally the best time to get a home sold, is February through July 1. A drop in home sales in February would be an indicator of a slow housing recovery in a thought to be good time to sell.

When thinking of selling or buying, consider this: If your home has lost $50,000 in value, most likely the home you'd like to purchase has too. The benifeit to this is lower property taxes. The home you are purchasing will have a lower market value, meaning lower property taxes thank you would have paid 5 years ago.

Also interest rates are in the 4.5% fixed for 30 year range. This means thousands of dollars saved over the life of your loan verses buying 5 years ago.

Call me or email with any questions or if you'd like a FREE MARKET ANALYSIS, I'd be happy to help!
~Joe Koltes

Twin Cities homes sales in June rose 33%

Sales are up for the 12th straight month, but a sizable chunk of the sales were from foreclosures and other "distressed" deals.

Expect more decline

Homes prices should decline another 15 to 20% through 2010. Defaulting is shifting from low-end to middle and upper-end homes which is distorting average home price data but is extremely bad news. Expect housing inventory to surge later this year as various stop-gap solution run their course ($8000 homeowner tax credit, ultra-low interest rates) and the economic situation continues to deteriorate. Email me for more information!

There was at least some good news for homeowners in the June housing report from Twin Cities Realtors groups. But the timing of a housing recovery still depends on when the influx of foreclosed homes into the market subsides.

Pending home sales in the metro area in June were up 33.7 percent from this time last year, to 5,183. That number was the highest for the month of June since 2005, and marked 12 consecutive months of year-to-year increases, the Minneapolis Area Association of Realtors said Friday.

In another favorable trend, the number of properties for sale at the end of June dropped 21.6 percent from a year ago, to 26,204, the Realtors association said. The more scarce property is, the higher the price is likely to be.

"Sellers still face a challenging market, but things look better for them than they have in a while," said Brad Fisher, president-elect of the Realtors association.

In the Twin Cities, the housing market is showing slow improvement. Closed sales for June were up 20 percent, but more than 40 percent of those sales were the result of foreclosures or "short sales," where the lender agrees to a sale for less than the amount of the mortgage.

Still, the percentage of home sales that were the result of foreclosures or short sales was down from 59.7 percent in January.

"The fact that short sales and foreclosures are coming down as a percent of total home sales is a good sign that could lead to at least a short-term bounce in housing values," said Scott Anderson, vice president and senior economist at Wells Fargo & Co. in Minneapolis. "But some economists worry that there could be another flood of foreclosures because of the rising unemployment rate and the weak labor market."January.

"The fact that short sales and foreclosures are coming down as a percent of total home sales is a good sign that could lead to at least a short-term bounce in housing values," said Scott Anderson, vice president and senior economist at Wells Fargo & Co. in Minneapolis. "But some economists worry that there could be another flood of foreclosures because of the rising unemployment rate and the weak labor market."

Greg Sax, a spokesman for the Minneapolis Area Association of Realtors, agreed.

"It's hard to say when we'll get to the end of the foreclosure crisis, because there may be more coming that we don't know about yet," Sax said. "That's why we don't want to paint too rosy a picture."

Greg Sax, a spokesman for the Minneapolis Area Association of Realtors, agreed.

"It's hard to say when we'll get to the end of the foreclosure crisis, because there may be more coming that we don't know about yet," Sax said. "That's why we don't want to paint too rosy a picture." Email me for more information!

Monthly Skinny on the Real Estate Market!

As there are so many negative stories on the real estate market, I remain optimistic. Bullish in fact. My business has stayed the course for three years with the philosophy "work hard and remain positive." There are truely significant signs the real estate market is turning. The stats do not lie my friends. We are heading to better waters. By next spring we may be back to a balanced market! jkoltes@gmail.com

Click on the link below for a short video that will inspire you that our Minnesota housing market is on it's way!

Where has the Minneapolis real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity.
Click here for the full report!

Types of Carpet

CARPET CARPET CARPET!

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When people are looking for carpet, there is much confusion about style and pile they say. This aims to help clear up all the different styles and types.

Cut Pile

The best-selling type of carpet is textured cut pile. Cutting looped carpet fibers at the top creates cut pile with yarn bundles standing straight. Preshearing cut pile several times creates a luxurious appearance. Cut pile is less resistant to crushing than other types of carpet.

• Saxony

Saxony's are tightly twisted cut piles that are heatset straight. Saxony's consist of two or more fibers twisted together in a yarn. They provide a soft texture for formal and informal areas. Saxonies show every footprint and vacuum-cleaner mark. These carpets have medium durability.

• Texture and Textured Saxonies

Textures are the best-selling carpets and work well in informal areas (such as family rooms and children's bedrooms) because of its soft feel. Textures are tightly twisted and texture heatset for medium durability. They have a multi-colored look that disguises tracks and footprints.

• Velvet/Plush

Velvets/Plushes are lightly twisted and have a uniform color. They are softer and more level than textures. This type of carpet is ideal for formal areas (such as formal living rooms and master bedrooms) because of its luxurious appearance. Velvets/Plushes show every footprint and vacuum-cleaner mark.

• Frieze

Frieze is a highly twisted cut pile carpet suited for high traffic, informal areas. It has short fibers that tend to curl in different directions at the surface to hide footprints and vacuum marks.

Cut and Loop Pile

Cut and loop pile combines cut and looped fibers. It provides a variety of surface textures or sculptured effects for medium durability. Cut and loop pile carpets are available in solid or multiple colors. The different levels in this type of carpet can hide dirt and footprints in formal and informal areas.

Level Loop Pile

Level loop pile is made by weaving even loops of yarn into carpet backing at both ends. This type of carpet is very durable and track resistant because of its strong loops. Higher loops create a more luxurious appearance. Level loop piles with short and densely packed loops are easy to clean. They prevent dirt from filtering into carpet. This type of carpet is ideal for high traffic areas.

• Berber

Berbers are increasing in popularity faster than any other type of carpet. Berbers limit footprints and vacuum tracks in informal areas. Berbers can have thicker yarns than other level loop pile carpets for high durability. These loops can retain dirt and may be damaged from snags. Berbers come in expensive wool fibers or less expensive nylon, olefin, or nylon-olefin fibers.

Multi-Level Loop Pile

Multi-level loop pile is like level loop pile except that the loop heights vary (usually two to three different loop heights). This carpet creates an appearance of random texture. This type of carpet is good for high traffic areas but the smaller loops can sometimes hold more dirt.

First Time Homebuyers

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First-time Buyers
Whether you have spent years saving and preparing to buy a home, or you still aren't sure if it is something you can even dream of, the questions surrounding a first-time home purchase can feel endless.

You can find the answers – and peace of mind – by working with RE/MAX, the industry leader in experience and service.

Here are some tips to help you with the process of becoming your own landlord.

Being prequalified for a loan determines how much house you can afford. It also allows you to move more swiftly when you find the right house, especially when you aren't the only interested buyer.

Shop for mortgage rates and terms
A difference of even half a percentage point can make a huge difference in how much you pay over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.

Using a buyer agent
A buyer agent is legally responsible for representing the buyer's interest in a real estate transaction. Generally, the buyer agent is compensated by the seller at the time you purchase a new home. There are some limitations to using a buyer agent, however. Before you decide, have a Realtor explain the advantages and disadvantages of using a buyer agent.

Features that help or hurt resale value
In some areas, a swimming pool actually detracts from a home's value and makes the home harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. Your Realtor can point out features that hurt, as well as those that help, resale value.

Rate the houses you tour
After touring each home, write down what you liked and didn't like. Develop a rating system which will help you narrow the field down to the house that's the best for you.