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 If the kitchen and bathrooms are outdated, consider a cosmetic redo.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!

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.

Uplifting Real Estate News!

While day traders continue along their roller coaster ride, 997 Twin Cities home buyers made the smart investment in real estate. That's 40.0 percent more than those who made the investment last year. As this year's pending sales trend line rounds off its seasonal peak, you'll notice that purchase demand is coming back in line with historical trends.

Sellers were another story. There were 1,433 new listings, 18.7 percent fewer than this time last year. Seller activity has also likely reached its seasonal peak but remains below historical levels for this time of year. Consequently, buyers have effectively absorbed existing supply. That's a good thing. The number of active listings is down 18.5 percent to 24,362 available homes for sale.

With strong sales and less new supply entering the market, the balance is shifting toward neutral. Both the prevalence and magnitude of seller concessions have stabilized, and absorption rates improved in July after 12 months of sizable increases. Though still slightly lower than last summer, prices have increased nearly 18.0 percent from March to June of this year.

If you or anyone you know is thinking of buying, the bottom we have all been looking for may be here! Drop me an email or call me at 612.308.4708. I'd be happy to help direct you down the right path. ~ Joe Koltes Visit my website at www.go2joe.com

Home sales continue upward movement!

"You don't know what you've got 'til it's gone." – Cinderella, 1980s power-balladeers

This week's quote-of-note applies to the current situation of available
inventory in the Twin Cities housing market. Our disappearing
supply—down 21.4 percent from this time last year—is being caused
by absorption from strong pending sales activity (up 18.2 percent year-
over-year for the week ending July 18) and weak new listings (down
12.1 percent for the same time period comparison). Click here for full version of stats ending 7/19/09. Exciting stats!
With a consistently shrinking inventory and more buyers this summer
than we've seen since 2005, buyers who lack urgency could find
themselves singing along to that sad classic Cinderella song.
Meaning: Contact me today so you don't miss out~

Something to consider: Whether you are in the market or not. It is in everyone's best interest to use a REALTOR that has experience and expertise. Would you let a friend or relative work with just anyone? Refer them to me. I will take care of them and make sure they are protected, and get the best deal possible.

Pending Sales up 34.6% over Last Year!

The Twin Cities housing market experienced its annual pre-
Independence Day drop in activity as fireworks, barbeques and lake
cabin excursions preoccupied the minds and schedules of many Twin
Citizens. New listings took a steep dive prior to the holiday, dropping to
1,482 for the week ending July 4. This is an 8.3 percent decrease from
the same week in 2008. Full Report Click Here!
Pending sales also dropped to 989 for the week ending July 4.
Fortunately, this stat is still a healthy 34.6 percent above where it was
last year, when there were just 735 pending sales reported.
Further metric watching:
Housing Affordability Index – 192. While astoundingly high, it has
dropped since January due to price rebounding and higher mortgage
rates.
Months Supply of Inventory – 7.3. This is a 31.1 percent decrease from
the 10.6 figure posted last year at this time.
The market is showing signs of slowly moving back towards balance.

If you are looking to buy or sell, please call and I can help you out! 612-308-4708 Or click here to email me anytime! Remember 1st time home buyers receive $8,000 back when purchasing a home prior to November 1st 2009!

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!

Fed Drops Rates by .50 to 1.5%

SURPRISE RATE CUT:

www.go2joe.com

Federal Reserve cuts rates by 0.50%

This morning the Federal Reserve responded to the current credit crisis by lowering the federal funds rate to 1.50%.

The Federal Reserve meets again October 28th & 29th. Will they continue to lower rates? And what does this mean for you?

GOOD NEWS in an uncertain economy
Mortgage rates are low, starting at 5.25% (5.47% APR)*
Lenders are still lending millions of dollars each day
Larger banks have over 200 trustworthy lenders on their network
Larger banks like Wells Fargo will beat the national average interest rate*

For a new loan or Refinance go to http://www.go2joe.com and click on "mortgage"

In times like these, it's important to smile and help others to do the same!