Real Estate Blog

  Are you ready?

Sooner or later, it hits almost every renter: the pain of dealing with a landlord, or seeing your monthly payments vanish, or realizing you don't have control over your living space. Sound familiar? It might be time to start thinking about buying a home of your own.

The idea of finding, financing and purchasing a new home can be intimidating, but you're not in it alone, I'm ready to help you every step of the way.

If you're not quite ready yet, I'll continue to share some thoughts on renting vs. owning. And when you're ready to make a move, let's talk. Call or email me to get started. 612-247-7593 jason.lange@results.net
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Twin Cities Housing Market Update

Sailing on Lake Calhoun

Great news for the housing market continues to be the front runner in the media for several months now, and it's not just minimal supply and more demand. It's also a function of what's on the market! Whether it's traditional sales, short sales or foreclosures! When there is a transition from a 50 percent foreclosure market to a 25 percent foreclosure market, prices ultimately will start to rise because there are fewer low-priced homes available. This is not necessarily the case in all markets...  Here is what's else is happening in the Twin Cities Housing Market for the week ending April 13:

For the Month of March

• New Listings decreased 2.0% to 1,605   • Inventory decreased 28.7% to 13,145       • Pending

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Soaking Tub
  Amazing townhome, boasts an open floor plan, southern exposure with large windows for lots of natural light.  Cabinets galore and counter space will please the cooking connoisseur.   A patio door leads to a very large deck for your grill and/or outdoor relaxation.   The main floor is completed with a gorgeous gas fireplace.  The master bedroom is spacious with a private master bath with separate shower/garden tub. Both bedrooms have walk-in closets to accommodate storage needs. Traditional sale! You can view the virtual tour at 3561 Hazel Trail Unit I!! Interested in other townhomes on the market right now in Woodbury? Search Woodbury Townhomes for sale!!
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Here are 10 steps involved in closing the on a purchase of a home:

  1. Apply for your loan if you aren't already pre-approved
  2. Once pre-approved, begin your home search
  3. Draw up an offer to pruchase with detailed contingencies in place
  4. Submit your offer to the seller for their consideration
  5. Seller accepts the deal or counteroffers with contingencies and price changes of their own
  6. Have the home inspected by a licensed home inspector
  7. Get the house appraised
  8. Perform a title search, buy title insurance, and homeowners insurance, as required by your lender
  9. Review all documents to ensure accuracy
  10. Closing Time!! All loan documents are signed, and you own the house!

Each of these steps involves a number of details, and we

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Here is a great "little" home in Maplewood that is perfect for a small family or single person. It's well worth a look! Here is a link to the virtual tour of the home... 101 Kenwood Dr, Maplewood, MN Virtual Tour. 

 

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In the Twin Cities region, for the week ending March 23:
-  New Listings Are Up By 2.8% to 1,453 
-  Pending Sales increased  Nearly 12% to 1,116
- Housing Inventory Decreased 29.8% to 12,779
For the month of February:-  The Median Sales Price increased a Whopping 15.5% to $160,000
- Days on Market decreased nearly 22% to 112

- Percent of Original List Price Received increased 3.4% to 93.7%

- Months Supply of Inventory decreased 38.8% to 3.0

So what does all of this mean?? Home sales are up, thereby reducing inventory. As inventory goes down competetion goes up due to a lack of available homes increasing the overall price for those homes. 

If you are in the market to sell you home... NOW is the best time!! Spring is here and as it

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According to the NAR, 10% of home sales in 2011 were FSBO's. The typical FSBO home sold for $150,000 compared to $215,000 for agent-assisted home sales. 

Methods Used to Market Home FSBO:

  •     Yard sign . . . . . . . . . . 44%
  •     Listing on Internet . . . 33%
  •     Friends/neighbors . . . .27%
  •     Open house . . . . . . . .19%
  •     Newspaper ad . . . . .  17%
  •     For-sale-by-owner Web site . .12%

Most Difficult Tasks for FSBO Sellers:

  •     Getting the right price . . . 12%
  •     Understanding and performing paperwork: 11%
  •     Having enough time to devote to all aspects of the sale: 6%
  •     Preparing/fixing up home for sale: 5%
  •     Selling within the planned length of time: 5%
Source: 2011 National Association…
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Good news Woodbury, MN!! According to The Minneapolis Area Association of Realtors statistics, Woodbury homes values are up 9.1% accross the board from December 2011 through November 2012!!  Pending sales are up 16.1%, closed sales are up 10.2% and new listings are down a whopping 30.4%. As of November 2012 there is only a 3.8 month supply of available homes. What does that mean?? This number tells us when we will be out of available inventory. If there were no new listings it would take approximately 3.8 months to exhaust current housing supply. What does that mean to someone that would like to sell? Now is an amazing time to sell!! Buyers are eager to find a home with interest rates being at an all time low and as values are starting to come up they are…
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Here are the Market Statistics for the Twin Cities for the week ending 11/24/12. The Median Sales Price increased by 14.8% to $175,000.  The DOM or Days on Market decreased a whopping 25.2% to 103. Percent of Original List Price Received went up by 3.5% to 94.5% of original list price. Months Supply of Inventory decreased 39.6% to 3.8. 

Is now a good idea to get your home on the market??? Absolutely!!! If you have been thinking of selling, don't wait! Get on the market asap!!

  • See What's on The Market: Use the search tools on this site to get an idea of the competition.

All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Powered by 10K Research and Marketing

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If you're thinking about purchasing rental property, experts say that low home prices when combined with low interest rates make this the best time in years to become an investor in real-estate.  I was pricing a home out for a client a week ago for about $80K and the total payment including taxes and insurance totaled about $450 monthly. That's a car payment now days! The home should rent out conservatively for $1100 monthly. That is a monthly profit of $650 or $7800 extra income generated on an annual basis. Sounds like a good idea to me! 

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