Data Supplied by the Regional Multiple Listing Service Inc.

June was a busy month for SPAAR President and Snyder Team leader Jennifer Snyder. “In addition to it being ‘that time of year’ when families want to get moved and settled before the new school year, buyers feel that we have finally hit the bottom in terms of affordability,” she said.

Snyder’s sentiments are reflected in statistics released last week for the 13-county Twin Cities metropolitan area. While new listings are down, pending sales are up—nearly one-and-a-half times what they were over last June’s post-tax credit slump.

“Properties that are priced appropriately for the market are moving,” said Snyder. “Listings at all different price points are selling—and in a couple of cases it’s even getting tricky to find the right inventory for a specific buyer—a good problem I haven’t experienced in a while,” she said.

When combined with record affordability, the 5.5% decline in new listings and a 15.9% decrease in inventory add an element of urgency buyers haven’t experienced in some time.

The flow of financially distressed properties onto the market appears to be slowing, and those on the market are selling. Foreclosures and short sales accounted for 38.2% of all sales, the lowest level since June 2010. 

For more details, look at these June statistics: THE 200+ I HOUSING SUPPLY OVERVIEW

Go to your typical real estate website.  What do you see?  Listings.  Lots and lots of listings.  Or in other words, sellers.  But what about the buyers?  They play just as important of a role in a real estate transaction.  RE/MAX Results understands this and is reinventing how we sell real estate.

Results.net, the RE/MAX Results website, now has Buyer Listings.  Sellers, whether they are on the market or even contemplating being on the market, can visit Results.net and search for active buyers who are currently under contract with RE/MAX Results. Simply enter a few pieces of information about the home you’d like to sell such as bedrooms, bathrooms and neighborhood or school district. Press the “Find Buyers” button. It will show you the matching buyers.

Visit Results.net today and check out this groundbreaking feature.  Are you interested in being added to the Buyer Listings?  Give us a call or send us an email today to learn more about it!

~Information from Marshall Saunders, Owner/Broker of RE/MAX Results.~

Monthly Skinny Video February 2011

The video is also offered in Spanish for our relocation friends!

Monthly Skinny Video February 2011 ~ Spanish

Home Sales were up in January 10.4 percent from a year ago and were the highest January total in the Twin Cities since 2007. “We’ve had back-to-back months where sales have outpaced our expectations,” said Jennifer Snyder, our team member and president of the St. Paul Area Association of REALTORS®.

In January in the Twin Cities, there were 2,209 sales compared to 2,001 sales a year ago, an increase of 10.39 percent. January and February are traditionally the slowest months of the year for home sales in the Twin Cities. “We have seen an uptick in sales activity and activity in the market in the last two months,” Snyder said.

Median prices were down 10.8 percent from last year to $140,000, from $157,000 last January. “We saw sales down last year, but prices increased slightly. We may be seeing a shift of increased sales activity tied to prices adjusting,” Snyder said. “Especially in the winter months, there are buyers looking for bargains, and the price decrease likely reflects an increase in sales of foreclosed properties and other distressed properties.”

The median is the mid-point. Half the homes sold for more, half for less. Numbers reflect the 13-county metro area and include single-family, condominiums and townhouses.

~SPAAR Press Release February 11, 2011~

In an effort to boost the real estate market, FHA has extended its 90-day seasoning waiver.  What does that mean?  If an investor purchases a home with plans to fix it up and then sell it, he or she does not have to wait 90 days before listing the home for sale.  The purpose is to encourage more investors to get in the market and to provide more options for buyers.

There are requirements that must be met for the waiver to be allowed.  For example, all transactions must be arms-length.  There can be no identity of interest between the buyer, sellers, or other parties involved in the transaction.  There are also rules relating to sales price, marketing, and title.  The waiver applies to sales contracts executed between February 1, 2011 and December 31, 2011.  The waiver can be extended or withdrawn at any time. 

It is important to note that the extension of the waiver does not guarantee transactions will go smoothly.  Individual underwriters may not approve loans for homes being sold in such a quick timeframe.  We would recommend that sellers wait 90 days after a purchase before marketing it for sale to ensure a better transaction for all.

Monthly Skinny January 2011

According to a National Association of REALTORS® survey released in January 2011, home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy.

The American Attitudes About Homeownership survey found:

• 95% of homeowners and 72% of renters believe that over a period of years it makes sense to own a home.
• Despite the downturn in the economy, 93% of homeowners would buy a home again.
• More than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only 36% of renters report the same levels of satisfaction.
• 63% of renters say they will purchase a home sometime in the future.
• 18-24 year olds have the strongest desire for home ownership.

Even during this rough economic cycle, homeownership is still desired by most people.  The benefits of owning a home just outweigh any negatives.  This survey shows there will also be people looking to own a home.

~Information from the National Association of REALTORS®~

Washington County also saw an increase in year over year median sales prices.  From December 2008 through November 2009 it was $190,000.  December 2009 through November 2010 saw the median sales price increase 2.6% to $195,000.

While every city and neighborhood is different, this shows home values are increasing through Washington County.  This helps homeowners who want to refinance and sellers who are ready sell.  This also shows homeowners with no intention of selling their investment is growing.

Monthly Skinny Video December 2010

The video is also offered in Spanish.  Click here to see that version of the Monthly Skinny.