Thursday, March 11, 2010
Reading Between The Lines; Move Up Ops Strengthen
Star Tribune Chips In With a Market Update
As I have been mentioning for months, the opportunity to move up is here! This quote really emphasizes the high demand for the lower price ranges and high inventory in the upper price ranges:
"Currently, there are six homes on the market for every buyer. But as mortgage banker Alex Stenback points out on his blog Behind the Mortgage (www.behindthemortgage .com), excess inventory is concentrated in higher-priced properties as well as in condos and town homes."
If you are an empty nester or just ready to go the condo townhome route, this dynamic presents a double reward for buying up!
Don Mailey
(952) 212-0968
Don@DonMailey.com
Thursday, February 11, 2010
MAAR Releases Much Anticipated 2009 Market Analysis!
___________________________________________________
Research & Analysis for the 2009 Minneapolis-St Paul Metropolitan Area Housing Market
Table Of Contents
4 Quick Facts 2009 Housing Market Analysis
6 Unit Sales Data 2009 Home Sales
8 Price Data 2009 Home Sales
10 Map 2009 Twin Cities Median Home Prices
11 Map 2009 Home Price Per Square Foot
12 Historical Data Median Sales Price by Area
14 Historical Data Average Sales Price by Area
16 Map Percentage of Lender-Mediated Properties
17 Map Five-Year Appreciation
18 Annual Review 1980–2009
Research & Analysis for the 2009 Minneapolis-St Paul Metropolitan Area Housing Market
Table Of Contents
4 Quick Facts 2009 Housing Market Analysis
6 Unit Sales Data 2009 Home Sales
8 Price Data 2009 Home Sales
10 Map 2009 Twin Cities Median Home Prices
11 Map 2009 Home Price Per Square Foot
12 Historical Data Median Sales Price by Area
14 Historical Data Average Sales Price by Area
16 Map Percentage of Lender-Mediated Properties
17 Map Five-Year Appreciation
18 Annual Review 1980–2009
Wednesday, February 10, 2010
Monday, February 8, 2010
Monday, January 25, 2010
Tuesday, November 17, 2009
Take a front row seat at this small venue seminar explaining why today might be one of the best times ever to be a move up home buyer. Invest less than 1 hour digging into what the numbers are indicating and how waiting until now to move up, may have saved you $10's of thousands of dollars! Join me at 7:00 PM on Thursday, January 28, in the RE/MAX Results office located at 2605 Campus Drive.
Topics Covered:
$6500 Move Up Tax Credit
o Market Leverage
o Inventory Graphics
o Price Range Demand
o Interest Rates
o Property Taxes
o Arbitrage
Watch for this seminar to be delivered via webinar in the future, as well as presentations on other real estate/homeowner topics of interest such as radon etc.
Sincerely,
$6500 Move Up Tax Credit
o Market Leverage
o Inventory Graphics
o Price Range Demand
o Interest Rates
o Property Taxes
o Arbitrage
Watch for this seminar to be delivered via webinar in the future, as well as presentations on other real estate/homeowner topics of interest such as radon etc.
Sincerely,
Don Mailey
RE/MAX Results
(952) 212-0968
Don@DonMailey.com
Don@DonMailey.com
Thursday, November 12, 2009
Even If You Are Renting Now, You May Qualify!
Consider the following example from the National Association of REALTORS® :
Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.
FYI: The new home DOES NOT have to be of a higher value than the old home.
Sincerely,
Don Mailey
RE/MAX Results
(952) 212-0968
Don@DonMailey.com
Sunday, November 8, 2009
Inventory Metrics Favor Move Up Homebuyers!
In the Twin Cities Metro, 5 months of housing supply at a given price range is considered balanced. Going above 5 months supply, indicates a buyers' market and conversely, going below 5 months supply points to a sellers' market. Take note of what is occuring in the chart below.
In part, the $8000 First Time Homebuyer Tax Credit --which was just extended-- has pushed the inventory levels at the lower end of the spectrum into sellers' market status. At the same time, the inventory levels of higher priced homes have remained in a buyers' market. This dynamic creates a great situation for the move up homebuyer; selling into a lower inventory market and then purchasing into an excessive inventory market.
Month’s Supply of Current Inventory—All Homes
Price Range.... 1-09.... 1-10.. Change 1-09 to 1-10
Under $120k .__ 6.5.........2.6 .......... ....-60.1%
$120k to $150k_ 7.8........ 4.0.............. - 48.0%
$150k to $190k _7.0........ 5.1...............- 27.4%
$190k to $250k_ 6.2........ 5.3...............- 15.5%
$250k to $350k_ 7.4___. 6.3.....6........- 14.9%
350k to $500k __9.6....... 7.9........... . ..- 17.1%
$500k to $1 mil. 13.2...... 13.1 .............. -1.3%
$1,000,001+..... 22.5...... 30.2............ ..+ 34.0%
All Price Ranges... 7.6........ 5.0................- 34.0%
$120k to $150k_ 7.8........ 4.0.............. - 48.0%
$150k to $190k _7.0........ 5.1...............- 27.4%
$190k to $250k_ 6.2........ 5.3...............- 15.5%
$250k to $350k_ 7.4___. 6.3.....6........- 14.9%
350k to $500k __9.6....... 7.9........... . ..- 17.1%
$500k to $1 mil. 13.2...... 13.1 .............. -1.3%
$1,000,001+..... 22.5...... 30.2............ ..+ 34.0%
All Price Ranges... 7.6........ 5.0................- 34.0%
$6500 Move Up Homebuyer Tax Credit Becomes Law!
The $8000 First Time Homebuyer Tax Credit was extended as well, serving to energize buyers for your current home!
Some of the tidbits of the new bill include:
For First Time Homebuyers or those who have not owned a home within 3 years, the tax credit remains at $8000, with income restrictions maxing out at $125,000 for singles and $225,000 for couples. Move Up Homebuyers – those defined as having owned a home for five of the previous eight years – can now also take advantage of a credit, with the slightly lesser amount of $6500, with slightly higher income restrictions as those described above. To qualify for the new program, purchase agreements need to be signed by April 30, 2010 and close by June 30, 2010. For those in our armed forces; persons stationed outside the United States, on official duty for 90 days during the period from January 1, 2009 and before May 1, 2010, will have eligibility extended for binding contracts signed before May 1, 2011, and closed before July 1, 2011.
You waited; enjoy!! Start making your plans now for that home you have dreamed of! Lakeshore? Bigger in the 'burbs? Huge foreclosure special? Invest less than 1 hour digging into what the numbers are indicating and how waiting until now to move up, may have saved you $10's of thousands of dollars! Join me at 7:00 PM on Thursday, January 28, in the Plymouth,
RE/MAX Results office located at 2605 Campus Drive.
Sincerely,
Don Mailey
RE/MAX Results
(952) 212-0968
Thursday, November 5, 2009
We Are One Step Closer To The $6500 Move Up Homebuyer Tax Credit!
WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House could vote on the bill as early as Thursday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.
_______________________________
You waited; enjoy!! Start making your plans now for that home you have dreamed of! Lakeshore? Bigger in the 'burbs? Huge foreclosure special? Invest less than 1 hour digging into what the numbers are indicating and how waiting until now to move up, may have saved you $10's of thousands of dollars! Join me at 7:00 PM on Thursday, January 28, in the Plymouth RE/MAX Results office located at 2605 Campus Drive.
Sincerely,
Don Mailey
RE/MAX Results
Don Mailey
RE/MAX Results
(952) 212-0968
Thursday, October 29, 2009
Move-up Buyers to Get Homebuyer Tax Credit
**PASSED!**
Caution! The credit is in the bill, but the final bill is yet to be voted into law. At the moment, the current wording includes:
"A deal struck among key senators last night to extend the homebuyer tax credit will broaden the benefit to include existing homeowners who are buying a new home as well as first-time homebuyers.Tax credit for move-up buyers will be less than for first-time buyers, but still significant. They will qualify for a credit of up to $6,500 and must have owned their current homes at least five years."
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Move Up Home Buyers: Get The Facts On What Today's Real Estate Market May Hold For You!
Take a front row seat at this small venue seminar explaining why today might be one of the best times ever to be a move up home buyer. Invest less than 1 hour digging into what the numbers are indicating and how waiting until now to move up, may have saved you $10's of thousands of dollars! Join me at 10:00 AM on Saturday, January 23, in the Plymouth RE/MAX Results office located at 2605 Campus Drive.
Topics Covered:
o Market Leverage
o Inventory Graphics
o Price Range Demand
o Interest Rates
o Property Taxes
o Arbitrage
Watch for this seminar to be delivered via webinar in the future, as well as presentations on other real estate/homeowner topics of interest such as radon etc.
Sincerely,
Don Mailey
RE/MAX Results
(952) 212-0968
Don@DonMailey.com
Don@DonMailey.com
Wednesday, October 28, 2009
On Average, Expensive Homes Have Lost Value Quicker
Has your current home lost value in the last two years? Probably; but your target home has more than likely lost more value. Conversely, when your current home was gaining value every year, the price of your target home was going up just as fast. The graph above displays a market circumstance unseen in our metro in some time!
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