MAAR’s Weekly Market Activity Report

 – Sales up 54.4 percent over last year. The end of the first-time home buyers tax credit looms just 30 days beyond a Halloween horizon, and home sales remain strong in the lead-up to tricks and treats and the impending tax credit DEADline. For the week ending October 17, there were 954 signed purchase agreements, howling upward 54.4 percent from a year ago. Almost two-thirds of these pending sales were priced below $190,000—evidence that first-time buyers are carrying a heavy share of the activity. The strong sales we’ve seen over the last 15 months mean that our inventory of available homes has shrunk like the heads in a witches’ brew. The 23,896 homes on the market right now represents a 21.2 percent decrease from the decidedly more scary market of 2008, and it is the lowest mark at this point in the year since 2004. Expect home sales to begin dropping as tax credit qualifiers finish their mad rush to the closing table. We’ll all make it out of this market alive. For the full market report visit http://www.mplsrealtor.com/downloads/market/WMAR/wmar.pdf

WEEKLY MARKET ACTIVITY REPORT

News and Updates

Weekly Market Activity Report

The end of the first-time home buyers tax credit looms just 30 days beyond a Halloween horizon, and home sales remain strong in the lead-up to tricks and treats and the impending tax credit DEADline. For the week ending October 17, there were 954 signed purchase agreements, howling up 54.4 percent from a year ago. Almost two-thirds of these pending sales were priced below $190,000—evidence that first-time buyers are carrying a heavy share of the activity.

The strong sales we’ve seen over the last 15 months mean that our inventory of available homes has shrunk like the heads in a witches’ brew. The 23,896 homes on the market right now represents a 21.2 percent decrease from the decidedly more scary market of 2008, and it is the lowest mark at this point in the year since 2004.

Expect home sales to begin dropping as tax credit qualifiers finish their mad rush to the closing table, but unlike those camp counselors at Crystal Lake, we’ll all make it out of this market alive.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

Monthly Skinny Video – October 2009

Monthly Skinny – October 2009

Weekly Market Activity Report

The fall Twin Cities housing market has been full of wild things, mostly first-time home buyers stampeding to take advantage of the federal tax credit before it expires on November 30. The week ending October 10 was no different than others we’ve seen this fall. There were 947 signed purchase agreements for the week, a 37.6 percent increase over the same week last year.

At 1,543 new listings we’re down 4.4 percent from the same week a year ago. The trend continues: New listings haven’t been keeping up with the amount of sales, bringing total housing supply down dramatically in the Twin Cities. There are currently 24,901 homes on the market, 21.0 percent less than a year ago.

The rumpus is likely to subside as we near the November 30 tax credit deadline, silencing the sales activity of the market’s most active buyers.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

Check out my listings at www.EDeHaven.com

Letter regarding economy

 

To my loyal clients, friends and new readers:

 

This is a challenging time for our country and the real estate industry.  I would like to make a few comments on the status of our area’s market and to talk about what I am doing individually and our company collectively to stay ahead of these challenges.

 

First, thank you for your loyalty and continued support.  I truly appreciate your confidence and the opportunities you have given me.  It is always my goal to meet and exceed your expectations and get your desired result effectively.

 

The housing market has experienced unprecedented challenges in the last three years. For those of you buying, the many and varied buying opportunities can be confusing.  For those of you selling, the extended marketing times and uncertain pricing parameters can be frustrating.

 

These challenges are discussed and analyzed within our company on a daily basis.  The question that is constantly at the heart of our discussions is:  In addition to using the long-tested and effective methods to get the job done, what new ideas can we incorporate to improve our effectiveness?  Coldwell Banker Burnet has a proven history of “thinking outside the box” and that, combined with our track record and great sales force, allows us to move ahead of the pack which is supported by our overwhelming dominance in our market place.

 

To that end, let me describe some of our plans, both near and long term, to stay ahead of the curve:

 

1.  The statistics are not as bad as one might think.  Please see the attachment.  If you only listen to the media, you might think that no one is selling or buying real estate.  The truth is quite the opposite; we maintain good sales, and our inventory is shrinking.

 

2. We constantly improve our web-sites for maximum effectiveness.  (70% of home searches start on the internet)

 

3. We study our print advertising continually – is it result oriented?

 

4. Listing reassessments:  What more can be done?  Is the price realistic?   Does it look as good as possible?  Is the advertising targeted to the right market, etc.

 

5. Keeping our clients educated to market changes and challenges.

 

6. Offer ideas to improve our “one-stop shopping” in all real estate aspects; mortgages, title, and insurance; the ultimate services for those seeking efficient and effective processing.

 

7. Participation in our bi-annual “Lakeshore Tour” in early October with over 144 homes featured on a company-wide basis with in our highly advertised Open House Tour, five of which were my listings.

 

8. Participating in the national “10 Day Sale” promotion, which has brought great results in other parts of the county, will be offered for the first time in our area.  I will feature three homes.

 

9. Always keeping you, the client at the top of my list.  I am in the service industry providing just that…”service”! My attention, as well as the attention of my licensed assistants and all the Coldwell Banker Burnet associates is hard at work for you.

 

10. Running our businesses efficiently and effectively.  Like most businesses, to stay in front we must be must be careful to be effective in our expenses to stay ahead on your behalf.

 

11. We stay open to suggestions and improvements from our clients, so if you see, hear or feel something is not working for you; please let us know immediately as we strive to improve our service to provide the best for you. 

 

I want to thank you again for your confidence in the job I do for you.  I am totally vested and committed to bringing you a great result!  If you have any questions, or concerns or would just like to “chat”, please do not hesitate to call me (952-476-3646) or send me an e-mail (edehaven@cbburnet.com).

 

Thank you, and together we can get it done!

 

Cordially,

 

Ellen DeHaven

The Real Story – Letter from Mary (PHH)

Hello Everyone,

I am sure that you have recently had as many questions as I regarding the availability of mortgage money.  The current economic crisis has led many in the public to worry about whether or not mortgage money is even available should they choose to buy a house.  Statements from government and commentary by the media have certainly played a part in creating this perception.

So, what is the real story?  Here at PHH Home Loans it continues to be business as usual.  Perhaps, because that statement is so ordinary it gets overlooked.  I would like to give you the facts so that you can share them with your agents and customers.

First, frankly we have access to more funds to lend than we can actually use!  Our warehouse facility has a $350 Million capacity.  Given that most loans cycle through the warehouse in 15 days our group effectively has access to $700 Million a month!  This morning we were only using a fraction of the line.  I would say we have access to plenty of credit.

Second, mortgage product is widely available.  So far this year we have sold loans to 21 different state and national investors.  Within our investor group we still have more than 450 products to offer.  Furthermore, we constantly seek out new investors and, just as importantly, they seek us out to sell their product!  It is important to remember that we have the best mortgage customers around, the purchase money borrowers who come through Coldwell Banker’s doors every day.  Our investors recognize this fact and want to do business with us.

Third, borrowers can still qualify for a loan.  It is absolutely true that today’s underwriting standards are now stricter than those of the recent past.  However, that is a good thing for our industry.  Borrowers should be able to document their income, their assets and prove that they are credit worthy.  Old fashioned?  Perhaps, but it is certainly prudent.  Furthermore, PHH Home Loans was never a major player in the sub-prime market.  In 2005 when things were getting rather wild and crazy PHH Home Loans did just 3.5% of our closed loan volume in this category.  It was never our stock in trade and this has served us, and our parent company, quite well.  The marketplace is littered with the wreckage of companies who choose the sub-prime path.

Finally, as you know, this weekend wraps up Coldwell Banker’s 10 Day Sales Event.  This is a tremendous opportunity for the consumer to get into a new house.  This is all the more true because, as you know, interest rates have been moving up for the last several weeks.  It will certainly do the consumer little good to hold out for that last $5,000.00 on the sales price and then have to pay a half percent or more on their interest rate for the next 30 years.  This may well be the best time to buy!

Have a great weekend.

Mary

REALTOR enotes for week of October 27, 2008

Weekly Market Activity Report

Home sales in the Twin Cities housing market continue to post healthy increases over last year, though the upward movement isn’t as powerful as it was during September. For the week ending October 18, there were 618 signed purchase agreements (pending sales)—an increase of 9.6 percent over the same week last year and the 16th consecutive week of year-over-year upward movement. Foreclosures and short sales continue to comprise a sizable chunk of the market.

New listings for the same time period comparison were 18.1 percent lower, which represents the 30th week of the last 33 to have downward movement in new listing supply. The total inventory of homes for sale sits at 30,343, which is about 3,000 less than at this same time in 2007. Inventory should continue to fall through the remainder of the year but won’t fall as far as previous years given the higher number of foreclosures and short sales, which tend to stay on the market irregardless of snow depth and subzero temperatures.

The Weekly Market Activity Report is sponsored by the largest real estate commission advance company in the U.S., Commission Express.

Click the logo below or click here for this week’s full report. Visit Market Info for more research reports.

 

Listen to the Money Talk

Money talk is all the rage at the water cooler, at the cocktail party, at the dinner table, on the Internet, on the TV, at the…you get it. To keep up with the Joneses, Greenspans, Bernakes, Paulsons, and Buffetts, we’re alerting you to a couple of found money objects on the web.

The first one is from NPR. The blog itself exists in nice, bite-sized bits, but “The Giant Pool of Money” we first noticed is pretty long (50+ minutes in 2 parts). Sure, it’s long, but it’s also pretty good. Maybe play it in the background while you’re balancing your personal budget. If an hour is just too much to think about, the “short” highlight version is 12 minutes long.

The second one skews more local. Check out Ka-Blog!, the blog of Star Tribune finance writer, Kara McGuire. It’s a great little local golumn (blog-column) that will draw you back frequently for an informed (and sometimes quirky) look at money matters on the home front and beyond.

Storefront photo by Robert Smith/NPR; crumpled money photo by Sarah.

Source: NPR, Star Tribune

NAR Sustainable Property Designation
NAR has created a true cross-over designation–one that provides an in-depth understanding of “what green means” for every aspect of real estate: residential, commercial, property management.

Access new markets, build your customer base, and be a positive force for change in your community! This designation addresses the concerns of consumers that are seeking real green expertise, not just lip service. You can be the one they come to for answers. As a real estate professional, you can have a real and lasting impact. Get the designation that will help you make it happen. more

Source: National Association of REALTORS®

If you know of any green opportunities worth talking about, contact Greg Sax at gregs@mplsrealtor.com, and tell him all about it.

 

CREDIT: It’s A Buyers Market – Is Your Credit Ready?

The Emerging Markets Homeownership Initiative and sponsor organizations are hosting an informational session on credit. The purpose of the event is to educate industry professionals and consumers on the importance of credit, create credit savvy consumers and correct credit misconceptions. Industry professionals will receive updates to current mortgage programs and resources for their borrowers who are struggling with credit issues.

Date: Thursday, October 30
Time: 3:00 p.m. to 8:00 p.m.
Location: Brooklyn Park Community Center
Address: 5600 85th Ave N, Brooklyn Park, MN 55443

Event Introduction | Event Flyer | Vendor Application

Source: National Association of REALTORS®

Updated Market Information (Post Election) 11-06-2008

Updated market information

 

Recent statistics are as follows:

 

1.Sales are up 17% for the month of October!

 

2.  Of those sales, 51% were either   “short sales” or foreclosures. This number has continued to increase and tends to drive prices down.

 

3. Showing activity for the month increased over last year in most districts. This is a positive trend.

 

4. New listings declined by 9%.  This concept represents another positive trend as we move (albeit slowly) toward a more balanced market. 

 

5. There are approximately  10 homes for every buyer which is down 13.8% from last year.

 

6. There are currently 4534 homes listed in all districts, which represents a 20 month supply.

 

We continue to have brisk activity in open houses with people seeking information and the desire to move. The challenge continues to be to educate and help clients with confidence to make this decision.

 

I am mailing a postcard with most of my current listings to over 5000 people in the Twin Cities this week.  Look for yours!

NAR Home Buyer and Seller Survey Shows Rise in First-Time Buyers, Long-Term Plans

NAR Home Buyer and Seller Survey Shows Rise in First-Time Buyers, Long-Term Plans

ORLANDO, November 08, 2008

The latest consumer survey of home buyers and sellers shows first-time buyers have risen in market share and plan to own their homes longer than buyers in the past. The study was released here today at the 2008 REALTORS^® Conference & Expo.

The 2008 National Association of Realtors^® Profile of Home Buyers and Sellers is the latest in a series of large national NAR surveys evaluating demographics, marketing, preferences and experiences of home buyers and sellers.

Lawrence Yun, NAR chief economist, said a higher share of first-time buyers makes perfect sense, and it’s a trend he expects to grow. “First-time buyers are much more flexible in entering the market because they aren’t concerned about selling an existing home,” he said. “Given low home prices, plentiful supply and affordable interest rates, it’s been an optimal time for entry-level buyers with a long-term view.

“Considering the temporary first-time buyer tax credit and improvements to the FHA loan program, we expect stronger entry-level activity as the flow of credit improves – that, in turn, should free more existing owners to make a trade in 2009.”

The number of first-time buyers rose to 41 percent from 39 percent of transactions in last year’s survey and 36 percent in 2006. “Although modest, this is a meaningful gain for the 12-month period ending at the close of June, and more recent independent data show a stronger uptrend in first-time buyers who are helping to reduce excess inventory,” Yun said.*

According to the NAR study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.

The median downpayment by first-time buyers was 4 percent, up from 2 percent in 2007; the number purchasing with no money down fell from 45 percent in 2007 to 34 percent in the current survey. “The study covers transactions through the middle of 2008, so we can assume the downpayment numbers have shifted recently because credit tightened and no-downpayment loans all but disappeared around the close of the survey,” Yun explained.

Of first-time buyers who made a downpayment, 69 percent used savings and 26 percent received a gift from a friend or relative, typically from their parents. Another 7 percent received a loan from a relative or friend, while 16 percent tapped into a 401(k) fund, stocks or bonds. Ninety-two percent chose a fixed-rate mortgage.

NAR 2008 President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said consumers rely heavily on the expertise of real estate agents to navigate the market. “This is the biggest transaction most people are ever involved in, so the qualities they’re looking for in a real estate agent include reputation, honesty, integrity and knowledge of the market,” he said. “Both buyers and sellers want agents to provide context, advice and know-how. The vast majority would use their agent again or recommend their agent to others.”

Only 1 percent of sellers chose an agent based on his or her commission. Forty-six percent report the real estate agent initiated a discussion of compensation, while 24 percent of sellers brought up the topic and the agent was willing to negotiate the commission or fee. Thirteen percent of sellers did not know commissions and fees are negotiable.

Nearly nine out of 10 home buyers and sellers would definitely or probably use the same agent again or recommend him or her to others, consistent with the 2007 findings. The survey shows that 81 percent of home buyers and 84 percent sellers used a real estate professional, comparable to 2007.

Thirty-eight percent of sellers found their agent as a result of a referral, while 26 percent used the agent in a previous home purchase. Similarly, 43 percent of buyers relied on referrals to find an agent, while 18 percent of repeat buyers used an agent from a previous transaction.

The percentage of buyers who purchased a home in foreclosure jumped to 6 percent of transactions in the 2008 survey from 1 percent in 2007. Another 38 percent of buyers considered purchasing of a home in foreclosure but did not, primarily because they could not find the right home.

Commuting costs factored greatly in neighborhood selection, with 41 percent of buyers saying they were very important and another 39 percent saying transportation costs were somewhat important. “Since fuel costs began rising in the latter part of the survey period, it’s reasonable to assume they’ve become even more important to home buyers since,” Yun said. “We’ve heard from our members that commuting costs are playing a bigger role in buyers’ decisions.”

Environmentally friendly features also were important, cited by 90 percent of buyers. Heating and cooling costs were of primary importance, followed by energy efficient appliances and energy efficient lighting.

Buyers searched a median of 10 weeks and viewed 10 homes. Of buyers who used an agent, 61 percent chose a buyer’s representative. Nearly nine out of 10 consider their home a good investment, and almost half see it as a better investment than stocks. Fifteen percent of buyers own two or more homes.

The typical repeat buyer was 47 years old, earned $88,200, purchased a home costing $236,000 and plans to stay in that home for 10 years. Repeat buyers made a median downpayment of 15 percent, but 10 percent paid cash for their property.

The median age of home sellers was 47; income was $91,000. Three-quarters were married couples, had been in their home for six years and moved a median distance of 19 miles. Their home was on the market for eight weeks; 5 percent of sellers who also purchased a home reported selling their home in a short sale.

Forty-two percent of sellers offered incentives to attract buyers, such as assistance with closing costs or home warranty policies. The typical home sold for 96 percent of the listing price, and 86 percent of sellers were satisfied with the selling process. Fifty-two percent of sellers were trading up to a larger home, while 22 percent were downsizing.

The study found that 81 percent of sellers used full-service brokerage, in which real estate agents provide a range of services that include managing most of the process of selling a home from listing to closing. Nine percent chose limited services, which may include discount brokerage, and 9 percent used minimal service, such as simply listing a property on a multiple listing service. All of these types of services are provided by Realtors^® as well as non-member agents and brokers. The results are identical to findings in 2007 and comparable to findings in 2006.

Primarily, sellers want agents to price their home competitively, market the property, find a buyer and sell within a specific timeframe.

Home buyers are consistent in their expectations of real estate agents. Buyers thought the most important agent services are helping find the right house, and negotiating sales terms and price. Because agents often are chosen based on a referral, or were used in a previous transaction, two-thirds of buyers contacted only one real estate agent in the search process.

Buyers used a variety of resources in searching for a home: 87 percent used the Internet, 85 percent used a real estate agent, 62 percent yard signs, 48 percent attended open houses and 47 percent looked at print or newspaper ads. Fewer buyers rely on a home book or magazine, home builders, television, billboards and relocation companies. Buyers most commonly start their search process online and then contact a real estate agent.

When asked where they first learned about the home purchased, 34 percent of buyers said a real estate agent; 32 percent the Internet; 15 percent from yard signs; 7 percent from a friend, neighbor or relative; 7 percent home builders; 3 percent a print or newspaper ad; 2 percent directly from the seller; and 1 percent a home book or magazine.

Eighty-seven percent of home buyers who used the Internet to search for a home purchased through a real estate agent, in contrast with 72 percent of non-Internet users who were more likely to purchase directly from a builder or from an owner they already knew in a private transaction.

Local metropolitan multiple listing service Web sites were the most popular Internet resource, used by 60 percent of buyers, followed by Realtor.com, 48 percent; real estate company sites, 46 percent; real estate agent Web sites, 43 percent; for-sale-by-owner sites, 19 percent; and local newspaper sites, 11 percent; other categories were smaller.

Sixty-one percent of buyers are married couples, 20 percent are single women, 10 percent single men, 7 percent unmarried couples and 2 percent other. Twenty-six percent are non-white, 9 percent were born outside of the United States, and 4 percent primarily speak a language other than English.

Seventy-eight percent of all respondents purchased a detached single-family home, 9 percent a condo, 8 percent a townhouse or rowhouse, and 5 percent some other kind of housing.

Fifty-five percent of all homes purchased were in a suburb or subdivision, 17 percent were in an urban area, 16 percent in a small town, 10 percent in a rural area and 2 percent in a resort or recreation area. The median distance from the previous residence was 12 miles.

The level of for-sale-by-owner transactions was 13 percent, up slightly from a record-low market share of 12 percent in both 2007 and 2006. The level of homes sold without professional representation has trended lower since reaching a cyclical peak of 18 percent in 1997.

A large number of these properties were not placed on the open market – 45 percent were “closely held” between parties who knew each other in advance, such as family or acquaintances.

Factoring out properties that were not placed on the open market, the actual number of homes sold without professional assistance is 7 percent – the rest are unrepresented sellers in private transactions. This matches the results in the 2007 study and marks a downtrend from 10 percent sold on the open market in 2004.

The median home price for sellers who used an agent was $211,000 vs. $153,000 for a home sold directly by an owner, but there were important differences between the two. Unassisted sellers were more likely to be in a rural area or small town where sellers are more likely to know potential buyers. In addition, the home was more likely to be a mobile or manufactured home, and the owner’s income was lower than that of sellers using agents.

The most difficult tasks reported by unrepresented sellers are selling within the planned length of time, getting the right price, preparing the home for sale, and understanding and performing paperwork.

NAR mailed an eight-page questionnaire in August 2008 to a national sample of 133,000 home buyers and sellers who purchased their homes between July 2007 and June 2008, according to county records. It generated 10,053 usable responses; the adjusted response rate was 7.9 percent. All information is characteristic of the 12-month period ending in June 2008 with the exception of income data, which are for 2007. Because of rounding and omissions for space, percentage distributions for some findings may not add up to 100 percent.

Weekly Market Activity Report

Weekly Market Activity Report

As fall turns into winter—and winter turns dark and cold—activity in the Twin Cities housing market has entered its annual hibernation. On a weekly basis, new listings, total inventory and sales are all declining as consumers batten down the hatches and prepare for the holidays. Relative to this time last year, however, activity is stronger. For the week ending December 6, there were 597 signed purchase agreements (pending sales), which is up 27.6 percent over the same week last year. Roughly half of these sales—54.7 percent—were lender-mediated foreclosures or short sales.

On the supply side, new listings were relatively flat, up only 0.7 percent for the same time period comparison. The total supply of homes for sale currently sits at 27,035, down 8.2 percent compared to this time last year. Expect the decline in overall supply to continue into January. At the same time, expect the lender-mediated market share of that supply to increase.

Click the logo below or click here for this week’s full report. Visit Market Info for more research reports.

STAYING POSITIVE AND HAPPY THROUGHOUT THIS HOLIDAY SEASON!

It’s been a great year at One Day University because of you, and we wanted to express our thanks with a small holiday gift. So we asked one of our most popular professors, Shawn Achor, who teaches positive psychology at Harvard, to record a brief audio lecture on staying positive and happy throughout this holiday season. Please click the link below to listen to your free mini-lecture.  You’re welcome to forward this audio lecture to your friends!

 

Shawn Achor Holiday Lecture

 

Instructions:

1.      Be sure to turn your speakers on!

2.      Click on the above link and your audio lecture should begin playing immediately.

3.      If it does not begin to play immediately, right-click the link and chose Save Link As to download it to your computer. Once you have done so, open the file from your computer and it should play with your computer’s default media player.

 

If you have any problems, please give us a call at (800) 663-3298 and we help you get it running.

Weekly Market Activity Report

Weekly Market Activity Report

Fall is officially on in the Twin Cities, but it hasn’t slowed the housing market as much as usual. After the school year begins, we typically see a drop in buyer activity, but the 2009 fall market is remaining robust due in large part to the final weeks of the tax credit for first-time home buyers. There were 1,056 pending sales for the week ending September 26, up 41 percent from the same week last year.

As a direct result, inventory is dropping like a stone. There are approximately 24,500 homes for sale in the 13-county metro area, down more than 20 percent from a year ago.

The October 2009 Supply-Demand Ratio (SDR) comes in at 6.88 houses per buyer, down 22.5 percent from last year. The SDR has shown year-over-year drops of 30 percent or more for the past few months, but we’re projecting that the year-over-year decline for October will be smaller because pending sales are likely to be significantly lower if the federal tax credit for first-time buyers is not extended. If the credit goes *poof*, it will remove buyers from the market.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

FALL WATERFRONT TOUR – OCT 4, 2009

Fall Waterfront Tour

Sunday, October 4, 2009

1:00 p.m. – 5:00 p.m.

 WAYZATA BAY LAKESHORE ON LAKE MINNETONKA
980 Shady Lane East
Wayzata, MN
$3,995,000

Historic, long admired estate. Walk to Wayzata. 6 bedrooms plus a 2 bedroom carriage house. Charming and authentic Colonial. A rare opportunity. Approximately 120 feet of southwest facing lakeshore on Wayzata Bay.

 

WAYZATA BAY LAKESHORE ON LAKE MINNETONKA
908 Shady Lane East
Wayzata, MN
$2,695,000

Rare Shady Lane opportunity! Delightful, existing home with upgrades or a great building site. Dramatic views on Main Lower Lake from level lakeshore. Approximately 100 feet of southwest
facing lakeshore on Wayzata Bay.

 

GIDEONS BAY ACCESS ON LAKE MINNETONKA
45 Gideons Point Road
Tonka Bay, MN
$1,295,000

Prime Gideons Point Road “cottage style” home with deeded dock! Timeless and charming! Value Price!

 

GRAYS BAY LAKESHORE ON LAKE MINNETONKA
16922 Grays Bay Blvd
Minnetonka, MN
$799,000

Welcome to Grays Bay on the eastern edge of Lake Minnetonka. Lake living with close proximity to downtown Wayzata and Minneapolis. Simplify your lake life with an easy to maintain lot and newly updated home including granite countertops and generous open floor plan.

 Click the following URL to see the listings:
Matrix.northstarmls.com – View Ellen’s Listings

 To view the full Fall Waterfront Home tour please click the following link:

CBB Fall Waterfront Home Tour

WEEKLY ACTIVITY REPORT UPDATE

http://www.mplsrealtor.com/downloads/market/WMAR/wmar.pdf

Once again, the six-day gap between where Labor Day fell in 2008

and where it fell this year is causing our year-over-year weekly

numbers to look weird. For the week ending September 12, you’ll see

a steep drop-off in new listings and pending sales, but there’s no such

dip last year.

New listings for the week ending September 12 were 1,624, a 12.9

percent drop from this period last year. Pending sales agreements also

dropped precipitously to 840 from 1,070 a week ago, 7.3 percent

higher than this week last year.

Next week’s figures should begin to provide more relevant year-overyear

comparisons. As the final days of the tax credit tick down (72 days

and shrinking), we’ll be watching market activity with heavy interest.

Stay tuned.

News and Updates Weekly Market Activity Report

News and Updates Weekly Market Activity Report

The number of homes for sale in the Twin Cities metro area continues to decline relative to a year ago. As of Monday morning this week, there were 26,674 homes for sale in the region, down 20.9 percent from a year ago. In other words, we’ve lost 1 in 5 homes in our inventory in the last year. Sales are a different story. For the week ending June 20, there were 1,156 signed purchase agreements, up 32.1 percent from the same week in 2008. That’s the 12th week of the last 13 to feature a year-over-year increase in sales activity exceeding 20 percent. We must bear in mind, however, that sales are only up in certain categories and price ranges. Year to date, traditional home sales (excluding foreclosures and short sales) are still down 17.8 percent from last year. New construction sales are down 21.7 percent from last year. And sales of homes priced above $350,000 are down 26.8 percent from a year ago. The lion’s share of market activity is taking place in the lower price ranges this year. VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

URGENT!!! – Elimination of the Mortgage Interest & Property Tax Deduction

TO: MNAR Brokers and Office Managers

RE: Member Call to Action

The Elimination of the Mortgage Interest Deduction and Property Tax deduction are still limping through the House and moving toward a final vote either Friday or Saturday.At this point we are lobbying House members and telling them why this is a bad idea.At the same time, the House DFL Caucus is lining up votes and indicating that eliminating the Mortgage Interest and Property Tax Deduction will only hurt the rich.In testimony yesterday, they stated that Minnesota can no longer afford giving deductions to multi million dollar mortgages – yet they eliminate it for all taxpayers and replace it with a credit.There is no credit for the property tax deduction.The budget numbers show the plan will save over $500 million on MID and $400 million on the property tax deduction over the biennium (2010/11).When they talk “rich” they mean taxpayers with incomes over $86,673 which is the top 20% in Minnesota.The $900 million plus is being redistributed away from homeowners to fill the budget shortfall.

We have called and sent press releases to the 4 major TV stations, 3 radio and both newspapers.None of the Editorial Boards is touching the story or even running the editorial comment.

Of more concern, we have sent out 3 written pieces, including 2 which included a pre-written letter the member could simply send to their elected official within 15 seconds.So far we have generated only 2,473 responses from our 20,000 membership base.This compared to 12,000 in 2006 when we sent one out on the Deed Tax.We need your assistance in motivating REALTORS® to act quickly on this matter.

Please find a copy of the legislative roster at

We need REALTORS® to call legislators and tell them to against the Elimination of the Mortgage Interest and Property Tax Deductions.”There is no further message or debate that needs to occur.We have additional information on our web site, including links to the bill summary if members are interested. REALTORS® should be contacting their clients as well and letting them know what is happening and how they can help stop this legislation.They could be very strong allies in this battle and many stand to lose the most.

We need REALTORS® to take a stand on this issue and we hope you will let your members know how much we need their support.

http://www.house.leg.state.mn.us/hinfo/leginfo/elecdir08.pdf. We are focusing on the HOUSE of REPRESENTATIVES, especially DFL Legislators.We need 21 DFL members to vote against including the elimination of Mortgage Interest and Property Tax Deduction in the House Tax Bill. This is not a partisan issue ; this is where the votes to pass the bill will need to come from.The House Republicans have been supporting our position, but they do not have enough votes to defeat the measure without having 21 DFL members cross over.