Minnesota Real Estate Weekly Update

The Minnesota Real Estate Team continued to sees increased buyer and seller activity in 2008. We found out this week we are the #7 ranked RE/MAX team in the United States in 2008!! We take pride in helping buyers and seller here in the Twin Cities marketplace. Call us today at 952-223-1150 for all of your real estate needs.

Tune in weekly to our radio show Saturdays, 3-5 PM, The Minnesota Real Estate Show on 100.3 KTLK, FM.

Do you have an interest in real estate investing? Call today to find out when our next upcoming free seminar will be!

How were the numbers this past week?

2,380 new mls listings came onto the market this past week, a decrease of 16.6% compared to the same time in 2007. Pendings increased from the previous week, coming in at 887. This however is also down 14% compared to 2007. Currently, there are 32,849 active properties for sale here in the Twin Cities. This thankfully is down 1.2% from 2007. The average days on market decreased to 154 days, down from 165 days the previous month.

Check back next week for another minnesota real estate update!

Minnesota Real Estate Weekly Update

More good news for the local Twin Cities real estate market. The current number of homes for sale, 32,448, is less than the number that was for sale at this same time last year. We are down 0.4% compared to last year in total number of active listings. Pending sales dropped this past week to 804. This unfortunately is a 14.6% drop compared to the same time in 2007. This past week saw 2,155 new listings come onto the market, also a drop of 14.2% compared to last year.

Overall, these numbers do seem encouraging. We are seeing less homes being put onto the market, and slowly but surely, our existing inventory will continue to shrink.

Our team, The Minnesota Real Estate Team, continues to see an increase for both buyer and seller activity. Year to date, the team has 209 closings on the books for 2008. We are seeing a large number of investor buyers as well as first time home buyers looking to get into homeownership. We also have helped a number of sellers who have needed to short sale their home.

Please call us today at 952-223-1150 for any and all of your real estate questions. We are the #1 real estate team in Minnesota...here to help you with all of your real estate needs. Have a great day.

Minnesota Real Estate Weekly Update

The tide is slowly turning here in the Twin Cities real estate market. This past week saw only 2,152 new listings come onto the market. This is down 19.6% from 2007. 893 properties went pending, a decrease of only 0.3%. And lastly, there are 32,234 active properties for sale, a decrease of 0.4% compared to last year.

This is good news indeed for our market.

Year to date, our team is seeing a large increase in buyer activity. We have 207 accepted closings on the books for 2008. This is an increase of 74% for our team compared to 2007.

Our team's goal in 2008 is to be one of the top ten REMAX teams in the country. We are currently #1 in Minnesota through the end of April.

With this being said, we pride ourselves in getting results for our buyers and sellers. If you are looking for a great purchase on a bank owned property, call us today at 952-223-1150. If you need to get your property sold, call us as well. We are always here to help.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

Finally some good news for the Minnesota real estate scene! For the week ending April 12th, there were 858 pending sales! This is only down 3.8 % from 2007. 2,156 new listings went onto the market. This is down a whopping 20.1% compared to the same time in 2007. Right now, there are 31,915 active listings on the market. This is up only 1.3% from 2007.

The conclusion: more pendings, less inventory coming on the market....eventually will lead us back to a more balanced market. These are very good numbers indeed!

If you area homeowner and you need to short sale your property, check out our short sale team led by Mary Alice Short. They are knowledgable, hard working, and they get results for our sellers.

If you are a regular home seller and would like information on how our team can help out, email us at Ryan@MnRealEstateTeam.com or call today at 952-223-1150. Year to date, the team has sold 193 homes. Simply stated, we bring results for our sellers.

If you are a real estate investor, plug in to our seminars. Call or email us today for more info!

If you like talk radio regarding real estate, tune in Saturdays, 3-5 PM on 100.3 KTLK, FM to The Minnesota Real Estate Show. We take your calls all throughout the week at 1-800-396-0406. Check out the show site and all of our wonderful preferred partners at www.MnRealEstateShow.com

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

2,313 new listings came onto the market here in the Twin Cities this past week. This is a modest 0.5% decrease from 2007. 780 properties went pending, a decrease of 18.1% compared to last year at this same time. 31,615 active listings are now on the market. The overall inventory level is only 3% higher than where the market stood last year.

As far as the supply/demand ratio, we have 7.96 houses on the market for every one buyer. For comparison sake, we had 6.5 houses on the market per one buyer in April 2007, and we had 5.28 houses on the market in April of 2006.

Currently we have 9.6 months worth of inventory on the market, up 23.9% compared to 2007.

The Minnesota Real Estate continues to offer help for buyers, sellers, and investors alike. We have our real estate 101 investing seminar this Wednesday night at 6:30 PM. Please call 952-223-1150 for more info!

Year to date, the team has sold 187 properties! The market is not all down...not all "doom and gloom!" Work with a professional on your next purchase or sale....work with the #1 Real Estate Team in Minnesota, The Minnesota Real Estate Team!

Minnesota Real Estate Weekly Update

More good news for the Twin Cities real estate market! 1,971 new listings came onto the market, however this was a refreshing 14.8% drop compared to last year at this exact same time! Pending sales were down only 15.9% compared to last year, with 719 properties receiving acceptable offers. Overall inventory levels went to 31,176 listings. This is only a 4.7% increase over last year. Lastly, there are currently 7.96 houses on the market for every one buyer.

These numbers show that the local market here is not as bad as many think. Buyers continue to make offers and pick up properties at great prices.

The Minnesota Real Estate Team also has seen an increase in overall activity for our agents. Year to date, we have 177 accepted sales set to close. This is up 73% compared to last year at this exact time.

For all of your real estate needs, call us at 952-223-1150. We were again the #1 real estate team in Minnesota in 2007! Put us to work for you!

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

Finally some good news for the Twin Cities real estate market! Only 1,774 new listings came on the market this past week. This is down 26.3% from the exact same time in 2007! In addition, 763 properties went pending. The number of newly signed purchase agreements (pendings) has been climbing each week. This too is a good sign for our market. Overall inventory levels remain at 30,904 active listings. This is up 5.5% from the same time in 2007.

The Minnesota Real Estate Team continues to have a strong sales year here in 2008. Year to date, the team is up 69.4% in total transactions compared to 2007. The team has 163 accepted sales on the books.

If you are investor looking to invest in real estate...a seller needing to sell....a seller needing to short sale...a first time homebuyer looking for advice....really whatever your real estate need may be, give us a call today at 952-223-1150. We have been the #1 real estate team in Minnesota the last two years running, and we pride ourselves doing anything we can to help out our clients.

Lastly, tune in Saturdays, 3-5 PM, to The Minnesota Real Estate Show on 100.3 KTLK, FM. We take any any all of your real estate related questions.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

Finally some good news for the Twin Cities real estate market! Pending sales jumped significantly from the previous week. There were 757 newly signed purchase agreements, only down 8.9% compared to this same time last year. There were also 300 fewer properties put on the market this past week than the same time in 2007. A total of 2,078 listings were put on the market, and overall inventory still remains at 30,619, an increase of only 5.5% compared to this same time in 2007.

Much of the recent buyer activity has been caused by the increase of investor purchases. To put in bluntly, real estate is "on sale" here in the Twin Cities, and the die hard investors know just that. They are buying as much as they can literally get their hands on!

Our team, The Minnesota Real Estate Team, continues to offer monthly investment property seminars. If you have any interest in learning how you can get into investment property or continue on, feel free to give us a call at 952-223-1150. All of the agents on our team own investment property and can help you build your long term wealth through real estate.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending March 8th, 2093 new listings were put onto the market here in the Twin Cities area. 682 properties received an acceptable offer and went pending, and 30,453 active listings remain on the market. The pending sales for this week dropped almost 19% compared to the same time last year.

Despite attractive interest rates, motivated sellers, and the plethora of properties to choose from, buyers still seem a but "unsure" about moving forward.

Without sounding too trite, it is an unbelievable time to be looking to purchase any real estate here in the Twin Cities. Owner occupied buyers and investors alike have a buying opportunity that many experts feel will not be back for a long, long time.

Our team, The Minnesota Real Estate Team, continues to move forward with optimism here in 2008. We have 148 accepted sales set to close already here for 2008, and our team goal is 500 transactions.

Whether you are a buyer or a seller who is looking to sell, please call us today at 952-223-1150. Our team is here to help you out however we can!

Look for another real estate update here next week!

Minnesota Real Estate Weekly Update

For the week ending March 1st, 2008, the Twin Cities real estate market did produce some good news. There were 680 pending sales for the week, a drop of only 4.9% compared to 2007. The number of pendings has steadily risen each week, showing increased buyer activity here in our market. There were 2014 new listings that went onto the market, an increase of 4% compared to 2007. Overall, there remains 30,112 active properties for sale here in the Twin Cities. This is an increase of 12.3% compared to 2007.

This past weeek, The Minnesota Real Estate Team learned that, based on our 2007 sales volume, we were the #42 RE/MAX team in the US for 2007. We also found out we were the #86 team in the world! In both Top 100 rankings, we were the only Minnesota RE/MAX team.

Year to date, the team has 138 sales on the books! Please contact us at 952-223-1150 to learn how we can help you get your home sold! Or if you are looking to buy, call or email to learn how our team can help you in this market.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

There is some good news to report this week in The Minnesota Real Estate Weekly Update! Only 1,859 new properties went onto the market, a decrease of 8.3% compared to 2007. 624 properties did receive an acceptable offer and go pending, however this is a drop of 17.8% compared to 2007. Overall, there are still 29,141 active properties for sale in the Twin Cities. This is up 12.1% from the same time in 2007. Lastly, if you look at the current supply of homes on the market, it would take 8.9 months for all of that inventory to become pending or sold (if no new properties came onto the market). This is up 37% from 2007.

Year to date, The Minnesota Real Estate Team has 113 closings on the books. There is still alot of buying and selling activity taking place in this market. Buyers are however a bit "pickier," and sellers are forced to really look at price and condition. Call us today at 952-223-1150 to find out how The Minnesota Real Estate Team can help you on your new real estate move.

Look for some more real estate market numbers and the real estate update next week!

Minnesota Real Estate Weekly Update

The buyer's market continues to stay strong here in the Twin Cities. For the week ending February 9th, 2,125 new listings went onto the market, an increase of 1.9% compared to the same time in 2007. 634 properties went pending, a decrease of 14% compared to 2007, but an increase of almost 100 properties compared to last week. Overall inventory levels hovered around the 28,800 mark, still an increase of over 13% compared to 2007. Currently there is 8.9 months worth of inventory on the market. In other words, if no new properties came onto the market, it would take 8.9 months for the current supply to become pending or sold.

Our team, The Minnesota Real Estate Team continues to sell in this market. Year to date, we have 108 sales on the books. As a seller, if you want results, call us today at 952-223-1150. We are here to help you get your property sold!

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending February 2nd, the Twin Cities metro area saw 1,930 new listings come onto the market. This is a decrease of 10.2% compared to 2007. 537 properties went pending, a drop of 28.7% compared to 2007. There are 28,803 total active listings on the market as of today. This is an increase of 13.2% compared to 2007. Average market time is now 165 days, an increase of 12.2% to 2007.

Look for another market update next week!

Minnesota Real Estate Weekly Update

For the week ending January 26th, the Twin Cities metro area saw 1,706 new listings come on the market. This is a decrease of 6.1% compared to the same time in 2007. 528 properties went pending, a decrease of 16.9% compared to '07, and 28,153 properties are active on the market (an increase of 11.8% compared to '07.)

158 days on market is the average market time right now, with the supply demand ratio coming in at 10.02. This means that there are 10.02 homes on the market for every one buyer. This is up a whopping 36% from February 2007.

With a myriad of homes to choose from, historically low interest rates, and motivated sellers, this remains one of the best buyers markets in years.

Year to date, our team, The Minnesota Real Estate Team has 87 sales set to close here in 2008. Needless to say, there is still alot of buying and selling activity in this market. Our goal for 2008 is to be a Top 10 REMAX team in the United States.

For more information on how our team can help you in this market, call us today at 952-223-1150.

Look for another update next week!

Minnesota Real Estate Weekly Update

For the week ending January 19th, the Twin Cities saw 1,877 new listings come on the market (roughly half of these were re-lists that had already been on the market at least once in the past year), 485 properties went pending, a decrease of 19.4% compared to the same time in 2007. Currently, there are 28,168 active properties on the market, an increase of 11.5% compared to 2007.

Year to date, The Minnesota Real Estate Team is at 81 sales. In spite of the negative spin put on by the media, our team is finding homes priced correctly are selling. Of course they also need effective marketing as well. Call us today at 952-223-1150 to find out how our team can help you out.

Again, we were the #1 REMAX team in Minnesota in both 2006 and 2007. Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending January 12th, the Twin Cities saw 1,981 new listings come onto the market. This is a 4.8% drop from the same time in 2007. 443 properties went pending, a drop of 24% from the same time in 2007. There are 27,931 total properties on the market, an increase of 12.2% from 2007.

For comparison sake, there are 10.46 houses on the market per one buyer today in January 2008. In January 2007, there were 7.07 houses on the market for each buyer. In January 2006, there were 5.58 homes on the market for each buyer.

The Minnesota Real Estate Team is here to help you with all of your buying and selling needs. We have 35 agents, all across Minnesota and western Wisconsin. Call us here today at 952-223-1150.

Look for another real estate update here next week!

Metro home prices fell for first time in 20 years

The final numbers for 2007 are in: The median sale price declined 2.2%. This year might see another drop -- sobering news for anyone who bought at the peak of the market or has borrowed heavily against the value of their house.

By JIM BUCHTA, Star Tribune

Last update: January 17, 2008 - 12:06 AM

Home sale prices dipped in 2007 for the first time in at least 20 years and are expected to remain flat or fall slightly in the coming year, officials from several Twin Cities-area real estate groups said Wednesday.

The decline is bad news for anyone trying to sell a house and also is an indication of downward pressure on housing prices across the metro area -- sobering news for anyone who bought at the peak of the market or has borrowed heavily against the value of their house.

"It's significant in that prices declined," said Mark Allen, CEO of the Minneapolis Area Association of Realtors. "But insignificant when you look at long-term price growth."

During 2007 the median sale price of single-family houses, condominiums and townhouses fell to $225,000, a 2.2 percent decline from 2006.

However, the median sale prices still are $10,000 higher than the $215,000 median price that prevailed when market activity reached its peak in 2004.

But the first price decline in two decades of record-keeping debunks the long-held notion that home prices in this market don't fall.

Whether this decline signals a long-term trend or is just a blip is anyone's guess, but the slowdown has already left plenty of victims:

• The number of foreclosures in Minnesota doubled in 2007.

• The nation's biggest banks have lost tens of billions of dollars investing in mortgages that couldn't be repaid, sparking a global credit crunch and threatening a recession in the United States.

• Some home builders have resorted to mass auctions to unload new but empty homes.

Closed sales during 2007 in the Twin Cities metro area fell 16.4 percent to 40,055, and pending sales fell 15.5 percent to 43,560. At the same time, the number of new listings that hit the market declined. During 2007 there were 105,044 new listings on the market, down 2.8 percent from last year, but well head of activity in previous years.

That's evidence that prices could stabilize late in 2008 as inventory levels moderate and buyers regain confidence, said housing-sales officials, which also included representatives from the Southern Twin Cities Association of Realtors, the North Metro Realtors Association and the St. Paul Area Association of Realtors.

Officials from the National Association of Realtors last year predicted that prices would rise 1 percent during 2007. Instead, dogged by the subprime mortgage meltdown, rampant foreclosures and a steep decline in sales of new houses, the market couldn't gain enough momentum to beat back falling prices.

Tom Musil, director for the Shenehon Center for Real Estate at the University of St. Thomas, said that given the rapid price increases of recent years, a decline was inevitable.

"I was happy in the sense that prices have not eroded as much as they have in other markets," he said. In Naples, Fla., the median sale price last year was down more than 7 percent, and in Detroit, prices were down even more.

Nonetheless, Musil said Twin Cities prices are likely to fall again slightly this year before showing signs of recovery in mid-2009. But that likely will be only after the mortgage markets work through the instability that's causing lenders to tighten access to credit and charge more for the additional risk of doing business in these uncertain times.

More the 2 million adjustable-rate mortgages are expected to reset in the next two years. Although the impact of those rising rates is unknown, they are likely to lead to more foreclosures. And foreclosures have put downward pressure on prices throughout the metro area.

Tony Pistilli, chief retail appraiser at U.S. Bank in Minneapolis, said that even though optimists already are talking about a recovery, 2007 marked just the beginning of the market correction.

That, combined with the fact that the market oversold itself in 2005 and 2006, doesn't bode well for price increases in 2008.

"I don't think people are comfortable buying into a declining market," Pistilli said. "Time will tell. There's still a huge inventory of properties that has to get sold before people get more comfortable."

Some markets are exceptions

With buyers more discerning -- and cautious -- than they've been in a decade, the market has grown ever more fragmented. For every story of a house that's been on the market for two years, there's one about that special house or condo that got multiple offers or sold in just a few days.

For example, several Multiple Listing Service districts posted an increase in the median sale price, including several first- and second-ring suburbs, including Chanhassen. Some Minneapolis neighborhoods, such as southwest Minneapolis, also saw increases. And sales data suggests that while the upper-bracket market has the deepest inventory, 2007 sales in that price category kept pace with 2006.

Cynthia Froid of Keller Williams Integrity Realty in Minneapolis has had several upper-bracket listings in downtown Minneapolis that sold before hitting the market, and some of them had multiple offers from buyers who weren't concerned about selling their existing house to buy a new one. That includes a recent $2.75 million sale on a riverfront condo that closed last week for what she says is a record $854 per square foot.

"Those folks are just so insulated from what's going on in the mortgage markets," Froid said. "So all of this threat of recession impacts them, but not as dramatically."

At the same time, condo sales in downtown Minneapolis and St. Paul haven't kept pace with development plans, forcing developers to scrap several high-profile projects. Last year developers scrapped the Revue across the street from the Guthrie Theater on the river, the high-profile 222 Condos above the planned Whole Foods on Washington Avenue, and the Portland.

The story was similar in the suburbs, where new projects came to a virtual halt while builders and developers focused on reducing inventories of unsold homes.

Todd Bjerstedt, vice president of MarketGraphics, a data research company in Hudson, Wis., said there still is a glut of unsold new houses on the market, but that inventory levels have come down slightly.

As of December there were 3,548 houses that were finished but not sold, he said, down from a peak of 4,552 in April. And the number of ready-to-be-built lots peaked at 42,524 in August, but dropped slightly to 42,287 in December.

"Until this inventory is drawn down, we can't really expect normal construction activity," he said.

Ultimately, it's the decline in sale prices that could help drive the recovery as first-timers and investors take advantage of lower prices and the trail of bargains left behind in the wake of the foreclosure crisis.

With mortgage interest rates still near record lows and prices falling, the affordability index has risen from 131 in January 2006 to 141 this month. That means that a family with the local median income has 141 percent of the income needed to buy a median-priced house.

Difficult deliveries

"Sellers are being much more flexible," said Karen Rue, a sales agent for Edina Realty's Crocus Hill office in St. Paul. "I just think there are fair prices for the buyer."

Rue, who used to be a labor-and-delivery nurse and now specializes in selling architecturally distinct and unique houses, compared buying and selling in today's market to a "difficult delivery."

After working with a buyer for several months, for example, she helped him buy an unusual upper-bracket house in St. Paul that had been on the market for many months. With so much doubt and consternation in the market, it's a process, she says, that takes patience, trust and determination.

"And I trust the process," she said. "But you have to keep working through the ups and downs."

Minnesota Real Estate Weekly Update

For the week ending January 5th, 2008, the Twin Cities metro area saw 1,544 new listings come on the market. This is down 26% from the same time in 2007. 308 properties went pending, a decrease of over 22% from 2007. And lastly, there are 27,398 active properties for sale here in the Twin Cities. This is up 11.2% from the same time in 2007.

In spite of these numbers, The Minnesota Real Estate Team is excited for a promising 2008. This coming Friday, the team is opening up its southern "Short Sale and Bank Owned" branch out of the Lakeville REMAX Advantage Plus office. Currently, we have one northern branch that services all short sale and bank owned listings on the northern end, and this new branch will better be able to serve our clients "south of the river."

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending December 22nd, the Twin Cities saw 980 new properties come onto the market. This is unusually high, an increase of 17% compared to 2007. Pending sales increased from the previous week, with 461 offers being accepted. This is only a 9.3% drop from the exact same time in 2006. Total inventory levels remained at 28,062. This is about 600 properties less than the previous week, but still an increase of over 22% compared to 2006.

In spite of these slugggish numbers, The Minnesota Real Estate Team is excited about the upcoming year. Between our weekly radio show on 100.3 KTLK, FM, and our increased web presence with www.Minnesotas-real-estate.com, the team is having continued success in helping sellers get their homes sold.

Please contact us at 952-223-1150 to learn more about the marketing plan that made The Minnesota Real Estate Team the #1 REMAX Team in Minnesota and Wisconsin for 2006 and 2007!

Look for another real estate update next week.

Minnesota Real Estate Weekly Update

For the week ending December 15th, there were 1,213 new listings put onto the market here in the Twin Cities area. This is an increase of 8% compared to the exact same time in 2006. Only 408 properties went pending, a drop of a whopping 27% compared to 2006. Currently, there are 28,651 total properties on the market, an increase of over 14% compared to 2006. Lastly, there are 13.44 houses on the market per one buyer.

As always, The Minnesota Real Estate Team is here to help you with all of your buying and selling needs. We were the #1 REMAX Team in Minnesota for both 2006 and 2007.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending Dec 8th, the Twin Cities saw overall inventory levels shrink to 29,444 active listings. This is still however a 12.9% increase from this same time in 2006. 1,355 new listings went on the market, also an increase of 2.3% from 2006. Pending sales remain very, very low, at 468 total for the week. This is a 22.8% drop from 2006.

Currently there remains 9.3 months of inventory on the market. This is the amount of time it would take for all homes on the market to sell. This is a dramatic 32.8% increase from 2006.

Overpriced listings continue to sit and sit. Without an aggressive marketing plan, correct pricing and staging, your home will not sell in this market.

Contact our team, The Minnesota Real Estate Team! We are the #1 Real Estate Team in Minnesota with 300 homes sold in 2007! Call 952-223-1150 or email us today. We are here to help you with all of your real estate needs!

Minnesota Real Estate Weekly Update

For the week ending December 1st, the Twin Cities saw 1,485 new listings go onto the market. This is an increase of 4.5% from 2006 at the exact same time. Pending sales came in at 533, down 10.6 % from 2006. There are currently 29,949 listings on the market, up 12% from 2006. The average Days on Market (DOM) is at 148 days. This is an increase of 12.4% from the same time in 2006.

Sellers continue to face steep competition with the abundance of properties on the market. Price and condition remain paramount in this market.

This past week the national REMAX rankings came out, with The Minnesota Real Estate Team coming in 49th out all teams in the country. We again are the only Minnesota or Wisconsin team in the Top 100. For more info on how we can help you or someone you know, call 952-223-1150 or email us today!

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending November 24th, the Twin Cities saw a huge decline in pending sales. There were only 329 newly signed purchase agreements this past week, a decline of over 32% from this same time in 2006. 910 new listings went onto the market, an increase of 5.1% from 2006. Overall inventory levels remained at 30,249. This is an increase of almost 11% compared to the exact same time in 2006. Lastly, the supply demand ratio came in at a whopping 13.44. This means there are 13.44 homes on the market for every one buyer. This is an increase of 34% compared to the same time in 2006.

The Minnesota Real Estate Team still continues to bring results to our sellers and buyers. With 300 sales in 2007, we are gearing up for an even stronger 2008. Please contact us with any questions at all! Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending November 17th, the Twin Cities 13 county metro area saw 1,445 new listings go on the market. This is an increase of only 0.8% compared to the same time in 2006. 545 properties went pending, a decrease of over 17% from the same time in 2006. Thankfully, overall inventory levels dropped from the previous week to 31,295 active listings for sale. This number however is still a 10.6% increase from 2006.

Correct pricing of properties remains paramount in this market. Please do not hesitate to contact our team, The Minnesota Real Estate Team, with any and all real estate related questions. We have 303 sales "on the books" here for 2007. Our marketing plan is effective and results driven.

Look for another real estate update next week!

Tax bite deepens as home values fall

Minnesota is phasing out a program that shielded many homeowners from big property tax increases during the housing boom.

By Pat Doyle, Anthony Lonetree and Steve Brandt, Star Tribune

Last update: November 25, 2007 – 12:26 AM
Many Minnesota homeowners are learning that their property taxes are expected to rise even as the housing market slumps, a reflection of rising city costs, lagging assessments and a changing system that gave a break on taxes in previous years and is producing a burden now.

The system, called the limited market value program, was created by the Legislature in 1993 in an effort to protect property owners from the tax impacts of sharp increases in property values. The program was supposed to end after 2001, but the Legislature feared that doing so in a hot housing market would sting homeowners with sharply increased property taxes.

Instead, it began phasing out limited market value with the goal of ending it in the 2009 assessment year.

But the phaseout, combined with a sharply slumping housing market, is creating especially jarring variations in proposed taxes this year.

"You're going to have people on the same block, some of whom will have a big increase in taxes and others who will have little increase or a decline," said Matt Smith, an authority on taxes for the city of St. Paul.

Many of those expected to be hit with steep tax increases are feeling the impact of the phaseout of limited market value. The system slowed the growth in the taxable value of properties when home prices were skyrocketing. Now that previously unrecognized value is showing up on tax notices, along with higher taxes.

The phaseout means that a home's taxable value can rise each year to equal an ever greater portion of its actual market price -- a process that will continue until the two are identical. By 2009, all properties must be at their full market value for tax purposes in 2010.

Combined with the swoon in the housing market, the result in some cases is that a home's taxable value can continue climbing while its market value falls, particularly among homes that jumped most in value in earlier years.

In Minneapolis, the owner of a typical medium-priced home whose market value rose during the housing boom but flattened over the past two years could see a 12 percent increase in city property taxes. Meanwhile, the owner of a less expensive home that increased less in price before leveling off might see a 1 percent decline.

In St. Paul, most homes can expect to see increases of between 10 percent and 20 percent. But single-digit increases are expected in about a third of the city's planning districts, and median-valued homes in the St. Anthony Park neighborhood are likely to see a 4 percent tax decrease.

'It seems odd'

Such disparities and confusion over the taxation process have frustrated some homeowners who recently received estimates of their 2008 taxes in the mail and found increases that surprised them.

"When you have your taxes not performing what the market is doing, or what your house is worth, it seems rather unreasonable," said Brent Nelson, 33, of Minneapolis.

Nelson bought his home for $235,900 in 2005, near the peak of the housing boom. But in the past two years the home's market value has remained at $242,000. Meanwhile, its value for tax purposes rose from $191,400 to $220,100, still making up for limits placed on it during the boom years.

Nelson is looking at a 16 percent city property tax increase at a time when some of his Whittier neighbors are dropping prices on homes they're trying to sell.

"It seems odd that it's going up that quickly," he said.

Another problem is that taxes payable in 2008 are often based on property values as of 2006. So some bigger-than-expected tax bills don't reflect the continued slowdown in the housing market through 2007.

'Crazy' in the suburbs

Suburbs aren't immune to the confusing effects of the phaseout of limits on taxable values. Woodbury even devoted part of a recent newsletter to warning homeowners that some will experience "sizable jumps in their taxes as more of their property's value gets taxed each year."

The city cited one home where the market value declined from $217,200 to $209,000, but the taxable value jumped from $189,300 to $209,000.

"Even though the value of the property went down, their taxes are going up," said Julie Lehr, a spokeswoman for the city. "Crazy."

Lehr predicts that phasing out the limitations on valuations will prompt calls to city officials. "This is going to be the question: 'My property value is going down, why are my taxes going up,'" she said.

But many Woodbury residents won't be affected by the phaseout because their taxable values over the years kept pace with their market values. City property taxes on the average-valued home -- $304,000 -- are expected to rise just $6, due in part to growth in the overall tax base.

In Minnetonka, about 70 percent of homeowners will see a decrease despite a slight increase in market values of the average residence. Rising commercial values also have shouldered a greater portion of the city's tax burden.

Of the homeowners who will see an increase, few will be greater than 6 percent.

In most such cases, said Merrill King, city finance director, "You either have a home that has a pent-up limited market value that's catching up, or you've got this lakeshore property that's going to increase in value regardless."

Even properties in particularly distressed areas didn't necessarily escape increases.

"I was thinking, 'How could my taxes go up when the value of my property has gone down?'" said Randy Williams, 51.

The market value of his north Minneapolis home dropped from $113,500 to $109,500 -- a decline he feels still lags the real fall in neighborhood prices. But the value for tax purposes rose from $91,000 to $104,600. As a result, his city property taxes are expected to rise by 19 percent.

The market value of Williams' property might more closely track the recent housing downturn when 2008 assessment notices are sent out early next year. Minneapolis officials say the notices will likely show values sagging in the foreclosure-battered North Side, while growing 3 percent to 4 percent near the city's lakes and waters.

"It's a flatter market than we've seen in years," said city assessor Patrick Todd.

Property taxes are just one slice of a local government's revenue pie, so a change in an individual homeowner's taxes often doesn't match with government budgets. The budget recommended by Minneapolis Mayor R.T. Rybak is up 2 percent, and its property tax levy, which includes money from commercial, industrial and apartment buildings, is up 8 percent.

Like St. Paul, Minneapolis can generally expect to see heftier increases in tax bills than suburban areas next year, Hennepin County Assessor Tom May said, because the cities saw some of the sharpest increases in home prices in recent years and now those values will be reflected in tax bills.

Estimates show taxes dropping or staying the same in about half the households in Arden Hills, Little Canada, Mounds View and North Oaks. Bloomington would have seen a slight drop, but because of a voter-approved school levy, taxes on its median-valued home are expected to rise 1.2 percent.

Minnesota Real Estate Weekly Update

For the week ending November 10th, 2007, the 13 county Twin Cities area saw 1,591 new listings go onto the market. Even though this number dropped from last week, this is still a 2.9% increase from the same time in 2006.

Pending sales totaled 538, a drop of 16.8% from the same time in 2006. Total inventory levels topped out at 31,817 active listings. This is also a reduction from last week, but still 9.8% higher than the exact same time in 2006.

The Minnesota Real Estate Team continues its strong push in this slower market. Currently, we are at 293 sales for 2007. If you have interest in learning about our team, and how we can help you with the buying and selling process, give us a call at 952-223-1150.

Look for another update next week!

Minnesota Real Estate Weekly Update

For the week ending November 3rd, the Twin Cities area saw 1,779 new listings come on the market. This is an increase of 7.3% from the exact same time in 2006. 586 properties went pending, a decline of 13.6%.

Right now there are 32,281 total properties on the market in the 13 county Twin Cities area. This is a 9.8% increase from 2006. Currently, it would take 9.5 months for the current inventory level to become pending or sold. This is an increase of over 28% from 2006.

If you have an interest in talk radio, take a listen to our weekly radio show, The Minnesota Real Estate Show, Saturdays from 11 AM to 1 PM, on 100.3 KTLK FM. We talk about the Twin Cities marketplace, as well as feature some of the outstanding partners that our teams work with. For more information on this show, give us a call at 952-223-1150.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending October 27th, 2007, the Twin Cities area saw 1,590 new listings come on the market. This thankfully is down 2% compared to the exact same time in 2006. 514 properties went pending. This is down almost 17% from the same time in 2006.

Currently there are 32,459 properties active in the Twin Cities area. This is up 9.3% from 2006.

Lastly, there are 11.22 houses on the market for every one buyer. For comparison sake, there were 6.27 properties on the market for every one buyer in November of 2005.

Currently, our team, The Minnesota Real Estate Team has sold over 280 properties here in 2007. We are the only Minnesota REMAX team in The top 100 Teams in the country.

If you would like more information on how our team can help you get your property sold in these market conditions, call us at 952-223-1150.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the week ending October 20th, 2007, the Twin Cities continue to remain in a heavy, heavy buyer's market. 1,792 new listings went onto the market this past week, with 564 going pending. This number of pendings is a drop of 18.1% from the same time in 2006.

Currently, there are 33,400 active listings on the market in the 13 county Twin Cities metro area. This is an increase of 9.5% from this same time in 2006.

Mary Alice Short, with the short sale department on The Minnesota Real Estate Team, continues to sell a massive amount of listings. If you are going through a difficult time and need to look at the option of "short saling" your home (selling it for less than what you owe on it), please give us a call at 952-223-1150.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

We saw 1793 new listings go onto the market here in the Twin Cities last week, with 568 going pending. This number of pendings is an 18.3% drop from the same time in 2006. Currently there are 33,648 listings on the market, an increase of 9.6% compared to 2006. Days on market is averaging 141 days, an increase of 25% from 2006. And currently, there are 10.47 homes on the market for every one buyer.

What does this mean to you as a buyer? There has never been a better time to buy! More selection allows you to "put yourself in the driver seat" and negotiate!

What does this mean to you as a seller? Be realistic on price. Reduce, reduce, reduce! And make sure your property is in tip top shape.

In spite of this market, our team, The Minnesota Real Estate Team, has sold 273 properties year to date. We are currently the #48 ranked RE/MAX team in the USA. Give us a call at 952-223-1150 to find out how we can help you if you are looking to buy or sell within the next few years.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

For the real estate week ending Oct 6th, 2007, for the 13 county Twin Cities area, pending sales are down 21% compared to this exact same time last year. There were 625 newly signed purchase agreements compared to 790 in 2006. 2011 new listings went on the market this past week as well.

There are currently 33,847 active residential properties on the market. This is an increase of 9% compared to 2006. There are 10.47 houses for sale for every one buyer. For comparison sake, there were 8.32 houses per one buyer in October 2006, and 5.45 for sale for every buyer in October 2005.

Currently, it would take 9.9 months for all active inventory to become pending or sold. This is up 28% from 2006.

Look for another real estate update next week!

Soft housing market continues

Two weeks ago, Brigid Ryan-Ling put her four-bedroom home in Saint Paul on sale.

"Everyone's told us we're crazy," she said. "Gluttons for punishment, we've heard that many, many times."

But the key to not going crazy in this housing market is knowing the market isn't what it used to be.

"The biggest thing for us is keeping our expectations realistic," she said.

Wednesday the Saint Paul Association of Realtors released numbers telling home sellers exactly what they can expect. Home sales in September were down more than 22 percent from a year ago, across the 13-county metropolitan area. And homes are selling for less. The median price for a home sold last month was $225,000, down more than 2 percent from a year ago.

Homes are staying also on the market an average of 71 days. That's actually a slight improvement over the past couple of months.

Steve Hyland, the president of the Saint Paul Board of Realtors and says it's still a buyer's market but found reason for optimism.

"People who are really the experts in my business are saying, ‘We really are at a point where the bottom, if that's the right word, has just about been reached,'" he said, adding "There are some numbers in there, without trying to create a silver lining unnecessarily that are pretty positive."

One of the positive trends he pointed out is the glut of homes on the market is easing. The number of new listings is down almost four percent compared to last year. But maybe sellers are just discouraged. And foreclosures continue to cause pain.

Over the last two nights, hundreds of people worried about losing their homes have attended help sessions in Minneapolis and Saint Paul.

"There's a family, there's a story behind that house," said Ed Nelson, of the Minnesota Home Ownership Center. "It can ruin a family's credit."

In Minneapolis and Saint Paul there have been nearly 3,500 foreclosures already this year. That's more than there were in all of 2006.

The people who've been hosting the help sessions say half of the people in danger of losing their homes end up keeping their homes, once they seek guidance.

Realtor study says Twin Cities market "mildly unsteady"

Minneapolis / St. Paul Business Journal - by Carissa Wyant Staff Writer

A study released by the St. Paul Area Association of Realtors Wednesday says that the Twin Cities housing market remained "mildly unsteady" for the month of September.

Closed home sales for the month were 3,116, down 22.6 percent from September 2006, when there were 4,025 closed home sales. Pending sales were down as well. For the month of September 2007 there were 2,839 pending sales, down from 3,756 a year ago.

The median sales price for a home sold in the metro fell 2.13 percent to $225,000, from $229,000 one year ago.

There were 8,027 new listings added in September, a 9.4 percent drop from the 8,862 new listings added during September 2006.

The group also said home sales were down for the first nine months of 2007, home sales were down. There were 31,848 closed home sales during the 2007 period compared to 37,822 sales for the first nine months of 2006.

The Saint Paul Area Association of Realtors represents 4,800 members involved in the real estate industry.

Minnesota Real Estate Weekly Update

This past week saw 1886 new listings come on the market, with 547 properties going pending. Overall inventory levels remain at 34,043 active residential properties for sale in the 13 county Twin Cities area.

The pending sales number for this week reflects a 26.3% drop from last year alone. The Supply Demand ratio increased to 10.47, meaning that there are 10.47 houses on the market for every one buyer, a new October record here in Minnesota.

Average market time is currently 135 days, up 25% from 108 days in 2006.

Lastly, we have 9.9 months supply of inventory here in the Twin Ciites. This means, if no new properties came on the market, it would take 9.9 months to sell through the existing inventory. This is a 30.5% increase from 2006 alone.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

The Twin Cities 13 county metro area saw 2,152 new residential listings put on the market last week. This is a 3.1% drop from 2006. 635 listings went pending, a drop of over 15% from 2006. Overall, the Twin Cities has 34,675 residential listings on the market. At this same time in 2006, there were 31,556.

Lastly, the supply demand ratio is at a whopping 10.39. This ratio is calcuated by comparing the number of homes for sale at the beginning of the month with the total number of pending sales for the month. Obviously, the higher the number, the more supply there is relative to demand. For comparison sake, in September of 2005, the supply demand ratio was 4.67.

Inventory levels remain at all time highs, and sellers are being forced to be ever more conscious of price and condition. In spite of this market, our team, The Minnesota Real Estate Team, continues to move properties. Call us today at 952-223-1150 to learn how we can help you buy or sell in this marketplace.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

The market remains bleak here in the Twin Cities for home sellers. There were only 500 new purchase agreements signed this past week, the lowest number since the beginning of 2007. 2300 new listings went on the market this past week, with overall inventory levels remaining at 44,000 actives in the 13 county Twin Cities area.

Currently, there are 10.39 listings for every one buyer in the Twin Cities. For comparison sake, in September 2005, there were 4.67 listings for every one buyer.

Lastly, there are 9.9 months supply of inventory on the market. This means, if no new properties came onto the market, it would take 9.9 months to sell through the existing inventory. In September of 2006, the supply was at 7.6 months.

Look for another real estate update next week!

Housing market continues slump in August

Minneapolis / St. Paul Business Journal - 12:19 PM CDT Wednesday, September 12, 2007
by Carissa Wyant
Staff Writer

Twin Cities home sales continued to lag in August, according to a new study released Wednesday by the Minneapolis Association of Realtors.

Closed home sales for the month were 4,173, down 17.8 percent from August 2006 when there were 5,079. The area had 4,522 closed home sales in July 2007.

For August, median sales price for closed home sales in the metro declined 2.1 percent. The average sales price is currently $230,000 compared to $235,000 in August 2006.

New listings decreased as well. There were 9,278 new listings added in August, a 7.9 percent drop from the 10,071 new listings added during August 2006.

The study also showed that pending home sales fell 18.1 percent from one year ago, when 4,684 pending sales were recorded. There were 3,834 pending sales reported for August of 2007.

Minnesota Real Estate Weekly Update

The market continues to remain extremely trying for sellers here in the Twin Cities. Last week, 1650 new listings came on the market with 600 going pending. Overall inventory still remains at the 44,000 active listing mark in the 13 county Twin Cities metro area. Pending sales dropped 22.5 % from this same time last year.

You might ask, what if anything is selling? Properties that are priced correctly continue to move in this market, however, the overpriced listings continue to sit, and sit, and sit.

Working with a real estate team that knows how to price your property correctly and advertise the home are crucial in this market. Again, our team, The Minnesota Real Estate Team has sold 245 properties here in 2007. We are the #1 RE/MAX team in Minnesota in 2007, and the only Minnesota RE/MAX team in the Top 100 RE/MAX teams in the US. Currently, we are #61 in the country (through the end of July.) Our marketing systems bring results for our sellers. Call us today at 952-223-1150 to find out how we can help you get your property sold!

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

The Twin Cities saw 2200 new listings come on the market this past week, with 600 listings going pending. Inventory levels continue to hover at the 44,000 active listing mark. Currently the supply demand ration is at 10.39. This means there are 10.39 active listings per every buyer. The supply demand ratio is calculated by comparing the number of homes for sale at the beginning of each month with the total number of pending sales for the month. In September 2005, this ratio was 4.67. In September 2006, it was 8.32.

Look for another real estate update next week from The Minnesota Real Estate Team!

Minnesota Real Estate Weekly Update

2300 new listings came onto the market here in the Twin Cities this past week, with 650 accepting offers and going pending. Overall inventory levels continue to hover around the 44,000 active listings mark in the 13 county Twin Cities Metro Area.

Pending sales are down 26.8 % compared to this exact same time in 2006. Thankfully, new listings also decreased 2.3% compared to 2006.

The National Association of Realtors report this week indicated a 16 year high for the current supply of homes on the market nationally. There is now a 9.6 month supply of homes on the market, up from the 9.1 month reading in June. This is the largest supply of homes by that measure since October of 1991.

Conventional wisdow asserts that home prices will not see any momemtum until we can start to "sell through" this vast supply of homes.

Price and condition remain paramount in this type of market. If you are not priced to sell, or not willing to price the home to sell, it will sit on the market endlessly. Give us a call at 952-223-1150 to do a free market analysis if you are looking to sell.

Our team, The Minnesota Real Estate Team, has sold 240 homes in 2007. Our marketing plan is aggressive and it works even in these trying market conditions. Look for another real estate update next week!

Minnesota Real Estate Weekly Update

Newly signed purchase agreements for the week ending August 11th are down 12% from this exact time in 2006. Thankfully, builders and sellers have slowed a bit in putting new properties on the market, with 2007 seeing a 3.3% decrease compared to 2006 in new listings processed.

Currently, there still remains 44,000 active listings on the MLS in the 13 county metro area. Many home sellers are seeing increased market time, with price and condition remaining as crucial as ever.

On the other hand, the short sale and bank owned market here in the Twin Cities is continuing to see high inventory numbers AND high sales numbers. Mary Alice Short leads the bank owned/short sale division on The Minnesota Real Estate Team. A short sale occurs essentially when the seller is unable to sell the property for what he or she owes on it. The bank takes a loss on it. It should be noted, banks by and large prefer a short sale over a foreclosure. In the case of the foreclosure, the bank loses even a greater amount of money. Over the past two weeks alone, Mary Alice and her team have sold 8 listings.

If you are a seller who is experiencing a tough situation and needs to avoid foreclosure, you may look at the possiblity of doing a short sale. Please call us at 952-223-1150 for more information. Mary Alice and her team are here to help you through this process and difficult time period.

Look for another real estate update next week!

Home foreclosures mounting in St. Louis County

By Marshall Helmberger

The dramatic downturn in housing and near collapse of the subprime lending market is beginning to hit parts of rural Minnesota, including St. Louis County, where the number of home foreclosures is expected to double this year over 2005 levels.

About 400 foreclosures are now expected in the county in 2007, up from 219 two years earlier. Those 400 foreclosures represent a little over two percent of the roughly 17,000 mortgages recorded in the county annually, but housing officials say it could be the first evidence of a growing problem for homeowners in the county.

Warren Hanson with the Greater Minnesota Housing Fund called the situation an “invisible epidemic” that is affecting all corners of the state. The GMHF recently released a statewide analysis which reported 11,207 foreclosures throughout Minnesota last year, or nearly double the number reported in a national study conducted by a private real estate information company. “The national wave of subprime mortgage foreclosures has resulted in hardship for thousands of families throughout the state,” said Hanson.

Foreclosures can devastate family finances, according to Hanson. Following foreclosure, many families are displaced from their neighborhoods and communities, and their credit ratings are irrevocably damaged. In addition, foreclosures can result in abandoned properties that may reduce the value of nearby homes and adversely impact entire neighborhoods.

A recent congressional report estimated the cost of home foreclosures to families, neighborhoods, and communities at $80,000 per home.

Local finance officials agree that the number of foreclosures in the area is up. “We watch it every week,” said Diane Meehan, president of the State Bank, in Tower. “You used to see one or two in a week but now the list is getting lengthy,” she said.

Meehan said the practices of some lenders themselves may have contributed to the problem. Meehan said established banks and credit unions in the area are generally not seeing an increase in foreclosures themselves, in part because their mortgages are regulated and must meet strict criteria before being issued.

But the real estate boom of three and four years ago brought many new lenders into the business and some of them weren’t as selective in their borrowing. “A lot of people were affected by the 100 percent mortgages,” said Meehan. Such mortgages allowed individuals to purchase homes with no down payments, and often with adjustable rate mortgages. Meehan said rising interest rates over the past two years have boosted monthly payments on those adjustable rate mortgages, often beyond what homeowners can afford. “Lots of people were buying homes that way,” said Meehan.

Foreclosures often result from what are called subprime loans and predatory sales practices. “Not all subprime loans are predatory,” University of Minnesota housing-studies professor Jeff Crump said, “but nearly all predatory loans are subprime.”

Predatory practices include lending without regard to borrowers’ ability to pay, failing to verify borrowers’ income, “churning” or repeat refinancing, charging excessive fees, and high-pressure sales and marketing. “Predatory loans,” says Crump, “are sold, not bought.”

In fact, Crump said, “half of subprime borrowers actually would have qualified for a prime loan.”

In recent years, subprime loans have come to comprise a significant percentage of home mortgages. According to federal data, suprime loans now represent about 25 percent of all home mortgages in small communities in Minnesota. In some counties in the state, it’s nearly 50 percent.

“I don’t think some of these lenders did their clients any favors,” commented attorney Mark Weir, with Vermilion Law Office in Tower. “Many have gotten into financial burdens that are way over their heads,” he said.

And the problem isn’t going away soon, according to individuals involved in housing issues. “Our research suggests that with flat or depreciating home values expected to continue, the foreclosure surge is nowhere near the end,” said Melissa Manderschied, an attorney with Kennedy and Graven in Minneapolis.

Help is out there

Homeowners facing the prospect of foreclosure can get advice from the Minnesota Home Ownership Center at 866-462-6466. Other organizations, like the GMHF, are also working with partners and affordable housing funders to assist families and communities facing foreclosure. The GMHF can be reached at 800-277-2258

Minnesota Real Estate Weekly Update

The current housing supply rate in the Twin Cities 13 county metro area is 9.7 months. This means it would take 9.7 months for current supply of properties to become pending or sold. Last year, the housing supply rate was 7.4 months. This is a 31% increase in one year alone!

Last week, 2600 new listings went on the market here in the Twin Cities, with 800 going pending (getting an accepted offer.) Currently, there are 44,000 listings on the market.

With the recent shakeup in the mortgage industry, it is essential for you as a buyer to work with a professional that knows these various programs, and one who simply stated, will get your loan closed for you. Our team, The Minnesota Real Estate Team, works exclusively with The Minnesota Home Loan Partners of The Cornerstone Mortgage Company. Alec Grebis specializes in first time buyers. Rob Bonahoom is the investment property financing guru, and Carrie Guarrero works with move up buyers (in addition to managing the entire office.) These three individuals are a class act. I encourage you to contact them.

They can be heard weekly on our two hour real estate radio show, The Minnesota Real Estate Show, Saturdays, 11 AM - 1 PM, on 100.3 KTLK, FM. Give us a call at any time if you have any real estate related questions at 952-223-1150.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

The Minnesota MLS has continued to grow with more and more listings being put on each week. For the week ending July 28th, there were 2100 new listings put onto the market here in the Twin Cities metro area. In addition, there were 800 mls listings that went pending. Overall, housing inventory levels in the Twin Cities continue to hover around 44,000 active listings.

Compared to 2006, new listings processed are down 1.9% and pending sales are down a whopping 22%. The housing supply rate in July of 2007 was 9.6 months (This means it would take 9.6 months to sell the current inventory of properties.) In July of 2006, the housing supply rate was 7.1 months. In one year alone, we have seen an increase of over 34%!

In spite of the higher inventory levels, our team's Guaranteed Sale program is still getting results for our sellers. Simply stated, if the property does not sell with our marketing plan, we will personally buy it ourselves! Contact us if you would like more information about this program.

Look for another real estate update next week!