Ray & Nimi Singhal's Real Estate Blog | Shoreview MN Homes & Roseville MN Homes | First Time Home Buyers, Housing Market, Foreclosures

Inside Real Estate
Let Me Help You!
(651) 398-6261
Follow My Blog
RSS
raysinghal
Ray & Nimi Singhal Team
REALTOR®

    CRS: Certified Residential Specialist
    ABR: Accredited Buyer's Representative
    e-PRO Certified
    GRI: Graduate REALTORS® Institute

Direct: (651) 398-6261

Email Me

» About Me » Visit My Website
Company Info

Coldwell Banker Burnet
100 Village Center Drive
North Oaks, MN 55127

Real Estate Tools
Schoolsschools
Communitiescommunities
Calculatorscalculators

Posts Tagged ‘Housing Market’

Shoreview Home Supply Shrinking: Time to Make a Move

Wednesday, August 5th, 2009

Available inventory in the Shoreview housing market continues to shrink. Our disappearing supply is down 21.4% from this time last year.  This is a result of buyers making their move now.  This is demonstrated by seeing strong pending sales activity up 18.2% compared to this time last year.  We’re also seeing fewer new listings come on the market.  New listings are down 12.1% for the same time period comparison.

With a consistently shrinking inventory and more buyers this summer than we’ve seen since 2005, buyers who lack urgency could find themselves wishing they jumped into the market

Tags: , , ,
Posted in Homes | No Comments »

Straight Talk About Twin Cities Foreclosures & Short Sales

Thursday, July 2nd, 2009

Let’s face it, loan modifications, short sales and foreclosures have impacted the housing market in the Twin Cities, and they’re not going away any time soon.

A homeowner first course of action should be to try and work out a loan modification with their lender. If there does not happen, then the homeowner should consider a short sale. A short sale is an arrangement that a home owner makes with the lender to accept less than what is owed on the property. This is often done to try and sell a property before it goes into foreclosure. As a last resort the lender will foreclose on a property. A foreclosed property is one in which the lender has repossessed the property from the homeowner and now the lender owns it.

First quarter statistics for the Roseville area show the number of lender-mediated homes for sale up 56.3% compared to this time last year. While traditional (non-lender mediated) homes for sale were down 33.3% compared to this time last year.

Here to see the specific information about the Roseville short sale and foreclosure housing market.

Tags: , , , , , , ,
Posted in Foreclosures, Homes | 2 Comments »

Robust Home Sales In Twin Cities

Tuesday, June 30th, 2009

As we near the halfway mark of 2009, the Twin Cities housing market continues to show a pattern of robust home sales and declining new listing activity. Setting aside fluctuations over the Memorial Day holiday, long-term market improvement can be seen when comparing 2009 to 2008.
There were 1,210 pending sales for the week ending June 13-a strong 33.8% increase from last year.

There were 1,970 new homes added to the market during the same week, a decrease of 2.6% from the same week in 2008. That 2.6% decline in new listings is a much smaller drop than we have seen in recent months when there were typically year-over-year drops of 10% or stronger.

Tags: , , , , , ,
Posted in Homes, Housing Market | No Comments »

For Shoreview First Time Home Buyers…Opportunity is Knocking!

Tuesday, June 23rd, 2009

If you have been considering purchasing your first home, but have been waiting on the sidelines for the right time, this may be the right time.  This year, qualified first time home buyers can receive a tax credit up to $8,000.  This is part of the American Recovery and Reinvestment Act of 2009.

Some facts about the Tax Credit:

  • Available to first time home buyers
  • Credit amount up to $8,000
  • Eligible for homes purchased on or after January 1, 2009, and before December 1, 2009
  • Available on single family detached homes, townhomes and condominiums, new construction or pre-existing homes
  • The tax credit does not need to be repaid unless the home is sold within the first 3 years after the purchase
  • Home must be your primary residence
  • You have not owned a home during the last 3 years

Interest rates are still low and there are still plenty of wonderful homes available.  Now IS a great time to buy a home.

Tags: , , , , ,
Posted in First Time Home Buyers | No Comments »

Senate Pushes to Expand Home Buyer Tax Credit to $15,000!

Friday, June 19th, 2009

Lawmakers are pushing to revive legislation in the Senate that would almost double an $8,000 tax credit for first-time home buyers and expand the program to all borrowers.

This proposed legislation would extend the home buyer credit to multi-family properties that are used as the borrower’s primary residence.  It would also eliminate income caps of $75,000 and $150,000 on individuals and couples seeking to claim the credit.

“The housing market continues to be a drag on the economy”, said John Castellani, President of the Washington-based Business Roundtable.  “We believe that if we don’t stabilize this vital sector, we can’t turn the tide on the recession.”

The business Roundtable and the National Association of Realtors are both pushing to expand the tax credit and to lower mortgage rates to revive the U.S. housing market.

Tags: , , ,
Posted in Home Buyer Tax Credit | No Comments »

Traditional Sales Show Signs of Recovery in the Housing Market

Tuesday, June 16th, 2009

Traditional, non-lender-mediated home sales, (which are not short sales or foreclosures) increased in May. The number of traditional home sales is on the rise. Only 43.0% of the pending sales in May were lender-mediated, compared to 59.4% in January.

share-of-pending-sales

Because of the decrease in lender-mediated sales, the average median price went up $12,000 from last month to $165,000 in May. The median price of traditional home sales in May was $214,000, down 4.3% from a year ago. While lender-mediated home sales were down 20.8% from a year ago.

Another positive sign for the housing market was the increase in the number of signed purchase agreements in May. This was an increase of 17.3% from this time last year, marking the 11th consecutive month of year-over-year increases.

The number of properties for sale at the end of May was down 19.0% from this time last year. That represents a 7.6 months supply available, down 26.9% from this time last year. We are heading back to a more balanced market that has a 5 to 6 month supply of homes for sale.

Tags: , , ,
Posted in Housing Market | No Comments »

June Housing Supply Outlook

Friday, June 12th, 2009

The Minneapolis Association of Realtors just published the June Housing Supply Outlook.  Three key points stand out:

  • The number of townhomes sold in the Twin Cities metro increased by 0.4% over last year. The majority of these sales was in the under $120,000 range and most were foreclosures and short sales.
  • The supply of homes on the market is down considerably. Currently there is a 7.6 month supply of homes, down from 10.4 months compared to the same time period a year ago.
  • Encouragingly, sales are up in the lower priced homes. However, home sales in the higher price ranges are still down.

    Click here for the full Housing Supply Outlook.

    housing-market-recap

    Tags: , ,
    Posted in Housing Market | No Comments »

    Market Recap

    • Avg. Sales Price: 379,000

    • Avg. Days on Market: 69

    Free Market Alerts

    Get local reports delivered to you
     
    Recently Asked Questions
      market alert newsletter

      Get free market reports delivered to you. » Sign up today

      - Copyright © 2010 Inside Real Estate, LLC

      Inside Real Estate does not endorse the agents on this site, and does not guarantee the content submitted by the site's members. Blog and page entries, content, and other information contributed by agents that are members of the site are accountable to the particular agent. Inside Real Estate and Omnia Alliance LLC take no accountability for the content contributed by members to the site.