RE/MAX Results just released its new real estate web site at www.Results.net.  The search functionality is terrific and I find it particularly interesting to look at the map view where every property that is for sale has a blue dot.  They have worked very hard at building the best site in the Twin Cities in an effort to produce a better site than Edina Realty which many in the industry say is the best site locally. It will be interesting to get the market feedback on the new site.
Introducing Results.net – New Twin Cities Real Estate Web Site by RE/MAX Results
April 19, 2009 By Leave a Comment
More Appraisal Challenges
April 19, 2009 By Leave a Comment
Fannie Mae and Freddie Mac – government owned entities that drive the mortgage market – have issued more new guidelines for appraisals according to this LA Times story. While the paper takes the point of view that this will be more trouble for buyers, and it most certainly will be, at the end of the day, it’s going to bring more challenges to sellers.  The more hurdles there are for buyers, the bigger the challenges will be for sellers to sell their homes.
Bottom line…think of the appraisal business like an HMO or insurance company for the medical business. Everything will now go through a third party administrator who will act as an “objective” judge of value.  Of course just like in health care, when you force everything through a third party administrator, the costs go up. Appraisals now must cost $455 mandated by the government. If you were able to find an appraiser who would do it for $325-$350 too bad. It’s now going to cost the buyer $455 if you want to have the possibility that the mortgage might eventually be able to be purchased by the taxpayers through Fannie Mae and Freddie Mac.
It’s unclear where the additional $100-$125 is going for each appraisal.
Man Killed at White Castle in Hopkins, MN
April 19, 2009 By Leave a Comment
A fight broke out at 2am this morning at White Castle in Hopkins located at Blake Road and Hwy 7 in Hopkins near St. Louis Park. It looks like it might have been a gang related crime. Here’s the StarTribune story.
2 murders in 24 hours at fast food joints in the western suburbs of the Twin Cities. I hope this isn’t a trend!
Maple Grove’s First Homocide in 8 Years – 2 Dead at McDonald’s in Maple Grove
April 19, 2009 By Leave a Comment
The StarTribune is reporting this afternoon that a woman was killed today at a McDonald’s in Maple Grove and that the suspected killer was soon found dead due to self inflicted wounds according to police reports. This is a real shocker for this suburban community in Maple Grove. The StarTribune says it’s the first homocide in 8 years in Maple Grove. It seems like this might be a domestic crime issue rather than a random shooting.
Housing Activity Forecast
April 19, 2009 By Leave a Comment
Calculated Risk has an excellent synopsis of where we are on a macro level in the housing market in the U.S. Note the chart and analysis he has at the end of his article concerning the delta between new home sales and existing sales.  Existing sales have stayed afloat because of all the foreclosures and short sales.  New home sales are back to a 1960 level but existing home sales are only back to about 1998 sales levels.
Given some of the sales stats recently published by the Minneapolis Area Association of Realtors, it is not a pretty sight when we are seeing overall sales transactions for some cities down 15-25% compared to last year…see Plymouth, MN for Q12009 stats.  While inventory is falling in many areas, closed sales are falling faster. Until those two inverse, home prices will continue to slide.