NorthstarMLS Adds Homespotter Mobile App for Minneapolis St. Paul Realtors

This looks like it’s going to be a very cool app from NorthstarMLS.  The agents reading this will know NorthstarMLS but the public may not.  NorthstarMLS is the MLS provider for the Twin Cities region.  Jim Buchta from the StarTribune had a nice story on Homespotter yesterday.  The company that makes this app is based in Minneapolis and is called Mobile Realty Apps.  Here is their press release announcing the implementation of the mobile app for NorthstarMLS in the Twin Cities area.

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Sellers Have About 90 Seconds to Sell Their Homes – Preparation and Staging Are Key

My experience in working with many home buyers is that they often make a decision within the first 30 seconds of walking in to a home that they are considering purchasing.  Kristine Ginsberg is a home stager out of New Jersey and she’s more generous claiming that you have about 90 seconds to capture their attention.

Buyers start their home searches online.  I don’t think that’s a big surprise.  Nice photography is key to attracting buyers enough to want to actually see your house.  Prepare the exterior as best you can so the curb appeal is high.  There have been many times I’ve received phone calls from clients that have said they did a “drive by” and decided not to see the house because of  the poor curb appeal.  If you  can’t get them past the outside of your house, they are never going to buy it.

The biggest surprise to many is how fast people make decisions about a house.  It happens almost instantly.  Make the entry way to the home as pleasant and appealing as you can.  If they still like the home when they walk in, there’s a chance they’ll be interested.  More often than not, the entry is not attractive and the buyers are turned off immediately.  That emotional connection makes it very hard to overcome as they continue through the house.

I realize not everyone has a lot of money to prepare and stage their home before going on the market.  However, there are some simple and somewhat inexpensive things you can to do greatly improve the feel and appeal to potential buyers.  Consult with your agent about things you can do especially if you are on a budget.

(Video) Northwest Plymouth MN New Developments – Taylor Creek and Hampton Hills

Continuing with our coverage of the possible recovery of the housing market in the Twin Cities and the new boom in new construction homes in northwest Plymouth, below is a brief video tour of the new developments – Taylor Creek and Hampton Hills.

Top 25 Home Builders in Minnesota – Ranking by the Builders Association of the Twin Cities

Each year the Builders Association of the Twin Cities (BATC) publishes its list of the top 25 home builders in Minnesota by dollar volume.  In 2010, it was no surprise that once again, Lennar Corporation, was the number one home builder in Minnesota with a total sales volume of $103.7 million and 294 units.

The top 10 by dollar volume (to view the full list, click on the link above).

1) Lennar: $103.7 million (294 units)

2) Pulte/Centex: $99.1 million (353 units)

3) D.R. Horton: $72.9 million (248 units)

4) Ryland: $49.2 million (193 units)

5) Mattamy: $40.6 million (164 units)

6) Rottlund: $38.2 million (190 units)

7) Minks/Capstone: $36.2 million (119 units)
8) Hanson: $26.3 million (43 units)

9) Keyland: $23.7 million (81 units)

10) Toll Brothers: $19.9 million (32 units)

Search new construction homes for sale in the Twin Cities.  At present, there are 427 new construction homes for sale across the Twin Cities metro.

Plymouth, MN – Is the Housing Inventory Changing? Homes for Sale Under $300,000

This is my personal opinion, but I’m looking at the housing inventory currently for sale in Plymouth, MN and it appears there has been a change in what’s for sale.  I’m am specifically searching for single family homes for sale under $300,000 for a client.  It used to be that there would be lots of outdated homes for sale.  While some of those certainly exist, there appears to be more and more than have had some updates or have been properly prepped to go to market.  Whether or not this is a real and permanent shift, we’ll only know over time…and of course this is just my opinion on the matter.

Check it out yourself.  Click the link to view single family homes for sale in Plymouth, MN priced under $300,000.

Plymouth, MN Median Home Price Declined by 5% in May 2011 – YOY

Plymouth’s median home prices declined by 5% year over year through the month of May 2011 according to the latest release from the Minneapolis Area Association of Realtors.

Other highlights:

  • New listings are down 7.8%
  • Closed sales are down 7.1%
  • Median price is down 4.5% to $235,000
  • Average price is up 3.2% to $285,000

 

 

Buying a Home: Fixed Rate Mortgage vs. Adjustable Rate Mortgage (ARMs) – ARMs Making a Comeback

Believe it or not, ARMs – adjustable rate mortgages – are making a comeback in today’s real estate market.  I’m not sure if this is a healthy sign or not, but I’ve talked with a few mortgage brokers who have said that ARMs are starting to come back in to play.

The ARMs that are most often being considered at this point is a 7 year ARM.

Minnesota Housing Markets: Most Expensive and Least Expensive Cities

According to an article published in Twin Cities Business Monthly, Coldwell Banker Real Estate, LLC compiled a list of the most expensive and least expensive cities across America for 4 bedroom, 2 bath homes.

The list below is from Twin Cities Business Monthly and ranks the Twin Cities for home prices:

• Minnetonka: $284,263
• Golden Valley: $278,464
• Plymouth: $246,573
• Eden Prairie: $244,337
• Maple Grove: $230,885
• Minneapolis: $221,236
• Richfield: $216,154
• Burnsville: $213,498
• Apple Valley: $210,655
• Roseville: $207,668
• Blaine: $205,720
• Bloomington: $205,275
• Eagan: $196,411
• St. Paul: $168,020

View the full list of home prices in Minnesota.

 

Reverse Mortgages – Wells Fargo Says No More

I’ve never been a fan of reverse mortgages.  I think they’ve been a tool that may have made sense for some people and it’s my understanding they were quite profitable for the lenders.  However, with uncertainty as the one “known” aspect of the real estate market these days, Wells Fargo has decided to stop doing reverse mortgages.

There may be other ways to tap your equity in your house, but please use caution with whom you engage to discuss this matter.  You want to make sure the individual and entity you are working with is reputable and trustworthy.

In the coming weeks, I’ll make a point to try to share what some of the options might be for seniors especially if they need the cash and their home is paid for.

Home Sellers: 5 Reasons Why You May Not Want to Counter that Offer

Here’s some good thinking from Tni LeBlanc a Realtor with Mint Properties serving the Santa Maria, California area.  5 reasons why you may not want to counter that offer – good advice for sellers to consider.  Tni’s 5 key points are noted below:

1) It’s a fair offer

2) It was prepared carefully

3) You will interfere with the buyer’s momentum

4) The market is declining

5) A counter is a rejection and some people don’t take rejection well

I, too, have had sellers tell me it doesn’t hurt to counter, right?  Well, sometimes it does.  A counter offer is a rejection of the initial offer.  Anything can happen at that point once you counter.  Sometimes the buyers do walk away.