Blog

• December Market Report

  Dec, 14 11 Post by: Claude Worrell | No Comments

   

  Snow on the ground – Santa’s coming – I hope.

  December is here and the Minneapolis / St Paul Metro area Real Estate market remains depressed but is showing signs of increased stability.  Housing inventory is the lowest we have seen since 2004. New listings are down 13.6% from last year.  All of that should be stabilizing prices but the Case Schiller Q3 report shows Minneapolis prices dropping 7.3%.  The MAAR shows the last 30 days prices a staggering 11% below last year.

  

  The good news is that REO and short sales are beginning to creep down as a percentage of overall closings.  Traditional sale are recovering.  That signals a slow return to a more normal market.

   

   

  Prognosis?  With inventory continuing to drop supply and demand must come into balance soon bringing and end to plummeting home values.   That will stop the bleeding but it will take a jobs and a greatly improved economy to turn this market around. Fannie Mae’s chief economist recently predicted 5 more years for the market to adjust. That’s 5 more years for investors and homeowners to find great bargains!

   

   

• November Market Report

  Nov, 11 11 Post by: Claude Worrell | No Comments

  Minneapolis Saint Paul  Market   update  11/7/11

  In a nutshell the Twin Cities Real Estate market is a mixed bag. October pending sales were up, fueled by foreclosure sales. Prices are down, again fueled by foreclosure sales.  Inventory is down because most homeowners don’t want to expose their homes to the depressed market.  REO & Short sales represent over 40% of  October sales. The decreasing inventory needs to be watched. Eventually decreased supply of active listings must increase demand and eventually prices.  But not yet!

  During the month of October:  New Listings in the Twin Cities region decreased 16.3 percent. Pending Sales were up 34.6 percent. Inventory levels shrank 22.5 percent, a trend that could indicate a changing landscape. Overall the median price of recent sales is down 8.8% from a year ago.

  Data courtesy of the Minneapolis Area Association of Realtors.  For the complete report go to http://www.mplsrealtor.com/downloads/market/MMI/mmi.pdf

  October Foreclosure report: http://www.mplsrealtor.com/downloads/market/FSS/fss.pdf

   Local News:   We have to stay vigilant about inspecting our  vacant properties because:

  The City of Minneapolis has announced increased Snow removal enforcement. Sidewalks must be shoveled and sanded within 24 hours.  City crews will be sent to shovel non-compliant homes.  Fines and ticked will be issued.

  Minneapolis has also announced that in targeted areas of North Minneapolis garbage workers have been instructed to pick up any trash found within 10 feet of the  curb or alley. No warnings will be given. The minimum fine will be $75.00 depending on the amount of trash.

• Winterization of Vacant Homes

  Oct, 27 11 Post by: Cindy Berset | No Comments

  It is that time of year again where vacant homes need to be winterized to protect the plumbing. If done properly the toilets & water heater is drained, lines blown out, anti-freeze is put in traps, toilets and the water is shut off at the meter. Many cities will also shut off water at the street.

  If your an agent or buyer looking at a property that was not winterized soon enough or not winterized properly there are signs that in most cases are visible. Look for mold, split pipes, broken or cracked toilets, ceiling damage near bathrooms or kitchen areas, bulging water heaters or standing water or ice under the water heater. If the home has damages the water will not be turned on for any appraisals or inspections. Be careful, owner occupied financing will need to have water on for the appraisal. Agents, when reading MLS listing descriptions and it says “frozen plumbing” this means no water.  These homes need a cash buyer or rehab financing.

  

• Fannie Mae Homepath Mortgage

  Oct, 19 11 Post by: Cindy Berset | No Comments

  

   

   

  Fannie Mae, the agency sponsored by the US Government to help make housing more affordable to all Americans offers Homepath, a special loan to finance the sale of its current Real Estate owned (REO) properties across the country. The financing program has 2 options, the Homepath Mortgage and the Homepath Renovation Mortgage. Each Fannie Mae REO is identified before it goes on the market as qualified for Homepath or the Renovation program depending on the condition of the home. Homes in need of repairs are approved for the Homepath Renovation program.  Lenders in Minnesota have to be approved by Fannie Mae to offer the programs. Go to homepath.com to find a list of approved lenders in MN and a list of the Fannie Mae homes currently approved for the financing.   Here are some benefits of the Homepath Mortgage and Homepath Renovation Mortgage:

  * As low as 3% down required on a primary residence property.

  * No mortgage insurance required.

  * No property appraisal required.

  * Only 10% down on 1-2 unit investment properties.

  * Get up to 6% in seller concessions on primary residence properties.

  * Allows investors to finance up to ten properties.

  * Homepath Renovation Mortgage allows buyers to finance the repairs into the mortgage.  There is a $30,000 cap on the renovation funds for the repairs.

• Welcome to our new Website

  Oct, 06 11 Post by: Brandon Rowell | No Comments

  
  The Worrell Group welcomes you to our website. Searching for homes was never easier. Almost every page of our website allows you to search MLS for homes. If your interested in a foreclosure home search go to www.minnesotareo.com.