5605 Glacier Lane North Plymouth, Mn 55446

5605 Glacier Lane North Plymouth, Mn 55446

For Week Ending March 3, 2012
Quick Facts
Publish Date: March 12, 2012 • All comparisons are to 2011
- 23.2%
+ 29.7%
Metrics by Week
New Listings
2
Pending Sales
3
Inventory of Homes for Sale
4
Metrics by Month
Days on Market Until Sale
5
Median Sales Price
6
Percent of Original List Price Received
7
Housing Affordability Index
8
Months Supply of Inventory
9
All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®.


The last six years or so have been tough on home prices, and even the most optimistic prognosticators say it will take another six years for median sales prices to approach the halcyon days of assured annual value increases for home sellers. Generations of stable home price increases gave way to a boom-and-bust cycle that would have made the Pets.com sock puppet blush. As we enter what should be an active spring market, our communities would do well to focus effort toward creating healthy, happy homes. With those in place, prices will rise again.In the Twin Cities region, for the week ending March 3: • New Listings decreased 23.2% to 1,402 • Pending Sales increased 29.7% to 940 • Inventory decreased 22.9% to 17,818For the month of February: • Median Sales Price decreased 1.1% to $138,500 • Days on Market decreased 9.0% to 145 • Percent of Original List Price Received increased 2.6% to 90.6% • Months Supply of Inventory decreased 36.5% to 4.6

Okay, it's not over until it's over said Lenny Kravitz in his song. And, if it looks like a duck and walks like a duck... It's looking like the end of the downmarket is here. Inventory down, supply up, mortgage rates at an all time low, you do the math.

If you would like more advice about buying, selling, or investing in real estate. Contact Dan Basil (612) 280-5046 or email Dan at: info@thebasilgroup.com

Housing Expected to Add to GDP for First Time in 7 Years

]The 2012 outlook is improving modestly from a disappointing 2011. Economic growth picked up in the fourth quarter of 2011 to 2.8 percent and is expected to come in at 2.3 percent for 2012, up from 1.6 percent growth for all of last year, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research Group. However, the year-end growth rate was due largely to a positive swing in business inventory growth, which is not indicative of underlying consumer demand or the overall health of the economy. Nevertheless, consumer spending improved modestly and manufacturing and services activity expanded at a strong pace. Importantly, labor market conditions continued to improve with non-farm payroll job growth increasing nearly 250,000 across many industries, including construction. The unemployment rate dropped to 8.3 percent, down from 8.5 percent the month prior, as the large increase in employment outweighed a growing number of people joining the workforce—indicating a genuine improvement in the labor market. If we continue to see this level of positive data, the Group notes, the labor market may become an upside determinant for an improved outlook.

Housing also showed signs of improvement late last year with existing home sales rising in December for the third consecutive month. Indicators point to some good pickup in construction of apartment buildings and modest pickup in single-family construction in some locations. Overall, housing is expected to add to gross domestic product (GDP) for the first time in seven years, albeit by a very modest amount. Near-term improvement in housing sales is expected to be quite modest due to the very low current level of sales and continued expected declines in home prices, which remain a challenge to the housing market.

“Risks to the forecast are more balanced between the upside and downside since our January forecast,” says Fannie Mae Chief Economist Doug Duncan. “The economy appears to be more resilient than in previous months, and should be less vulnerable to shocks, including any spillover from the European sovereign debt crisis. However, economic growth will remain constrained by various headwinds, such as a potential spike in oil prices due to tension in the Middle East; an expected decline in net exports from the global slowdown; and an expected increase in fiscal drag, including the fading of federal spending from the stimulus and a decline in defense spending for operations in Iraq and Afghanistan.”

For more information, visit www.fanniemae.com.

5605 Glacier Lane North Plymouth, Mn 55446

5605 Glacier Lane North Plymouth, Mn 55446

It's a Wrap, 2011 Minneapolis St Paul Real Estate Market Steps Towards Balance

Most observers would agree that this year's housing recovery was not as robust as many had hoped. That said, a handful of things went right. Supply-side market correction took the guise of inventory declines and a pullback in listing activity. Consequently, sellers generally faced fewer challenges than in the past. Driven by improvements in the economy and record-low mortgage rates, purchase demand strengthened organically, independent of government incentives. Those sales gains dovetailed with falling inventories to move the market back toward balance. Nobody knows what 2012 will bring, but it's a safe bet that these positive developments will continue to evolve.

In the Twin Cities region, for the week ending December 31:

• New Listings decreased 11.6% to 593
• Pending Sales increased 41.7% to 564
• Inventory decreased 24.9% to 18,341

For the month of December:

• Median Sales Price decreased 5.6% to $145,000
• Days on Market decreased 2.4% to 140
• Percent of Original List Price Received increased 1.8% to 90.6%
• Months Supply of Inventory decreased 36.2% to 4.6

If you're one of the homeowners waiting for the bottom to move up, consider the following:
* A balanced market between homes for sale and buyers buying is considered to be when the market has 4.3 months supply. The market is currently at 4.6.
* Interest rates are lower than ever imagined with available rates as low as 3.75%. So, many buyers are trading their home up for a payment close to their current payment.
* There are many loan programs now available with down payment requirements for as little as 3.5%.
* 2012 trend - Americans no longer primarily consider their home as an investment or a piggy bank but rather a lifestyle choice from which their home is the wellspring for the memories and events that make their life meaningful and brings intangible well being to their daily life.

As always, if you or anyone you know are considering a move this year, contact The Basil Group - www.thebasilgroup.com for an initial consultation and extraordinary service. There's never been a better time to purchase a new home.

Minneapolis St Paul Real Estate Market Update for July 19,2011

Home sales in the Twin Cities housing market continue to show strong year-over-year growth, but we must continue to point out that this is mostly due to how extraordinarily quiet last year was at this time following the expiration of the federal home buyer tax credit.

For the week ending July 9, there were 788 pending sales, an increase of 40.2 percent from a year ago. The amount of signed purchase agreements seen in recent weeks is similar to the activity for the same weeks in the summer of 2008.

The good news is that fewer homes are being listed, which is helping to dampen any potential for an oversupply problem. Over the last three months, there have been roughly 1,400 fewer new listings than during the same period in 2010, and the inventory of available homes for sale is down 16.1 percent from this time last year.

As always, balance between buyers and sellers plus a healthy, sustainable market is the ultimate goal.

The Better Bargain: Foreclosure or Short Sale?

Repost from: Daily Real Estate News | June 28, 2011 |

Short sales and foreclosures have flooded the housing market in recent years, and buyers are often drawn to the bargain prices but may be hesitant to jump into what usually is a difficult transaction and a long process.

Bankrate.com recently tackled the question of “Which to Buy: Short Sale or Foreclosure?” in an article that helps buyers weigh the pros and cons of a distressed property. Experts note that the question largely depends on buyers' situations, how quickly they need a home, and their tolerance for fixer-uppers.

Foreclosure Pros and Cons
Buying a foreclosure is often faster than purchasing a short sale. Plus, buyers often can negotiate closing costs and price in foreclosure sales, Elaine Zimmermann, a real estate investor in Memphis, Tenn., told Bankrate.com.

However, abandoned homes in foreclosure can deteriorate very quickly so the buyer may need to weigh the condition of the home and whether they want a fixer upper. Scarred walls and carpets and appliances that were damaged by the former owner are not uncommon in a foreclosure, says David Richardson, an inspector in the Detroit area who's certified by the American Society of Home Inspectors.

Short Sales Pros and Cons
A short-sale home is still owned by the occupant, so it tends to be in better condition than a foreclosure, experts say.

"The short sale is, in my opinion, far better than buying a foreclosure because the home is generally in better condition because it's been occupied," says Gwen Daubenmeyer, a certified distressed property expert with RE/MAX in Detroit. "The utilities have been maintained, usually the lawn is maintained, those kinds of things."

But short sales often can take a longer time than a foreclosure to close. However, the federal Home Affordable Foreclosure Alternatives program, or HAFA, may be able to help speed up the short-sale process since it has created a timeline to hold mortgage lenders accountable, but still “it’s not perfect by any means,” Daubenmeyer says.

From the desk of Dan Basil, The Basil Group:

Let's face it, it's been a tough economy this past few years and things happen to good people. We're hear to help with resources for you to make a wise decision when wading the unknown waters of what to do with your home when you're facing a financial struggle.

The Basil Group has resources that are at no cost to you to help determine your options if you owe more than your home is worth and need to sell your home. We have had success with working with many lenders and a lawfirm partner to help our clients shortsale their home. Call today for a private, no obligation consultation. (612) 280-5046