Isanti - Sherburne - Wright - Anoka County Minnesota Real Estate Blog

Your thinking about buying a home this Spring or Summer!  You want to buy, but will your credit let you!  Its time to check on your credit and make sure its in shape for your soon to be house shopping!

The cold weather really did not hit us to stay until 10-14 days ago.  However when Minnesota gets cold, it gets cold.  Thus, when houses don't have the heat on they freeze up fast!

Why is the heat off in a house you may ask?  Well, normally someone in Foreclosure or in the process of a short sale vacate the home and because they feel they are done with it they shut the utilities off and don't think about the house freezing once it gets cold. (Or perhaps they don't care).

Its fine if you want to leave the home move and not pay for the utilities bills, but there is a simple solution to the issue. Turn off the water and shut off the water lines and at the very least pour a few jugs of RV Antifreeze down all the plumbing lines. (A $10 solution).  

Ideally you also blow the water out of the lines, but most of the time the antifreeze and shutting off the water supply will save major damage. 

The value of a home drops several thousands of dollars when there is freeze damage. Some homes flood with water, causing mold and leading to the house needing to be gutted.

So if you are going to vacate your home this time of year in Minnesota - AT LEAST WINTERIZE IT!!

Here is this weeks update from the Minneapolis Association of Realtors below.  Its hard to add to their summary.  It does a good job explaining the current market and the signs that say the market is turning around. I have used this info for the last couple months to explain that prices will be slightly up for most areas in the Spring.

I have been explaining to buyers we are going have multiple offers on the best priced homes that come on the market.  I will keep stating that so buyers aren't as surprised come offer time!

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Last week, the Mortgage Bankers Association reported that mortgage applications 

increased more than 23.0 percent from the week prior. The fine print stated that most 

of the increase was driven by refinancing activity, given record low rates. Residential 

construction data also provided glimmers of hope. By now, many have surely noticed 

that the supply-demand balance is changing. What some may not realize is that this is 

a leading indicator, while home prices are a lagging indicator. Price appreciation is the 

final phase of recovery. Excess supply is down–in some areas, it's way down. 

Purchase demand in most areas strengthened throughout the second half of 2011. For 

sellers, it's less scary out there. For buyers, it's still a once-in-a-lifetime opportunity.

In the Twin Cities region, for the week ending January 14:

 • New Listings decreased 5.2% to 1,216

 • Pending Sales increased 28.4% to 728

 • Inventory decreased 23.8% to 17,690

For the month of December:

 • Median Sales Price decreased 6.5% to $145,000

 • Days on Market decreased 2.5% to 140

 • Percent of Original List Price Received increased 1.7% to 90.6%

 • Months Supply of Inventory decreased 35.6% to 4.

After having an Elk River, MN home listed for rent I am finding there is a big need for more single family home rentals in Elk River and the surrounding areas.  It took just over 2 weeks to rent the listing I had in December.  Since then I have received several calls requesting rentals. 

On the Multiple Listing Service in the Elk River area there are only a few rentals out there and most of them are higher then the $1300-$1400 payment threshold most people are trying to stay under.  Even going through Craigslist ads I don't see many new options coming on the market.

Thus if you have a home in Elk River and you don't know what to do with it, perhaps renting it out is an option.  If have been thinking about buying a rental home Elk River is an area that you should consider. There always seems to be a few great deals on the market!

If you would like to invest in Real Estate and are not sure where to begin, feel free to contact me and we can talk about your situation and answer your questions!

Its good to relay the the Minneapolis Association of Realtors is reporting that week one of 2012 the trends we saw late in the year continued.  I personally felt like that week was a slow week.  However, the last few days I have met some new buyers who are entering the market.  This should lead to a competitive Spring market that will see a lot of multiple offer situations.  Be ready Twin Cities Buyers & Sellers!!!

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The first full week of 2012 shows that buyers were off to a busy start while 

seller activity cooled down. Sales volumes easily beat the same week in 2011. 

The inventory drops that many communities saw during the second half of 

last year should translate into further positive news for sellers. Interest rates 

are expected to hold the low ground, enriching the buying environment for 

consumers. It's early now. The spring market will ultimately be the major tell 

as to the rate of recovery throughout the year. Today's lesson: Maintain a longterm perspective and watch trends develop beyond one week of data.

In the Twin Cities region, for the week ending January 7:

 • New Listings decreased 14.6% to 1,266

 • Pending Sales increased 13.8% to 561

 • Inventory decreased 24.5% to 17,302

For the month of December:

 • Median Sales Price decreased 6.5% to $145,000

 • Days on Market decreased 2.5% to 140

 • Percent of Original List Price Received increased 1.7% to 90.6%

 • Months Supply of Inventory decreased 35.6% to 4.6

37126 Highway 65 NE, Grandy MN (4 miles north of Cambridge) is now priced at $200,000!  This property is a great opportunity for Business Owners!  

There are two sizable outbuildings.  One is 110 feet long and 56 feet wide in the back half, 40 ft wide in the front has.  Its heated and insulated with an office area in front and a machine shop area in back.  CAN YOU SEE YOUR BUSINESS HERE?!?!

The other outbuilding is 48x24 and is also heated and insulated.  This property sits on 10 acres with about 330 ft of road frontage off of HWY 65 on the north edge of Grandy.

You can also live where your business is.  The home is 5 BR and 2 Bath with a large living room and dining area. 4 BRs on the upper level.  Inside of the home in good shape.  Outside needs some paint, but the roof is 3 years old.  Its worth a look and offer!!!

More information and photos at: 37126 HWY 65 NE, Stanchfield Twp (Grandy)

If you are about to buy a house or if you have a home under contract you will want to know NOT to do these 9 things listed below.  They are almost sure to cause the sale to fall apart!

With this weeks Minneapolis Association of Realtors Market Activity Report we saw the trends to continue with decreased inventory, increase pending sales and decreased median sales price.

No one seems to want to make predictions for 2012.  Just in case this is the first time your reading my commentary on these reports I am being bold and making predictions:

1. Lower price homes will see a slight price increase heading toward Spring.  Lower priced homes vary by area but I am talking about the homes first time buyers and investors are buying.

2. By years end their will be less uncertainty. We will be in a normal market.  REO (Bank Owned) Sales and Short Sales will still be a large share of the market because of the purchase and refi boom we saw in 2002-2007 leaving a high percentage of home owners underwater.

3. This year will mark the best year to buy Real Estate in the history of Minnesota based on the low prices and low interest rates.

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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

Real Estate Appraiser Michael Bolton does a wonderful job putting these city and county summaries together.  Here is one he posted on his blog today about Isanti County Home Sales in 2011.  You can see there is a high percentage of REO Bank Owned sales, and some short sales. He points out that he is surprised there are not more.

I think one thing I am noticing is that not as many agents in the area really go after the short sale listings.  Thus, not a lot of sellers understand the benefits of short selling their home.

If you live in Isanti County and are behind on your payment you really should look into your options and see if a short sale is a good option for you!  Call me at 612-290-3809 if you have questions.