Carbon-monoxide alarms now mandatory in all homes

Just a very quick blog to alert you to the news regarding carbon-monoxide alarms.
A new law takes effect Friday requiring all single-family homes in Minnesota to have a carbon-monoxide detector within 10 feet of each bedroom. (read more at the Minneapolis Star Tribune).

Congress Passes Housing and Economic Recovery Act

No word on the presidential signature yet – but he is still expected to sign. Here’s the latest on the Act from Minneapolis Realtor!

Congress has passed The Housing and Economic Recovery Act of 2008, providing some much-needed stimulus to the housing market. The President is expected to sign the bill on Tuesday, July 29.The comprehensive bill includes GSE and FHA reforms, an FHA foreclosure rescue, a homebuyer's tax credit, limits on seller-funded down payment assistance programs, temporary increases in VA loan limits, and establishment of a National Affordable Housing Trust Fund, and many other provisions. The bill includes various effective dates for these provisions, so studious review is required.

As with most Congressional actions, this bill is not without some controversy. Some members are not happy about the new limits on seller-funded down payment assistance; others see the program as a bailout for homebuyers who accepted risky loans or used their home equity carelessly.That said, the bill offers some welcome
assistance and could be the kick-start the market needs to push potential homebuyers into action. It will surely be the talk of the town in the coming days.

Video on Negotiation

Susan Hofflander recently put together a video on the importance of a win-win negotiation approach when bidding on a home.

De-regulation and mortgages

Democracy Now! recently had an eye-opening, in-depth discussion of how de-regulation of our banking industry in the 1990's set the stage for the housing and credit crisis we are suffering from now. While many in the media are looking to place blame on homeowners for their mortgage woes, guest experts tell how Wall Street and Washington are the culprits in this latest corporate boondoggle.

Submitted by Holly LaRochelle

Shift in Housing Supply/Demand

Well, there are new stats out this month that show a negative move in supply vs. demand for houses in the metro for the first time since MAAR started tracking it. There is now an average of 8.11 houses on the market for every buyer, down 1.6 from last July. So, what does that mean? It means that pendulum is starting to swing and market is balancing out. (Learn more)

It is still definitely a buyer’s market but smart buyers are looking into exclusive buyer representation to maximize their advantage and watch for their interests in a changing market.

Submitted by Holly LaRochelle

What is an exclusive home buyer agent?

Susan Hofflander, from Buyers Real Estate Group explains the advantage of a buyer's agent and the history behind the movement towards equal representation for home buyers as well as sellers!

Asbestos in Popcorn Ceilings

Do you have a popcorn ceiling? Or are you looking at a home with a popcorn ceiling?

Be warned that depending on the date the ceiling was built or redone, you may have a problem with asbestos. Bill and Kevin Burnett at Inman News just published a great article on this topic.

The quick answer is that asbsteos was banned in 1979. So if your house or the work was done after that date, there shouldn’t be a problem but the only real way to know is to have it tested. For more information on asbestos, check out the Environmental Protection Agency Web site.

Submitted by Ron Jensrud