May 2010 The Skinny

As the Minneapolis REALTOR video (The Monthly Skinny) reports, the Twin Cities housing market has remained steady even after the homebuyer tax credits ended. The greatest strength has been in the lower priced homes - but there have been surprises in other areas as well.

Top Tips for First Time Homebuyers

RISMedia posted their top six tips for first time homebuyers:

1. Don't buy if you don't plan to stay


2. Start by shoring up your credit


3. Choose carefully between points and rate


4. Hire a home inspector


5. Get professional help


6. Bonus Tip: Be patient

We want to emphasize their fifth point.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

As exclusive buyer agents are aware of the difference a buyers agent can make on getting you the home you want at the price you can afford. We understand the markets, we know the neighborhoods (especially in the Twin Cities), we are champion negotiators and we have your best interests as our top priority.

Submitted by Minnesota Realtor, Mary Rugani

Twin Cities is Tops

It’s official the Twin Cities is among the top cities in the United States when it comes to quality of life, according to a new Portfolio.com/bizjournals.com study. We came in third!

The study based its findings on data from the U.S. Census Bureau's 2006-2008 American Community Survey. Here are some of the Twin Cities’ highlights, according to Minneapolis/St Paul Business Journal…

• Minneapolis/St. Paul performed well in several categories, including median household income. The city ranked ninth in the nation, with a median income of $66,300.
  
• Minneapolis/St. Paul ranked 25th in the commuting time category. The average commute in the Twin Cities takes about 24 minutes.
  
• The Twin Cities ranked 13th in the category of lowest jobless rate. About
  4.1 percent of Twin Cities residents ages 25 to 64 were unemployed.
  
• Minneapolis/St. Paul ranked eighth in percentage of adults 25 or older with bachelor's degrees. About 37 percent of Twin Cities residents have bachelor's degrees

Bathroom Remodel

Patti, a client of Mary Rugani bought from the original owner. It was an excellent fit. Patti had all this work done to the unit in less than 60 days.
Mary went to the "open house" to see what she had done and we were so impressed, especially after seeing the old and the new.

Patti worked with Rick Snell. He did all the work:

• Redo of kitchen cabinets (sand and paint)
• Granite counter tops
• Laminate flooring in bathrooms
• Kitchen and entry
• New in unit laundry closet
• Opening to kitchen from dining area made bigger with granite counter
• All new floor molding throughout and hanging of six panel doors throughout
• All hardware on cabinets and doors is now nickel

We’re hoping to show you the work over the next few months – starting with the bathroom…

You can contact Rick yourself if you have a big or little project in your house. Rick's Handyman Service 612-840-1308. Their motto is - "We do the jobs the bigger guys don't want to!"

BYO Bag?

RIS Media this week recognizes the importance of reusable bags…

The thin plastic bag with handles — known in the industry as the T-shirt bag —
is under pressure from municipal bag bans and a growing number of retailers who
are encouraging shoppers to BYOB — bring your own bag.

Several stores have been helping customers to make the transition. Wal-Mart is planning to cut plastic bag waste by one third by 2013. Target handed out 1.5 million reusable bags on Earth Day.

We’ve found that keeping a few reusable bags in the golf compartment or trunk have helped us remember to bring bags and help contribute to a cleaner, healthier tomorrow.

Submitted by Minnesota Realtor, Mary Rugani.

Real Estate Market is Coming Up Roses but Buyers Should Beware of Thorns

Here's the latest from NAEBA...

AVONDALE, AZ May 7 2010 – The end of winter signals the beginning of the busy real estate season and the National Association of Exclusive Buyer Agents (NAEBA) is renewing an effort to educate buyers about the various choices for agent representation in the home buying process. While most states in the United States require agencies to disclose relationships, buyers are not always clear about what those relationships mean.

“We believe it is important that home buyers understand their options so they will make the best choice when selecting an agent,” commented Benjamin Clark, 2010 President of NAEBA. “It is our mission to educate buyers on the advantages of using Exclusive Buyer Agencies and we want buyers to have that information before they sign a binding agreement with a real estate brokerage.”

A “buyer’s agent” is not always an Exclusive Buyer Agent (EBA). Agencies may have singular relationships, representing buyers or sellers only or they can be a dual agent that represents both sellers and buyers at the same time. Within a dual agency brokerage, there may be “buyer agents” but this differs from NAEBA (http://www.naeba.org) member companies where both company and agents exclusively represent buyers and never take listings. In fact dual agents and dual agency companies may represent buyer and seller in the same transaction, with written consent.

Michigan resident and recent home buyer, Darrell Perry, learned one of the potential pitfalls of using a dual agency. “Our first agent showed us homes in areas we did not want to live and that offered none of the features we required,” commented Perry. “He told us there were no houses in our price range in our preferred area. We later discovered he only showed us homes listed with his agency. We thought he was working for our best interests.”

Consumers who use an EBA can be certain that their partnership will be maintained throughout the purchase process. “We weren’t very familiar with the concept of an Exclusive Buyer’s Agent at the outset, but during the home buying process learned how valuable it can be to have our Realtor® looking out solely for our interests. The seller of the home we purchased commented that she wished that she had someone like our EBA on her side when she had bought the home,” said Utah home buyers, Jonathan and Laura Tanner.

Home buyers can learn more about Exclusive Buyer Agency and locate an Exclusive Buyer Agent at http://naeba.org/.

Submitted by Minnesota Realtor Renei Schmitz

Minneapolis is Top 10 Place to Live

RelocateAmerica.com has just come out with its 13th annual list of “America’s Top Places to Live for 2010.” The “Top Places to Live” list features several breakout categories such as the Top 10 Recovery Cities, Retirement Cities, ‘Earth Friendly’ Cities, Recreation Cities and Small Towns.

This year Minneapolis ranked 10 overall in the Top City list. We ranked number 7 for “Earth Friendly” city. Stillwater ranked number 4 in the Top Small Cities list. Learn more.

Submitted by Minnesota Real Estate Agent, Mary Rugani.

Local Pet Regulations

Do you own a pet? Are you moving to the area or even just moving from one city to another? If so you might want to check into the municipal pet licensing rules. Both St Paul and Minneapolis have different processes, prices and procedures for licensing local pets. It worth learning more as according to the Twin Cities Daily Planet, licensed pets are three times more likely to be returned to their owners than unlicensed pets, if they go missing.

Minneapolis has an online pet licensing system that allow owners to apply for tags for their dogs, cats, rabbits and ferrets from their own keyboard. Dogs and cats in Minneapolis cost $50 to license each year. However, that cost drops to $30 with proof of sterilization.

St Paul has a form online that must be printed and mailed in to license dogs; they do not license cats. St. Paul owners pay $55 a year for each dog, but that drops to $11 with proof of sterilization.