Tuesday, August 31, 2010

Minneapolis house prices are up

According to the Minneapolis Star Tribune


Home prices in Minneapolis rose faster in June than in almost any other
city in the nation.

The Standard & Poor's/Case-Shiller 20-city home price index released
Tuesday showed that prices in Minneapolis, Detroit and Chicago rose by 2.5
percent, well ahead the one percent average increase between May and June.

But as prices have gone up, demand has gone down and experts predict that prices will fall through the rest of the year.


Friday, August 27, 2010

Mortgage rate is 4.36

Looking for motivation to buy your dream house? The Minneapolis Star Tribune offers one good reason…
Mortgage buyer Freddie Mac said Thursday that the average rate for a
30-year fixed loan was 4.36 percent this week, down from 4.42 percent last week.
That's the lowest since Freddie Mac began tracking rates in 1971.

The average rate on 15-year fixed loan dropped to 3.86 percent from
3.90 percent the previous week. That's the lowest on records starting in
1991.
While the intention may be to spur home sales – it turns out that the lower interest rate hasn’t been turning homes, but refinancing is at its highest rate since May 2009.

Submitted by Minnesia home buyer agent, Mary Rugani

Wednesday, August 25, 2010

TC Home Sales Fall

According to the Minneapolis Star Tribune




Home sales plummeted 42 percent in the Twin Cities area last month, the sharpest
year-to-year decline among 20 metropolitan areas surveyed by the National
Association of Realtors.

The national average is 26 percent. Both numbers are steeper than the experts predicted for the post-tax-break real estate market. Not even lower interest rates have been able to shake people’s motivation to buy as folks seem to be getting nervous with the stalled economy.

But while the monthly numbers seem bleak, the Star tribune points out that looking through a greater window of time, the situation isn’t as bad..

In fact, the situation in the Twin Cities might not be as dire as July results appear. Home sales so far this year are only slightly behind last year, down 3.8 percent compared with the first seven months of last year. And there were several months when the number of home sales locally surged compared with the rest of the country. In July 2009, for example, home sales posted an annual increase of almost 28 percent, followed by annual increases of 28 percent in October and 67 percent in November -- the biggest increase that month in the 20-city survey.

Sunday, August 22, 2010

7 Tips to Finding Your New Home at Discount

RIS Media recently posted 7 Tips to Finding Your New Home at Discount. Here’s an abbreviated version of their list. Check out their article for the details…

1. Search for short sale properties
2. Select a real estate professional
3. Investigate the mortgage and liens on the property
4. Have a home inspection
5. Write a complete offer
6. Negotiate
7. Be Patient

Submitted by Minneapolis Realtor, Mary Rugani

Tuesday, August 17, 2010

Testimonial for Lee Fisher

We are always delighted when we hear good things about our agents - it's just too tempting not to share these kind words about Lee Fisher...

I just wanted you to know we have been so happy with Lee. We have had a bad experience with dual agents before and didn't want to go down that same path. We were very glad with Cheryl Hoban recommended Lee. She found us this property very quickly and we were able to move fast. I believe all those pieces brought us to the place of closing on our dream cabin. I feel lucky to work with Lee and have this opportunity. I hope other people can find the value of a true buyers agent. Thank you again - we would definitely recommend a buyers agent to anyone that would ask us.

Sincerely: Erin Hilligan

Friday, August 13, 2010

Home sellers cutting prices

There’s some good news in Minneapolis if you’re a home buyer – sellers are cutting their prices. According to the Minneapolis Star Tribune

Reports released Wednesday showed pending home sales in the Twin Cities down, the inventory of houses on the market growing and sellers in Minneapolis offering price reductions more often than in any other U.S. city.
Signed purchase agreements in Minneapolis fell almost 38% in July to the lowest monthly rate in a decade. Sellers have cut their prices at least once in 42
percent of all active sales. The average markdown was 9 percent.

More good news for buyers, mortgage rates are lower than they’ve been in 50 years.

Unfortunately, mortgages have also become more difficult to get and overall prices have risen slightly.

Again here’s the assessment from the Star Tribune…

Already, it's a strong buyer's market. Although the number of new listings that came on the market last month was down almost 10 percent, the total number of houses on the market rose slightly to 27,249, a 5.4 percent increase over last year at this time.
Submitted by Minneapolis Realtor, Mary Rugani.

Wednesday, August 11, 2010

Save Money with Your Edible Garden

An edible garden featuring vegetables and herbs can save you a bundle if you keep it simple and raise plants that offer high yields.

Whether you're trying to pinch pennies on your grocery bill or just hungering to eat healthier, having your own edible garden is the answer. The beauty of tending a backyard vegetable patch is that you can pick and choose what to grow, allowing you to customize a mix that suits your family's palate-and gives you the greatest return on investment.

How much can you save?

A backyard edible garden will trim costs from your grocery bill while providing you and your family with the freshest produce possible. According to Bruce Butterfield, research director for the National Gardening Association (http://www.garden.org/home), a well-maintained garden can produce a half-pound of fresh vegetables for every square foot of garden space. At average market prices, that means a garden returns about $1 per square foot.

Studies conducted by W. Atlee Burpee Co. (http://www.burpee.com/), a mail-order seed company, are even more optimistic. According to Burpee, the average cost-to-benefit ratio of home-grown produce for those who have established gardens is better than 1 to 25. That means every $1 spent on seeds and supplies yields at least $25 worth of vegetables.

Even first-time gardeners will benefit. George Ball, owner of Burpee Co., says that a $10 investment in seeds for tomatoes, beans, bell peppers, lettuce, peas, and carrots, plus $80 for soil, fertilizer, and the cost of building several raised beds, can yield more than $250 worth of veggies and herbs-a substantial portion of the approximately $3,465 the average U.S. family spends on a year's worth of groceries.

For families that save the harvest, either by freezing, canning, or drying, the cost-benefit ratio climbs even higher. Martha Garway, who tends a 10x10 plot in a Providence, R.I., community garden, freezes much of her summer produce, such as okra, tomatoes, and peppers.

That summer harvest, which costs her $20 for the plot plus the cost of seeds (and she tends to save her own), enables her to "buy only meat and fish through winter-no vegetables," she says.

Top plants for great returns

For the average gardener in most regions of the country, here are some of the most cost-effective vegetables to grow, and an estimate of what you'll save over store-bought produce. These figures reflect veggies harvested for fresh eating only; if you freeze or can produce to consume beyond the harvest season, your savings will multiply.

Slicing tomato
Seedling cost: $2.00/plant
Yield: 10-15 pounds tomatoes/plant
Savings: $15-$23/plant

Bell pepper
Seedling cost: $2.00/plant
Yield: 6-8 peppers/plant
Savings: $9-$12/plant

Cucumber
Seed cost: $2.95/packet of 240 seeds
Yield: 10-15 pounds of cucumbers per plant
Savings: $5-$7.50/plant

Bush green beans
Seed cost: $2.95/packet of seeds
Yield: 2.5-3 pounds/5-foot row
Savings: $3.75-$4.50/row

Pole green beans
Seed cost: $2.95/packet of seeds
Yield: 4-5 pounds/5-foot row
Savings: $6-$7.50/row

Leaf lettuce
Seed cost: $2.00/packet of mixed lettuces
Yield: 16 oz. of salad every 3-5 days after leaves mature
Savings: $4 per week

A few vining vegetables, like squash or Malabar spinach, produce abundant yields for the price of a packet of seeds ($2.95). Winter squash types in particular are easy to cure and store, lasting well into spring and offering savings of up to $10-$15 per vine.

Herbs

Herbs offer amazing return. For $1.50, you can buy a 3-inch pot of parsley, chives, oregano, mint, or basil and harvest leaves all season long. With the perennial herbs, like oregano and mint, the harvest continues for years with little maintenance action required. Compare that to "fresh" herbs you'll get at the grocery for $3 for a 3-ounce packet.

What not to grow

Some vegetables aren't cost-effective in an edible garden. For instance, you could spend $20 for organic seed potatoes that will yield 15 pounds of spuds from a 20-foot row planting. Compare that with the average price of white potatoes in the supermarket at $1 per pound. Then again, you can't find Russian Banana fingerlings or Purple Viking potatoes at the grocer, so if you want a specialty spud, grow your own.

Other veggies that don't pay to grow are ones that are finicky, like celery or asparagus. Both are labor intensive. Onions are relatively cheap to purchase, and it can be difficult to get a large yield of good-size bulbs without a massive garden.

Try growing shallots instead, a gourmet-style onion family member that produces green tops you can harvest like chives and mild flavored bulbs that cost up to $4 a pound at the store.

How big an edible garden?

The median size of an edible garden is about 100 sq. ft., according to the National Gardening Association. For a family of four, a growing space of 200 sq. ft. should keep the family in veggies all summer long. Plan to spend 4 hours a week tending your garden, with 8-12 hours for preparing the planting area in spring, shopping for seeds and seedlings, and sowing crops.

Article From HouseLogic.com
By: Julie Martens
Published: February 02, 2010

Julie Martens is a writer with 21 years' experience in the field of gardening. Her bylines appear in magazines such as Nature's Garden, Country Gardens, and Garden Ideas & Outdoor Living. She recently moved into a renovated 1915 home and is busily working on a new garden.

Saturday, August 07, 2010

6 Homeowner Tax Advantages

When you're evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership.

Owning your home not only allows you to build wealth through appreciation, but it can also reduce the amount of income tax you pay every year.

Here are seven tax benefits for homeowners.

1. Deductions for loan fees
Typically, you can deduct the "prepaid interest" you paid when you got your mortgage loan. That includes points, loan origination fees, and loan discount fees listed on your settlement statement, even if the seller paid those fees for you. Each time you refinance your home, you can deduct prepaid interest fees.

However, you must meet certain requirements to take the prepaid interest deductions when you purchase or refinance your home. Check with your accountant to be sure you're following the rules.

2. Property tax deductions
In the year you purchase your home, you're entitled to deduct the real estate taxes you paid at the closing table. You can continue to deduct the property taxes you pay each year.

3. The mortgage interest deduction
Every year, you can deduct the amount of interest and late charges you pay on your mortgage and home equity loans, though there are limitations. If you're required to purchase private mortgage insurance (PMI) because you made a downpayment of less than 20% on your home, you can also deduct those premiums as mortgage interest expenses.

4. Home office expenses
If you have a home office you use only for business, you may be eligible to deduct the prorated costs of your mortgage, insurance, and other expenses related to that space. The government scrutinizes home-office deductions closely. Be sure you're entitled to the deductions before claiming them.

5. The costs of selling your home
In the year you sell your home, you can deduct the costs of selling it, including real estate commissions, title insurance, legal fees, advertising, administrative costs, and inspection fees. You can also deduct decorating or repair costs you incur in the 90 days before you sell your home.

6. The gain on your home
If you lived in your home for at least two of the previous five years before you sell it, the government lets you to take up to $250,000 of profit on the sale of your home tax free. That amount is doubled for married couples. This deduction isn't available on rental or second homes.

The government also allows you to subtract from your home sale profit any amounts you spend on improvements, such as window replacement, siding, or a kitchen remodel. Those deductions are in addition to the tax credits you can receive in 2010 for making energy-saving upgrades. Money invested for routine maintenance and repairs doesn't count.

This article includes general information about tax laws and consequences, but is not intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws vary by jurisdiction.

Article From BuyAndSell.HouseLogic.com
By: G. M. Filisko
Published: March 11, 2010

G.M. Filisko is an attorney and award-winning writer who's enjoyed the tax advantages of homeownership for more than 20 years. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Monday, August 02, 2010

Stress-free Moves

RIS Media just posted 12 great tips to make your move simple and stress free. Check out the article for the details – but here’s a quick version:


  1. Choose a type of move. – DIY or fully outsourced?

  2. Hire a quality mover

  3. Declutter – don’t move anything you don’t need or want

  4. Be flexible – different dates get different rates

  5. Save on boxes – ask the moving company about used boxes

  6. Save on packing materials – use what you have

  7. Mail books – book rates are great!

  8. Consider consolidation – maybe there’s someone

  9. Insure it – check your homeowners insurance

  10. Be prepared – know where the boxes should go

  11. Stake your claim – if you’re moving for a job talk about expenses

  12. Tip - $3-5 per mover per hour is the going rate

Submitted by Minnesota Realtor Lee Fisher