Homeowners are right sizing

Remember the day when “bigger was always better”? Homeowners are finding that it’s no longer the situation. Homeowners have found themselves in homes that are large in housing developments that are large surrounded by amenities that are too crowded. Or as one homeowner put it a Minneapolis Star Tribune article put it…

"You go to the basketball court, and you can't even get in," she said. "It's almost like going on vacation when it's really busy -- like going to Six Flags and standing in line forever, but this is where we live, we're just one of the many."

So there is a shift towards smaller homes in smaller developments, often closer to the metro areas – places where you can get to know all of your neighbors and where residents don’t need to worry about all of the units selling out.

Submitted by Real Estate Agent Mary Rugani.

Minneapolis Property Taxes

House values are dropping while taxes in Minneapolis rise. What’s happening? According to the Minneapolis Star Tribune…

About one-third of the tax increase comes from a short-term blip. About 98 percent of Minneapolis homeowners saw flat to lower taxes on their 2010 bills, according to city figures. The main reason is that millions of dollars were restored to the city's general tax base with the expiration of some tax-increment financing districts; TIF is a tool the city uses to encourage business or housing growth.

That revenue helped absorb a 2010 tax increase that's in the same range as what's being considered this year. But now the city has locked up some of the tax base of those expired TIF districts in new districts that will keep it off the general tax rolls for 10 years. The money will be used to pay off Target Center debt and to fund neighborhood programs, so it won't be there to help absorb the 2011 increase. More than 90 percent of residential owners will pay more next year at a 7.5 percent levy hike.

Unfortunately knowing where it comes from doesn’t always help the pinch. Many folks are seeing big increases because their homes are holding their value better than other home.

Submitted by Minneapolis Real Estate Agent, Mary Rugani.

How Find a House

The good news for homebuyers is that there are plenty of homes from which to choose. The bad news is that there are plenty of homes from which to choose. While five years ago the average homebuyer would look at 15-20 homes before making an offer. Folks are visiting more today – but RISMedia recently offers some tips to help homebuyers get and keep focused. The market is ripe to get a good deal – but you don’t want to miss your dream house by focusing on detaisl that make the great deal but not a great home. Hopefully the following tips will help. For more details check out the full article.

1. Do enough looking to get to know your local market.


2. Let your emotions help you.


3. Decide if a distressed property is really right for you.


4. Don’t focus too heavily on price.
   
5. Be ready to negotiate.
   
6. Get plenty of advice but trust the professionals.


7. Don’t let negative comments about the housing market scare you off.

We want to emphasize the sixth point – trust the professionals. In today’s economy, it’s important to find a real estate agent who will focus on your needs as a buyer. Often those needs can compete with the needs of the seller. Now it the time you want an exclusive home buyer agent.

Submitted by Mary Rugani, exclusive home buyer agent based in Minnesota.

Reduce Waste at Home

RIS Media just posted 10 Tips for Reducing Waste at Home. We thought the highlights would be useful – you can check out the full article for details…

• Recycle Phone Books http://www.earth911.com/


• Call to see what your community recyclers will accept


• Hazardous materials require special treatment


• Don’t throw away batteries – recycle them


• Think about how you can recycle beyond paper, cans and glass


• Use recycled materials


• Think about insulation


• Choose good siding


• Make sure contractors working on your house also recycle


• Take advantage of the $1,500 tax credit

Submitted by Minneapolis real estate agent, Mary Rugani

Snow emergency tips

Winter is here – well at least the snow is here. For folks who are new to the Twin Cities – and others we tracked down a few ways to keep up on the snow emergency rules – you don’t want to find yourself caught out!

Minneapolis Parking Page includes rules, an app that lets you search rules by address and a few ways to keep informed by test, by email, Facebook and I’m sure other ways as they emerge.

St Paul Parking Page offers many of the same options – including a heads up on the rules that regulate the plowing and shvelingyou must do if you have a sidewalk.

Submitted by Minnesota REALTOR Mary Rugani

Market Forecast for 2011

If you’re looking to sell a house the forecast isn't great - if you're looking to buy, it's maybe not so bad. The Minneapolis Star Tribune puts a chilling spin on the situation...

Get ready for the big chill. Home sales in the Twin Cities metro area are falling and the number of houses on the market -- many of them foreclosures -- continues to rise.

There's no doubt that the market is down but from the perspective of the home buyer that means there are many homes to choose from, and interest rates are the lowest they've been in a generation. That's great news for first time home buyers.

For homeowner looking to move the situation is hard - but not necessarily desperate. For many people selling their home has been difficult and many have had to take offers that were unheard of a few years ago and may even be less than they paid for the home - but the silver lining is that if you're in that position, it is likely that you'll buy a home under the same conditions. You'll be able to buy homes for less than you might have expected - so keep that in mind when fielding offers.

Resources for Homeowners

Some REALTORS think that they’re job is done when the house is purchased – but like the Energizer Bunny – we keep on going. We want to see you in your dream house – but more than that we want to see you happy in that home. So we keep a Rolodex of helpful names – as one client of BREG REALTOR, Mary Rugani, learned this week…

Mary -

Thanks for referring me to 'Ron the Sewer Rat' yesterday evening. Their service was prompt, professional, and competitively priced. I called them Monday evening and they had someone working my issue right away on Tuesday morning. They not only cleared my mainline of tree roots, but also evaluated the condition of the pipe, and provided several maintenance tips. Without hesitation, I would use them again!

Regards -
Dawn

Ron the Sewer Rat is one of many resources we have listed in on our web site in the RESOURCES FOR HOMEOWNERS section.

The issues with mortgage payers

We read too often about the foreclosures of homes - but what about the folks who are making payments to houses that are no longer worth what they owe? RISMedia posted an interesting article today on the impact that mortgage payers are having on the American economy...

With home prices stagnant in much of the country, payments on mortgages that are
underwater could absorb billions of dollars that might be used for other
forms of consumer spending—a drag on family finances, the housing market and the
overall economy. And the drag could persist for years.

Here are some of the impacts they noted:

• Of the estimated 15 million homeowners underwater, about 7.8 million owed at least 25% more than their properties were worth in the first quarter of this year.


• Many of these homeowners are paying much higher interest rates than the latest national average of 4.25%.


• In normal times, the U.S. should be putting up about 1.7 million new houses annually, but this year it’s running at about 600,000.

There are obvious changes in the real estate market, but as RISMedia points out, it's having an impact on all aspects of life...

Rather than going out on their own or starting families, young Americans are doubling up with friends and relatives, saving more and paying down debts. Older Americans are staying in their jobs longer, hoping that the single biggest asset for most of them—their homes—will recover in value.

Submitted by Minnesota REALTOR, Mary Rugani.

Minneapolis Housing Market Video

Learn the latest on the Minneapolis / St Paul housing market...