Minnesota Home Buyers Tips & Trends

Minnesota is Sixth Healthiest State

2011-12-06T19:35:00.000-06:00

According to the Minneapolis St Paul Business Journal...

Minnesota is ranked No. 6 for the second consecutive year in a study of the
nation's healthiest states.

The article continues...

Minnesota was ranked fourth-best for diabetes, eighth in the rate of smoking, and 14th for obesity.

The report said the state's strengths are low premature death rates and a low rate of deaths from cardiovascular disease. The study challenged Minnesota on its high prevalence of binge drinking and its low per-capita public health funding.

Good Housing News

2011-11-16T10:17:00.000-06:00

We love when we can report dome good news for the Minneapolis / St Paul Housing Market. According to the National Association of Realtors the Twin Cities has one of the healthiest housing markets…

Minneapolis-St. Paul-Bloomington Minn.-Wis.
2011 Building Permit Forecast: 4,511
2012 Building Permit Forecast: 10,118
Home prices here are expected to rise 8 percent next year, the highest growth projected in the 100 cities analyzed. As a hub for medical technology and headquarters for several large companies, employment is expected to grow 2.5 percent in 2012.

Twin Cities Home Prices Still Falling

2011-11-11T14:42:00.000-06:00

Good news for homebuyers – Twin Cities home prices are expected to keep falling. Obviously that’s less good news if you’re looking to sell before you buy, but if you’re a first time home buyer or are coming from a different market this is good news. The Minneapolis St Paul Business Journal reports…

The median price for a house in the Twin Cities area fell for the 12th-consecutive month, down to $155,000. That's 9.4 percent lower than the median price in October 2010, according to the Minneapolis Area Association of Realtors

Home prices are down 8.9 percent over the last year, the group said.
Meanwhile, the number of new listings fell 14.2 percent, the fifth-consecutive month they have decreased. The number of homes for sale dropped 22.5 percent compared to October 2010.

Twin Cities Housing Prices Dropping

2011-10-12T16:25:00.003-05:00

According to the Minneapolis St Paul Business Journal...

The Twin Cities housing market continued to make small improvements in
September, even though prices were down for the 11th consecutive month, a real
estate group said Wednesday.

The median price for a Twin Cities-area home was $155,000 last month, down 6.9 percent from September 2010, according to a report from the Minneapolis Area Association of Realtors.

For the last 12 months, home prices are down 8.8 percent, the group said.

House Prices Drop Again

2011-09-13T20:49:00.000-05:00

According to the Minneapolis St Paul Business Journal…

August numbers show that the Twin Cities housing market is slowly becoming more balanced, a realtor group said Tuesday. But it's not there yet — Twin Cities home prices dropped again in August.

Home prices in the 13-county Twin Cities area dropped 10.9 percent compared to August 2010 — the 10th consecutive month prices have fallen, according to data released by the Minneapolis Area Association of Realtors (MAAR).

The median price was $156,000 in August, compared to $175,000 for the same month a year earlier.

Twin Cities Home Prices Improve

2011-08-30T21:32:00.001-05:00

According to Minneapolis St Paul Business Journal...

Twin Cities home prices continued to improve in June along with the rest of the
nation, but Minneapolis-St. Paul still has a ways to go to make up for the
double-digit price drop over the last year.

Twin Cities home prices
increased 3.2 percent in June compared to the previous month, the third
consecutive increase the area's housing market has seen, according to the latest
Case-Shiller Home Price Index of 20 metro markets by Standard & Poor's.

Chanhassen is Tops in Best Places to Live

2011-08-16T09:05:00.000-05:00

CNN Money just realized their Best Places to Live – Chanhassen Minnesota comes in at number 10! Here’s the write up…

Despite some 2011 budgetary brouhahas in the state of Minnesota, Chanhassen has plenty going for it--including good jobs right within its borders (manufacturing and technology company Emerson is based here), evening diversion (the Chanhassen Dinner Theater is the nation’s oldest and largest), and nature galore (34 parks, 11 lakes, and the enormous Minnesota Landscape Arboretum). The town’s new state-of-the-art high school has racked up some national awards in just its second year

Twin Cities has Short Commutes

2011-08-05T16:45:00.002-05:00

Looking for a short commute in a big metro area? The Twin Cities just might be your place. According to Minneapolis St Paul Business Journal…

About 24.5 percent of Twin Cities residents have commutes of 15 minutes or less and 12 percent have commutes of 45 minutes or more.

Rents are high? Time to buy.

2011-07-29T16:20:00.000-05:00

The Minneapolis St Paul Business Journal reports that...

Market rents for downtown Minneapolis apartments are up an average of 6.9 percent to $1,213 per month, from $1,135 at the same time last year, according to the report.

Can you think of a better reason to consider buying a home?

House Prices Are Up

2011-07-26T16:12:00.001-05:00

Minneapolis St Paul Business Journal reports that the Twin Cities have seen a climb in housing prices this month. It’s the second month we’ve seen a rise – but experts seem to think that this may only be a seasonal bump…

Home prices across the nation and in the Twin Cities increased for the second consecutive month in May, according to a report released Tuesday.

But the report writers fear the good news is temporary.

Twin Cities prices were up 2.6 percent in May when compared to April, second only to Boston’s 2.7 percent increase, according to the latest Case-Shiller Home Price Index of 20 metro markets by Standard & Poors.

Disposing of Hazardous Waste

2011-07-22T05:15:00.000-05:00

According to RIS Media…

It’s estimated that every American home has an average of 100 pounds of hazardous household waste. This includes everything from paint and thinners to used motor oil, pesticides, bleach, cleaners and even batteries. Compact Fluorescent Light Bulbs (CFLs) are also considered hazardous waste due to the small amount of mercury they contain.

Dumping hazardous waste down the drain Is not a good solution – even if that drain is in the basement or backyard.

Rethinking Recycling has a great site to help you figure out what to do with your unwanted materials.

Big news for borrowers

2011-07-20T15:30:00.002-05:00

According to the Minneapolis Star Tribune…

Wells Fargo & Co. has agreed to pay $85 million to settle civil charges that it falsified loan documents and pushed borrowers toward subprime mortgages with higher interest rates during the housing boom.

So how many people might be involved?

Between 3,700 and roughly 10,000 people could be compensated under the settlement, the Fed said. The payments will likely range from $1,000 to $20,000.

What does it mean?

Federal regulators and state attorneys general are meeting with banks to try and strike a settlement that will significantly change the mortgage industry, forcing lenders to modify more mortgages and provide greater protections for borro

wers. A final agreement is not expected for several months.

Submitted by Minnesota exclusive home buyer agent, Mary Rugani.

June Video on Twin Cities Housing

2011-07-18T05:03:00.002-05:00

Twin Cities Richest Zip Codes

2011-07-08T15:28:00.003-05:00

Want a shortcut to Minneapolis and St Paul neighborhoods? The Minneapolis St Paul Business Journal recently revealed the top 7 wealthiest ZIP codes in the Twin Cities and the top 7 fastest-growing cities in the metro area:

Wealthiest Zip Codes:

55439 (Edina)
55347 (Eden Prairie)
55356 (Long Lake)
55391 (Wayzata)
55001 (Afton)
55331 (Excelsior)
55424 (Edina)

Fastest Growing Cities:

Hugo
St. Michael
Shakopee
Otsego
Prior Lake
Savage
Chaska

Prevent House Fires

2011-06-29T13:07:00.001-05:00

On ounce of prevention is not only worth a pound of cure – it can save a life of a loved one. RISMedia spoke with MXenergy, an independent energy provider, to get some tips to increase safety and decrease worry when it comes to protecting your home from a fire…

MXenergy Electrical Safety Tips

• Pay Attention: Flickering lights, buzzing noises, and faceplates that are warm to the touch are all signs that a circuit may be overloaded or wiring may be wearing thin. Each one of those signs is cause for immediate attention from a licensed professional electrician.

• Listen to Your Breaker: If you are continually tripping a switch and having to reset your breaker box, your house is trying to tell you something. There may be a fixture with faulty wiring or too high an electrical load on the breaker. Again, seek professional help.

• Review and Replace: Frayed electrical cords, wobbly ceiling fans, and loose faceplates are more than mere annoyances. You should routinely inspect your home and replace or repair items in need of attention.

• Safety First: Even the best preparation and newest equipment is not a guaranteed protection against fire. Working smoke detectors on all levels of your home is an absolute must. Make sure you have a working fire extinguisher and you know the proper way to use it.

Submitted by Minnesota exclusive home buyer agent, Mary Rugani.

Green Grocery Tips

2011-06-24T13:04:00.000-05:00

Most of us are always thinking about how we can go green – but sometimes that can mean an added expense of effort. RISMedia has come up with 5 tips that will help you go green and save money at the grocery store:

No. 1: Stock Up On Green CleanersNo. 2: Do The Prep Work Yourself
No. 3: Buy in Bulk
No. 4: Shop in Season
No. 5: Do What Grandma Did

Submitted by Minnesota exclusive home buyer agent, Mary Rugani.

Gardening Tips

2011-06-20T13:00:00.001-05:00

Whether you have a green thumb or not, it’s always fun to get a little gardening advice from an expert. RISMedia published a short Q&A with Sandra Goeddeke-Richards, the Master Gardener Program coordinator for the Michigan State University Extension-Macomb in Clinton Township, Michigan. We’ll post the questions below – see what you think before you check the RISMedia site for the answers…

What tips do you have for prepping a yard for spring planting?
Should gardeners get their soil tested?
When is it safe to plant annuals and perennials?
When is the best time to fertilize?
Vegetable gardening is popular. What are some common mistakes?

Submitted by Minnesota exclusive home buyer agent, Mary Rugani.

Emergency Preparedness

2011-06-17T12:55:00.000-05:00

It’s never fun to plan for the what if’s of life – but it’s even less fun to wish you have planned. RISMedia recently published a succinct article on what it means to be prepared and what it takes…

So what should you have on hand in an emergency?

Perhaps the most important thing is water. Humans use a lot of it: for drinking, cooking, cleaning and even for flushing the toilet. At a bare minimum, a person needs about a gallon per day. You would like to have at least enough water available to handle three days, and a week or two would be even better. If you have four people in your family and you are planning for a week of coverage, you need a minimum of 28 gallons stored somewhere in the house. And it needs to be in the right kind of package. Milk jugs of water start leaking after a year or so—clear plastic bottles won’t. If there is a natural source of water nearby (river, lake, etc.) you can use it if you have a way to carry and sterilize the water.

You need any prescription medicines that are essential to your life, as well as an adequate first aid kit. Because there will be no electricity, you will want a good flashlight and fresh batteries, as well as a battery operated radio to get information. Glow sticks are also nice to have available.

Of course, you will need some food. Many people have enough food in the pantry to handle a couple of days. In a big disaster you may want a week or two of food on hand. Canned foods (soup and other prepared foods) and dried foods (rice, pasta, etc.) are best. Keep in mind that you need a way to open the cans and cook the food. And old-fashioned can opener and a camp stove are handy.

It is nice to have some emergency cash. With the power out and the telephone system down, ATMs and credit card machines are not going to work. For the same reason, gas stations are not going to be pumping gas either. If you have some advanced warning of something like an approaching hurricane, filling up your car’s gas tank is a good move.

Don’t forget the little things. If you run out of toilet paper, that is a disaster all on its own. Keep several packages of toilet paper in the back of the bathroom cabinet just in case.

Submitted by Minnesota exclusive home buyer agent, Mary Rugani.

Tornado Preparedness

2011-06-14T12:50:00.001-05:00

It’s been a terrible year for tornadoes. You have to remind yourself and family what to do when bad weather comes. But unlike a few places that have been hit – we are prepared here in Minnesota with a warning system in place and basements. RISMedia has recently posted some great advice…

Tornado Safety
Here are ways you can protect yourself and your family if a tornado threatens:
• Before the storm:
- Develop a plan of action
- Have frequent drills
- Have a NOAA weather radio with a warning alarm tone
- Listen to weather information
- If planning a trip outdoors, listen to forecasts
• In homes or small buildings:
- Go to the basement or an interior room on the lowest floor (i.e., closet or bathroom). Upper floors are unsafe
- Wrap yourself in overcoats or blankets to protect yourself from flying debris
• In schools, hospitals, factories or shopping centers:
- Go to interior rooms and halls on the lowest floor. Stay away from glass-enclosed places or areas with wide-span roofs such as auditoriums and warehouses
- Crouch down and cover your head. Don’t take shelter in halls that open to the south or the west. Centrally located stairwells are another good shelter
• In mobile homes:- Abandon them immediately and go to a designated shelter or ditch. Most fatalities occur in mobile homes or vehicles.
• In automobiles:
- If possible, get out and go to a sturdy structure or ditch
- If there isn’t time, buckle your seat belt and get below window level of your vehicle

Submitted by Minnesota exclusive home buyer agent, Mary Rugani.

Weekend Patio Project

2011-06-10T12:39:00.003-05:00

Build a patio in a weekend? Sounds pretty ambitious but RISMedia has a plan that has worked in the past. They have worked with Landscape architect Joann Schwarberg of Mission Hills, Kan., to create a plan that leads you through a weekend action plan for” transforming our dead-leaf-riddled outdoor spaces into true retreats—including a celebratory drink at the finish line.”

We won’t pretend like it isn’t a full weekend of work – but image the results. Check out the RISMedia site for specifics.

Submitted by Minnesota exclusive home buyer agent, Mary Rugani.

Buying a New Home? Think about Water Conditioning to keep that New Home Feeling Longer

2011-05-24T13:38:00.003-05:00

For most of us, our home is the biggest investment we will ever make. The day of closing, home buyers are excited and nervous. Will the house live up to expectations? Can I keep my costs low? Will I be happy here?

Keith White, President of Aquarius Water Conditioning & Plumbing Inc. has a suggestion, “Installing a water conditioning system can help set the stage to keep you and your home healthy, clean and saving money. Whole house water treatment systems offer whole body benefits. We have a wide range of Kinetico® water conditioning systems to meet your needs and suit your new home.”

A soft water conditioning system:

Cuts down on cleaning time and costs
Keeps clothes cleaner and brighter
Helps keep dishes spot-free
Helps prevent soap scum and hard water deposits on bathroom fixtures
Helps protect against plumbing problems such as mineral scale build-up and pinhole leaks from acid water issues
Contributes to longer appliance life—appliances using soft water can last 30 percent longer
Saves on energy costs—water heaters function 30 percent more efficiently with soft water

Less time cleaning, longer appliance life, energy cost savings will help your new home live up to expectations.

Inspection is Essential

2011-05-23T08:09:00.005-05:00

Inspectors are crucial – especially for the buyers and in a lean market the inspections can be even more valuable. Inspections are not intended to point out a home’s every imperfaction – but to give buyers the heads up on an major issues. Once informed the buyer can relax knowing the home is in good shape or use any findings as leverage to get the seller to make improvements or lower the asking price.

According to RIS Media, here’s what to expect in a home inspection and what to look for in an inspector:

WHAT GETS INSPECTED: The standard inspection report covers the following:

Heating system
Central air-conditioning system (temperature permitting)
Interior plumbing and electrical systems
Roof, attic, and visible insulation
Walls, ceilings, floors, windows, and doors
Foundation, basement, and structural components.

HOME INSPECTOR 411:
Some things to consider before choosing an inspector:

Credentials. Know whether your state requires that inspectors be licensed or affiliated with an association.
Experience. Any prospect should have made enough inspections “to make you feel comfortable,” cautions Ronald J. Passaro of Danbury, Conn., a founder of the American Society of Home Inspectors. Has the inspector been in business long enough that you know he or she will still be there in a year, or five years, if you have questions or problems?
Professional affiliations. These require adherence to codes of ethics and standards.
Staff. If you have a problem or question, can you get in touch with someone when you call or email?
Sample report. Is it concise, readable, and in layman’s terms, or is it a vague checklist that’s not tailored to your home?
Other services. Does the prospect offer more than just the standard inspection, including radon and water testing?

Submitted by home buyer agent, Mary Rugani.

National Kids to Parks Day - May 21

2011-05-20T19:45:00.002-05:00

RIS Media points out...

As a nation we have a special day to take our children to work. Now, with the help of National Park Trust (NPT), children will be treated to a weekend experience -National Kids to Parks Day (NK2PD) on May 21—a nationwide park play-in to promote healthy lifestyles and foster an appreciation for America’s magnificent national, state and local parks.

And in Minnesota...

Mayor Coleman will be proclaiming National Kids to Parks day in Saint Paul on May 21 and encourages locals to participate by exploring Parks throughout Saint Paul, including participating in the new Nature Geocache Program or by visiting one of Saint Paul’s 170 parks and open spaces.

Submitted by Minnesota Real Estate Agent, Mary Rugani.

10 Signs of Buyer’s Remorse After Buying a Home

2011-05-17T10:03:00.002-05:00

Thanks to Movers and Packers for offering to share the following article…

The purchase of a new home is a difficult decision. It is hard to know for sure whether you’re going to like the home or the new neighborhood until after you’ve moved in. There are times when someone buys a home and regrets the decision shortly afterwards. Here are 10 signs to watch for, when you suspect a case of buyer’s remorse.

Unpacked boxes – Is their garage still filled with unpacked boxes several weeks later? Does it seem like they are in no hurry to settle into the new home? These could be indications of buyer’s remorse.

No décor on the walls – Are they taking their time about hanging pictures on the walls and putting out the family photos? This could be another sign of uncertainty about the new home.

Scanning the real estate section – Are they still scanning the real estate section daily after their purchase? If they’re still looking, that would give some indication that there is some dissatisfaction which their choice.

Seeking affirmation – Do they seem to be looking for others to reassure them that they’ve made the right decision? This could indicate the uncertainty they are feeling. Another sign of buyer’s remorse.

Use of PO Box – If they choose to have their mailing address changed to a P.O. Box instead of having the mail delivered to the new address, this could be a sign that they are uncertain about whether they will be staying at the new address.

No house warming – Have your friends always made a big dealing about moving into a new house by throwing a big house warming party? If that doesn’t seem to be happening this time around, that could be another sign that they are experiencing some buyer’s remorse.

Visits to real estate open houses – Are they continuing to visit real estate open houses after they signed the deal on the new home? That would be another indicator of uncertainty about their decision.

New For Sale sign – Has the old For Sale sign been replaced with a new one? This is a definite ‘sign’ (forgive the pun) that there is some big dissatisfaction going on within the home.

No invites to visit – Do your friends seem slow to start showing off their new home? Most people are excited to show off their new digs. This could be a sign that they aren’t happy with their purchase.

Furniture in storage – Did they move some of their furniture into storage instead of into the house? This could mean that they don’t expect to be staying in the new home very long and may be looking for another place before giving their furniture a permanent home.

Of course, some of these signs could be present simply due to the busyness of moving and procrastination in getting settled. A new For Sale sign would probably be the most definite clue.

Minneapolis Home Tour with Benefits

2011-05-13T21:04:00.002-05:00

The LiveMSP Buying Into the City Home Tour will take place on Saturday May 14th, from 11- 3 in North and South Minneapolis neighborhoods. The starting addresses for the tour are 3835 Fremont Ave N and 4048 5th Avenue S.

Purchase a home on the tour and get a 0% interest, $1,500 loan for closing costs. Get details.

Get a list of homes online.

Submitted by Minneapolis Realtor, Mary Rugani.

Hauling for Hope

2011-05-13T17:59:00.001-05:00

I just learned about this great service that makes it easy to donate scrap metal for commercial and residential users. Learn more from their video:

Submitted by Minnesota Real Estate Agent Mary Rugani.

Recouping remodeling costs

2011-05-06T10:41:00.001-05:00

Some home remodeling projects you do because you need (think new roof), some you do because you want them (think gazebo out back) but what can you do to increase the value of your home? Realtor Magazine recently announced the top five remodeling projects for recouping costs. The one thing that they're top projects had in common was that they all improved first impressions and most were fairly budget-friendly upgrades. Here they are:

PROJECT 1: Entry Door Replacement (Steel)
Cost $1,218
Resale value $1,243
Cost recouped 102.1%

PROJECT 2: Garage Door Replacement
Cost $1,291
Resale value $1,083
Cost recouped 83.9%

PROJECT 3: Siding Replacement
(Fiber Cement)
Cost $13,382
Resale value $10,707
Cost recouped 72.8%

PROJECT 4: Kitchen Remodel (Minor)
Cost $21,695
Resale value $15,790
Cost recouped 72.8%

PROJECT 5: Deck Addition (Wood)
Cost $10,973
Resale value $7,986
Cost recouped 72.8%

Check out the article for extra advice on how to bring down the cost.

Submitted by exclusive home buyer agent, Mary Rugani.

Minneapolis Housing Market Video: April

2011-04-26T22:11:00.003-05:00

Earth Day – April 22

2011-04-19T19:45:00.003-05:00

Earth Day is a great reminder to think of the Earth and make good choices for the environment and your home. RIS Media offers some suggestions:

Increase Recycling Efforts

Use “Smart” Kitchen Supplies and Appliances

Store Meals in Reusable and Multi-Purpose Containers

Conserve the Household Water Supply

Also once you do all of that good work – you can celebrate with a free Earth Day poster, created by Minnesota-based currilcum creators LearningZoneXPress (just scroll halfway down to get the poster).

Submitted by Minnesota Real Estate Agent, Mary Rugani.

Reuse in Renovation

2011-04-16T21:08:00.002-05:00

Did you know that construction waste makes up as much as 25-50% of the junk in landfills? According to RIS Media, that’s at last one factor that has fed into a new home improvement trend to “dismantle” as opposed to “demolish.” A related factor is local government interest in reducing that feed into landfill. Municipalities are offering cheaper or faster permits for deconstruction, rather than demolition. There are even businesses that will help the deconstruction process by recycling kitchens and other rooms for homeowners…

It might be hard to believe that homeowners would replace kitchens that are in good shape, but “they want the kitchen they want,” said Green Demolitions founder Steve Feldman. His pitch: By donating the old kitchen to his company, homeowners can save the disposal costs, plus get a tax deduction because Green Demolitions’ profits go to support addiction treatment programs.

Last year Green Demolitions sold 600 kitchens; Those who buy the old kitchens and other materials at Green Demolitions or the ReStores find discounts of 50-80%. Submitted by exclusive buyer agent, Mary Rugani.

Spring Cleaning Tips

2011-04-14T08:10:00.002-05:00

It’s not the best part of Spring, but it feel so great once it’s done – Spring Cleaning! RIS Media has some great suggestions to sanitize your kitchen…

1. Microwave Fill a bowl with two cups water and a whole lemon, cut into slices. Place it inside and microwave for two minutes, then wipe it out with paper towels. The hot water softens food spills and the lemon cuts grease and keeps the microwave smelling fresh

2. Stove and oven Spray stove spills with an all-purpose cleaner and let stand 10 minutes for easier cleaning. Oven spills aren’t a food hazard if you regularly heat the oven to 400. Cover a fresh spill with salt until you have time to clean it.

3. Counters Clean regularly with an all-purpose cleaner. Spray with a weak bleach solution and air-dry if needed.

4. Dishes and dishwashers If you hand-wash dishes, be sure to air-dry them in a rack as dirty or wet dish towels can recontaminate clean dishes. To reduce soap buildup in a dishwasher, occasionally fill the soap dispenser with baking soda or place a small cup of vinegar on the top shelf, then run the dishwater empty.

5. Sink, drain and faucet handle Clean regularly with household cleanser, especially after washing or rinsing raw meat. Don’t forget to clean the faucet handle.

6. Refrigerator Every day, wipe down the handles, including the underside. Every week, throw out anything that’s past its date or shows age. Every three to six months, empty shelves and clean the inside with 1/4 cup baking soda in one quart warm water, then spray with a bleach solution and air-dry. Remove drawers and clean under them. Before you return the food, wipe jars to remove drips. Clean the rubber gasket inside the door to ensure a tight seal. Vacuum the coils in the back and empty and clean the drip pan if necessary.

7. Pet bowls Find a place besides the kitchen to clean turtle or frog habitats and empty pet bowls, or clean and sanitize the sink before you start washing fresh food.

8. Cutting boards Most scientists believe wooden cutting boards are safest, as long as they are kept clean, sanitized and dry. Studies have shown wood hampers bacteria growth, while bacteria thrive in scars on plastic. Either way, keep them clean by running them through the dishwasher, or sanitize by spritzing with a weak bleach solution. Always change boards or clean with soapy water after preparing raw food—even vegetables. They grow in dirt, after all.

9. Sponges and dish towels Change dish towels daily, or more often if they’re wet or dirty. You can microwave a wet sponge for two minutes, but the time varies depending on the power of the microwave (and if the sponge is dry, it could catch fire). Instead, put sponges on the top rack of the dishwasher at the end of every day.

10. Cross-contamination You know you’re not supposed to put cooked food on the same surface you used for raw food. But it’s not just a problem with cutting boards. You touch all kinds of things while you’re handling raw food: Salt and pepper shakers, cabinet handles, etc. Pay attention to what you touch so you can wipe things down. Tip: It’s not necessary to rinse raw meat and chicken—it just spreads bacteria.

Submitted by Minnesota Real Estate Agent, Mary Rugani

Gardening Tips

2011-04-09T12:25:00.001-05:00

Spring is here, you can finally feel it in the air. RIS Media has some helpful tips for reviving the garden. It’s a great way to enjoy the good weather and show off that nice home of yours.

Pruning - For early blooming shrubs such as forsythia and viburnum, prune them as soon as blooms have passed. Early spring is also an ideal time to prune your roses.

Deadheading - Remove spent flowers from bulbs, but leave the rest of the plant as is for the time being.

Weeding - Pull weeds from your beds and borders before they have a chance to take hold and spread.

Composting - Tend to your compost if it has been neglected over the winter. If you do not have a compost bin, spring is a great time to start one.

Tools - Spring is a good time to prepare your tools for the oncoming gardening season and to make any necessary repairs or new purchases. You will be happy you have done so when summer sets in.

Plant - Spring is a great time to add new plants to your garden. Be sure, however, that all threat of frost has past. Plant such things as trees, shrubs, hardy annuals, and summer blooming bulbs.

Fertilize & Mulch - Fertilize and mulch beds and borders. Spring is also a good time to fertilize fruit trees. If you applied heavy winter mulch for protection from the cold, you will need to clear it away.

Staking - Stake plants that may be prone to wind damage during the unpredictable spring weather.

Lawn Care - Spring is the best time to start a new lawn from seed. For established lawns, you should start mowing in the spring, but don’t initially cut the grass very short for the first few times.

Submitted by exclusive buyer agent, Mary Rugani.

Buying Foreclosed Property?

2011-04-07T08:00:00.002-05:00

While the economy does seem to be picking up – foreclosures are still a reality in many community. Some communities that had a reputaiton for being above or beyond the threat of forclosure are being hit. SO it can be a good time to pick up property cheaping and/or in a wider range of neighborhoods. RIS Media offers advice to anyone who is thinking about puying foreclosed property:

Get it checked out by a pro.

Don’t abandon common real-estate logic.

Skip – or, at least, very strongly rethink – the flip.

Go over the budget.

Do your homework on lenders.

See it in person.

Submitted by exclusive buyer agent, Mary Rugani.

Watch Your Email

2011-04-04T17:38:00.002-05:00

Several large companies’ customer lists were compromised over the weekend when hackers broke into their systems and got customer email lists. The Minneapolis Star Tribune explains what is likely to happen with the addresses…

The email addresses could be used to target spam. It's also a standard tactic among online fraudsters to send emails to random people, purporting to be from a large bank and asking them to login in at a site that looks like the bank's site. Instead, the fraudulent site captures their login information and uses it to access the real account. The data breach could make these so-called "phishing" attacks more efficient, by allowing the fraudsters to target people who actually have an account with the bank.

So be warned and be careful with your email over the next few weeks and months. If you aren’t expecting email from a vendor – be wary, Even be wary if you are. When in question, call your local business contact and ask them about any suspect emails. And remember never provide private information such as account information or social security numbers via email or on a web site when you are not 110 percent the web site is authentic.

Submitted by Minneapolis Real Estate Agent, Mary Rugani.

March Real Estate Market Video

2011-04-02T22:04:00.002-05:00

Flood Info

2011-03-29T14:46:00.001-05:00

We’re all watching anxiously for the spring thaw – some with happy expectation – some with worry. Flooding is going to be an issue throughout the state. Excel Energy published some nice advice to help in case you end up under water.

Water and electricity don't mix so before water enters your home, turn off your main electric circuit breaker. Never stand in water to do this.

If you evacuate your home due to flooding, it is important to have the electricity and/or natural gas supply disconnected. To request emergency disconnection please call 1-800-895-4999. Please give us as much notice as possible to complete the disconnection.

Before you leave, turn off all breakers and unplug all appliances and equipment, if this can be done safely. This will help avoid overloading circuits and fire hazards when the power is restored.

Call a heating contractor and/or electrician to check any appliances or equipment that were affected during the flood and never attempt to turn the electric or natural gas back on at the meter yourself.

Xcel Energy will require a proof of inspection before reconnecting electric or natural gas service. After the inspection is completed, contact Xcel Energy's Builders Call Line at 1-800-628-2121 to restore service.

Plug your undamaged appliances and equipment back in and turn on breakers one at a time when conditions return to normal.

Submitted by Minnesota Realtor Mary Rugani.

Appraisal Issues

2011-03-24T12:15:00.003-05:00

The Minneapolis Star Tribune has an interesting article about appraisals – who can make them and what that means. The Minnesota Legislature is working on rules that would change the current arrangement allowing agents to determine a home’s value. The Appraisers are not so happy with this direction. They feel that the real estate agents do not have the training, nor experience to provide appraisals. Also since the real estate agent often works with the buyer, there is a potential conflict of interest.

At stake are the multiple requests that lenders make for valuations on every foreclosure that comes to the market. In Minnesota last year there were an estimated 120,000 broker price opinions conducted for lender-mediated transactions, not including those done for routine home sales.

State law already says that BPOs cannot be conducted to secure a mortgage, and the Dodd-Frank consumer protection rules that will be implemented in April say the same thing.
The bill is an amendment to current statutes governing the work of real estate agents and appraisers that defines a broker price opinion as one that "details the probable selling price of a particular parcel of real property" and spells out the duties of the licensee. It also makes it clear that a BPO is not subject to the same Uniform Standards of Professional Appraisal Practice that apply to appraisers.

Submitted by Minnesota Buyers Real Estate Agent, Mary Rugani.

Richfield Vacant House Law

2011-03-23T14:06:00.002-05:00

Last night the Richfield City Council passed an ordinance that requires home and business owners to register properties that have been vacant for more than 90 days. According to the Minneapolis Star Tribune…

Such ordinances are popping up in cities all of the country and many are being met with fierce resistance. Cities want them because the foreclosure crisis - and slow real estate market - has left many communities with untended vacant buildings that can become troublesome eyesores. Many real estate agents in the Twin Cities metro area opposed the ordinance because it left owners of houses that were for sale, but unlived in, vulnerable to what they considered onerous regulations, additional fees and the threat of demolition if vacant for more than a year.

Submitted by Minneapolis Realtor, Mary Rugani

Water Heater Rebates

2011-03-19T22:42:00.002-05:00

I just got the following news from Xcel Energy. I thought readers might be interested as well.

New in 2011! Rebates are now available for .62 and .64 EF water heaters. As of January 1st, 2011, Xcel Energy will be accepting rebate for these two new tiers. Only units installed after January 1st 2011 will qualify for the new rebate.

A new natural gas water heater can help you save energy and money. Water heating in the home is typically the second largest energy consumer after heating and cooling. Our 2011 Water Heater rebate program is designed to help offset your initial costs, and an efficient until can offer savings throughout the lifetime of the equipment. Xcel Energy offers four tiers of rebates, including tankless water heaters. (Learn more)

Submitted by Minneapolis Realtor, Mary Rugani.

Twin Cities Suburbs Growing

2011-03-16T15:29:00.002-05:00

According to the Minneapolis Star Tribune…

New census data show the five suburban counties surrounding Minneapolis and St. Paul grew an average of 23 percent since 2000. That bucks a national trend in which most high-growth counties have been in the Sun Belt.

Some of the top growing counties included:
Anoka County at 11 percent
Carver County at 30 percent
Dakota County at 12 percent
Scott County at 45 percent
Washington County at 18 percent.

Once reason credited for the growth is that the state’s economy has done better than others.

Submitted by Twin Cities Realtor, Mary Rugani.

Connecting with Japan

2011-03-11T16:33:00.000-06:00

Our hearts go out to the people in Japan who have been hit by the tsunami and the friends and family aroudn the world who are worried for loved ones in Japan. We wanted to share a quick link to a web site that aims to help restore contact between separated family members

Twin Cities Hospitals are Tops

2011-03-10T17:01:00.001-06:00

No one plans or wants to get sick – but when it happens, it sure is nice to know that nearby hospitals are the best. The Minneapolis St Paul Business Journal reports that HealthGrades gave the Twin Cities hospitals a clean bill of health…

A study of preventable medical mistakes found that the Twin Cities have the
safest hospitals in the nation.

Best Loan Program Ever

2011-03-09T10:52:00.003-06:00

Have you ever heard of a loan program in which there is no need to have excellent credit to get a low interest rate, no down-payment, no closing costs, and where the seller concessions to the buyer are unlimited? The same low interest mortgage rate is available to everyone regardless of your credit score!

Sound too good to be true? Well, it is true. The Neighborhood Assistance Corporation of America, known as NACA, has started this program after getting funds from major banks caught using predatory practices in lending. Those billions of dollars in funds are used to create loans to people all over the country.

Credit compromised? Foreclosure, short sale or bankruptcy on your credit? No problem, they are a non-credit based neighborhood assistance corporation that don’t use your credit scores to determine loan worthiness. You have to prove that you have met certain financial capabilities before they will consider you underwritten for a mortgage, like paying your rent & utilities on time & showing a savings pattern, among other requirements. But no where else will you see these kind of options for the buyer.

Another benefit of this loan program is that there is no Bank Mortgage Insurance on the loan. For the first 5-10 years of your loan, you pay a nominal fee which insures you & NACA that the loan will not go into default. So, should you have an unfortunate downturn in your life like loss of job or health issues that become burdensome, you let your mortgage counselor know & the insurance can kick in for you to assist you in paying your mortgage until such time as you can get back on your feet. This is unheard of in lending, no bank insurance but the home-owner is insured!

No other mortgage program offers these types of concessions to the buyer, especially if your credit has been compromised, you have no other way to get lower interest rates plus all the buyer concessions anywhere else but this program. If you have good credit or bad credit, you still will qualify for the same low interest rate & if you have cash to put into your home you can buy down your interest rate. Some buyers have closed with interest of less than 1%!

In addition to all the above there are often other grant programs that can be rolled into the mortgage to assist the buyer to renovate a part of the house, replace old windows, replace major appliances, water heater or furnace or just fix up the kitchen or bathroom to make the home more liveable.

What do you have to do to take advantage of this program? Contact me directly & I will be happy to enroll you in a NACA workshop as your referral agent for your home purchase. Only certified NACA agents are allowed to work with NACA clients.

Membership is required, there is a $20 annual membership fee & a $7 one time fee to run a credit check. The credit is pulled to see where the NACA member needs to provide information on the credit situation to the NACA counselor. Once the member attends the required Orientation, an appointment is set up with the NACA counselor.

When you meet with your counselor, they will inform you of your task list, you will need to complete all the tasks on your list before they will consider to you to be underwritten, providing them with explanations for bad credit, check stubs, banks statements, and the usual underwriting requirements.

Only when you have completed this step & they consider you underwritten will you be allowed to work with your agent. That is where I come in or another agent at Buyers Real Estate Group. As agents working exclusively with buyers, we protect your rights by directing to you to loan programs such as this, providing you with excellent service, directing you to see what needs repair/replacement in the home through NACA approved inspections, and, if repairs or replacements need to happen, we will work with NACA in writing the terms of the purchase & sales agreement to accomadate repairs done by the seller prior to closing, or, ensure funds are held to pay for the repairs or replacement shortly after closing. All repairs must be reinspected as well to prove the homeowner is protected. Funds are not paid to the contractor until the inspection is approved as completed. The buyer is always protected.

NACA & I, as your buyer’s agent, will work to get you the best price on a home, within your budget, with as little cash output from you as possible. You will enjoy the lowest interest rates possible, and the knowledge that you are protected from predatory lending practices of any kind.

This is an opportunity no one should miss! Please call me today for more information.

If you are a first time homeowner, or trying to downsize, or trying to get back into home ownership after a break due to other circumstances, all of the potential buyers should be aware of this program. There is no better option for most of my buyers. You must reside in the property for the length of the mortgage, and you may not own other property prior to qualifying for this program.

Call me today & we can get you enrolled in the free orientation seminar, all of this is free, there are no other hidden fees, so you may attend the meeting without obligation of any kind to see for yourself.

If you have any questions please contact me for further information so we can plan ahead together for your future home!

Claire Bastien
Exclusive Buyers Agent
Buyers Real Estate Group
Cell: 612-366-6363

Fireplace Safety

2011-03-02T17:22:00.004-06:00

One of the best things about living in an area with three seasons is being able to appreciate a fireplace. It keeps us warm and cosy, sets a mood, caps off the perfect day. RIS Media recently offered some safety tips to help you enjoy your fireplace wisely…

Beyond professional maintenance, it’s essential for the homeowner to take safety precautions too. Here are some of the most important:
-Never burn pine or soft wood; it generally causes extremely fast creosote buildup.
-If you have a wood stove, make sure ashes don’t build up too much. One or two inches of ash is optimal; more than that, and you should remove some.
-Never burn pressure-treated or painted wood; it can cause noxious fumes.
-Never burn any kind of trash—paper, Christmas trees, anything at all—in a wood-burning fireplace. Only use logs made for wood-burning fireplaces.
-Never burn charcoal in a wood-burning fireplace.
-Even though it’s tempting to have as big a fire as possible, never overload a fireplace or wood stove; it can cause restricted air flow and dangerously high levels of combustion.
-Use logs specifically designated for your type of fireplace. If the label on the log’s packaging doesn’t detail this clear enough (which it should), ask a representative at the store you’re buying it from.
-If you have a direct-vent fireplace, make sure that it’s underwritten by Underwriters’ Laboratories (the “UL” symbol will be prominently listed on the packaging) or by the American Gas Association (AGA).
-Play it safe. If anything looks or smells out of the ordinary while you’re operating your fireplace, call a professional for servicing.

Submitted by Minneapolis REALTOR Mary Rugani.

Choosing a Buyer Agent

2011-02-27T18:35:00.003-06:00

Klinger just published a helpful article on the advantages of an excluive home buyer agent, offering a few tips to help home buyers choose the right buyer agent for them…

Look for agents who have earned the Accredited Buyer's Representative (ABR) credential (visit http://www.rebac.net/) or who belong to the National Association of Exclusive Buyer Agents (http://www.naeba.org/), whose companies don't take listings from sellers. Interview agents for a good fit. The best ones will interview you, too, to scope out what you really want and put together a package of homes.

Submitted by Minneapolis Buyer Agent Mary Rugani.

FHA changes

2011-02-18T17:24:00.003-06:00

RISMedia recently reported…

As part of ongoing efforts to strengthen the Federal Housing Administration’s (FHA) capital reserves, FHA Commissioner David H. Stevens announced a new premium structure for FHA-insured mortgage loans increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. The upfront MIP will remain unchanged at 1.0%. This premium change was detailed in President Obama’s fiscal year 2012 budget, and will impact new loans insured by FHA on or after April 18, 2011.

Why did they do this?

This premium change enables FHA to increase revenues at a time that is critical to the ongoing stability of its Mutual Mortgage Insurance (MMI) fund, which had capital reserves of approximately $3.6 billion at the end of FY 2010. The change is estimated to contribute nearly $3 billion annually to the Fund, based on current volume projections. It is vital that HUD take action to ensure that FHA will continue to serve its dual mission of providing affordable homeownership options to underserved American families and first-time home buyers while helping to stabilize the housing market during these tough times.

What does this mean for homebuyers?

On average, new FHA borrowers will pay approximately $30 more per month. This marginal increase is affordable for almost all home buyers who would qualify for a new loan. Existing and HECM loans insured by FHA are not impacted by the pricing change.

Submitted by Minneapolis Realtor, Mary Rugani.

Home Buyer Tax Credit Repayment Begins for 2008 Buyers

2011-02-16T15:13:00.003-06:00

We wanted to make sure that folks saw the following article on tax credit repayment in RIS Media…

Most home buyers who claimed the federal tax credit of up to $7,500 for buying their first home in 2008 are required to start repaying the credit in 15 annual
installments, beginning with their 2010 tax returns.

The credit—some form of which was offered for qualified home purchases in 2008, 2009 and 2010—has different repayment rules depending on when and under what circumstances the home was purchased. As tax season approaches, this may cause confusion among home buyers who received the tax credit.

If you took advantage of the tax credit you’ll want to read further.

Submitted by Minneapolis Realtor, Mary Rugani.

January Housing Outlook

2011-02-15T12:52:00.000-06:00

Vacation Tips

2011-02-12T16:27:00.003-06:00

This time of year many of us head out of town – maybe sompleace south for a while. RISMeida recently posted 10 Tips to keep your home safe while you’re gone…

Turn down your thermostat, but don’t shut it off. You shouldn’t set your thermostat any lower than 55 degrees in order to protect your pipes from freezing.

Arrange for snow removal in your absence in case there’s a storm while you are away.

Make sure to hold the mail and newspaper.

If possible, leave a key with someone you trust, preferably a neighbor and have them keep an eye on your home while you’re gone.

Unplug all electronics that don’t need to used like the television, coffee maker, and home computers.

Lower the temperature on your water heater.

If you can, leave a car in the driveway and use timers to turn on outdoor and indoor lights to give the impression that someone is home.

As excited as you may be to go on vacation, avoid advertising it over Facebook and Twitter.

If you have access to one, place all your valuables in a safe or safe deposit box.

Remember, if your house is on the market, you can ask your REALTOR® to stop by and check in.

Submitted by Minneapolis Real Estate Agent, Mary Rugani.

Housing Market Still Tough

2011-02-10T22:22:00.001-06:00

The Minneapolis Star Tribune reports that the housing market is still tough…

During the [last] quarter, home values fell 12 percent in the Twin Cities metro area compared to the prior year, and Zillow said it was one of the worst quarters since it started tracking real estate trends in 1996.

And estimates for improvement are not optimistic…

Estimates for a recovery in the Twin Cities metro area range from early 2011 to late 2012. Last month the local Realtors' association said Twin Cities home sales during 2010 were the worst on record. Foreclosures continue to play havoc with the market, keeping prices low and flooding the market with hard-to-sell inventory.

It’s a time when a home buyers really needs an expert to help them through the mine field – someone like an exclusive home buyer agent.

Submitted by Minnesota exclusive buyer agent, Mary Rugani.

Twin Cities Housing Market Annual Report

2011-02-09T21:10:00.001-06:00

Each year the Minneapolis Area Association of Realtors publishes a look back on the housing market. The 2010 Annual Report came our recently. There was some good new and some bad news, summarized concisely in introduction…

Despite 2010 being one of the most tumultuous years since the 2007 recession, the worst is likely behind us. If 2010 could be described in five phrases, they would be: tax credit, no tax credit, historically low mortgage rates, record-high affordability and a sloth-like economic recovery.

For more information, check out the full 2010 MAAR Twin Cities Housing Market Annual Report.

Submitted by exclusive buyer agent, Mary Rugani.

Electronic Recycling

2011-02-06T18:38:00.002-06:00

According to RIS Media…

It is estimated that 85% of electronics that can be recycled or donated aren’t.

Do you have anything in your house that can be recycled? Locally there is a great nonprofit that will take any computers you might have on hand: PCs for People will take your computer, remove your private info, install new operating system and turn it around to sell it for a very low cost to a family in need. And they do it all with employees who are gaining workplace skills while getting off of public assistance.

The RIS Media article provides some other suggestions too. Goodwill will accept a wide range of electronics.

There are several organizations that will help you recycle your old cell phones:

ReCellular, is one of the world’s leading recyclers and resellers of cell phones.

Cell Phones for Soldiers is another organization you can donate your old cell phone to. They provide prepaid calling cards for U.S. troops stationed overseas with every donated cell phone they receive.

March of Dimes, Keep America Beautiful and Call To Protect are other non-profits that collect cell phones for their missions.

Submitted by Minneapolis Real Estate Agent, Mary Rugani.

Game on

2011-02-03T14:33:00.003-06:00

And that’s great news for the hockey players, the budding figure skaters and the rest of us who just enjoy a little time outdoors with the fresh air. According to the Minneapolis Star Tribune the Minneapolis skating rinks will be open and maintained a little longer than usual this year…

Defying the groundhog's prediction of imminent spring, the Minneapolis Park and
Recreation Board has decided to extend the season for its skating rinks by two
weeks.

The rinks are customarily closed around Presidents' Day when warm weather usually begins to make the ice difficult to maintain. But forecasts for continuing below-normal temperatures after this weekend prompted an extension to March 6 -- weather permitting. The extension covers 47 rinks at 23 locations.

There’s always a silver lining if you know where to look!

Submitted by Minnesota Buyers Agent, Mary Rugani

Foreclosures still coming

2011-01-22T17:04:00.003-06:00

At the end of 2010, 71,665 Minnesotans received pre-foreclosure notices. That does not bode well for 2011. According to the Minneapolis Star Tribune…

About 71,665 struggling homeowners got the notices in 2010, up 8 percent from 2009, according to the Minnesota Home Ownership Center, which released the numbers Thursday. The number of notices rose 3 percent in the Twin Cities metro
area, but 15 percent elsewhere in Minnesota.

And what does that mean for the housing marketplace?

Seemingly endless waves of foreclosures in recent years have taken a human
toll, flooded the housing market and dragged prices down. Foreclosures, short
sales and other lender-mediated sales made up about 36 percent of all Twin
Cities home sales at the end of 2009. In December, they accounted for nearly 48
percent of all homes sold.

Thursday's report is further evidence that housing will trail the economic
recovery, not lead it. On the bright side, Nelson said, when the totals of
pre-foreclosure notices are lined up quarter by quarter, they appear to be
leveling somewhat from when the practice of sending them first began in 2009.

If there are some silver linings – it seems that we will not reach the record foreclosures of 2008 AND pre-foreclosures are not the same thing as foreclosures and they are petty new. They weren’t around in 2008. For some families a pre-foreclosure notice will help them avoid a foreclosure.

Submitted by Buyers Real Estate Agent, Mary Rugani.

Positive Signs for Homeowners

2011-01-20T15:46:00.003-06:00

It’s cold and it seems like the news isn’t always good, but the Minneapolis Area Association of Realtors has some good news…

Although some areas are still experiencing declines, most of the Minnesota housing market has regained its footing and is looking at a strong, slow and sustainable recovery. Values in most areas have found bottom with median home prices statewide ($150,000) the same as they were at year end 2009. This mid-point price (as many homes sold above as below the median) reflects the broadest indicator of the direction home prices are taking. The year-end average sales price is up 8.1% over year-end 2009. Home price stabilization is critical to the housing recovery and indicators look very positive that the worst is behind us.

A home available for purchase is another key indicator of the housing markets condition. The inventory of homes for sale was down 12% at the end of 2010. Fewer properties available will help restore the balance of home buyers to home sellers. When there are too many home sellers, prices fall. Similarly, when home buyers out number home sellers, home prices increase. This was very apparent during the housing bubble when home buyers rushed to buy and then more recently as home sellers facing difficult financial situations tried to sell. Many Minnesota markets have more home sellers than home buyers, however the number is moving in the right direction.

Both pending and closed transactions moved in a positive direction as we closed out 2010. December 2010 closed transactions increased when compared with the same months in 2009 (+12%) and 2008 (+24.9%). This two-year swing in consumer confidence is another sign that Minnesota has turned the corner and is moving forward. Pending transactions, homes in which contracts were drafted but close in the future, were up +19.8% and +34.6% over December transactions in 2009 and 2008 respectively.

Submitted by Minneapolis Realtor, Mary Rugani

Short Sale?

2011-01-16T15:50:00.002-06:00

What is a short sale? According to the RISMedia…

In short sales, lenders accept a sales price below what they’re owed. For a bank, that’s often cheaper than foreclosing and reselling the house in an unstable market. Typically, sellers in short sale situations are behind on payments and owe way more than the house is worth. Selling short is a way to move on with their lives—minus the more serious credit damage of foreclosure.

And…

It all means that any buyer serious about getting a house in 2010 is likely to reckon with them during the search. Thousands of buyers have scored fabulous deals with short sales. Thousands of others have learned the ropes the hard way.

One of the frustrating things about the short sale, is that the buyer has very little control over how the sale will happen or how long it will take. It’s a time when a home buyers most needs an expert on his or her side – a time when you need a buyers only real estate agent.

Submitted by Minneapolis home buyer agent, Mary Rugani.

Minneapolis Housing Market is tough

2011-01-14T09:05:00.003-06:00

According to the Minneapolis Star Tribune...

The final numbers are in and it's official: 2010 was the worst year for home sales since the local Realtors association began tracking home sales in the metro area nearly a decade ago.

The article quotes from the Minneapolis Area Association of Realtors...

For 2011 the association predicts that sale prices will rise a few thousand dollars, to $175,000, but that depends entirely on interest rates and how quickly foreclosures are processed, the group said. That process now takes about year.

Though interest rates have risen slightly in recent months -- still hovering near 5 percent -- the decline in sale prices has caused housing affordability to rise to near-record levels. That's why sales agents are optimistic that the market will improve slightly, or at least stabilize.

For buyers that tempered good news. Housing prices have remained low, but they have not dropped significantly. And it sounds as if the probably won't. If the interest rate stays low and mortgage companies start lending again, the market could improve for buyers.

In the words of Herb Tousley, a real estate expert at the University of St. Thomas...

"I think it's going to be a year to be cautiously optimistic," Tousley said.

Submitted by Minneapolis Realtor, Mary Rugani.

Energy Conservation at Home

2011-01-11T11:06:00.004-06:00

RIS Media reports…

“The Department of Energy says home heating costs will average $986 this winter,” notes Alliance President Kateri Callahan. “So cutting that cost by 5, 10 or even 20 percent with energy efficiency really pays off.” She adds, “Simple car maintenance and smarter driving habits can reduce the number of costly trips to the gas pump, too.”

They offer some great tips for keeping your energy conservation high and your heating bills low:

Conduct a do-it-yourself home energy audit to pinpoint where your home is wasting energy and money and identify improvements to increase energy efficiency and comfort.

Plug up leaks to the outside.

Properly maintain your HVAC system.

Keep furnace filters clean.

Set it and forget it. A programmable thermostat “remembers for you” to lower the heat.

If your furnace or boiler is more than 15 years old, consider replacing it with an Energy Star qualified unit, whose energy efficiency exceeds that of a conventional one by 15%.

Sealing ducts increases their efficiency and is cost-effective—often lowering home energy bills by enough to cover the cost.

Opening curtains, blinds and other window treatments on west- and south-facing windows allows sunlight to naturally heat your home during the day.

Energy Star-labeled windows can cut heating costs by as much as 25% compared with older, inefficient windows (such as those with single panes) and by 7-15% compared with new, conventional (not energy-efficient) double-paned windows.

Get a jump-start on the January 2012 phase-in of energy-efficient lighting products in the U.S. market by starting now to swap out inefficient incandescent bulbs for compact fluorescent light bulbs (CFLs).

Heating hot water is the third largest energy expense in a home, accounting for about 12% of home energy use.

Is it time to replace your old refrigerator with an energy-efficient model? Find out at http://livingefficiently.org/product/refrigerators-time-upgrade.

Also look for the Energy Star label on more than 55 additional types of products for the home to save up to 30% on related electricity bills. Find product details at http://www.energystar.gov/.

Submitted by Buyer's Agent Mary Rugani.

December 2010 Housing Market Video

2011-01-03T09:08:00.001-06:00

Minneapolis REALTORS puts perspective on the housing market. Looking back it seems as the the housing market hit rock botton in 2009 – it’s time to take a look now at how the market is bouncing back and what kind of buying makes sense.

10 Ways to Prevent Roof Leaks

2010-12-15T10:21:00.003-06:00

Here’s a timely article from RIS Media – 10 Ways to Stop and Prevent Roof Leaks. You can get more detail on the RIS Media site.

Ensure shingles are correctly installed Beware structural sagging
Beware water ponding
Beware damaged nails
Beware improperly hung gutters
Beware moss
Beware insufficient insulation
Beware a deteriorating chimney
Look for evidence of poorly-done past repairs
Don’t forget the attic

Submitted by MN Realtor, Mary Rugani

Furnace Warning

2010-12-13T11:29:00.003-06:00

Do you have a new high-efficiency furnaces vent out the side of your home? You will want to pay careful attention to advice given recently in the Minneapolis Star Tribune…

When those vents are buried in snow they're no longer able to supply the furnace with the fresh air it needs to operate and most will automatically shut off. But not all of them, and that can create a potentially lethal situation if the exhaust vent is locked and the furnace doesn't shut off - carbon monoxide produced by the combustion process in the furnace can fill your house.

Here are some tips…

Keep at least a three-foot area around those vents clear and free of snow. Check it regularly to make sure that strong winds haven't caused drifting.
Make sure that your carbon monoxide detectors are in working order. Carbon monoxide is an extremely dangerous gas that's colorless and odorless!
After you've cleared the vents many furnaces will automatically restart, but not all of them. Aside from hearing it trying to restart and feeling warmth from the ducts, you'll know it's working because the warm air that's removed through the exhaust vent will melt nearby snow and sometimes create little icicles.

Submitted by Minnesota Buyer Agent, Mary Rugani

Seasonal House Market

2010-12-11T10:18:00.003-06:00

The Minneapolis Star Tribune headline says a lot…

One frigid November for home sales: Traditional sellers are waiting for the spring thaw; distress sellers aren't. Result? Lower median sales.

Existing home sales dropped in November to 39.1 percent – that a drop of four percent from October. But the Minneapolis Star Tribune article goes on to suggest some content…

It's not unusual for the November chill and holiday hubbub to put a damper on the late-winter housing market. Buyers are busy being festive, and house shopping isn't as much fun when it's cold. At the same time, sellers don't want to be bothered by buyers, and many think it's best to wait for the spring thaw. The situation is even more complicated this year. Credit is still tight. Economic uncertainty lingers. And buyers and sellers alike await signs that the market has turned.

Submitted by Minneapolis Real Estate Agent, Mary Rugani

Word of the Year: Change

2010-12-09T19:43:00.001-06:00

What’s the word of the year? Dictionary.com has decided that the word for 2010 is CHANGE.

According to RISMedia, this is what Dictionary.com had to say…

In 2010, millions of people from all walks of life visited Dictionary.com to discover the correct spelling, pronunciation, or definition of millions of words. Our Word of the Year directly reflects the thoughts of our users—a word that experienced a surge of look-ups in the past 12 months. The word is “change.” It’s not trendy or funny, nor was it coined on Twitter, but we think it tells a revealing story about how our users define 2010.

Submitted by MN Real Estate Agent Mary Rugani.

Document Shredding

2010-12-07T08:42:00.001-06:00

Do you have a basement, bedroom or home office that is overflowing with old documents? They have outlived their usefulness – but you don’t want to throw them away? You’re wise not to throw away valuable documents especially with identity theft and fraud happening as often as it does. Well, last week I met someone who might be the answer to your paperwork problems.

First-Shred (http://www.firstshred.com) is a document destruction company working in and around Minneapolis. They will work with businesses as well as residential locations. They have a range of services that will help you safely and securely dispose of documents. If you are interested in this service, call Angie Hysjulien 612-205-5180.

Office space for rent

2010-12-02T13:04:00.002-06:00

The space is great - but they're looking for someone to take over the lease for a year. It's in Minnetonka, it's $1400 per month and it could come furnished. Contact 612-791-8569 to make a deal.

Here are the details:

OPEN HOUSE:
Thursday, Dec 2nd -- 11am-2pm
Friday, Dec 3rd -- 11am- 2pm

-Three offices, reception/waiting room, work room with cupboards, copier and file cabinets
-Potential sub-lessor renting one office for $433/month
-$1400/month:
Option to rent suite fully furnished with phone system, reception desk

FEATURES:
-Convenient Minnetonka Location -- NE Corner of I-394 & Ridgedale Drive, 11900 N Wayzata Blvd, Suite #214
-Fireplace in waiting room & deck overlooking wooded area & pond.
-In-suite restroom for you & your clients
-Freshly painted, designer colors & natural light throughout
-2nd-story suite, elevator, ample parking available
-AVAILABLE: As soon as Dec 15, 2010 through Jan 2012

Homeowners are right sizing

2010-11-28T17:11:00.002-06:00

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

2010-11-26T11:22:00.002-06:00

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

2010-11-22T09:48:00.002-06:00

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.

Do enough looking to get to know your local market.

Let your emotions help you.

Decide if a distressed property is really right for you.

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

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

2010-11-17T10:39:00.002-06:00

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

2010-11-14T10:56:00.001-06:00

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

2010-11-12T10:59:00.001-06:00

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

2010-11-10T10:09:00.003-06:00

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

2010-11-05T16:33:00.002-05:00

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

2010-11-03T18:37:00.002-05:00

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

Twin Cities Forclosures

2010-10-31T12:04:00.002-05:00

Foreclosure rates are up this quarter, but down from last year. The Minneapolis Star Tribune reports that 8,739 households in the Twin Cities received a foreclosure notice during the third quarter. That’s one foreclosure for every 154 homes. It’s bad but apparently not as bad as other regions in the US - the highest rates were in California, Florida, Nevada or Arizona.

Here is the assessment from the Star Tribune

Distress sales are an important indication of the health of the broader market. A high percentage of them can be a drag on area house prices because they create competition for traditional listings and are often eyesores that can reduce the value of nearby houses. During September the median sale price of bank-owned sales fell 3.3 percent to $114,900 and short sales fell 4.7 percent, to $143,000, according to the Realtors group. Sale prices for traditional listings that month rose 7.6 percent, and at $215,250, were nearly double those of distress sales.

"While the numbers are still very high, the inventory of foreclosed homes for sale in the Twin Cities is still down nearly 40 percent from where it was two years ago at this time," Dickinson said. "A moderate bump in new foreclosures for sale shouldn't have a large impact in our market in the short term."

Submitted by Minnesota Realtor Mary Rugani.

Sales Tax on Homes?

2010-10-29T08:57:00.001-05:00

FactCheck.Org is a great site for getting the scoop on any rumor or half-truth. Earlier this year they took on the question of house sales and tax…

Q: Does the new health care law impose a 3.8 percent tax on profits from selling your home?

A: No, with very few exceptions. The first $250,000 in profit from the sale of a personal residence won’t be taxed, or the first $500,000 in the case of a married couple. The tax falls on relatively few — those with high incomes from other sources.

Submitted by Buyers Real Estate Group Agent, Mary Rugani

Home sales rise

2010-10-27T21:59:00.002-05:00

After a summer of bleak reports, home sales actually rose in September. It doesn't means that the market as quite turned around but it's a step in the right direction.

According to the Minneapolis Star Tribune...

The Commerce Department says new home sales in September grew 6.6 percent from a month earlier to a seasonally adjusted annual sales pace of 307,000. Even with the increase, the past five months have been the worst for new home sales on records dating back to 1963.

Submitted by real estate agent, Mary Rugani.

Home sales still slow

2010-10-24T20:58:00.002-05:00

The Minneapoilis Star Tribune reports…

According to a report released Monday by the Minneapolis Area Association of Realtors, there were 33.5 percent fewer home sales last month compared with the
same time last year. On an annualized basis, the monthly total was the lowest in 15 months.

Prices also fell, to $166,000, 2.4 percent lower than a year ago and the lowest median price since February.

The tax credit offered earlier this year is credited or blamed with the slow sales. The market seems dire – but the experts are reminding folks that sales are down just 1.4% September 2008.

The perception of slow sales is great for home buyers.

Submitted by Real Estate Agent, Mary Rugani.

Is it OK to walk away from a mortgage?

2010-10-22T21:34:00.001-05:00

According to a recent report by Pew Research Center…

A majority of Americans say it is “unacceptable” for homeowners to stop making their mortgage payments and abandon their homes, according to a Pew Research Center survey. But more than a third (36%) say the practice of “walking away” from a home mortgage is acceptable, at least under certain circumstances.

Only 19 % of respondents living in the Midwest thought that it was acceptable to walk away from a mortgage. More surprising than that – at the time surveyed 21% said they owe more on their home than their house is currently worth

5 Tips for Deciphering Your Home Loan’s Good-faith Estimate

2010-10-16T09:28:00.003-05:00

Knowing how to read your good-faith estimate can help you save money on your home loan.

When you're shopping for a mortgage loan, it's sometimes hard to understand the jargon lenders use in the good-faith estimate explaining the costs and fees you'll pay when taking out a mortgage.

When you apply for a mortgage, the lender has three days to give you a good-faith estimate of the fees and interest rate you'll pay, as well as other loan terms. Here are five tips for using the new three-page form to your advantage.

When you apply for a mortgage, the lender has three days to give you a good-faith estimate of the fees and interest rate you'll pay, as well as other loan terms. Here are five tips for using the new three-page form to your advantage.

1. Know which fees can increase and by how much
In the past, lenders provided an estimate of the costs involved in getting your home loan, and if those costs rose by the time you closed on your home, tough luck. The good-faith estimate shows some fees the lender can't change, like the loan origination fee that you pay to get a certain interest rate (commonly called points) and transfer costs.

The form also lists the charges that can increase by up to 10%, like some title company fees and local government recording fees. The lender must cover any increase over that amount.

Finally, the good-faith estimate lists the fees that can change without any limit, such as daily interest charges.

2. Look for answers to basic loan questions
In the summary section, lenders explain your loan's terms in simple language. Can your interest rate rise? If so, a lender must spell out how much the rate can jump and what your new payment would be if it does. Can the amount you owe the lender increase, even if you make your payments on time? If it can, a lender must show you the potential increase.

3. Evaluate the "tradeoffs" on a loan
In the new "tradeoff table," you can ask lenders to provide details on the tradeoffs you can make in choosing among home loans. If you'd like the same loan with lower settlement charges, how will the interest rate change? If you'd like a lower interest rate, how much will your settlement charges increase?

4. Compare apples to apples with the shopping chart
Included on the good-faith estimate is space for you to list all the terms and fees for four different loans, so you can make side-by-side comparisons.

5. Know what's missing from the good-faith estimate
The new form lacks some key information, such as how much you'll reimburse the sellers for property taxes they've already paid on the home. It also doesn't tell you the amount of money you'll have to bring to the closing table. Some lenders have created supplemental forms providing that information. If yours hasn't, ask for it.

More from HouseLogic: More on the new good-faith estimate
Other web resources:

G.M. Filisko is an attorney and award-winning writer who has encountered many settlement statements that bore no resemblance to the lender's good-faith estimate. 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.

November Housing Supply Outlook

2010-10-12T20:23:00.001-05:00

The Minneapolis Area Association of REALTORS recently published their housing outlook for November.

Inventory is growing as home sales decline. All three property types and five of the eight price ranges that we track are showing year over year increases in homes for sale. The biggest area of growth is in the lowest price ranges, where an influx of new foreclosures and short sales and a decline in sales post-tax-credit has led to the growth.

Sales are declining in all price ranges except the high-end markets above $500,000, where sales have eked out small gains over the last 12 months.

Prices are softest in the condominium segment, where the Average Price Per Square Foot has dropped by 13.5 percent in the last year.

You can get all of the details online.

MN Housing Market Sep Video

2010-10-09T08:15:00.003-05:00

The Minneapolis Association of Area Realtors has created their monthly video on the Twin Cities video market. They are able to put a fairly positive on the market these days.

New Lender Mandates

2010-10-02T16:14:00.004-05:00

Keeping up with the changing real estate and mortgage regualtions has become a full time job these days. It’s tough for anyone looking to buy or sell a home. So we wanted to share the latest update from RIS Media…

Effective with applications on or after June 1, 2010, Fannie Mae has issued new lender mandates (FNMA LL-2010-03 Loan Quality Initiative) on a national basis that, if not understood properly, could have devastating consequences for many buyers and sellers. We want to be certain that everyone understands the implications of the new rules and ensure that all interested parties know what they need to know to minimize negative repercussions.

The intent of this initiative is to assure that all applicant information is disclosed and is honest and accurate as of the moment of closing. Lenders will now be required to
re-pull credit report information just prior to closing, re-verify employment, validate Social Security numbers, verify intent to occupy and verify that all parties to the transaction have been checked against the national “excluded party” list, which is managed by HUD and by the General Services Administration. Changes in any of these factors are likely to result in a re-underwrite, the need for additional documentation, or suspension of loan closing.

The most onerous of these is the credit re-pull. It is important that this is done as a “soft pull” so it does not show as an inquiry, which could potentially change the borrower’s credit score. Firms will, however, have to match the outstanding debts and inquiries with the report used to approve the loan. Additional credit or increased balances that change the debt-to-income ratio more than 2% (or less if it now exceeds guidelines) will require the loan to be suspended and re-submitted to underwriting.

Any additional delinquencies will result in a new, full credit re-pull and re-underwriting, utilizing the new credit. Any and all inquiries from other lenders or credit suppliers must be verified by the credit bureau and certified that new debt did not occur. If new credit has been extended, the new debt must be included in the borrower’s debt-to-income ratio and the loan must be re-underwritten.

Other considerations are W-2 employees that may own more than 25% of a business, mandating business returns and cash flow analysis and full disclosure of child support and alimony. Changes could render the applicant unqualified or could delay the closing. As a result of TILA, GFE and risk-based pricing changes, additional debt could result in re-pricing the loan due to a change in credit score, which even if approvable, would delay the closing three business days as re-disclosure would be required.

Submitted by Minneapolis REALTOR, Mary Rugani

Leave mortgage interest deduction alone

2010-09-29T20:55:00.002-05:00

According to RIS Media…

Americans overwhelmingly oppose any action by Congress to tamper with the mortgage interest deduction, according to a new nationwide survey of likely voters commissioned by the National Association of Home Builders (NAHB). Nearly 80% support retaining federal tax incentives to promote homeownership, which have been in the tax code since the introduction of federal income taxes in 1913.

You can see full results on the NAHB web site.

Submitted by Minneapolis REALTOR, Mary Rugani.

Home sales still down

2010-09-24T17:59:00.004-05:00

Home sales have not changed since last month. And last month was a record low. It’s not a great sign for the industry or the economy. According to the Minneapolis Star Tribune…

Normally the building industry powers economic recoveries. Each new home built creates, on average, the equivalent of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.

But housing has been at the center of this downturn and it shows no signs of recovering quickly.

The only time new home sales were slower was in May, when the sales pace was 282,000. That's the worst pace on records dating back to 1963. July's results had been the worst on record, but were adjusted upward.

Submitted by Minneapolis Real Estate Agent Mary Rugani

Realtors for Rentals

2010-09-22T17:35:00.003-05:00

As house sales slow down home owners are looking at alternatives – such as renting, In fact the NorthstarMLS (multiple listing service) now lists rentals alongside homes for sale.

According to the Minneapolis Star Tribune…

Not all subscribers to the MLS will be required to display rental listings.
Consumers will have the same access to that info as they do for sale listings, but they won't be able to post listings themselves.

Submitted by Real Estate Agent, Mary Rugani.

Federal money for foreclosures

2010-09-18T20:19:00.001-05:00

The U.S. Department of Housing and Urban Development spent $7 billion to help local governments nationwide rescue neighborhoods whacked by the foreclosure crisis. Both St Paul and Minneapolis took advantage of the opportunity, managed by the Neighborhood Stabilization Program (NSP).

Altogether, the cities have been awarded $62.6 million in all three rounds.

According to the Minneapolis Star Tribune…

Recipients of the first-round money, awarded in late 2008, need to have it committed to projects by Monday or risk giving the money back. Minneapolis and St. Paul, which received $25 million combined in first-round awards, have met that goal, according to federal records and local officials.

The funding has been a win-win-win program for the Twin Cities. It has minimized homes left empty, optimized the improvements to home and increased employment in the areas.

Submitted by Minneapolis Realtor, Mary Rugani.

Importance of Keeping Basis Information on your Primary Residence

2010-09-15T19:31:00.001-05:00

We want to thank our friends at BHB Advisors for sharing the following article on basis…

What is basis and why is it so important to me? Simply put, basis is typically what you initially purchased your home for plus any improvements. Currently the law allows an individual to exclude up to $250,000 of gain ($500,000 for married couples) from the sale of their primary residence. Basis in the primary residence is needed to determine the overall gain (or loss) on the sale of the primary residence. If there is a gain and they qualify for the exclusion any amount of gain above the exclusion is taxable income. With the decline in the real estate market many homes are selling for less than $500,000 and even fewer at a gain, therefore it is easy to think it is unimportant to keep track of the basis. But history has shown that values of homes kept for 15 or even 30 years can easily appreciate five to ten times in value. This is even more reason to keep track of basis since in 15 or 30 years from now the appreciation on a $200,000 house could easily be worth $1,000,000 or more. By keeping track of the basis you could reduce or even eliminate the income tax when you eventually sell your home.

Be sure to keep accurate records and receipts to prove the amount of the basis in your home starting with the settlement statement from your purchase (including closing costs and other expenses to purchase the property). Add to this any later expenses that add to your basis such as a room addition, finishing your basement, landscaping, new roof or windows, etc. To be considered additional basis the amounts paid need to add value or extend the life of the property. Expenses to maintain a house are not considered in the basis of the property. These would include painting, repairing a leaking pipe, or repairing a damaged floor. Keep the receipts together with your initial purchase.

The bottom line is that taking the time to save your receipts for any improvements could save you income taxes in the future.

Home sales down again in August

2010-09-13T19:48:00.002-05:00

According to the Minneapolis Star Tribune…

Record low mortgage interest rates and deep seller discounts seem to have done little to boost home sales in the Twin Cities metro. During August closed sales were down 34.2 percent compared with last year, according to the monthly report released this morning by the Minneapolis Area Association of Realtors, pushing the median sale price of deals that closed that month to fall 1.6 percent - the first decline in the median sale price in seven months.

You can find the whole report on the Minnesota Association of Area Realtors web site.

Submitted by Minneapolis Realtor, Mary Rugani

Minneapolis Area Association of Realtors’ August Skinny on the Housing Market

2010-09-06T10:56:00.002-05:00

What’s the quick lesson of the last month The economy is driving the housing market – learn more…

Minneapolis house prices are up

2010-08-31T19:31:00.003-05:00

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.

Submitted by exclusive buyer agent, Mary Rugani.

Mortgage rate is 4.36

2010-08-27T07:45:00.002-05:00

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

TC Home Sales Fall

2010-08-25T14:52:00.002-05:00

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.

Submitted by MN Home Buyer Agent, Mary Rugani.

7 Tips to Finding Your New Home at Discount

2010-08-22T14:37:00.001-05:00

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

Testimonial for Lee Fisher

2010-08-17T16:03:00.003-05:00

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

Home sellers cutting prices

2010-08-13T13:13:00.002-05:00

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.

Save Money with Your Edible Garden

2010-08-11T23:16:00.001-05:00

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.

6 Homeowner Tax Advantages

2010-08-07T21:45:00.002-05:00

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.

Stress-free Moves

2010-08-02T10:37:00.002-05:00

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:

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

Hire a quality mover

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

Be flexible – different dates get different rates

Save on boxes – ask the moving company about used boxes

Save on packing materials – use what you have

Mail books – book rates are great!

Consider consolidation – maybe there’s someone

Insure it – check your homeowners insurance

Be prepared – know where the boxes should go

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

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

Submitted by Minnesota Realtor Lee Fisher

We're Number One for Working Moms

2010-07-27T07:35:00.001-05:00

Accoring to the Minneapolis/ St Paul Business Journal, the Twin Cities has topped Forbes Magazine’s recently released list of the Top 20 Cities for Working Moters.

So what do they look at? Tjey look at cost of living, crime rates, unemployment rates, school systems and healthcare. Last year, New York was number one, this year the Twin Cities beat them out partially because there is a new emphasis on women’s earnings.

Some other highlights:

Annual crime rate of 216 per 100,000 residents puts Minneapolis at the top of that list
At 6.4 percent, Minneapolis’ unemployment rate is second lowest in the country
Minneapolis was 11th in women’s earnings