Twin Cities Real Estate Market Makes the News

Twin Cities Real Estate Market Makes the News.

There’s been lots of press about the Twin Cities Real Estate Market and falling home prices.  Even the New York Times had something to say.  Check out these links:

• New York Times: Home Prices Continued Their Decline in March.
• Star Tribune: Twin Cities-area home price drop was nation’s largest.
• MinnPost: Case-Shiller drop reflects glut of distressed sales. MAAR CEO Mark Allen drops science.
• Finance and Commerce: The big Twin Cities foreclosure flood.
• Pioneer Press: Home prices dive — with an asterisk.

Things to keep in mind about these reports:

1) They’re talking about a month-over-month change, not a year-over-year. Real estate is highly seasonal and median sales prices go up and down from month to month with regularity. There’s too much statistical noise in that kind of monthly comparison to get bent out of shape over a 6.1 percent drop.

2) It’s not that shocking when you consider that almost half of the homes selling are foreclosures and short sales.

The big takeaway…yes, Twin Cities home prices are down, but this is due in large part to heavy sales of discounted lender-mediated properties.

Foreclosures and Short Sales in the Twin Cities Housing Market Quarter 4 2008 Update

Foreclosures and Short Sales in the Twin Cities Housing Market Quarter 4 2008 Update

Foreclosures and short sales are showing early signs of slowing. During the fourth quarter of 2008, there were 4.3 percent fewer new lender-mediated listings than in the third quarter. That’s the first quarter-to-quarter decrease since 2003.

As a result of this reduction in new supply and continued buyer interest in these properties, the total number of lender-mediated homes for sale dropped 600 units over the course of the quarter. This is only one quarter of downward movement, so time will tell whether the trend continues. Regardless, we are encouraged by this hopeful sign.

Foreclosures are properties in which the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. Short sales are unique arrangements where the financial institution and in-default homeowner work together in an attempt to sell the home before it is foreclosed upon.

For all the details, click here.

Brand New Foreclosure Listing in New Germany MN

Brand New Foreclosure Listing in New Germany MN

Listed At $143,900!

MLS# 3612074 – 3 Bedrooms – 2 Bathrooms – 3 Car Garage – FSF 2200 – Built 1994 – Carver County MN

In the heart of New Germany! Landscaping includes pond and sprinkler system. Nice property but needs some TLC and updating.

See photos and more info at: www.BankForeclosureMn.com or www.SmartMoveMn.com

Top 3 Mistakes Rehabbers Make…and How to Avoid Them

Top Mistakes Rehabbers Make…and How to Avoid Them

If you’re paying any attention to the real estate market in your area, you know there are some really good deals out there, especially on homes that have what I’ll call “deferred maintenance”.  You may be tempted to jump in with both feet and take on a rehab project, with the hope of a significant profit for your time and investment. 

Before you buy that “fixer-upper”, here’s some mistakes to avoid.

Mistake #1 – Buying a property in an area you’re unfamiliar with.

It’s important to pick a property close enough to your home that you are able to be on-site regularly to manage the work being completed. Strong leadership at the project is the key to meeting deadlines and coming in on budget.

The additional benefit of having a project close to home is the ability to better determine value, especially after repaired value, in an area familiar to you.

Mistake #2 – Failure to do the Proper Inspections

Get familiar with the “majors of rehab.” These are the items that can cost you big dollars on a deal, things that will make or break a deal, and things that can take you right out of the real estate game. The majors of rehab fall into these five categories:

1. Roof

2. Structure (foundation)

3. Electrical

4. Plumbing

5. HVAC (heating, ventilation, and air conditioner)

Work closely with a qualified home inspector to sort out what the deficiencies are in the home, determine if the necessary repairs and/or replacements fit within your profit goals.  Quailfied contractors are also a great resource to understand the full scopt of a project.  Find a contractor who is willing to work with you as you look at potential opportunities.  Treat this person well.  They are one of the keys to your success.

Mistake #3 – Failing to Negotiate for Maximum Profit

 At a minimum, consider these four things when negotiating your contracts:

 1. Price – Remember to ask “Is that the best you can do?” Never give sellers what they ask in the first negotiation.

2. Deposits – Always give the deposits to a third party or escrow company. Never give funds directly to the seller.

3. Closing – When is the closing? Set a firm date

4. Occupancy – Live by the rule called “cash for keys.” That means never, ever give sellers a single penny until they have left the house and you have taken over occupancy. 

With the proper planning and strategic relationships, rehabbing can be extremely rewarding and lucrative.

Smart Move Realty is a real estate brokerage located in Maple Grove Minnesota.We specialize in both residential and investment real estate. Our website, BankForeclosureMN.com is a cutting edge tool used by investors throughout the Twin Cities metro to locate, research, and make offers on bank owned properties in the Twin Cities. Whether you are looking for rental property, fix and flip solutions, or just a great deal on your next home, Smart Move Realty and BankForeclosureMN.com are your one stop source for Creating Wealth through Real Estate Investing. For more information, call us at 763-494-5545 or email us.

Foreclosure Property in Big Lake Minnesota!

Foreclosure Property in Big Lake Minnesota!

MLS# 3607091 – 4 Bedrooms – 3 Bathrooms – 3 Car Garage – FSF 2092 – Built 2002 – Sherburne County MN

Nice 2 story in desirable neighborhood. 4bedrooms on upper level, large spacious kitchen, family room with fireplace, oweners suite with sitting area, and 3 car garage! Bank response time NO MORE THAN 72hours!!!

For more information on this property and more foreclosures in the Twin Cities area please visit www.bankforeclosuremn.com

Great Deal! Coon Rapids Townhome Foreclosure

Great Deal! Coon Rapids Townhome Foreclosure

MLS# 3578173 – 2 Bedrooms – 2 Bathrooms – 1 Car Garage – FSF 1422 – Built 1997 – Anoka County MN

Close to shopping, schools, daycare. 2 bed/ 2 bath at end of cul de sac. Bank owned, just needs a good cleaning! For more information on this property and more foreclosures in the Twin Cities area please visit www.bankforeclosuremn.com

NEW Bank Foreclosure 1008 Meadow Street, Cologne Minnesota

NEW BANK FORECLOSURE 1008 MEADOW STREET, COLOGNE MINNESOTA

MLS# 3604338 – 3 Bedrooms – 2 Bathrooms – 2 Car Garage – FSF 1524 – Built 1996 – Carver County MN

This property just needs some TLC. Great family home in a nice neighborhood, 3 bedrooms on upper level with a good floorplan. Lower Level needs carpet. For more information on this property and more foreclosures in the Twin Cities area please visit www.bankforeclosuremn.com

Successful Browsing for Foreclosed Housing!

Successful Browsing for Foreclosed Housing!

Twin Cities Bank-Owned Properties

BankForeclosureMN.com is your free, comprehensive resource for all bank-owned properties in the Twin Cities area.
Learn about investing in foreclosures
Find Twin Cities foreclose investment opportunities
Market a bank-owned foreclosure portfolio
Understand Minnesota foreclosure laws 
Buy a home below market value
Whether you’re new to foreclosure investing or a seasoned pro, Smart Move Realty and BankForeclosureMN.com can help you make Smart Moves to grow wealth through real estate investing.

The powerful combination of BankForeclosureMN.com’s Investor Community and the Smart Move Realty
Smart Selling System provides lenders an effective way to quickly reduce their REO property inventory.

Crazy Deal! Bank Foreclosure 1057 Galtier Street Saint Paul, Minnesota

This is your opportunity to buy a house with your credit card (if you’ve got a big enough limit)!

This bank owned property is price at $37,900.

Here’s the details:

•   One and 1/2 story home built 1900

•   740 Finished Square Feet, 2 bedroom, 1 bath, 1 car garage, corner lot

•   2008 Taxes $983

The home has a large newer kitchen, main floor laundry, newer furnace, central air, and roof.  Nice sized yard with large deck.  With a little TLC, this would be a fantastic starter home or rental property.  The property is being sold as is.

Directions: Rice Street to Front Ave, west to Galtier, north to home.

Contact us today at 763-494-5545 for a showing.

Smart Move Realty is a real estate brokerage located in Maple Grove Minnesota.We specialize in both residential and investment real estate. Our website, BankForeclosureMN.com is a cutting edge tool used by investors throughout the Twin Cities metro to locate, research, and make offers on bank owned properties in the Twin Cities. Whether you are looking for rental property, fix and flip solutions, or just a great deal on your next home, Smart Move Realty and BankForeclosureMN.com are your one stop source for Creating Wealth through Real Estate Investing. For more information, call us at 763-494-5545 or email us.

Foreclosures and Short Sales in the Twin Cities Housing Market

Foreclosures and Short Sales in the Twin Cities Housing Market Quarter 2 2008

The Minneapolis Area Association of Realtors® has published an analysis of foreclosures and short sales in a highly detailed format with includes the role of lender-mediated properties in our local housing market.

The highlights include:

•  Over the past year, the inventory of lender-mediated properties for sale has almost doubled, while traditional inventory has declined by 16 percent.

•   Of the current active properties for sale, 21.7 percent are foreclosures or short sales.

•   Traditional homes continue to hold their value better than foreclosures and short sales.  The Q2 median sales price of foreclosures and short sales has fallen by 11.7 percent in the last two years while traditional homes has declined by only 3.4 percent.

•   The prevalence of lender-mediated homes varies greatly from area to area.

The unfortunate growth of foreclosures and short sales has had substantial effects on the Twin Cities housing market and doesn’t appear to be going anywhere anytime soon.   More

Smart Move Realty is a real estate brokerage located in Maple Grove Minnesota.We specialize in both residential and investment real estate. Our website, BankForeclosureMN.com is a cutting edge tool used by investors throughout the Twin Cities metro to locate, research, and make offers on bank owned properties in the Twin Cities. Whether you are looking for rental property, fix and flip solutions, or just a great deal on your next home, Smart Move Realty and BankForeclosureMN.com are your one stop source for Creating Wealth through Real Estate Investing. For more information, call us at 763-494-5545 or email us.