Downtown Minneapolis Condos Agent Mike Weiland Briefly Discusses Life in Downtown Minneapolis

Downtown Minneapolis Condos Agent Mike Weiland Briefly Discusses Life in Downtown Minneapolis.

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Downtown Minneapolis Condos Loft Review August 29th – September 4th 2010

Downtown Minneapolis Condos Loft Review August 29th – September 4th 2010

Hello and good afternoon! It’s Mike Weiland in Downtown Minneapolis reviewing the week of August 29th thru September 4th 2010. On the MLS in Downtown Minneapolis including all 9 of the downtown neighborhoods there were 10(9) new listings, 7(5) relists, 9(10) pending properties and 14(7) closed sales.

To summarize the market activity in the post tax credit market, inventory has continued to grow and sales have continued to be flat. I look forward to the time when “tax credit” leaves our real estate lexicon and balanced supply and demand is the norm. For now, the way numbers continue to track, sellers should prepare for a challenging fall. Sellers needing to sell Downtown Minneapolis Condos Lofts should be prepared to aggressively price their property to make sure theirs is included in the “sold” column!

Are you looking for a great deal? Why not request our free weekly list of Downtown Minneapolis Condos Lofts Foreclosures over 1500 square visit www.LivingInDowntownMinneapolis.com for more information.

My name is Mike Weiland and if you want to voice your opinion or don’t like my comments please email mike@mikeweiland.com. Thank you very much and have a great day!

There is a lot of free information available to you about buying, selling or investing in Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos. Contact Mike Weiland & Elke Stephan with Edina Realty with any of your real estate or mortgage related questions at mike@mikeweiland.com.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details…1-888-391-9039 begin_of_the_skype_highlighting              1-888-391-9039      end_of_the_skype_highlighting begin_of_the_skype_highlighting              1-888-391-9039      end_of_the_skype_highlighting Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Downtown Minneapolis Condos – What Will The Rest of The 2010 Downtown Minneapolis Condos Market Look Like?

Downtown Minneapolis Condos – What Will The Rest of The 2010 Downtown Minneapolis Condos Market Look Like?

Downtown Minneapolis Condos

Our Downtown Minneapolis Condos market saw encouraguing market activity in the first four months of 2010. In addition the number of foreclosures has gradually dwindled. As a result an increase in avarage Downtown Minneapolis Condos value has ocurred.

In contrast, the post tax credit Downtown Minneapolis Condos market has slowed significantly and combined with increasing inventory could result in declining values this fall.

An illustration of these market forces at work is the fact that Downtown Minneapolis Condos August 2010 sales have dipped about sixty percent from August 2009.

Ultimately, an improved economic outlook including increasing employment opportunities and a sense of stability and predicatability will be the driving forces to increase Downtown Minneapolis Condos market activity.

The bottom line: Downtown Minneapolis Condos are selling but buyers are holding sellers accountable on price, condition and location.

There is a lot of free information available to you about buying, selling or investing in Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current Minneapolis condos for sale, values, and more please visit the most complete website online dedicated to everything Downtown Minneapolis Condos. Contact Mike Weiland & Elke Stephan with Edina Realty with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details…1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

Downtown Minneapolis Condos – The More Things Change, The More They Stay The Same

Downtown Minneapolis Condos – The More Things Change, The More They Stay The Same!

Employment numbers on average in the US and in Minnesota are slowly decreasing. However the stock market and many businesses are not convinced the early stages of our economic recovery will continue to strengthen. Business has responded by hiring temporary workers. While this is not unusual early in a recovery, the uncertainty regarding increased demand moving forward has caused the continuation of hiring temporary workers instead of permanent ones. All workers in an uncertain economic environment are less likely to be making major purchase decisions. That includes real estate.

The ultimate effect on our local Downtown Minneapolis Condos market is one that is slower but still moving. The post tax credit environment has been challenging. The number of signed purchase agreements has declined significantly in each month (as compared to the year prior) since May 2010. Does this mean Downtown Minneapolis condos and lofts are not selling. Of course not! However, the fundamentals of selling properties are as important as ever; correct pricing, appropriate staging and aggressive networking and marketing.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details…1-888-391-9039 Ext. 126 or visit http://www.LivingInDowntownMinneapolis.com.

Downtown Minneapolis Condos

Great Properties Sell in Any Market

2-Story Single Family Home
Built 1961
Sq Footage 2,090
Bedrooms 4
Bathrooms 2
Parking 2 Car garage, attached
24 Hr Recorded Information
1-888-391-9039 Ext 312

DESCRIPTION
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Great family home on more than a 1/3 of an acre! 4 BRs on upper level, open spaces, formal dining room plus eat-in kitchen. Huge yard w/900 sq’ deck. Carefully refinished hardwood floors on main & upper levels, family room, office, 2 fireplaces and more! Quiet neighborhood, low traffic, close to shopping.

How Much Should You Spend on a Home?

This is not a simple question to answer. First, there is no mathematical formula that exists to arrive at this elusive number. You can and should collect information about current mortgage rates and payments, home values, and economic conditions. But accurately predicting what will happen with these criteria in the future, in a timely manner is next to impossible. You can drive yourself crazy attempting to formulate a process that is beyond analytical analysis.

So what does one do? The answer is to stick to the time-tested basics and keep your real estate perspective focused on the long-term. Your house payment must be a manageable part of your monthly budget, have a fixed interest rate, and have the shortest loan term you can afford. Also, select a location that will satisfy not only your current but your likely future needs. In addition, choose a home that satisfies your current lifestyle with an eye to what your future needs are likely to require. For example, in this “buyer’s market” take the opportunity to buy a home with three bedrooms instead of just the one or two you might need right now.

Take advantage of softening demand and prices….but re-consider an exceptionally low offer. Many buyers are beginning to realize that home prices are now great values. Multiple offers are becoming commonplace again. Multiple offers are never favorable for buyers. When you are preparing an offer with your real estate agent, submit an offer you can quickly negotiate to agreement. This will save you the heartache of missing out on a great home at a great price. Great homes attract attention in every housing market.

Short Sales and Our Real Estate Market

A real estate short sale is the process where a lender ultimately accepts less than the full amount owed by a borrower as satisfaction of a loan obligation.   The borrower either sells their home for what the market will bear or deeds their property directly to the lender.  However, the details of this process aren’t quite so simple or predictable.   There is a protocol for dealing with a short sale but the players involved in such a transaction often fail to agree on key decision points along the way. 

In fact, short sales play into our current market reality for a number of reasons.  First, there is no guarantee that a short sale will be accepted by a lender.   Second, many home sellers (short sellers and non-short sellers) continue to put their homes on the market even though the market is not calling for yet another poorly priced, poorly prepared, and poorly marketed home for sale.  Finally, buyers skewed expectations of real estate value are becoming more and more irrational. 

Lenders are like every other seller with a property on the market.  They want market value for their properties.  Market value is determined by the presence of a ready, willing, and able buyer and seller coming to terms.   However, lenders and their “Loss Mitigation” departments have fallen short in dealing with the administrative demands short sales and foreclosures have placed on them.  Too many properties, too few quality REALTOR relationships, and too few internal resources committed to the issue all lead to the inability of lenders to efficiently liquidate their inventory.

In a market like ours, over fifty percent of the listed properties will not sell this year.  The time-tested truths still apply; price, condition, and marketing.  At this time, there is no room for error.  Yet, there is a proliferation of service providers willing to list a property with virtually no seller education about the current state of affairs.  The allure of an “easy sale” at a “low cost” is more than some sellers can resist.  Ultimately, uninformed sellers bring properties to market that buyers don’t want.

Buyers face challenges too.  Buyer expectations have quickly morphed into wanting good properties at steep discounts.  Since sellers in our market aren’t panicking, the result is a real estate gridlock.  We are even seeing lenders hold properties in inventory for extended time periods of time and declining offers outside of “reasonable valuation.”  As a result, non-lender sellers put off plans to transition their lives and buyers continue to wait for the great deals that will never materialize because they already exist…they are just unable to see them.    As is always the case, as soon as they great deals are obvious to buyers in general, the deals won’t be so great.

The bottom line is people are buying and selling houses.  Those that understand and act upon the realites of our market will make sound real estate decisions and will continue to prosper in the long term.

Where Buyers Found the Home They Purchased in 2007

The sources of  information used by the real estate buying consumer continues to evolve.  The percentage of consumers who now use the internet during their home search process has grown to 84%. This is not surprising because instant, convenient, and efficient home search lends itself very well to the internet.  Most of us comparison shop online to gather information for infrequent and/or major purchases.  Access to this information gives a baseline of confidence to buyers.  Interestingly, 87% of buyers who found their home on the internet hired a real estate agent for expert guidance during their buying process. 

The numbers below illustrate buyer resources used:

Internet……………………………………… 39%
Real estate agent………………………….. 30%
Yard sign/open house sign………………. 15%
Home builder or their agent……………….. 6%
Friend, relative, or neighbor……………….. 6%
Print newspaper advertisement………….. 3%
Other…………………………………………. 1%

Data Source: The 2007 National Association of REALTORS Profile of MN Buyers and Sellers

Do You Know Who is Working for You?

If you’re thinking about buying a home, there is is a lot of information available.  First, the internet research.  Then talking with friends and family about the process.  Ultimately going to a few open houses to get a feeling for location, value, and space.  Along the way you may meet a real estate broker/agent that you feel comfortable with.   At this point it is important to understand what your business relationship is with the broker/agent.  Are they obligated to represent your best interests in the search for and purchase of a home?  The answer is no.  Unless you have a buyer representation contract for with your broker/agent, your broker/agent is obligated to work in the best interest of the seller.  Why?  Because of compensation.  As part of a negotiated commission between the seller of a home and a listing broker/agent, the agreement also provides for the compensation of a buyer broker/agent.  Since the commission paid by the home seller ultimately compensates the buyer broker/agent, the representation remains with the seller unless a buyer representation contract is agreed to and signed by the buyer.