Monthly Market Update

Here is the latest statistics from Minneapolis Association of REALTORS.

The short of it is that we have increased pending sales by 7.4% over last February, but keep in mind that over 60% of these sales were “lender mediated” sales, or foreclosures and short sales.

Also the number of new listings has decreased by 19% compared to last year. This means there are less homes on the market

See the whole video here.

What are Agency Relationships?

There is a term in real estate that describes what type of relationship a buyer or seller could have with an agent.  This term is agency.  Each state has different agency relationships, and Minnesota state law requires us to disclose the types of agency relationships that usually occur in our state.  This agency relationship form should be presented to you upon substantive contact with an agent.  You can download a copy in PDF format by clicking on the image to the right.

11 Must-Inspect Items During the Final Walk-Thru

You’re excited because you’ve agreed to buy the house of your dream, and you are about to sign the closing papers.  Before you sign, there is one last thing you should do:  The final walk-thru.  This should be done a day or two prior to closing so that any problems can be spotted before you sign that contract.

1. Start in the Kitchen.  If kitchen appliances are included with the sale, then you want to start your inspection in the kitchen.  This will give you time to operate the dishwasher while you’re inspecting the rest of the house.  You’ll also want to turn on the oven to determine that it works.
2. Test the Water Heater.  You can determine if hot water is being produced by checking the faucets.  You should also visually inspect all the connections, valves, and the tank itself for evidence of obvious leaks.
3. Ask about the Water Softener.  Question the homeowner regarding the usage of the water softener.  In addition, check the unit itself and all connections for obvious signs of leakage.
4. Electrical System.  Turn on and off all the light switches to make sure they all work.  Check all outlets.  
5. Swimming Pool Equipment.  Operate the pump and filter system to check for excessive noise, which may indicate leakage.  Check the water for clarity.  If  the water isn’t clear and bright, the unit may not operate properly.  Question the homeowner carefully on the operation.  
6. All Utilities Must Be Turned on for a Thorough and Proper Inspection.  
7. Basic Important Condition.  Is the property structure and its components in substantially the same condition as on the date of purchase?  (Check doors, windows, lawn, garage, etc.).
8. Furnace.  Is there warm air?  Is the blower working?
9. Air Conditioning.  Do not test when the weather is under 50° Fahrenheit.  Is there cool air blowing? 
10. Plumbing.  Check for leaky faucets, leaking under the sinks, etc.  Flush the toilets, check for stability and loose fittings.

Please Note:  Some. of the items on this checklist may have been performed by the inspector.  If this is the case, then you don’t have to repeat the process.

Wonderful Richfield Rambler

Here’s a house for sale that’s ready for you. Located in the heart of Richfield, this 4 bedroom / 2 bathroom rambler, updated and ready to move in. Desirable and picturesque Wood Lake Neighborhood. One block to Wood Lake Nature Center with walking and cross country ski trails, wildlife and educational nature programs. Private Well for watering lawn.