Minneapolis – St. Paul Real Estate Information
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
Posted on March 31st, 2009 by Steve Hong
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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.
Posted on March 24th, 2009 by Steve Hong
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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.
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.
Posted on March 24th, 2009 by Steve Hong
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This is Minna here, and I have some exciting news. There is an old adage that says, and I paraphrase, that nothing in life is free. While this is mostly true, I have found an exception. Remember when I blogged about the $7,500 tax credit, which was more like. a zero-interest loan? Well, the government has revised and one-upped that offer. In the American Recovery and Reinvestment Act of 2009 (otherwise known as the stimulus bill), there is a provision that provides first-time homebuyers with up to an $8,000 tax credit in addition to your refund. This time, however, you don’t have to pay it back. It’s part of the plan to stimulate the economy, and you can benefit from it.
Here’s how it works. The basics are the same as or similiar to before They will give you ten percent off the price of the house, up to $8,000. The full amount of credit is available to individuals who have an adjusted gross income under $75,000, $150,000 on a joint return. You have to be a first-time buyer, which means that you haven’t owned a principle place of residence in the past three years. If you’re married and file separately, then each spouse would receive up to $4,000. Let me reiterate that you do not have to pay this credit back. If the home is sold within three years of purchase, however, the entire credit is returned. This credit is available to all first-time homebuyers who purchase between January 1, 2009, and December 1, 2009.
This is just a brief summary of the $8,000 tax credit you can receive as a first-time homebuyer. If you would like to learn more about this tax credit, you can contact us and/or visit this website, provided by the National Association of Home Builders (NAHB).
Posted on March 12th, 2009 by Steve Hong
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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.
Posted on March 11th, 2009 by Steve Hong
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That should get your attention. The government is giving cash to home buyers! Now, there are some stipulations, but if you meet the criteria, you can get $8,000!
This is part of the Economic Stimulus package that was signed into law this week by President Obama. First-time home buyers can claim an $8,000 tax credit on their tax return. A tax credit is different from a tax deduction in that a tax credit is basically money in your pocket. Let’s say that you owed $6,000 in tax liabilities but you had your employer take out $7,000. That means your normal refund would be $1,000. But if you were a first time home buyer, and if you made less than the income restrictions, you would gain an additional $8,000 in refund, making your total refund $9,000. The article on CNNMoney.com was incorrect in the fact that the got the amount of the refund in this scenario wrong. They seem to have corrected it today.
The basics:
1. First time home buyer (not owning a home in the past 3 years)
2. Purchase a primary residence home between Jan 1, 2009 thru Nov 30, 2009.
3. Income restrictions to $75,000 for singles, $150,000 for married couples. Above these income restrictions, the dollar value is phased out.
With the low interest rates, the depressed housing prices, and now $8,000 of FREE MONEY, it’s a GREAT time to buying a home!
Posted on February 20th, 2009 by Steve Hong
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We’ve got 2 new listings in the same condo building. This building is a senior highrise for 55+ with lots of amenities. In addition to the usual party room, there is a dining room with commercial kitchen available, a game room, exercise room, beauty salon, woodshop with tools, 24-hour security, and more. Of the 2 listings, one is a 1 bedroom 1 bathroom unit on the 8th floor, while the other is a 2 bedroom 1 bathroom on the 2nd floor with a view of Woodlake Nature Center. You can find out more information on my website http://www.StevenHong.com
Posted on January 23rd, 2009 by Steve Hong
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We’ve made some system changes to bring you the best home search on the market. We welcome you to sign up for free and to look at houses on-line. You can:
Just sign up at http://StevenHong.ListingBook.com and see how powerful this search engine really is. If you have any friends, relatives, or coworkers who are about to buy a home or who are thinking of buying a home, please have them contact me. I would love to help them find their dream houses.
Posted on January 15th, 2009 by Steve Hong
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Unless you are ready to throw out the old TV and buy a new one before February 17, 2009, you’ll need to do something to continue watching your favorite television shows. That’s the deadline when the FCC will make TV stations turn off the old analog channels such as channels 2,4,5,9,11. This will make our older TVs and VCRs obsolete unless we do something soon.
The easiest solution would be to get a converter box. These converter boxes are basically a Digital Tuner (ATSC tuner) that you hook up to your existing VCR or TV. This will allow you to watch
Unless you are ready to throw out the old TV and buy a new one before February 17, 2009, you’ll need to do something to continue watching your favorite television shows. That’s the deadline when the FCC will make TV stations turn off the old analog channels such as channels 2,4,5,9,11. This will make our older TVs and VCRs obsolete unless we do something soon.
The easiest solution would be to get a converter box. These converter boxes are basically a Digital Tuner (ATSC tuner) that you hook up to your existing VCR or TV. This will allow you to watch and record over-the-air broadcasts after the cutoff date and without replacing your existing TV.
By hooking up a converter box, you won’t be using your built-in TV or VCR tuner any more.
When buying a new TV or VCR or DVD recorder, make sure it has an ATSC tuner, which will be able to tune in the new digital channels.
This FCC ruling doesn’t affect cable or satellite. If you have either, you don’t need to change anything. You are set to go.
Posted on January 13th, 2009 by Steve Hong
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This may come as a surprise, but even Real Estate Offices move once in a while. Our office had been at its previous location for the past 18 years, and it was time for a change. We have moved to new office space one block away.
The new office space is a wonderful space and will be an ‘all-new’ build-out. This building is easy to find and has plenty of parking–unlike our last office where parking was at a premium. Since we won’t have a private street-level entrance, we will have a secure way of communicating with clients to open the door for after hours access.
We are so happy to be settled into the new space, which happened at the end of last year. OUr new address can be seen below, but mail sent to the old address will be forwarded for a while, anyway.
If I were to write a description of the building, it would read something like this:
“Lovely top floor, 12-office / 1 kitchenette space with conference room and reception area. Wonderful views of Edina. Shared technology enabled conference room available wit
hin the building. Plenty of off-street parking available. Security entrance.”
Posted on January 13th, 2009 by Steve Hong
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Minneapolis, MN