• General Real Estate News
  • Rhymes with pillow

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    Not for sale

    There are not many homes on the market right now. I am working with some buyers who are ready to buy.

    Sometimes we find homes for sale on Zillow that are not found for sale anywhere else. I have been contacting the home owners who list their homes on Zillow as being for sale.

    One owner told me he will be selling in a few months. He just wanted to see if his home would generate any interest. It was over priced by about $30,000. I actually had a buyer who was interested but not at that price and he did not want to wait three months.

    Another home owner told me he wasn’t really sure he wants to sell, he just put his home on Zillow. He did not tell me why he listed it as being for sale. The home is over priced by about 20%.

    The homes we have listed on the MLS as being for sale really are for sale and we have rules against advertising homes that are not for sale and we have rules against stating that a home is larger than it really is.

    Anyone can list a home for sale on Zillow. They don’t even have to own the home or be the seller. In fact you might want to check to see if your own home is being listed for sale.

  • General Real Estate News
  • The number of homes on the market continues to drop

    Lights

    The math is pretty simple. Here is a look at the real estate market in St. Paul over the last seven days.

    There were +63 homes listed  and -58 homes got offers during the same 7 days and are off the market. So that would make a net gain of +5 homes for sale but –15 sellers cancelled listings and took their homes off of the market and –9 home sellers let their listing contract expire which means those homes are off the market too. Leaving us with –19 fewer homes on the market than there were 7 days ago.

    I can tell you from experience that if my math is wrong a man will stop by and correct if for me in the comments. Thanks guys. 

    It is always easier to sell a home that is listed for sale than it is to sell one that isn’t but people like to take them off during the holidays and put them back on after the first of the year. Last year I was fortunate to have a few listings during the holidays and they all sold before Christmas.

    As I keep saying we are in a strong sellers market. People who are having trouble selling are probably priced too high or their home isn’t being marketed correctly or maybe it has some glaring defect like a road running through the living room.

    I am currently working with home buyers who have kind of given up and one of them has a home to sell but doesn’t want to put it on the market because the right home to move to hasn’t come on the market yet.

    Happy holidays!

  • General
  • Don’t believe everything you see

    vine

    People must be gullible. I am seeing still slide shows on the interenet that have audio with them where people are talking. I don’t know if it is the people who are pictured who are talking or if it is someone else but I am supposed to believe that it is a secret video of people doing something wrong.

    Yesterday I saw a bar chart that was supposed to prove that the “media” universally favors one presidential candidate over another. My interpretation of the numbers was that the media is covering the topic that will result in the most sensational headlines. There are also leaked emails that don’t mean much to me but I guess they are important. What bothers the most is  that the email was stolen and published and is being used as a weapon. That seems so wrong.

    There are some who say the fact checking sites are biased. I don’t think that is true. If you see something on the internet it might be a good idea to fact check it before re-tweeting or posting on Facebook.  It is fairly easy to spread lies and half truths. It is as irresponsible as yelling “fire” in a crowded theater to suggest that the election will be rigged.

    The election cycle is wearing on a lot of us out. We just want it to be over. If you live in St. Paul you can go vote today at 90 Plato Blvd. Once you have voted ask you friends and family members to do the same. This election is very important and everyone who is eligible should vote.

  • General Real Estate News
  • The TRID excuse

    As a home buyer or seller maybe you have heard of TRID or maybe not. TRID is an acronym for a bunch of consumer protections laws that went into effect last year. Those laws require more disclosure to consumers about their loans and the associated fees. Borrowers get three business days to review closing disclosures before they sign at the closing.  In the past borrowers often got numbers shortly before the closing or even at the closing.

    The new closing documents are somewhat easier to understand as well. These laws protect borrowers. However we are finding that lenders need more time to get loans written and closing delays are very common.

    The only three changes that would require a new three-day review period:

    Yet there are lenders who are using the words “three days” and “TRID regulations” and attaching them to all sorts of loan conditions. They want documents three days before the closing that we used to bring to the closing.

    I have mentioned this before but about 100% of the time either the lender or the underwriter will be on vacation the week before the home sale is supposed to close and that by it self pretty much hoses everything up.

    If you are buying or selling just be aware that the closing date ins’t something that the lenders have to honor.

    TRID

  • General Real Estate News
  • Interest rates are falling

    We have been expecting interest rates on home mortgages to rise but they have been falling since the “brexit” vote last week. On Monday, the 30-year fixed-rate mortgage averaged 3.46 percent, near the lowest average since late 2012, realtor.com® reports. In other good news the number of homes on the market in St. Paul is slowly rising giving buyers a few more choices but inventories are still at historic lows.

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    Freddie Mac mortgage rates
  • General Real Estate News
  • There are enough REALTORS

    We have never had a shortage of Realtors® but there are fewer of us than there were back during the peak in 2006. A Realtor® is a member of the National Association of Realtors. The majority of  real estate agents in Minnesota are Realtors®, but REALTOR is not a job title, and it isn’t pronounced “reel-it-ter” .

    Here are some national and state wide statistics on National Association of REALTORS membership.

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    Nar membership in the U.S.

    NAR membership in Minnesota

    Minnesota NAR membership
    Minnesota NAR membership

    There is a high concentration of REALTORS in the twin cities. Not all members sell real estate full time. Some are part time and others are brokers who manage others but who do not sell.

    In the last year the average age of REALTORS has gone from 57 to 53 indicating that there might be some agents retiring. I am not sure why anyone would want to retire, especially if they are self employed but it happens all the time.