Well, existing home sales data for last month is out and the numbers were lower in March than in February.  According to the NAR press release existing home sales were down 2.6%.  Lawrence Yun, the National Association of Realtors Chief Economist, blames the lower sales on the lack of homes for sale.  He also says that the level of activity is higher year over year.  The reported data seems to confirm his opinion. Average prices are up in most broad markets, due probably to more buyers and fewer homes for sale.  Although it is harder to find an opportunity today that is as good as last April, continued low interest rates still provide attractive and beneficial opportunities.  Smart buyers are buying now, and smarter buyers are enjoying the homes they bought last year.  We will probably ... 04/19/2012

2012 Is A Breakout Year For Apple Valley Last year we reported that home sales in Apple Valley, MN were heating up in the first quarter.  Now, although 2011 had a great start, it pales in comparison to 2012.  Compared to last year, inventory is down and sales are up, and not just a little bit. On March 31, 2011, total homes for sale in Apple Valley totaled 295.  In comparison, there are now 211 homes for sale.  In perspective, there are fewer than three homes available for purchase today for every four that were available last year at this time. Even though available homes for sale are trending significantly lower year over year, more homes have been sold.  Total homes sold in Apple Valley in the first quarter of 2011 were 130 compared to 139 already reported closed this year.  Since th... 03/31/2012

Apple Valley, MN could face a shortage of available homes for sale during the spring buying season.  With total residential sold units running substantially ahead of 2011 and more optimistic employment numbers, demand could have an upward effect on sale prices this spring. According to data supplied by the Regional Multiple Listing Service of Minnesota, there are currently 219 active residential listings in Apple Valley, fewer than were on the market on this date in 2011.  105 sellers have accepted offers that are pending closing, and 108 homes have been sold since the beginning of 2012.  Year over year, this represents an increase of about 11% over the 97 homes sold in 2011 in the same time period.  Although the sales trend is good news for sellers, there may be some disappointed buyer... 03/15/2012

The Apple Valley Chamber will again host its annual Home and Garden Expo on March 31.  The event has been well attended in past years with around 5,000 attendees.  Held at that Dakota County Western Service Center, the event is one of the more popular ones of its kind in the area.  Hours are 9AM to 3PM, and parking and admission are free.  Over 100 exhibitors will be present, along with gardening seminars, Minnesota Zoo animals, fire trucks and free children's arts and crafts.  Dakota County Western Service Center is located at 14955 Galaxie at the intersection of Highway 42.  Put this one on your calendar. 03/06/2012

Apple Valley and the five cities it borders have consistently increased sales activity over the last three years. There are a lot of numbers that can be cited to support the particular direction that we feel the housing market is heading.  They all have their benefits and shortcomings.  For instance, how do we interpret new housing starts?  If they increase, is it because there are more apartment units planned for new renters who have lost their homes?  Does the median price reflect higher or lower prices for similar property, or could it only be the result of better, bigger, smaller worse condition of property compared to other time periods? While the numbers I've chosen to use don't suggest that they do more than the obvious, I think that the total residential units sold definitely te... 02/19/2012

There are plenty of folks who are choosing to buy their first homes right now in Dakota County, especially in Apple Valley and the five cities on its borders.  Interest rates and prices have converged to the optimal level, and the indications are that this may be as good as it gets. There are a lot of real estate professionals who offer reasons to buy a home right now, and most of the given reasons are valid for somebody.  They are not all valid for everyone.  For example: Interest and Property Taxes are Deductible.  This is true, but the fact that they are deductible does not always mean that they should be deducted.  The standard deduction for single filers in 2012 will be $5,950, and the standard deduction for married filers will be $11,900.  You have to have enough deductions to exc... 02/10/2012

Today's economic data indicates that the economy is improving, and it's no surprise that housing will probably move in tandem.  With job data showing substantial sustained improvement, fewer people are unemployed and an increasing number of job holders are feeling more secure in their employment.  The uncertainties of the past few years are slowly fading, and housing appears to be also recovering slowly in many parts of the country.  In my little corner of the world, Apple Valley, Minnesota, and the five cities that it touches have had a great first month of 2012.  According to the Regional Multiple Listing Service of Minnesota, total units closed increased about 21%, from 180 in 2011 to 218 in 2012.  Greater Dakota County likewise had an increase in January from 233 sold in 2011 to 311... 02/03/2012

The Sun Is Setting Later and Renters Are Starting To Get Restless If you regularly escape from your day boss and drive home to be overseen by your night boss (AKA Mr. Landlord), you've probably noticed that you don't need your headlights unless it's raining or snowing.  That means you have a little time after work to do some things that require some daylight, like touring homes for sale. The later sunset and the fact that we're getting close to lease renewal decision time is prompting a lot of renters to begin planning for a life style upgrade.  A large number of leases cycle in May and June, and that means there is a decision that needs to be made thirty to sixty days before then, depending on the provisions of the lease.  Unless you love to do things too fast and too late, now is the ... 01/27/2012

2012 Minnesota Precinct Caucuses February 7, 7:00PM Minnesota's biennial political circus will officially begin in a few weeks with the precinct caucuses.  Although I approach Minnesota politics with cynicism and mostly as a spectator sport with predictable outcome, my attendance at precinct caucuses has been fairly consistent.  If you have any chance to influence the political direction of the state, or maybe even the federal government, your voice will be loudest and strongest when you participate in your caucus. The business of Minnesota precinct caucuses consists of choosing precinct officers, choosing delegates to the district and/or county conventions, and proposing resolutions to be acted on at the conventions.  Those resolutions, if passed, will eventually become part of the par... 01/18/2012

Apple Valley MN Residential Sales Increased 15% In 2011 Apple Valley has had a substantially improved year for sales of residential real estate.  According to the Regional Multiple Listing Service of Minnesota, there were 711 residential sales in 2011, which is approximately 15% more than the 617 tallied in 2010.   While there are many ways to measure market trends, the total units sold represents buying interest and also suggests that there may have been more qualified buyers in 2011.  2011 sales did not exceed 2009 which totaled 791.  2009 and the beginning of 2010 were the years of the homebuyer tax credits, and many analysts believed that the credits would influence buyers to accelerate their plans to the detriment of the years following.  That seems like it explains the higher 2009... 01/05/2012

 Apple Valley Short sale advice and representation Has your home outgrown your income? Do you owe more than your home’s value? Would you like some help sorting out your options?     If you’re having financial problems, there are a number of home-related choices you can make that will help you get through these difficult times, and you will get through them.  Of course, no choice is without consequence, and each situation is unique.  That’s where the first choice should be to get the best possible advice.  That means good real estate advice from a real estate professional, good legal advice from an attorney, and good advice from a financial and tax adviser.   Our short sale program includes legal consultation and representation.  The entire negotiating process is handled by a real estate... 01/02/2012

Tell anyone that you're in the real estate business and many will immediately engage you in discussions about the market.  The discussion usually leads to their revelation of why they feel that this is the wrong time for them to buy and/or sell a home.  Most of the time, the reason is either that they are so far underwater on their home that selling is impossible, or they have some other credit or economic issue.  I understand and sympathize with people who are unable to buy or sell right now.  The folks who are choosing to delay buying or selling because they fancy themselves as some sort of real estate tycoon trying to time the market just don't understand what they're doing. Imagine that you want to buy a loaf of bread.  You don't use a lot of bread, and the rest of the loaf you have... 12/28/2011

2012 Earlybird House Hunting Starts Today The Christmas cheer and celebration has come and gone, and the last week of the month is an enjoyable time to exchange gifts, shop for clearance bargains, and extend the spirit of the season through the week.  It's not as hectic as last week, with most of the shopping and decorating deadlines past. Remember how many of us complained about how some merchants were rushing us into the season by putting up decorations and promoting Christmas merchandise, some as early as mid-October?  Many of us continued to express our opinions about rushing the holiday season until we suddenly realized that the rushing had evolved to the rush.  Time had taken the too early and changed it to  how am I going to get it all done on time.  Many of us don't consider the... 12/26/2011

Last year, I published the best five possible gifts to give your landlord.  They are repeated here for your reference. 5.  Tell him you're moving out in May.   4.  Tell him you're moving out in April.   3.  Tell him you're moving out in March.   2.  Tell him you're moving out in February.   1.  Tell him you're moving out in January.    Many folks made the decision last year and chose from the above list.  In the event that you missed the opportunity, now is the time to make up for your omission.  If you're still in that temporary place you're trying to call home, why not make a commitment to yourself and those you love to upgrade your lifestyle before another year gets away from you?  I know your lease probably runs until May or June, but buying a home takes more time than many buyers o... 12/15/2011

Small business affects housing affects small business affects... A couple years ago, I wrote that there were a lot of homeowners whose home equity had been converted to toys and vacations, and that was correct.  On further review I feel that I unfairly omitted the fact that many small business owners financed their startups with their home's accumulated equity.  Entrepreneurs seldom are able to walk into a bank with an idea and get the financing they need without collateral. This morning on CNBC's Squawk Box, a few of the guests were discussing the slow recovery.  The lack of financing available for small business startups was tied to the lack of accumulated home equity.  Here we are with the economic downturn running its course, but there are parts missing that are making full recovery... 12/02/2011

There is no Black Friday for your landlord Black Friday is the day that retailers are supposed to begin turning a profit for the year.  Millions of shoppers voluntarily turn over their money, or their credit in exchange for stuff they recently decided that they cannot live without.  The retailers are happy because they will make a profit this year. Mr. Landlord, however, is unable to celebrate Black Friday.  Why? He cannot celebrate Black Friday or any other day when his investment moves from loss to profit because he always turns a profit.  He has to spread his celebrations over the entire year, but mostly on the Twelve Days of Landlord Christmas, known by tenants as the first of the month, the day rent is due.  How many more Landlord Christmases do you want to help him celebrate?  Why... 11/25/2011

Thanksgiving is a time when most of us take a little time to reflect on the blessings that have been part of our lives.  Although they are certainly reasons to be thankful, most of them are reruns.  Most of us have been blessed over the last year with great friends and family, reasonable levels of health and wealth, and the opportunity to share our good fortunes.  My Thanksgiving is like most other folks' with one extra reason to be thankful this year.  Either today, if the Packers - Lions game goes lame, or tomorrow if it doesn't, I will be swapping the mowing deck for the snow blower on the garden tractor.  The thankful part is that it is not going to be the usual ten degrees when I do it.  We may hit sixty today, and I may not need to wear a jacket while making the switch.  Last year... 11/24/2011

Time the Market?  Why not Time Your Life Instead? There are lots of real estate professionals trying to convince potential home buyers that now is the time to buy.  They typically cite home price trends and mortgage loan interest rates, along with a suggestion that timing the market is difficult and usually not productive.  While I agree with much of what is published, there is one important question I would like to ask.  So what? People considering buying a home, either a first home or one to replace a home that no longer suits their needs, are consumers.  They are not traders looking to maximize an investment play.  They are consumers thinking about buying something they will use to improve their lives and the lives of those they love.  Why do so many of us sink into economic explanat... 11/12/2011

Apple Valley MN exceeds 2010 total home sales Last month, I wrote of the likelihood that Apple Valley would exceed 2010 in total homes sold.  According to the Regional Multiple Listing Service of Minnesota, Apple Valley has passed 2010 in total sales as of today.  The total number of homes sold in Apple Valley is 620, and the total for all of 2010 was 618.  With 65 additional sales pending closing and another month and a half before year end, 2011 looks like the year when the market has started to show some signs of life. Sellers who have come to terms with the market value of their homes are finding willing buyers.  Buyers who recognize value when they see it have to act fast to make a reasonable offer, or they will lose out to another buyer.  There is no urgency for buyers, but there ... 11/08/2011

Underwater but want to move up to a better place? There is a half generation of homeowners who want to move up to a place that fits their current situation better.  Many couples who bought two bedroom town house and condos in the mid 2000's are now growing families of four or five.  They are not deadbeats, and they can afford their monthly payments, even more.  They just can't sell their homes and buy another because of declined values to their current home.  Many of them are considering alternatives to their current living arrangements. Some folks have decided to just remain in their overcrowded and not family friendly homes.  Some have decided to just walk away and give up completely on home ownership.  Some have decided to become renters while also becoming landlords.  They'll rent t... 11/06/2011