Savage, MN Real Estate News

By Chad & Sara Huebener
(Edina Realty)
 Welcome to this sprawling HAMILTON HILLS rambler nestled on a wooded .76 acre cul de sac lot! This home boasts over 3600 square feet of living space packed with upgrades! Beautiful hardwood floors run from the family room and formal dining room through to the kitchen and sunroom. A den with glass French doors lies off the foyer. The kitchen has newly refinished cabinets and 4" trim, center island, garden window and huge adjoining sunroom. A three-sided fireplace separates the kitchen and sunroom from the living room. A half bath and laundry room, both with slate flooring and granite countertops, lie off the kitchen. The main floor master bedroom has vaulted ceilings, transom windows, a walk-in closet, and a private master bathroom with tile floors, whirlpool tub, dual sinks and large w...
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By Chad & Sara Huebener
(Edina Realty)
By Sara Huebener The pendulum continues to swing to the side of over-protectiveness, without regard to the long-term impact on our housing market.   Just as we are beginning to see signs of stabilization and recovery, FHA is proposing a series of increases in fees and changes that would impact the housing market. The effective date of these changes has not yet been announced, and more will follow on West Savage Blog as we learn more.  First and foremost, seller contributions to borrowers using FHA financing would be reduced to 3%.   While this sounds good from the perspective of a seller, it needs to be understood that this will make obtaining FHA financing more difficult for a buyer.   For borrowers who can afford the monthly payment and have the 3.5% required down-payment, but not the...
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By Chad & Sara Huebener
(Edina Realty)
By Chad Huebener Lenders have long known it was coming, and many prayed it would go away.  But it is here to stay.   Effective January 2010, major changes have just been put into place regarding lending practices when it comes to purchasing a home.  The intent of the change is to make it easier for borrowers to compare lenders and shop for competitive lending prices, with all pricing by the consumer being viewed as apples-to-apples.   Previously, this was a cumbersome process and virtually impossible for buyers to sort out.  Also, HUD (Department of Housing & Urban Development) wanted consumers to have a crystal clear picture of what closing costs would amount to for each transaction.   The new changes that just went into effect will require that once a Good Faith Estimate (GFE) is writ...
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By Chad & Sara Huebener
(Edina Realty)
By Sara Huebener   Inventory in West Savage has begun a slow upward crawl, up two listings from last month's inventory, as those getting a head start on the spring market seek to take advantage of the narrow window of opportunity afforded to existing homeowners.  (Those who have lived in their home at least five years and purchase a new primary residence with a binding Purchase Agreement secured by April 30, 2010 are eligible for a $6500 tax credit.)   Sales for the past 45 days hover at zero, but do not let this number discourage you.   The holidays and frigid temperatures stalled activity for a time, but that will not likely hold for long.  The highly-reduced level of foreclosures in our West Savage marketplace compared to 2008 and early 2009 is leaving sellers feel like they can perh...
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By Chad & Sara Huebener
(Edina Realty)
The following article was one we recently compiled for The Pointe Neighborhood's Association newsletter.   It was published in December 2009.  Winter in Minnesota is often associated with a slowdown in the housing market.  It's no secret that most prospective sellers wait to enter the real estate market during the spring and summer months.   The fall and winter months in real estate can be interesting in their own right, and present some unique opportunities for sellers.    For those not moving, winter is a great time to evaluate what happened during the year we recently experienced, and which factors might give us an indication of what the future holds.  Prospective Pointe sellers should be aware that the most important positive attribute of a winter market is inventory is at its lowes...
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By Kenden Post
(Coldwell Banker Burnet)
Here are the final sales numbers for Savage Minnesota October 09 home sales; Savage, MN Oct. Oct Oct Entire Year Entire Year Entire Year Scott County 2008 2009 Change 2008 2009 Change New Listings 80 65 -18.8 847 770 -9.1 Closed Sales 35 51 45.7 306 306 19.6 Median Sales Price 263900 198900 -24.6 241500 210000 -13 Avg.Sales Price 278126 213101 -23.4 261284 224552 -14.1 % of original list price 92.4 94.6 2.4 93.1 92.9 -0.2 Avg. DOM 108 172 59.4 141 151 6.9 Single family inventory 186 131 -29.6       T/H-Condo Inventory 105 87 -17.1         Kenden Post-CDPE, SFR, ePro Coldwell Banker Burnet-Apple Valley, Minnesota www.OurFirstMinnesotaHome.com Kenden@KendenPost.com (o)952-997-1960, (f)952-997-8810, (c)612-310-6304        Do you know anyone facing foreclosure? You do have options.  We are ...
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By Chad & Sara Huebener The market is cooling in West Savage, both in terms of active listings and sales.  Total listings are down to just 13 - sitting at about 43% of the typical supply.  This is amazingly low.   15% of these active properties are short sales or foreclosures.  Fortunately this number is far below the metro market average of about 50%.   Even more noteworthy, for the month of October, the most fascinating statistic lies in The Pointe neighborhood - a neighborhood of 242 homes which, for most of the month, had only one home on the market.   There are now two active listings in The Pointe, and 50% fall into the short sale/foreclosure category.    The absence of For Sale signs has become an interesting trend.   31% of West Savage inventory, including 100% of the inventory...
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By Pete Shrader
(Renters Warehouse)
Homes for Sale in Savage MN Search homes for sale in Savage Minnesota and the surrounding area.         Foreclosures         Short Sales         Dream Homes         Price Reductions         Luxury Homes         Town Homes         Single Family Homes         Condos         Bank Owned Our Map Search makes it easy to see what's for sale in any suburb in the Twin Cities Home Market! Search Now! Homes, For Sale, Savage, MN, Minnesota, Single Family, Condos, Town Homes, Luxury Homes, Dream Homes, Foreclosures, Forclosures, Short Sales, Bank Owned, REO, Price Reductions, Reduced, Value, Map Search, Sell, Search, Map, Low Price, Available, Scott County, Help, Buy
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By Chad & Sara Huebener
(Edina Realty)
By Sara Huebener Some popular news is being discussed in the real estate industry these days.  Chris Galler, a highly respected former colleague of mine from my days at the REALTOR Association, frequently puts out information to local REALTORS covering timely topics.  Here is one that might be of interest to ALL West Savage homeowners: The First Time Homebuyer Tax Credit is set to expire on November 30 of this year.  Right now, the House and the Senate are modifying the tax credit to include the following alterations.   Stay posted to our blog where we will be notifying homeowners if and when these changes get approved.  PROPOSED CHANGES INCLUDE: 1.  The $8000 First Time Homebuyer Tax Credit would remain in effect for those purchasing their first home.  2.   Existing homeowners who have...
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By Chad and Sara Huebener The following is a 60 Minutes video that is interesting. When watching the video, the initial feeling might be somewhat depressing. However, keep in mind a number of factors: 1. The video pertains to the housing market on a national level. It discusses inventory on the rise. In our pocket of West Savage, inventory has dropped steeply. As of November 2, 2009, inventory in West Savage is down 50%. 2. The video predicts another wave of foreclosures coming in 2010 and 2011. This is something we have long been discussing in communications with West Savage homeowners. We expect that many of the ARMS will be resetting in these upcoming couple of years. Knowing that, many lenders are offering loan modifications to troubled borrowers. While the long-term success of thes...
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By Chad & Sara Huebener If you know of someone buying a home in the price range below $120,000 (or if you are looking in that range for investment purposes), they (or you) are going to have to move fast. The Southern Twin Cities Association of REALTORS reports there's only 2.9 months of supply in that range, which places it in the extreme seller's market category. The reason for the tight inventory picture?   There's been a huge upsurge in home buying activity-sales are up 127.5 percent in that category over the last twelve months. Our Association also reports that the number of new construction properties available for sale continues to shrink rapidly as builders pull back from creating new inventory. The current inventory of 2,426 listed new construction properties in the MLS system r...
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By Kenden Post
(Coldwell Banker Burnet)
Here are the final numbers for Savage, Minnesota September 2009 home sales; Savage, Minnesota Sept. Sept. Sept. Entire Year Entire Year Entire Year Scott County, Minnesota 2008 2009   Change 2008 2009   Change New listings 84 59 -29.8 767 705 -8.1 Closed Sales 26 46 76.9 271 311 14.8 Median Sales Price 219050 218000 -0.5 237000 212200 -10.5 Avg. Sales Price 279,114 231629 -17 259109 226389 -12.6 % of orginal list pirce received 93 92.8 -0.3 93.2 92.6 -0.6 Avg. Days of Market  110 124 12.3 145 146 0.7 Single-family detached inventory 190 137 -27.9       Townhouse-condo inventory 112 88 -21.4         If you have any questions about this information on home sales for Savage, Minnesota please feel free to contact me. Kenden Post-CDPE, ePro Coldwell Banker Burnet-Apple Valley, Minnesota www....
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By Chad & Sara Huebener The pool of sellers entering the market in West Savage is beginning to cool.  New listings are down, and total West Savage inventory remains well below average.  Typically we see an average of 25-28 listings in our West Savage marketplace during any given month.  Current listing inventory hovers around 16 - just 60% of the norm.   Pending sales have also cooled in the past 45 days.   Buyer activity in early September was slow with the start of school, but picked up again in mid-late September.    West Savage just experienced a boost in closed sales which included a number of foreclosures, short sales and vacant properties.   As disheartening as this may be for traditional sellers, our marketplace as a whole needs to see the absorption of these properties if we ar...
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By Chad Huebener The other day, a woman I was talking to was wondering why homes are selling for so little in her neighborhood these days.  She stated that since there were no foreclosures in her neighborhood, she did not think her neighborhood was affected by the falling home prices that tend to follow in their wake.  She was getting sticker-shock when she saw the sale prices in her neighborhood, and she was surprised to learn that foreclosures DO affect her neighborhood. While I have long ago grown accustomed to the look on people's faces when they realize how far our housing prices have fallen, her question was particularly interesting because it highlighted a consumer thought process that up until that point never dawned on me existed.   Her thought process made sense.  After all, I...
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By Chad & Sara Huebener
(Edina Realty)
By Sara Huebener It's no big secret that we are in a real estate market like no other.  We've all been raised with the core belief that homeownership is the American Dream, and the way to build long-term wealth.   In recent years, the American Dream turned into the American Nightmare for many, as people who bought homes (particularly between 2004 and 2007) saw their home values plummet in a matter of months. And the higher the priced home, the harder the fall. Years ago, people moved for a variety of reasons....job transfers, lifestyle needs, school district preferences, and also, the now-seemingly luxurious reason of "because they just wanted to".  And while employers are still moving employees, and people still need to upsize because of children or downsize because of retirement, we a...
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By Chad & Sara Huebener
(Edina Realty)
By Sara Huebener Some of the things we encounter in the real estate business never cease to amaze me.  One of them is, of course, the nature of foreclosures and short sales.  It just goes to show that these transactions are so unique, so independent of each other in terms of what is considered "standard", that each one is a learning experience.  I have been working with a buyer who needed to buy a home (quickly) before the homebuyer tax credit expires), and so we have been feverously searching for a home in her price range in school district 719.  Many are short sales, and since short sales take so much time to get done (as in months), she did not have the time to close on one and qualify for the tax credit.  So we focused primarily on traditional sales and foreclosures.    All that sai...
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By Chad & Sara Huebener
(Edina Realty)
By Sara Huebener For our West Savage neighborhoods, August has marked the most notable changes of the entire year in terms of inventory and sales.   These drastic changes are likely attributed to increased consumer confidence and a need to get families relocated prior to the start of a new school year. West Savage has seen a 37.5% drop in total inventory in the past month.  This is a tremendous decrease in competition for sellers in our local marketplace.  The steepest declines in inventory have occurred in The Pointe neighborhood, which usually sees an average of 12 active listings at any given time, and now has only five.  Following The Pointe in terms of inventory declines is the Woodhill neighborhood, which has seen a 40% drop in inventory, as two of its five active listings have so...
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By Kenden Post
(Coldwell Banker Burnet)
Kenden Post | Coldwell Banker Burnet | 952-997-1960 14306 Peninsula Point Drive, Savage, MN Immaculate rambler t/h conveniently located that has upgrades throughout the home. Excellent condition and needs no work. 2BR/2BA Single Family House offered at $269,900 Year Built 2000 Sq Footage 2,051 Bedrooms 2 Bathrooms 2 full, 0 partial Floors 2 Parking Unspecified Lot Size Unspecified HOA/Maint $190 per month DESCRIPTION Immaculate rambler townhome conveniently located with quiet and peaceful surroundings. Features of the home include fresh neutral paint on the main level, hardwood floors, tile floors, vaulted ceilings, gas fireplace, four season porch that has a deck, lots of natural lighting, spacious kitchen with lots of counter and cabinet space, lower level has a walkout to a patio, s...
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By Kenden Post
(Coldwell Banker Burnet)
Here are the final numbers for Savage, MN. June 2009 home sales; Savage, MN June June June Entire Year Entire Year Entire Year Scott County, MN 2008 2009   Change 2008 2009   Change New listings 95 76 -20 519 480 -7.5 Closed Sales 25 33 32 157 165 5.1 Median Sales Price 267000 214000 -19.9 234900 200000 -14.9 Avg. Sales Price 269,764 220624 -18.2 253924 211494 -16.7 % of orginal list pirce received 92 95.9 3.7 92.7 91.1 -1.8 Avg. Days of Market  145 141 -2.7 157 151 -4 Single-family detached inventory 185 169 -8.6       Townhouse-condo inventory 124 98 -21         If you have any questions about this information on home sales for Savage, MN. please feel free to contact me. Kenden Post Coldwell Banker Burnet-Apple Valley www.OurFirstMinnesotaHome.com Kenden@KendenPost.com (o)952-997-1960...
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By Chad & Sara Huebener
(Edina Realty)
The market is HOT right now, at least in some price brackets! We have seen a dramatic upswing in the number of active listings and active buyers.   While these increases are typical of spring market, the recent FHA modification to the $8,000 First-Time Homebuyer Tax Credit allowing buyers to use the tax credit as a downpayment (when financing with an FHA loan) has had a tremendous impact on buyer activity in entry-level housing.   For our West Savage neighborhoods, total listings have remained unchanged.  The slight drop in pending activity has translated into more closed sales in our marketplace, as sales have closed on paper.  Overall, we are seeing price reductions each week scattered throughout our West Savage neighborhoods.   We are finding an interesting trend has developed:    Th...
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