Twin Cities Real Estate

Further support that now is a great time to buy a home . . .

Alicia Garatoni — Tue, 10 Jan 2012 17:02:00 GMT

In a December 30, 2011 New York Times article, Karl Case, the co-founder of the prestigious Case-Shiller Index, presents his perspective. The following is an excerpt from the Times article and is reprinted in its entirety. Karl Case: ‘It’s unbelievable’ A professor emeritus of economics at Wellesley College, Mr. Case’s name is practically synonymous with real estate values, because he helped create the Standard & Poor’s/Case-Shiller home price index (along with the...(read more)

The media isn't always the best resource . . .

Alicia Garatoni — Mon, 09 Jan 2012 22:33:00 GMT

You've heard this time and time again yet just last week there was another example of poor reporting. First, an admission - I came in on the tail end of a news segment so I didn't catch the entire conversation nor do I have the financial consultants name. Also, I know that this was one person's opinion and that this isn't an indictment of all news shows. However, when the anchor asked him if now was the time to purchase a home, he answered unequivocally "No". I find that...(read more)

Twin Cities ranks 4th for businesses

Alicia Garatoni — Thu, 15 Dec 2011 17:16:00 GMT

MarketWatch, a division of the Wall Street Journal ranks the Twin Cities 4th in the nation for its business community topped only by Washington D.C., Boston and Des Moines. The study looks at the concentration of businesses and their economic strength. They considered all cities with a population of half of a million or more. To see the full ranking, go to http://www.marketwatch.com/story/california-florida-ohio-cities-in-bottom-10-2011-12-13 In an Ameriprise Financial report, the Twin Cities was...(read more)

Changes to the Minnesota property tax formula

Alicia Garatoni — Mon, 12 Dec 2011 17:10:00 GMT

The Minnesota Association of Realtors just issued a great summary of the 2011 changes to how are property taxes are calculated. The complete article is attached. Please call me if you have any questions....(read more)

Rent vs. Buy - What's right for you?

Alicia Garatoni — Mon, 28 Nov 2011 14:25:00 GMT

I just received the following study presented by Ken H. Johnson, Ph.D. - Florida International University (FIU) and Editor of the Journal of Housing at the National Association of Realtors national conference in Anaheim, CA . The analysis should be useful in helping you to decide what's the best route for you. http://realestate.fiu.edu/buyer-or-renter-nation.html ....(read more)

Just out from the National Association of Realtors

Alicia Garatoni — Tue, 22 Nov 2011 15:17:00 GMT

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Not a good catagory in which to lead.

Alicia Garatoni — Tue, 13 Sep 2011 21:34:00 GMT

Out yesterday (9/12/11) is a report in the Minneapolis/St. Paul Business Journal that Minnesota is one of the leading nations for mortgage fraud. In a report released by the Mortgage Daily website, Minnesota had over $184 million in reported mortgage fraud. Other states with high rates were California, Florida and Ohio based on civil and criminal cases. I prefer to think that our state is better at policing ourselves so we catch more of these criminals rather than we have more mortgage fraud crimes...(read more)

Just when you thought they couldn't go lower . . .

Alicia Garatoni — Tue, 13 Sep 2011 21:24:00 GMT

According to Forthebestrate.com, a mortgage interest rate research firm, interest rates today (9/13/11) dropped to the lowest point ever as reported by Rismedia, a leading real estate information systems company. For a 30 year fixed mortgage, this means a rate of 3.875% (APR 4.04%). For the full article, please go to http://rismedia.com/2011-09-12/mortgage-rates-again-fall-to-record-lows/ I hope it goes without saying that if you were ever thinking about buying a home . . . . please see your preferred...(read more)

Condos and town homes to see a resurgence?

Alicia Garatoni — Sat, 10 Sep 2011 20:25:00 GMT

Except for a brief period in the early 2000's, single family homes have generally seen greater demand than condos and town homes. As the first of the baby boomers hit retirement age last year, that may be changing. There are approximately 77 million people - those between 47 and 65 years old - who will dramatically shape the direction of housing for the next 20 years. Many are empty nesters with equity in their homes that are looking for a lifestyle change. A recent article in Rismedia suggests...(read more)

What conclusions can be drawn from May 2011 housing statistics?

Alicia Garatoni — Thu, 16 Jun 2011 17:36:00 GMT

It continues to be difficult to compare year over year statistics as the post tax credit slump adversely impacted May 2010 sales figures. When compared to May 2011 statistics, pending sales increased dramatically by 13.2%, new homes on the market jumped 10.8% and total housing inventory shrank 11.8%, the lowest May count since 2005 according to statistics published by the Minneapolis Area Association of Realtors. Any increase in sales/decrease in inventory is welcomed yet we should be cautious about...(read more)

Deliquencies down but foreclosures up???

Alicia Garatoni — Tue, 03 May 2011 02:20:00 GMT

Have you been reading that the number of homeowners more than 90+ days delinquent on their mortgage is down? It's true, for many people the employment situation is getting brighter and families are learning to adapt to a more stringent household budget - cutting out the non-essential expenses freeing up money to contribute to their mortgage. You might have also heard that foreclosures are up and wondering how these two statements could both be true.. Basically, banks are not foreclosing on as...(read more)

More reasons to love Minnesota!

Alicia Garatoni — Mon, 02 May 2011 17:03:00 GMT

I'm late getting the memo - in September, the Twin Cities was recognized as one of the least stressful metros in the U.S. by Portfolio.com. Ranking 3rd, we were beat out by Salt Lake City and Virginia Beach/Norfolk. Criteria included unemployment, change in income, and amount of sunshine. To see all the rankings, visit http://www.portfolio.com/interactive-features/2010/09/2010-stress-rankings-for-metro-areas . Which leads to another more current ranking - Minneapolis ranked 4 th for Best City...(read more)

Twin Cities ranks 12th for small business creation

Alicia Garatoni — Mon, 18 Apr 2011 20:47:00 GMT

This ranking by a recent Business Journal study of 100 of the largest U.S. metro areas is up substantially from 2010 when the Twin Cities was at 39th and at 40th in 2009. The study considered population growth, small business openings and employment rates in it's criteria. Austin, TX came in first for the second year in a row....(read more)

Keller Williams Giving Back

Alicia Garatoni — Thu, 24 Mar 2011 17:57:00 GMT

One of the basic tenets you’ll find on the Keller Williams website is: “finding and serving the higher purpose of business through charitable giving in the Market Centers and communities where Keller Williams associates live and work.” This is more than just a great philosophy we share with the public. Each Market Center is tasked with identifying and donating time, talent, financial assistance, etc. to local community organizations. Attached is a copy of each Market Center’s...(read more)

Why do people buy a home?

Alicia Garatoni — Thu, 24 Mar 2011 16:45:00 GMT

I’ve heard much discussion in the last two years that real estate is no longer a sound investment decision; that the stock market makes better financial sense. One of these people is Jack C. Francis , a former Federal Reserve economist and professor at Baruch College . He said in a recent CNB C article: “For generations, parents and grandparents have been telling us that the way to get ahead was to buy a house and keep making payments with a fixed interest rate and after 20 or 30 years...(read more)

Is now the time to sell?

Alicia Garatoni — Thu, 03 Feb 2011 20:47:00 GMT

My answer is an emphatic "Yes". All of us (including myself) want to return to the market values of 5 and 6 years ago before we'll agree that it's time sell our homes. All of us need to let that go. It will be many years before our current homes will again be worth what they were back then. We can no longer let our decisions be guided by "what could have been". So why is now the best time to sell? For two very important reasons: predicted increases in interest rates and...(read more)

When is the best time to sell your home?

Alicia Garatoni — Wed, 26 Jan 2011 19:16:00 GMT

This is a question I’m often asked by sellers. Typically, my answer is “Whenever you’re ready to sell.” Many people believe that they will be more successful if they wait until the spring market with the conventional (and accurate) thinking that there are more buyers during the warmer months. Yet while sales do dip during our winter months, buyers who brave the cold looking at homes are serious shoppers. Typically they are people who need to buy rather than people who would...(read more)

McMansion out, value in

Alicia Garatoni — Wed, 26 Jan 2011 16:49:00 GMT

Trends change every year however the ever larger home was popular for several years during the housing bubble. Today, value is in. Homeowners are looking for smaller, more efficient spaces, built-ins rather than furniture and more neutral colors. A recent survey of 2000 consumers conducted by Better Homes and Garden found that efficiency and affordability are the new focus. No surprise is this era of austerity. What are buyers looking for in a home? Separate laundry rooms, home offices/workspaces,...(read more)

Reason to cheer . . . .

Alicia Garatoni — Tue, 18 Jan 2011 18:08:00 GMT

Recent data released by the Minnesota Association of Realtors (MAR) provides some cautious optimism about the health of our local real estate market. A couple of different indicators support that most of our areas have reached a "bottom" and should start stabilizing and, dare I say it, at some point a slow appreciation. One of the statistics cited is the median price of a home is $150,000, the same as it was at the end of 2009. The average price is up 8.1% over year end 2009. Home prices...(read more)

November housing figures . . .

Alicia Garatoni — Mon, 13 Dec 2010 20:07:00 GMT

The number of new homes coming on the market has been trending down for several months with year to date numbers as of November 30 1.6% less than last year perhaps finally signaling a slowdown in foreclosures. For the same time period however, pending and closed sales have also declined with year to date numbers of -19.0% and 17.7% respectively. Some of this can be attributed to the normal seasonal slowdown in home sales. Other possible factors: the slight increase in interest rates – up approximately...(read more)

The Twin Cities ranks 1st in retirement readiness.

Alicia Garatoni — Mon, 13 Dec 2010 19:32:00 GMT

Minnesotans are know for their preparedness when it comes to weather but now we have another national distinction. Last week, Forbes released a study ranking Minneapolis/St. Paul first in retirement readiness with 83% of those surveyed indicating that they were saving for retirement. To see the full article and rankings, go to: http://www.forbes.com/2010/12/07/retirement-cities-personal-finance-cities-most-least-prepared-retirement.html...(read more)

Minneapolis-St. Paul ranks in the top 20 for brain power

Alicia Garatoni — Wed, 01 Dec 2010 19:31:00 GMT

In a recently released analysis by Portfolio.com, Minneapolis-St. Paul ranks 18th in brainpower when looking at the largest 200 metropolitan areas. Using US Census data, brainpower was measured by the educational attainment of its residents. Number one - Boulder, CO. For the full ranking, go to http://www.portfolio.com/graphics/BrainiestBastions.pdf...(read more)

Is the mortgage interest deduction going away?

Alicia Garatoni — Mon, 29 Nov 2010 20:03:00 GMT

Much media attention has been focused on possible changes to (or elimination of) the mortgage interest deduction which has been proposed by the bi-partisan tax commission. This deduction represents a major, if not the only, tax shelter for most homeowners. At this point, it is simply a recommendation and it would need to be approved by the commission itself and then Congress prior to becoming law and as it stands right now, this proposal wouldn’t even pass within the 15 member commission. Getting...(read more)

What can Washington do for the economy?

Alicia Garatoni — Fri, 05 Nov 2010 15:45:00 GMT

I think we can all agree having the elections over is a good thing. While you may or may not be happy with the outcome, the fact that much of the uncertainty is over can only help the economy. Much of the public debate centered on the economy - what should or shouldn't be done to "fix" it. No one can argue with the numbers - their staggering. There are about 25 million people unemployed, underemployed or so discouraged they're not even looking. However, what do we expect (or what...(read more)

Lenders push back after allegations of improper seizing of homes

Alicia Garatoni — Tue, 19 Oct 2010 19:04:00 GMT

Bank of America and GMAC have announced that they will resume foreclosures in 23 states, halting a temporary, self imposed moratorium following allegations of irregularities in paperwork filings. Bank of America, which reopened more than 100,000 foreclosure cases, indicated that it found no significant problems with its processes. However, all 50 states Attorneys General have committed to investigations into each banks processes. As reported in today's Wall Street Journal, Bank of America's...(read more)