TwinCitiesLiving.com Real Estate Blog

Scott Smith Real Estate Team

Blog

Displaying blog entries 11-20 of 35

Is Minnesota average? Census data may be deceiving!

Is Minnesota really average? The state ranks 23rd of 51 when taking the average of 65 measures in the latest Census data from 2007.

That lands us right in the middle of all the states, plus the District of Columbia. But a closer look shows we're more accurately a state of extremes — sort of like our winters.

We rank high on things like income, education and home ownership. We rank low on other measures. But some of our low numbers — for instance, being 44th in the percentage of people living below the poverty level — are actually positive. Our "worst" ranking is having the lowest percentage of any state of people 65 and older with a disability.

Averaging the highs, the lows and a bunch of measures where we truly are "just average" results in our middle-of-the-pack status.

Take a look at the numbers and decide for yourself: Average? Or a cut above?

Housing

Best in the nation: More people own their own home — 75 percent compared to national average of 67 percent.

Average monthly costs for renters at $711, but slightly higher-than-average costs for mortgage-holders, $1,500.

Below-average percent of housing units that are mobile homes, 4 percent.

Income and employment

Tied for best in the nation: 81 percent of people age 16 to 64 in the work force. The national average is 74 percent.

Fourth in the nation: 63 percent of married couples both work. The national average is 53 percent.

Above-average median household income, $55,802.

Below-average percentage of people working in service industries, 16 percent; above-average in professional industries, 22 percent.

Below-average percentage of people in poverty, 10 percent.

Lowest in the nation: 35 percent of people 65 and older have a disability. The national average is 41 percent.

Education

Tied for best in the nation: 91 percent of adults have a high school diploma. The national average is 85 percent.

Above-average percentage of adults with a bachelor's degree, 31 percent.

Average percentage of adults with an advanced degree, 10 percent.

Family life

Seventh in the nation: 52 percent of households are married-couple families. The national average is 50 percent.

Slightly better-than-average ratio of single men to single women, 115 to 100.

Average percentage of grandparents who take care of their grandchildren, 44 percent.

Below-average number of people per household, 2.45 people.

Transportation

Sixth in the nation: 36 percent of workers live in one county and work in another. The national average is 28 percent.

Average percentage of people who take public transportation, 3 percent.

Below-average commute times to work, 22.3 minutes.

Diversity

Eighty-eight percent of the population is white. The national average is 74 percent. That means we rank 39th in diversity.

Average percentage of people who are foreign born, 7 percent.

Average percentage of people who speak a language other than English at home, 10 percent.

 

Information from:

www.TwinCities.com

Article by By Mary Jo Webster
 

 

New Oakdale Listing! Rambler Style Twinhome!

Photobucket

  

5026 Grenadier Avenue N.
Offered at $309,900
 Mint Condition three bedroom, three bath walkout rambler style twinhome. Spacious open floor plan, private master suite with walk-in closet and master bath. Quality upgrades throughout including Maple flooring, French doors, ceramic tile, gas fireplace and vaulted ceilings. Finished walkout lower level with workshop, full bath with whirlpool tub, two additional bedrooms, and family room with walkout to private patio.

Call for more information or to schedule an appointment to see this beautiful home!

1-800-882-7891 ext. 2174

New Maplewood Listing!

Welcome to 2185 Stanich Street North
Maplewood
 

Photobucket 

Outstanding custom built home! Main floor master suite with deluxe bath and walk-in closet. Main floor formal and informal living spaces are accented by vaulted ceilings. Spacious eat-in kitchen with 8 foot center island. Two large bedrooms upstairs with walk-in closets. Finished lower level features a spacious family room, additional bedroom, and storage. Relax in the four season porch overlooking the private, wooded yard. You’ll love the architectural details and soft neutral colors throughout this beautiful home.

 

Call schedule an appointment to see this lovely home

1-800-882-7891 ext. 2224

 

New Listing! North St. Paul Rambler!

 2318 7th Street North Photobucket

Offered at $259,900 

Hard to find - four bedroom walkout rambler on a private wooded lot.    Spacious eat-in kitchen with upgraded appliances, vaulted ceilings and walkout to the deck. Three spacious bedrooms on the main level including king-size master bedroom with “His and Her” closets. Deluxe lower level “L Shaped” family room with sunny windows, gas fireplace and walkout to backyard. 

Call to schedule your private showing!
1-800-882-7891 ext.2104

Pre MLS Listing!! End unit Oakdale Townhome!

Photobucket

Photobucket Photobucket

  4867 Helena Lane North #5
Oakdale, MN 55128

Offered at $164,900

 Immaculate two level prime end unit with two car garage and private patio. Two spacious bedrooms upstairs including king-size master bedroom with walkthrough huge walk-in closet. Upper level loft is great for office, sitting room, or use as a 3rd bedroom. Lovely open floor plan with DirectVent fireplace and vaults. Convenient upper level laundry with full-size washer and dryer. Maple flooring throughout upper level and plenty of closest and storage space.

 Call to schedule your private showing!
1-800-882-7891 ext.2114

March Real Estate Market Trends

Buyers spring for falling home prices as housing affordability hits its highest point in five years
 Make no mistake: we are firmly entrenched in a buyer’s market. The long-anticipated market corrections are finally out in full force. Aggressive seller pricing and steadily improving buying opportunities continue to be the hallmarks of the 2008 Twin Cities housing market so far, according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.
The number of homes for sale continues to post record levels despite a drop-off in new listing supply. Fewer new listings into the spring market should help bring the market back to balance. A 6 month supply of homes on the market is viewed as a balanced market. At the end of February, there were 29,842 homes for sale in the Twin Cities metro area. This equates to 8.72 homes for each buyer expected during the upcoming month.
Historically, the spring market always brings an increase in what sellers receive relative to their original asking price this will continue into summer months as buyer activity improves. With builders, banks and traditional home sellers facing a challenging environment, serious sellers have priced their product to move. The decline in median sales price is just as much a function of what kinds of properties are being sold as it is a slashing of listing prices. According to MAAR's February Housing Supply Outlook, there recently has been a large increase in the sales of properties priced under $150,000, which does have the effect of skewing the overall median sales price downward.
The foreclosure sales will help decrease the inventory but will limit the number of homeowners wanting to sell their starter home and move-up to something bigger and better. Many of the lower quartile homes selling stop the ripple effect of move-up buyers. Lower down payment loan options in the move-up market fueled the robust years from 2001 to 2005. Uncertainties in the lending industry have kept sales in check despite extremely attractive buying environment. However, the recent FHA loan limit increase should have a positive effect on buyers searching for secure financing."
The MAAR Housing Affordability Index (HAI) shot up eight points from last month to 157. That's good for 16 points in the last two months and the healthiest HAI figure since 2003. According to MAAR President Elect Steve Havig, "This is arguably the most attractive buying environment we've seen in the Twin Cities in a decade,"

New Woodbury Listing - Huge Twinhome!


 PhotobucketPhotobucket Photobucket

7726 Steepleview Road
Woodbury, MN

Offered at $189,900

 No association fees! Enjoy this updated and totally finished rambler-style twinhome. Hardwood floors and newer carpeting. Finished basement with built-ins, large family room and hobby room or office. Lots of space here!!

For more information or to set up a private showing, please call
1-800-882-7891 ext. 2124

NAR Profile of Home Buyers and Sellers

Each year the National Association of Realtors conducts and extensive study about consumer trends related to real estate.  Test your knowledge and see how the typical American buyer and seller navigated their real estate transaction. Here's a little quiz from the 2006 survey.

1. The median age of all buyers was ____.

2. The median age of first-time buyers was____.

3. The percentage of married buyers _____. Single buyers____.

4. The typical home search took _____ weeks.

5. The typical home purchase was slightly larger than _____ square feet.

6. ____ out of five homes sold were new construction.

7. The percentage of single family homes purchased was _____.

8.  The percentage of buyers using a real estate agent during their search was _____?

9.  The typical seller owned their home for _____ years.

10. The average move up buyer spent _____ % more on their next home.

-------------------------Below are the answers-------------------------

1. The median age of all buyers was 41 years old.

2. The median age of first-time buyers was 32 years old.

3. The percentage of married buyers 61% versus single buyers 39%.

4. The typical home search took 8 weeks.

5. The typical home purchase was slightly larger than 1800 square feet.

6. One out of five homes sold were new construction.

7. The percentage of single family homes purchased was 75%.

8.  The percentage of buyers using a real estate agent during their search was 85%?

9.  The typical seller owned their home for 6 years.

10. The average move up buyer spent 40% more on their next home.

Why are these pieces of information useful? When counseling buyers and sellers on their long-term real estate plans they'll be able to make informed decision about mortgages, size, space neighborhood, budget, amenities. This was just a snapshot of the 50+ page survey.  This should be required reading for all full-time, professional Realtors.

 

Ten Strategies for Pricing in a Tough Market

Here's some information from a class I just taught for our office on how to price homes to sell faster than the market average.  With market conditions changing daily, it's critical to keep sellers informed and give them realistic expectations.
 
Research has shown that most sellers will net less by continously dropping the price over several months versus pricing the home ahead of the market curver. By anticipating where the market is trending they are able to beat their competition to the buyer's price point.
 
1.  Pre-Qualify       A clear understanding of motivation and reason for selling
  • How soon would you like to have your home sold?
  • What would you do if your home did not sell during your time-frame?
  • Are you willing to price your home competitively to get is sold?
2.  Prepare            Know your numbers!
  • Monthly Market Indicators    www.MplsRealtor.com (lower right corner)
  • Review what has been selling in the last 30-60 days.            
3.  Preview Property          Go out and see your competition.
  • Articulate a better understanding about the marketplace.
  • “You really did your homework!”
  • Competition field trip with the seller.  
4.  Property CMA  Put more weight on the Sold homes versus Active competition.
  • Absorption rate = Number of sales in last 30 days divided by current inventory in the same target area
  • Newspaper articles, RealtyTimes.com, InmanNews.com,  RealtorPublicPolicy.org
 
5.   5. Present your CMA        Make it visual!   Educate and inform.
  • In a tough market a discount agent can cost you thousand – not save you thousands
  • $ Price          % Broker Fee              # Results 
6.  6.  Pricing Competitively   Get it right from the start makes everything easier
  • It is the homeowner’s decision – their house, their asking price
  • Give the selyou enough information to make an informed decision on getting it SOLD
 
7.  7.  Proceeds – The Net Sheet
  • The Good – The Bad – The Ugly
  • The most important number is not the commission, it is the seller's proceeds
  • Keep it real and honest.
 
8.  8.  Promotion        How will you get the word out to the marketplace?
  • What are the seller’s expectations and can you meet them?
  • MLS photos, remarks, accuracy of information
  • Sometimes less is more. (Bedroom photos only show a big bed)
 
9.  9.  Price Adjustment
  • Get a commitment upfront as to when and how much.
  • Communicate regularly – HomeFeedback.com, weekly calls, brochures
  • What has sold since you’ve listed and has your competition already adjusted

10. Professionalism

  • Attitude is everything. Irrational Exuberance vs. Positive Realism
  • If we can’t be your first choice – we’d like to be your second choice should your home not sell.

New Listing! Huge 4 bedroom, 3 bath Home!

7844 29th Street North - Oakdale

Photobucket

  Huge four bedroom, 3 bath home in quiet Oakdale neighborhood. Two bedrooms on main level including master with private 3/4 bath and huge walk-in closet. Finished lower level with spacious family room, two additional bedrooms, and convenient storage room.

Call for current pricing and private showings
1-800-882-7891 ext. 2234

Contact Information

The Smith Team
Keller Williams Premier Realty
3555 Willow Lake Blvd. #100
Vadnais Heights MN 55110
651-777-3434
Fax: 651-204-9089