Greetings!
Happy New Year; I hope you are off to a great start in 2011. Mike and I are looking forward to a good year in real estate. Despite the many dour forecasts, we think there are some good things to think about regarding Twin City real estate this year. You may have read recently that 2010 went down as the worst year in real estate since the Minnesota Realtors Association started keeping statistics. We aren't Polly Anna enough to think that 2011 will be a banner year, but there are some positive things to keep in mind. First, the number of real estate transactions in 2010 was noteworthy. While the statistics for the number of homes sold in 2010 (37,834) is the lowest in many years, that still is a lot of real estate transactions. To put it in perspective 46,066 homes were sold in 2009 and back in 2000 there were 47,580 homes sold. Second, house prices remain affordable when compared to market indices. Due to low prices and low interest rates, the housing affordability index (HAI) is quite high. The affordability index measures housing affordability for the Minneapolis/St. Paul market. An HAI of 217 means the median family income is 217% of the necessary income to qualify for the median priced home using a 20% down payment, 30-year fixed mortgage. Right now the HAI is up 4.5% over 2010 at 217. In contrast, our index was 133 in February of 2006. Third, we're approaching a balanced market for homes priced in certain price brackets. The inventory of homes priced between $250,000- $350,000 and $350,000-$500,000 are down 7.0% and 7.9% respectively. If you have a nice home to sell in this price range you just might see a buyer snap it up quickly. Lastly, there is ample inventory for first-time and investment home buyers. If you want to spin huge inventory levels to a positive all we have to do is look at houses priced under $120,000. There is 106% more inventory right now than there was last year at this time. If you know someone that wants to invest or buy their first home, there is a ton to choose from! Let us know if we can be helpful with your real estate needs in 2011. Warmly, Kricket Opheim KricketandMike.com Inc Next Time: Stay tuned for our launch of our new web site.
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What's In Your FICO Score?
Credit Basics
Everyone seems to be talking about credit these days. A few years ago we didn't think as much about our credit in relationship to getting a loan. Today your credit score can make a big difference in the type of loan product you use, your interest rate and even your ability to get financing at all. To better understand the categories that make up your credit score, read more here.
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Current Market InformationStatistics From Minneapolis Association of Realtors
Weekly Update:
Foreclosure Report:
Monthly Market Indicators:
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Coming Soon....
5411 Pompano Drive, Minnetonka
One of the largest models in the Beachside Townhome development. This two bedroom plus loft has formal dining, cathedral ceilings, two sliding doors to a private fenced in patio and an enviable master suite. This home will be available within a week. Call for an advance showing.
Offer Price: $224,900 |
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Mortgage Minute
Rita Welton, PHH Home Loans
ATTENTION VETERAN'S, THE HOME BUYER TAX CREDIT IS STILL AVAILABLE FOR CERTAIN MEMBERS OF THE MILITARY
Congress acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.
Extension of Tax Credit Deadline Requirements
Qualified service members who are ordered on a period of official extended duty, have until April 30th, 2011 to have a binding sales contract in place and must close by June 30th, 2011.
A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the U.S. may qualify for this extension as well.
Definition
-"Official extended duty" means any period of extended duty outside of the U.S. for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
Veteran's, please call me and we can discuss your individual situation in detail.
This statement of current rates is not an offer to enter into an agreement for a loan at a specified interest rate or number of discount points or both. (In Minnesota: an offer to enter into such an agreement may only be made pursuant to Minnesota statutes section 47.206.) Current interest rates and discount points are subject to change at any time without notice to you. |
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Kricket's Korner
Pizzeria Lola's
Are you in the mood for a new neighborhood artisan pizza place? If so, I recommend checking out Pizzeria Lola's at 56th and Xerxes in South Minneapolis. Lola's opened late last year in the space vacated by the little market next to Café Vin.
The menu is what you would expect at an artisan pizza place; 13 specialty pizzas, a handful of not too humdrum starters (no mozzarella sticks from the freezer here), beer, wine and dessert. I will say their desserts are more kitschy than predictable. They have chocolate chip cookies with a shot of milk, vanilla ice cream with an option for olive oil and fleur de sal (that's great salt in lay man's terms) and an ice cream sandwich as well.
The craft pizzas are cooked in a showpiece ten foot diameter ceramic wood-fired oven. Lined with stunning copper; it doubles as a focal point in the restaurant. If you judge a good pizza by the crust, theirs is a winner. It's thin, tasty and is just chewy enough. The pizzas run the gamut from a traditional margarita, to more eclectic with squash or soft eggs. You can also custom design one, with a nice choice of toppings. We enjoyed a wild mushroom pizza with a white sauce and a red sauce pizza with pepperoni with natural casings. Both were good.
While it's a small place the atmosphere is animated if not a bit loud. There is seating for about 70-80 people; six booths, two large tables and two rows of tables running through the middle of the dining room. The bar seats about 24 and is a great place to watch the pizza action. The feel of the place is like the desserts; kitchy. It's a cross between Jetson's modern, a cozy basement and grandma's kitchen. Somehow it works. They even have a photo booth to complete the unique picture.
You will want to get there early or call for a reservation. They were busy at 6:30 on a Saturday when we arrived, and packed by 7:30.
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Mike's Mind Bender Trivia
Be the first one to email the correct answer to the question and win a $15 gift card to either Caribou Coffee or Target Stores. Send your reply to:
Kricket@cbburnet.com
Trivia Question:
Who was President when Martin Luther King delivered his "I have a Dream" speech at the Lincoln memorial in Washington?
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Trivia Answer & Winner
November Question: Thanksgiving Trivia-
Which President made Thanksgiving a national holiday? Which President declared the fourth Thursday of November to be the official legal holiday?
Trivia Answer & Winner: Congratulations to Kjerstin Olson, she knew that President Lincoln established the national holiday and FDR made the fourth Thursday the official holiday. |
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3033 Excelsior Boulevard, #100
Minneapolis, MN 55416
Office: 612-920-5605
Mobile K: 612-802-5502
Mobile M: 952-270-2079
Kricket@cbburnet.com
Mike@cbburnet.com
www.KricketandMike.com
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