First Time Homebuyer Coffee Chat – April 14th

Pended sales & sold homes in the Minneapolis market, by neighborhood

IRS Provides Filing Guidance on First-Time Home Buyer Tax Credit

First Time Home Buyer Tax Credit Update from the IRS

The IRS released additional information to help home buyers understand the ways they can file to receive the home buyer credit. It is important for taxpayers to know that they must complete the purchase and close or take up residence in the case of new construction in order to be eligible to file for the credit. Here are the four main options listed by the IRS:
1) File an extension.
2) File now, amend later.
3) Amend the 2008 tax return.
4) Claim the credit in 2009 rather than 2008.

There are a number of entities working on ways to advance money to be used for downpayment in anticipation of receiving the credit. NAR is working to provide guidance on these options and how they might work. However, there is no legal way to receive the credit itself from the IRS prior to closing since closing on the purchase is a prerequisite to eligibility for the credit.

READ MORE DETAIL FROM THE IRS ON THE FOUR OPTIONS

Small kitchen? Smart design….

A common complaint about older homes that we often hear is that the kitchens are too small. When houses were built in the early 20th century, consumers didn’t expect from a kitchen what they do today. There weren’t dishwashers, and microwaves, and sometimes there weren’t even refrigerators so there wasn’t the need for space there is today. But, we like small kitchens. We think smart design will lead to a highly efficient kitchen – and who needs more than that? Here is a great example of a well-designed small kitchen. And it’s cute to boot!

To read more about this adorable and functional kitchen, check out www.apartmenttherapy.com.

p.s. No surprise this is Swedish kitchen. Oh, how we love the Swedes and their smart, simply and stylish design!

Edina Realty Market Update – March 2009

The trend continues! For the ninth month in a row, pended sales in the Twin Cities area are up over the prior year. January pended sales were up more than 10 percent over last year; for the week ending Feb. 14, they were up 17 percent. Buyers really seem to be taking advantage of opportunities among lender mediated and bank owned properties, which currently account for about 60 percent of sales according to the Minneapolis Area Association of REALTORS® (MAAR).

146 – Cumulative days on market

10.3% – Fewer listings on the market than 1 year ago totaling 54,597

54% – Of the inventory that has sold in last 30 days has had a price adjustment

10.3% – Increase in sales over last year

14 – For every sale that takes place, there are 14 more properties that haven’t sold

23 – Showings for every home that sells

Open houses today (Saturday)

Saturday from 11:30 – 1:30 p.m.
4750 Dawnview Terrace, Golden Valley
Beautiful three bedroom, two bath home on an over-sized lot. Huge deck with hot tub and wonderfully updated lower-level entertainment room with gas fireplace.
Price just reduced to $264,900

Saturday from 2-4 p.m.
4840 Ewing Avenue South, Minneapolis
Just came on the market this week – you must see this beautiful three bedroom, two bath Tudor in the wonderful 50th and France neighborhood of South Minneapolis. You’ll love the tasteful updates and brand new lower-level entertainment room – the perfect space to enjoy a snowy, winter day.
Priced at $389,000

4840 Ewing Avenue South – $389,000

Introducing the newest of the Minne-apple listings – 4840 Ewing Avenue South in the desirable 50th and France neighborhood of Southwest Minneapolis. Old-world charm with modern updates! You’ll fall in love with this immaculate three-bedroom, two-bathroom Tudor. Original wood floors, spacious & light-filled living and dining room, updated kitchen and baths & newly remodeled lower-level entertainment room. Move right in and make this home your own!

We’ll be open this weekend on Saturday from 2-4 p.m. and Sunday 12-4 p.m. We’d love you to stop in for a look!

For more details, click on the listing on www.edinarealty.com.

Listings down and pending sales up – hurray!

Improvements to the housing market continue to flourish during the month of February. The number of active listings is down 12% and new listings are down 15% from this time last year. Meanwhile, pended sales are up 25% from last year. Fewer houses on the market + more houses selling = happier sellers.

2008 Tax Credit vs. 2009 Tax Credit

We were quite pleased, in the Minne-apple world, that the most recent Stimulus Bill includes improvements to the homebuyer tax credit. We would have loved the proposed $15,000 tax credit for all homebuyers to have passed, but $8,000 credit for all first time buyers with no repayment is not at all shabby. In fact, it’s fantastic! Not only does this help those in the market to buy a home, it creates an improvement for those selling as well. Let’s watch this tax credit trickle down!

Below is a chart outlining the improvements:

Home updates – a before and after

before

after

We recently received these great before-and-after pictures from one of our first-time buyers who purchased a home over the summer. It didn’t take long before she started making updates to her house and we are so happy that she documented her project and is willing to share.

This is what sweat equity looks like! Job well done! What a difference a retaining wall makes – and we’re certain the neighbors appreciate the update as well!