Before you put your house on the market, or consider buying another home, you need to find out how much homes are selling for in today's market, so you can make your plans based on the most up-to-date information available --
Thank you to all who attended our West Savage Open House Blitz! Watch our YouTube video, where we will announce the winner of the iPod Shuffle prize. If you want to continue to monitor the West Savage housing market, bookmark West Savage Blog!
Win an iPod Shuffle at our West Savage Open House Blitz on Saturday, February 20 and Sunday, February 21! Simply attend one of our Open Houses during the Blitz to receive one entry to win. (Attend all the opens, receive an entry for each.)
Use the PRINT icon/button at the top/left of the PDF document below to print the West Savage Open House Blitz calendar. Dates of the Open Houses will also be published in the Savage Pacer on Saturday, February 21.
The winner will be announced on West Savage Blog on Monday, February 22, 2010 via video.
Spring market is heating up, and we have some fantastic properties available for sale in West Savage, in a variety of styles and price ranges! Neighborhoods include Oak Hills, The Pointe, Ridgewood and Hamilton Hills. If you know anyone looking to move into the area, please share this information with them! This is a great time to shop the West Savage Market and find a great home!
In the real estate world, the start of spring market is February 15, and this year, it shows.Inventory in West Savage has nearly DOUBLED in the past 45 days.
The most significant activity is occuring in The Pointe neighborhood, which had only one house on the market in October, three in December, and is now sitting at 13 homes on the market as of this morning, making up 50% of the entire West Savage active inventory.
Whereas West Savage had 12 active listings in the month of December, we are up to 27 as of this morning, with 11 of them coming on the market since February 1. This is an unprecedented rise in inventory in a very brief period of time.
The trend is clear:The traditional seller is re-emerging into the marketplace, gaining confidence as the number of foreclosures and short sales has dropped significantly.Sellers feel like they can breathe a little.The rising competition does add some pressure.
Some sellers are also hoping to take advantage of the tax credits which expire this spring.Plan to see a few foreclosures pop up in the future, though.This fact, paired with the rising competition in our local marketplace at a very fast pace, illustrates the need for sellers to remain competitive.
West Savage has not seen any sales since November 2009, but they are coming.Buyers are definitely out looking, and showing activity has been solid.This will be an interesting year to see what happens with pricing. The drop in foreclosures paired with the rise in traditional seller competition creates an interesting dynamic that will likely affect pricing, but just how much remains to be seen.
Some things to think about as the West Savage market runs full-speed into spring market.....
After 41 consecutive months, four Super Bowls and a presidential election, the Twin Cities housing market finally posted a median sales price that was higher than the same month a year ago.
The January median sales price of $157,000 was a 1.3 percent increase from last January's mark of $155,000. That's the first year-over-year increase since July 2006. "1.3 percent may seem pretty ‘ho-hum,' and in an ordinary market it is," said Brad Fisher, President of the Minneapolis Area Association of REALTORS® (MAAR). "But in light of the three-year roller coaster we've been riding, ‘ho-hum' sounds glorious right now."
The following is a slightly modified excerpt from an earlier blog posting on West Savage Blog.
With the fall in home values since the peak of the market, West Savage is continuing to see short sales hit the market.Short sales differ greatly from foreclosures.Foreclosures are bank-owned homes where the bank is the seller and is offering no warranties on the property.Often times these homes need TLC and are offered at a discount. The list price is one the bank will accept, and like most other sellers’, this price may be open to negotiation.
Short sales, on the other hand, are properties where the seller still owns (and may or may not reside in) the property.However, the value of the home is less than the amount owed on the mortgage.In most cases the seller has stopped making mortgage payments and is anywhere from two to twelve months away from foreclosure.
In short sale situations, the seller’s lender must approve any offer on the property, as the lender takes a financial hit on the loss with approval of the sale.Lenders will not negotiate a short sale until an offer has been received, hence, the initial list price of a short sale listing is not necessarily a price the bank would be willing to accept.Rather, it is a price used to generate an offer and begin negotiations.
Once an offer comes in, a two-three month wait for an approval or denial of the offer is normal.Lenders may attempt to prevent the seller from selling the property by offering discounted mortgage payments for a period of time.In cases where the seller will not agree to such programs, the bank may deny any offer from a prospective purchaser, which may put the seller in a “pickle”.Short sales may take anywhere from 2-4 months to complete from the time an offer is received, and are difficult transactions.
A bank will not accept a short sale if the seller cannot demonstrate a serious financial hardship. In some cases, the seller may be liable for any unpaid debt. Furthermore, the seller must be late on payments in order for a short sale to be a consideration.
The nature of the short sale transaction continues to vary on an ongoing basis. There is no rhyme or reason to them. Much of the process depends on the lender, the number of mortgages taken against the property, the amount of those mortgages, and the date of the sheriff's sale. They do continue to be complex in nature.
Short sale prices are often at, or slightly below market, as the urgency to receive an offer exists. Pricing discounts need to given consideration, as buying a short sale requires a lengthy waiting time on behalf of the buyer.
Short sales in West Savage are currently found in Oak Hills, Woodhill, and Summit Ponds . There is one pending short sale in The Pointe. There are significantly fewer of them this year than there were at this time last year, when nearly every West Savage neighborhood was affected.
Finally, while the traditional seller typically buys and sells in cycles (imagine a camel's hump with the peak being spring/summer), the short sale and foreclosure market is numb to the seasons. They hit the market all year round, without regard for temperatures or the school year.
We continue to assist sellers with short sales to help them avoid foreclosure, and to help protect property values, as foreclosures drive down home pricesand have an adverse impact on everyone who owns a home in the area.
For a complete list of our homes currently offered for sale, including short sales, click here.
This classic, captivating full-brick front home in The Pointe emanates with pride of ownership! A dramatic two-story foyer and grand open staircase greet you as you walk in. The foyer is flanked by a formal dining room and library with built-ins. A two-sided stone fireplace separates the library from the family room. Enjoy an immaculate, white enamel kitchen and dramatic two-story dinette with access to a large deck. A laundry room and half-bath lie off the kitchen.
The second floor boasts a spacious vaulted master suite with French doors, walk-in closet and private bath complete with new tile floors, vaulted ceiling, whirlpool tub and a separate shower. Cross the catwalk overlooking the dinette to two additional bedrooms and another full bath.
The lower level is finished and includes a den/office, a second family room with huge built-in media center, a bedroom, and a ¾ bathroom. The lower level has solid 6-panel doors and recessed lighting.
This home offers many other amenities including an in-ground sprinkler system, security system, central vacuum, and insulated 3-car garage. The lawn is vast and includes beautiful perennial gardens.