West Savage Real Estate Blog

West Savage Inventory is Rising....and New Trends are Emerging

New listings are on the rise in West Savage.  The Vistas of Summit Ponds is seeing the most new listing activity (4 new listings), followed by Hamilton Hills (3 new), which is usually sees very little turnover.   Short sales and forecloses will be an inevitable and “normal” part of our market for years to come.   Sales activity has picked up, with 7 closed sales in the past 45 days and 4 pending sales.  The sales are a mix of short sales, foreclosures, relocation (one in Woodhill in particular was priced per instructions from the relocation company to sell in under 60 days) and fiercely-priced traditional sellers.  

Real estate investors are getting smart-to-the-market.  Understanding banks’ desires to get distressed properties off the books, investors are waiting to make offers on distressed properties until shortly before quarter-end.  These groups of investors then make rock-bottom offers with quick closing dates, securing a “deal” for themselves and allowing banks to get properties off the books by the end of the quarter.  

Though buyer-driven, this market is bringing about some unique challenges for buyers too. We are starting to see some practices from banks which, though technically legal, are questionable from an ethical standpoint.   We are seeing banks give written offer acceptance (via email to buyers' agents,) but then refusing to send the finalizing documents to consummate the transaction.  Meanwhile it collects additional offers, keeping the “accepted” buyer in limbo.   We have confirmed with other REALTORS® and loan officers that this practice is becoming commonplace. Buyers shopping foreclosures should have plenty of patience and expect bumps along the way.  This highlights one of the many upsides to working with a traditional seller!       

Single family and townhome inventory in Savage has dropped slightly since last month, while Scott County (as a whole) inventory is on the rise.   Our West Savage absorption rate is 10.61.   That means if zero new homes come on the market, it will take 10.61 months to sell our existing inventory.  

Linders Greenhouse - Print Out This Slip!

If you are heading to Linders this weekend to buy flowers, print out this slip and take it with you!   15% of your purchase will be donated to the Alzheimer's Association. It's quick. It's easy. And it benefits a great charity!   

Free Subscription to Lowe's "CREATIVE IDEAS" Magazine

Lowes is offering a FREE subscription (5 issues) to it's CREATIVE IDEAS Magazine.    There are three options to choose from - Home and Garden, October Living, and Woodworkers.   This is a printed publication that will be mailed to you.  Signing up for the free subscription is easy.  Go to www.Lowes.com/subscribe.    Optional email newsletters are also available if desired. 

JUST SOLD - 14914 Credit View Drive, Savage

JUST SOLD!   Stunning 4BR 3BA home!   Traditional seller!  New paint, lighting and roof.  Fully insulated and sheetrocked 3-car garage.   Hardwood floors and 6-panel doors.  Impeccable condition!     

Offered at $259,900

 

 

Weekly Market Activity Report

Our local REALTOR Association reports:

The final week of comparisons to last year's tax credit market is upon us. For the week ending April 30, New Listings in the Twin Cities were down 3.9 percent from the same week in 2010. A total of 1,733 new homes were introduced to the market, marking the smallest decline in seller activity in 17 weeks.

Pending Sales were up at this time last year because of the tax credit, thus buyer activity was down 37.4 percent to 920 purchase agreements signed. That's the 21st consecutive week of year-over-year declines in Pending Sales. 

Inventory levels dropped 10.8 percent from last year, but there are still 23,265 homes to choose from in the 13-county metro area.

The story should change significantly in the coming weeks as comparisons to last year's credit-induced spike in market activity comes to an end. The numbers should show gains over the post-tax-credit period during summer and fall 2010.

6 Worth-the-Price Fix-Ups

If you are looking for some quick and simple do-it-yourself projects to help increase resalve value, HomeGain's annual home improvement and staging survey came up with six projects under $1,000 that made the top-picks list.

1.  Cleaning and Declutering.   Remove any personal items, unclutter coutertops, organize closets and shelves, and make the home sparkling clean.     Cost - $290   Return - $1,990

2.  Brightening.   Clean all windows inside and out, replace old curtains, update light fixtures and remove anything that blocks light from the windows.   Cost - $375    Return - $1,550

3.  Smart Staging.   Rearrange furniture, bring in new accessories and furnishings to enhance rooms, incorporate artwork and play soft music in the background.   Cost - $550   Return - $2,194

4.  Landscaping Enchancements.  Punch up the home's curb appeal in the front and back yards by adding bark mulch, bushes, and flowers and ensuring current plants and trees are well cared-for and manicured.     Cost - $540  Return - $1,932

5.  Repairing Electrical or Plumbing.  Fix leaks under the sinks, remove mildew stains, ensure plumbing is in good working order.  Update the home's electrical with new wiring for modern appliances, fix any lights or outlets that don't work, and replace old plug points with new safety fixtures.   Cost - $535   Return - $1,505

6.   Replacing or Shampooing Dirty Carpets.   Steam-clean carpets, replace worn carpets, and repair floor creaks.    Cost - $647   Return - $1,739