West Savage Real Estate Blog

Because the Lender Told Me To: The Perfect Loan File

If you are in the process of purchasing a home or refinacing (or are even thinking about it) then this article published in Forbes is for you. We just had a meeting in our office this morning on the loan and underwriting process, and this article basically sums up what we as agents are seeing out there, at least in the form of the general sentiment of clients going through the process.

During the meeting, one of our colleagues indicated her client was getting so frustrated with all the redundancy in paperwork requests from her lender that she believed her loan officer was picking on her. He wasn't. This has become the new "way it is."

The process is especially stringent for the self-employed. During our recent refinance, Chad joked he was "going to have to take a week off work to gather all the documentation for the lender." It seemed a daunting task.

But with rates as attractive as they are, it's all worth it. And buyers (and owners looking to refinance) get through it. So, in the words of the article, just accept it. Because the lender said so!

This brief article can be printed from the PDF frame below.

JUST SOLD! 3BR Reverse Rambler at 1617 W. 132nd Street!

JUST SOLD!  1617 W. 132nd Street!    This rambler features a kitchen and dinette, large family room with a fireplace, three bedrooms and full bathroom all on one level for easy living.   The kitchen has new flooring and a stainless range.  Just off the kitchen lies a deck overlooking the private backyard.  The family room has a wood-burning fireplace, newer carpet, and large windows.   A full bathroom with tile floors lies just down the hall.   

The walkout lower level features a freshly-painted and newly carpeted family room with a fireplace  (gas insert.)  A 1/4 bath, laundry and storage lie on the lower level.

This home has been updated with a new exterior door, new carpet , fresh paint, new vinyl siding, new A/C, a new water softener and updated flooring.   New fold-out windows were installed in the home for efficiency and to make cleaning a snap.  The backyard is fully-fenced and has been landscaped.  An extra wide, extra deep
garage is great for additional storage.  Move right in!

View our ONLINE FLYER or VIRTUAL TOUR for 1617 W. 132nd Street in Burnsville.  This home is proudly marketed by Chad and Sara Huebener of Edina Realty.   For more information or to request a private showing, call 952-212-3597. 

JUST SOLD! 11318 Xavier Circle Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD! This sun-filled home is tucked onto a walkout cul de sac lot! With an open floor plan, abundant kitchen with granite countertops, and large room sizes, this home is perfect for the growing family or for entertaining. 

The second floor has two bedrooms and two bathrooms, including a master bedroom with its own private bathroom with tile floors, glass shower and whirlpool tub. The lower level also includes two bedrooms (one is wood-paneled and functions as a den). Family room spaces lie on both floors.

This home includes elegant touches like vaulted ceilings, built-ins, arched windows, and a lovely circular deck with a hot tub. The garage is so large it once housed an airplane!

View our ONLINE FLYER for 11318 Xavier Circle. 

Offered at $299,900

24 Hour Recorded Message 1-800-605-6994 Ext. 520

For a private showing at 11318 Xavier Circle, contact Chad & Sara Huebener of Edina Realty at 952-212-3597.

10 Lessons to Learn as Housing Recovers

National Association of REALTORS® President Ron Phipps just published ten lessons from the housing market we all just rode through, in reflection of how far we have come now that we are seeing very positive signs of market recovery.  

As REALTORS®, we are relieved that we are done looking at the bottom, but we are realistic with the changes in the market and our work.  In the not too distant past, the overwhelming majority of our work was prior to sales agreement, and the "fallout rate” was nonexistent.   Now a majority of the work comes after the contract, and it is amazing how many things can derail a transaction for a “willing, ready, and able” buyer.  

So while we are cautiously engaging the new reality, it is important to reflect on what we learned.  If we do not learn from history, we are bound to repeat it, and our market does not want to repeat the last ten years! 

Here are 10 lessons from Ron Phipps on what the housing market of the past decade has taught us:

1. The economy cannot recover without housing.
2. Everyone needs shelter, but not everyone needs to own their shelter.
3. High homeownership rates are important but they must be sustainable.
4. Home prices go up and go DOWN.
5. The process of purchasing /financing a home is more complicated.
6. Sound underwriting of mortgages is critical.
7. Home equity should not be used for ordinary living expenses.
8. Financial reserves for family, companies, and countries are necessary.
9. Homeowners confidence in the economy is directly related the value of their own homes.
10. The economy is global.

West Savage Trends - Inventory Down, Sales Up, Days on Market Down

Here is a quick overview of the past 12 months (rolling) for West Savage. If you scroll through the PDF document below, you can see some key market trends for our area.

On many of the charts, you'll see a start contrast between recent months, and the months when the market was plummeting. In summary, we are seeing notable trends of inventory falling, the volume of pending and closed sales rising, homes selling in a shorter period of time, and for (a little) more money. All these are signs of housing recovery in the works!

Confidence in the Market Growing

It's been a relatively pleasant year for the business of residential real estate. Case in point, the June 2012 NAHB/Wells Fargo Housing Market Index (HMI) rose to its highest level since May 2007. And for the first time since 2005, housing is on track for being a net positive contributor to national GDP in 2012. Speaking on behalf of America, it's about time.  Throw in some real price gains, and you can expect holdout buyers to be less afraid of buying and sellers to be less afraid of listing.  

 

In the Twin Cities region, for the week ending July 14:

• New Listings increased 6.2% to 1,536

• Pending Sales increased 13.4% to 1,125

• Inventory decreased 30.7% to 17,188

 

For the month of June:

• Median Sales Price increased 10.4% to $179,000

• Days on Market decreased 21.9% to 113

• Percent of Original List Price Received increased 4.1%  to 95.1%

• Months Supply of Inventory decreased 43.3% to 4.5

Market Activity Update for the Week Ending July 7 (Published the Week Ending July 20)

With the second quarter now in the books, seasonal peaks and valleys should start to become apparent. Even if activity begins to slow for the remainder of 2012, gains are still likely when compared to the same time last year. Housing  demand has been strong, supply levels have been falling and prices are turning a corner in many local markets. Keep a watchful eye toward market times, percent of list price received at sale and months of supply.  Percent of new listings and closed sales that are in foreclosure or short sale status also serve as market indicators. 

In the Twin Cities region, for the week ending July 7:

• New Listings decreased 21.9% to 970

• Pending Sales increased 24.6% to 892

• Inventory decreased 30.8% to 17,134

 

For the month of June:

• Median Sales Price increased 10.4% to $179,000

• Days on Market decreased 22.0% to 113

• Percent of Original List Price Received increased 4.0% to 95.1%

• Months Supply of Inventory decreased 44.0

JUST SOLD! 4700+ FinSqFeet at 2021 Hackberry Lane!

JUST SOLD!    2021 Hackberry Lane!  This generously-sized home has room for the entire family, with five bedrooms and three bathrooms on the second floor, and two bedrooms in the lower level.   A large mudroom lies off the kitchen and leads to a 3-car garage.  The basement has abundant storage.    

This home offers formal living and dining rooms, a gourmet kitchen with cherry cabinetry and stainless steel appliances, an oversized master suite with garden tub, and upper level laundry.  The exterior is landscaped and includes a charming paver patio and concrete driveway. 

The home is situated in a neighborhood of newer homes close to a neighborhood park that was very recently completed.    It's the perfect place to call home!

Offered at $315,000

View our ONLINE FLYER for 2021 Hackberry Lane.

2021 Hackberry Lane in Shakopee is proudly marketed by Chad & Sara Huebener of Edina Realty.  For more information or to request a private showing, call 952-212-3597.  

JUST SOLD! 2111 10th Avenue - End Unit in a 55+ Community

JUST SOLD!   This townhome offers a private corner location with a view and an open floor plan concept, all in a quiet 55+ community.   The hjome features a main floor master with private bath and walk-in closet, fireplace, and a spacious kitchen with breakfast bar and all appliances (included.)   Lots of windows, oversized garage.  

2111 10th Avenue, Shakopee

"The Monthly Skinny" - July 2012

Accomplishments in the real estate market abound.... Watch our Monthly Skinny video.