The market is quiet as we approach Christmas, but even so, homes in West Savage are continuing to receive offers. 9309 134th Street in the Oak Hills neighborhood has received an offer and is sold subject to third party approval, and there are three new pending sales in the area. One of the pending sales is the (red) bank-owned home at the “T” of Boone Avenue and McColl.
Three homes sold and closed recently, including 14030 Kings Court, a property that was owned by the FDIC and was vacant for around 3 years. We are continuing to negotiate Move-In Early Agreements and Rentbacks on some transactions, when it works to the benefit of both parties for the sake of financing the home.
January 2014 marks the implementation of the new radon disclosure requirements that will go into effect for sellers, per the Minnesota Department of Health. Sellers will need to disclose in writing to the buyer any knowledge the seller has of radon concentrations in the dwelling. The disclosure shall include details including whether tests have been conducted, test readings, and a “radon warning statement,” among other things. Sellers are also required to provide buyers with a radon publication. We are actively preparing for these changes to we can help clients navigate the new law.
This month, single family inventory in Savage has decreased, townhome inventory has increased, and both single family and townhome inventory in Scott County (as a whole) has declined. Our West Savage absorption rate is 2.57. That means if zero new homes come on the market, it will take 2.57 months to sell our existing inventory.
