Alexandria Home Talk

We Have An Offer...

2012-02-01T11:55:00.000-08:00

Putting your home up for sale is exciting and stressful all at the same time. You prepare your home for listing, you have showings and then suddenly your agent calls to inform you that there is an offer on your home! The excitement really begins to escalate as you sit and listen to the offer being presented.

What you must realize is that this is one of the most important business decisions you can make for your family or yourself. By making this business decision you need to try and take your emotions and leave them at the door. By doing this you will be able to make the best business decision for you and/or your family.

Will My Home Sell In The Middle Of Winter?

2012-01-11T15:59:00.000-08:00

Many clients take their home off the market around the holidays because they feel that it will not sell in the winter months. This is great news for sellers who do keep their homes on the market. Inventory is down, which means less competition for your home as buyers are both looking online and in person. Just one more reason to put get your property listed and online. To see winter selling stats please feel free to email me.

What NOT To Do After Your Offer Has Been Accepted

2011-10-17T14:31:00.000-07:00

Buying a home is one of the most important decisions in your life. It doesn't matter if it is your first home or fifth home, still very important decision. After all of the touring of homes for sale, a buyer finally falls in love with a home and we make an offer. Once the offer is accepted there are a few things buyers should NOT do.
1) Change Jobs
2) Buy a New Car
3) Make major purchases on credit cards of any kind

Until you actually have closed on your new home, doing one of things things can seriously jeopardize your loan where you may not even be able to qualify for the same loan you were pre-approved for.

Please feel free to contact me with any questions.

2011-03-01T10:13:00.000-08:00

Edina Realty Joins Minnesota FoodShare’s March Campaign to Stock State’s Food Shelves

Edina Realty is helping raise awareness for hunger issues and collecting food and other donations for the state’s food shelves by participating in Minnesota FoodShare’s March Campaign, the largest food drive in the state, from March 1-31.
Throughout March, participating Minnesota Edina Realty offices, as well as our corporate office, will serve as drop off sites for the annual food drive. Items in need include non-perishable canned or packaged foods; baby items including diapers, formula and jarred food; and various household basics such as toilet paper, shampoo, laundry and dish soap, toothpaste and toothbrushes.
According to Minnesota FoodShare, in 2010, there were more than three million food shelf visits statewide and 63 million pounds of food were distributed to Minnesota families by food shelves.
Food shelf usage increased on average 14 percent, and in the Twin Cities’ suburbs, some food shelves reported a 60 percent increase. Children still represent about half of those served at food shelves.
Items can be dropped off at Edina Realty-815 Broadway, Alexandria. For more information please feel to call Sue Palmquist: 320-223-0762 or email: suepalmquist@edinarealty.com

Important Cell Phone Information

2011-02-28T11:22:00.000-08:00

5 Things You Never Knew Your Cell Phone Could Do

For all the folks with cell phones. (This should be printed and kept in your car, purse, and wallet. Good information to have with you.) There are a few things that can be done in times of grave emergencies. Your mobile phone can actually be a life saver or an emergency tool for survival. Check out the things that you can do with it:

FIRST Emergency The Emergency Number worldwide for Mobile is 112. If you find yourself out of the coverage area of your mobile network and there is an Emergency, dial 112 and the mobile will search any existing network to establish the emergency number for you, and interestingly, this number 112 can be dialed even if the keypad is locked. Try it out.

SECOND Have you locked your keys in the car? Does your car have remote keyless entry? This may come in handy someday. Good reason to own a cell phone: If you lock your keys In the car and the spare keys are at home, call someone at home on their cell phone from your cell phone. Hold your cell phone about a foot from your car door and have the person at your home press the unlock button, holding it near the mobile phone on their end. Your car will unlock. Saves someone from having to drive your keys to you. Distance is no object. You could be hundreds of miles away, and if you can reach someone who has the other 'remote' for your car, you can unlock the doors (or the trunk). Editor's Note : It works fine! We tried it out and it unlocked our car over a cell phone!'

THIRD Hidden Battery Power Imagine your cell battery is very low. To activate, press the keys *3370#. Your cell phone will restart with this reserve and the instrument will show a 50% increase in battery. This reserve will get charged when you charge your cell phone next time.

FOURTH How to disable a STOLEN mobile phone? To check your Mobile phone's serial number, key in the following Digits on your phone: *#06#. A 15-digit code will appear on the screen. This number is unique to your handset. Write it down and keep it somewhere safe. When your phone get stolen, you can phone your service provider and give them this code. They will then be able to block your handset so even if the thief changes the SIM card, your phone will be totally useless. You probably won't get your phone back, but at least you know that whoever stole it can't use/sell it either. If everybody does this, there would be no point in people stealing mobile phones. And Finally....

FIFTH Free Directory Service for Cells Cell phone companies are charging us $1.00 to $1.75 or more for 411 information calls when they don't have to. Most of us do not carry a telephone directory in our vehicle, which makes this situation even more of a problem. When you need to use the 411 information option, simply dial: (800)FREE411, or (800) 373-3411 without incurring any charge at all. Program this into your cell phone now. This is sponsored by McDonalds.

Moon Palace, Cancun Mexico Vacation

2011-02-17T14:57:00.000-08:00

Are you dreaming of a warm vacation this Spring? We have a couple of weeks left at the famous Moon Palace Resort In Mexico. There will be 32 of us going there in March. Take a look at this video of Moon Palace:

http://www.youtube.com/watch?v=HC9ncuTvQeQ&playnext=1&list=PLC7CC826F918C8DE6

Please feel free to email me at suepalmquist@edinarealty.com if you would like a week. Right now you would be respondsiable for you all inclusive fee to Moon Palace and your air fare. Moon Palace is currently offering a $1500 Resort Credit with each room. You can use this credit while you stay at Moon Palace on golf, spa treatments, trips etc.

Happy Valentines Day!

2011-02-14T09:14:00.001-08:00

First I would like to wish all of my friends, clients and co-workers a Happy Valentine's Day. I honestly don't get real caught up in this "holiday" but it does make me stop and reflect on the people I love and how lucky I am to have them in my life! This past weekend, we had met with a group of families from Alexandria to plan out our annual vacation to Mexico. While we stay in a lush resort and enjoy all of the finest things in life for 7 days. My mind reflects on how people who live and work in Mexico truly survive. I know when we are down there we try to converse with them to see what their life is like living there. We also have toured and seen how some people actually live in no more then card board boxes. My hear just sinks when I see this. Or all of the children in the orphanages.

So sitting here in my office, in my warm home in Alexandria, MN, I am so thankful for what I have. We are so lucky to be able to live the "American Dream". We are able to purchase homes, buy cars, take trips and enjoy life. I know most of us do work very hard for all of this, but still it is a dream we can fulfill.

Stop today and tell those special people that you love them and be grateful!

Lake Ida Deal!

2011-02-10T15:31:00.001-08:00

Have you ever dreamed of living on the lake? Most of us have and for quite a few people they are unable to afford a home on the lake. Boy do I have a nice surprise for you! I just listed this home on Lake Ida for $269,000! It has two bedrooms, one bath, so many updates, and an unfinished basement that you could add a family room and another bedroom. Lake Ida is known to be a clean, great recreational & fishing lake. It's amazing to be able to buy a year round home at this price!

So Really How Is The Market?

2011-02-08T12:30:00.000-08:00

Everyone that knows that I am a Realtor always asks me the same question: "So really how is the market doing"? I think numbers speak volume...in 2010 268 Residential homes sold in Douglas County. Was your property on of the 268 properties sold? I know that there is so much doom and gloom out there, but if you look at the numbers, you will see that this is a great time to both buy and sell!

As far as Lake shore property in Douglas County: in 2008 there were 82 lake homes sold, in 2009 there were 84 lake homes sold and in 2010 100 lake homes sold.

So when someone asks me, so really how is the market in Douglas County? I reply the market is great and getting better!

Country Home on Large Lot

2011-02-07T11:49:00.000-08:00

I just listed this cute home and it features a beautiful kitchen, 3 bedrooms, 2 baths, full basement, a beautiful yard. All for $119,000 - would make a great First Time Home Buyers House or a Move Down Buyer Home.

Tennessee Roadhouse Extravaganza

2011-01-28T17:07:00.000-08:00

Our night tonight was a wild one. Many good times included one pit stop to the infamous Tennessee Roadhouse in Alexandria. On the outside it's country western structure screams "Come On In For Some Good Down Home Comfort Food". With friendly service and a warm atmosphere look no further if you want a night out with your friends or family that be remembered. Tonight my daughter and I both tried the South Zita which was in Tennessee Roadhouse terms "To Die For", and let me tell you it was to die for! With thick slices of hearty grilled italian sausage and grilled strips of blacken chicken atop Penni pasta all nestled in a bowl with a delicious marinara sauce and bell peppers, onions & melted Parmesan cheese. Mmmmm you have to taste this one! With the unique flavors that tantalize your taste buds you will not leave this establishment hungry and most certainly will have leftovers to enjoy the next day. With the price of this entree you can't go wrong. We give this a big yee-haw five stars!

The Mercentile

2011-01-23T10:57:00.000-08:00

It was family & friends night at the Merc last night! It is getting to be a bit of a ritual for our Saturday nights. I think we are preparing ourselves for the big Lake Ida move this Spring.
We all had some dinner and the drink of the night was Root Beer Floats! Okay if you have never had these you honestly need to stop by the Merc just to try them. They could really get a girl in trouble! Great company, great drinks and a few pull tabs. What a great way to spend a -24 below night. Until next weekend!

Scary Windshields & A Bennigan's Night

2011-01-21T14:30:00.000-08:00

Everyone at this time of the year posts on Facebook, why do we live in Minnesota when the windshields are -40 zero? Not really sure how to answer that question due to the fact that we all are still here and with it being Friday night, we still all brave the weather and go out to socialize with one another. Maybe the weather isn't crazy, maybe it's us. Well tonight is Happy Hour at Bennigan's. If you have never been there before (go early or you will not get a table). They have two for one drink specials and 2 dollars off appetizer's until 6pm. One of my favorite appetizer there is the broccoli bites.

Drive safe and stay warm.

Turn Your Bath Into a Spa!!!

2010-09-10T09:35:00.000-07:00

Saw this great article by Melissa Tracey-

From Bathroom to Spa: 4 Simple Tips

Luxurious, spa-like treatment to the bathroom can go a long way in getting buyers attention, and it doesn’t have to break the bank to get the look either. An article by Michael Keith with the Associated Press, Transforming a Bath Into a Spa Can Be Easy, contained several tips from designers on how to transform a bathroom into a relaxing, retreat.
Here are four simple tips:
1. Use light colors. Try light color palettes, such as seafoam green and white. Then finish the look by using simple black-and-white photographs of ocean waves on the walls.
2. Choose white fabrics. White gives you a clean, crisp feel. Try white towels and bath mats to brighten the bathroom.
3. Play calming music. Get a small iPod dock and play music with ambient nature sounds, ocean waves, or forest breezes.
4. Accessorize. Fill glass cylinders with seashells or river rocks. Also, display a basket with rolled towels.

5 Reasons Homeownership Trumps Renting

2010-08-30T11:09:00.000-07:00

The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction.Here are five of them:· Be your own landlord. The bank can only kick you out if you don’t pay; a landlord can be much less dependable – deciding to sell the property or choosing to live there themselves.· Paying the principal is forced savings. Yes, it’s possible that home prices will fall further. It is also possible that your 401(k) will lose value. But over the long haul, both are likely to enjoy modest gains in value.· Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.· Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.· Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.

Alexandria, MN Calander of Events August 2010

2010-08-05T14:33:00.000-07:00

Summertime in Alexandria, MN there is always something to do!

August 2010
8/3 â€“ 8/8 Theatre Lâ€™Homme Dieu presents Defending the Caveman
8/5 â€“ 8/9 Crazy Days Downtown Alexandria
8/6 Boats, Blues, & BBQ!
8/6 â€“ 8/8 Forada Days!
8/7 Alexandria Beetles Baseball vs. the St. Cloud Riverbats
8/7 Garfield Day
8/7 Viking Speedway Races
8/7 â€“ 8/8 Parkers Prairie Fall Festival
8/7 Festival of the Lakes
8/7 â€“ 8/8 Forada Days
8/8 The Carlos Creek Winery presents Wine, Women & Song Book Club
8/8 Summer Celebration @ Bethel Manor & Winona Shores Apartments
8/8 First Lutheran Community Church Service
8/9 â€“ 8/11 Alexandria Beetles Baseball vs. the Rochester Honkers
8/11 Knute Nelson Community Picnic
8/11 Festival of the Lakes
8/11 Past Presidents Steak Fry Fundraiser
8/13 â€“ 8/15 Rose City Heritage Festival
8/13 â€“ 8/14 Starbuck Chinese Dragon Boat Races
8/13 Festival of the Lakes
8/13 Alexandria Beetles Baseball vs. the Willmar Stingers
8/14 Alexandria United Methodist Church hosts a FREE Community Breakfast
8/14 Viking Speedway Races
8/15 Festival of the Lakes
8/15 First Lutheran Community Church Service
8/18 Annual Rotary Pork Chop and Corn Feed
8/19 â€“ 8/22 Douglas County Fair
8/19 â€“ 8/20 Douglas County Fair ~ Demolition Derby
8/20 â€“ 8/21 Forada Fest 2010
8/21 Douglas County Fair - Viking Speedway Races
8/22 First Lutheran Community Church Service
8/23 â€“ 9/2 Holden Village - Chelan Wash - BUS TOUR
8/28 Outdoor Show at the Shooting Park
8/28 Viking Speedway Races

Clearing the Closing Hurdles

2010-08-05T14:28:00.000-07:00

Anticipate problems before they happen and your closings will stay on track.

All your hard work has paid off. The purchase contract is signed. Now you can just sit back and wait to get paid. Wrong!

"Sometimes clients and salespeople think the closing is going to be a piece of cake, but these days, having a contract is only the beginning," says Mary Sand, ABR, SFR, a branch manager and director of training with Century 21 Arizona Foothills in Phoenix.

According to recent REALTORS® Confidence Index surveys conducted by the NATIONAL ASSOCIATION OF REALTORS®, between 10 percent and 14 percent of pending transactions don’t close. Another 20 percent are delayed but eventually close.

The easiest way to avoid a closing delay is to do your homework up front, says Alicia Trevino, president and CEO of Century 21 Fine Homes & Estates in Dallas.

"Most of the time, a problem at closing really starts much earlier," she says.

Trevino encourages her 52 sales associates to use a checklist of tasks that must be completed. She suggests they review the list weekly and make follow-up phone calls to lenders and title companies, as needed.

Setting realistic client expectations is also essential. "Before they sign the purchase agreement, you need to educate your clients about the possible closing hurdles. You don’t want to scare them, but they do need to understand what could go wrong—from buyers who can’t qualify for a loan to delays with title," Sand says.

Most hurdles that delay or prevent closings fall into three major areas: loans and appraisals, titles, and home inspections. By focusing in on the most common closing hurdles in each of these areas, you can gain control of your transactions and master the intricate details that make a closing happen.

PROBLEM: Financing falls through at the last minute

SOLUTION: Help buyers get their documentation in order

Tighter—and in some cases still-evolving—loan underwriting standards make it more critical than ever for buyers to make sure they’re financially qualified for the purchase, says Marki Lemons, ABR, CRB, a broker with Keller Williams Realty Chicago Consulting Group.

However, because of new requirements under the Real Estate Settlement and Procedures Act, many lenders are no longer issuing preapprovals—only prequalifications. If a buyer you’re working with has just a prequalification letter, Lemons recommends finding out whether income and assets have been verified.

"I look for a letter that shows the buyer has talked to someone face-to-face, not just completed an online form," says Laura Sanders, a sales associate with Sibcy Cline Inc., REALTORS®, in Florence, Ky.

Tighter lending standards and heightened concern about mortgage fraud also mean more time-consuming paperwork, says Tracey Rumsey, a mortgage loan broker with Southwest Business Corp. in Bountiful, Utah, and author of Saving the Deal (AMACOM, 2008).

"Mortgage brokers have had to relearn the underwriting process and ask all the questions up front," she says.

For example, not only do FHA buyers who receive funds from a family member have to disclose the gift and its source, but the person making the gift must also show the source of the funds. "It’s easy to overlook this requirement, but you can’t fund the loan without it," she says.

New condominiums can be a particular loan challenge because the FHA requires that 50 percent of the development’s units must be under contract before the agency will approve financing for individual condos.

"The FHA was doing spot loan approvals for a while, but it’s getting harder," Sanders says. Unless an exception is made, a buyer will have to shift out of an FHA product. Lenders are also asking to see statements of homeowner’s association reserves before approving a loan, which can create "a great deal of difficulty at the last minute if the HOA isn’t cooperative," she says.

Lenders and mortgage loan investors in the secondary market are scrutinizing actual tax transcripts from the IRS much more closely, Rumsey says. She recalls a recent transaction in which a husband and wife had enough income to qualify for the loan amount.

However, the lender’s review of their tax forms found the wife had an $8,000 loss from a side business, which dropped their income to below the required amount.

PROBLEM: Appraised value doesn’t support contracted sale price

SOLUTION: Become an ally of the appraiser

"The biggest hurdle to closing in an uncertain market is the lack of comps, especially for FHA and VA loans that require comps to be within a three-month time limit," says John Mijac, e-PRO, GRI, with Old Adobe Realty in Tucson, Ariz.

To bridge the gap between his clients’ $175,000 offer and a recent comp that sold for $145,000, Mijac did a new CMA that justified the offer price.

Still, the appraiser wouldn’t budge. So Mijac worked with the listing agent to send supporting documents to Fannie Mae and ask for an adjustment. The property finally appraised and sold at $165,000.

Questioning comps in transactions involving VA loans has gotten easier since the implementation of the so-called "Tidewater Initiative" in 2003. It allows any party of a real estate transaction to supply market data and information on recently sold properties to a VA appraiser through a designated third-party contact.

"Tidewater lets you use comps outside of your area and other material justifications to support a price," Mijac says.

"Occasionally, we have trouble with values and current comps," says Kara Folkins, a sales associate with Keller Williams Realty in Tulsa, Okla. FHA underwriters prefer to see data on two comparable properties that sold in the last 90 days, one that has sold within the past six months, and one that’s currently on the market.

"In some neighborhoods, that’s hard to find," Folkins says. She’s comfortable asking appraisers to help her understand where they got their comps. She’s also hired second appraisers to present another picture of value.

The Home Valuation Code of Conduct, or HVCC, "has taken away the power of lenders to do quick closings," Trevino says. The federal regulations, meant to ensure the inteGRIty of the appraisal process, require that appraisers are assigned by a third party, such as an appraisal management company.

If an appraiser isn’t familiar with the neighborhood or property type, the result could be a value that’s way off base.

Buyers of securitized loans also are doing more due diligence on home values these days, and that can present another appraisal hurdle. "We had a transaction where the secondary market underwriter questioned the appraisal because it didn’t match up with the value on Zillow," says Gary Kenline, CRB, senior vice president at Hunt Real Estate Corp. in Buffalo, N.Y.

In transactions involving a foreclosed home, it’s not unusual for the bank that owns the property to balk at a valuation that it sees as being too low, Lemons says.

To make the transaction work, "a CMA just doesn’t cut it any more," she says. "You have to take the take the time to submit a report that paints a picture of the property’s condition and a neighborhood that the banker has never seen."

PROBLEM: New lending and closing regulations create delays

SOLUTION: Understand rules and allow time for compliance

Recent changes to the federal Truth in Lending Act and RESPA can slow the closing process. "The new HUD-1 form adds a few more hours of document preparation because underwriters and escrow agents aren’t familiar with it yet," Mijac says.

"A lot of people didn’t expect the new RESPA rules to go forward and didn’t update their software programs or start training soon enough," says Alyce Ritchie, a partner with Morris/Hardwick/Schneider in Atlanta.

Unfamiliarity and the fear of making a costly mistake in the Good Faith Estimate form are sometimes prompting lenders to ask for closing-cost information more than once or in several formats, Folkins says.

Lending rules have also made it harder to close on time if circumstances change late in the deal. Amendments to the Truth in Lending Act require a three-day disclosure period if a borrower decides to change the loan amount or anything else that can change the interest rate. "Changes of more than 0.125 percent in the APR immediately trigger another disclosure," Rumsey says.

To prevent delays, avoid last-minute changes whenever possible. But sometimes, when the matter is out of your control, the best thing you can do is help your client have expectations about how long the transaction will take.

PROBLEM: Title can’t be transferred at closing

SOLUTION: Investigate potential title troubles early

Title defects are another major closing hurdle—but one that can often be avoided with preplanning, Trevino says.

"We open title as soon as we take a listing," she says. A preliminary title search can reveal an array of problems, from unpaid taxes to land-use restrictions. The fee is "nominal" and can usually be rolled into the final title work if the buyer agrees to use the same title company that does the search, Trevino says.

You can head off many title problems if you add a checklist to the purchase contract quizzing buyers and sellers about the status of issues that can encumber a title, Kenline says.

"We ask about bankruptcies, agricultural districts, and oil and gas leases" that may be tied to the property. Unfortunately, when it comes to liens, checklists don’t always help, since "people are often in denial and don’t want to admit that they have a financial problem," he says.

Short sales and REOs are particularly prone to title problems. "You might find liens for things like HOA fees or unpaid repair costs," Sand says. Even if the liens are in error, they can put a cloud on the title, and that can delay a closing.

John McCain, division president of Stewart Title North Texas in Dallas, says bankruptcy and pending foreclosure are among the most common issues that delay a closing today. All three of these things can cause title problems.

With bankruptcies, you need to search federal records to be sure that there are no conditions affecting the disbursement of proceeds that need to be met before the sale. The bankruptcy court also has to approve the contract prior to closing.

And if an owner is trying to sell a property before foreclosure, check with the lender to be sure the property hasn’t been posted for foreclosure and is still available to sell, McCain says. Also, be sure the proceeds are enough to pay off the mortgage lien and any fees from late payments.

PROBLEM: A home inspection uncovers serious issues

SOLUTION: Look into possible repairs before buyer’s inspection

The time it takes to negotiate which party pays for repairs and get estimates—and sometimes even complete the work—can spell big delays for a closing. "People want a perfect house. We see buyers renegotiating repairs two or three times," Kenline says.

One way to head off last-minute wrangling is to get a home inspection and make repairs before the property is on the market. However, that practice isn’t endorsed across the board.

"I tried doing inspections before marketing, but didn’t see the benefit," Sanders says. In most cases, buyers want their own inspector, and the results of two inspections often differ, especially when a property is on the market for a long time, she says.

An alternative to a prelisting inspection: Walk through the property with sellers and ask about the condition and age of major components like the roof and foundation. Then get estimates on what potential repairs will cost. "Sellers don’t necessarily have to fix the problems, but knowing what they might have to spend will help them price the house," Mijac says. The estimates can also speed repair negotiations.

Alerting buyers to possible high-ticket repairs and suggesting that they factor those potential repair costs into their offer can also cut down on post-contract negotiations, suggests Phyllis Harb, a sales associate with Dickson Podley, REALTORS®, in Pasadena, Calif.

Repairs required by VA appraisers can delay a closing because the work must be completed before the property can change hands, notes Mijac. Another hurdle with VA loans: a buyer can’t agree to pay for a repair, which can be a big problem if the seller can’t or won’t pay.

No matter how much you plan ahead, it often seems that closings are just taking longer today, Harb says. Indeed, the "new normal" may be that it takes 45 or even 60 days from the date the contract is signed to close the transaction.

You can get a realistic estimate of a client’s closing date by creating a timeline of how long various inspections and approvals are taking in your area, suggests Trevino. "If it takes 10 business days to get an inspection and two-weeks to get a survey, you shouldn’t count on closing in 30 days."

IRS Clarifies What's Needed to Claim Tax Credit

2010-02-22T09:06:00.000-08:00

The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common. The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Lake Ida Home For Sale!!!

2010-02-17T13:16:00.000-08:00

Beautiful new listing on Lake Ida! This home sit's on 100' of Lakeshore for $249,500! Click here to see the virtual tour: http://www.cpgtours.com/8471

Call Sue for more details: (320) 223-0762

4 Reasons to Sell NOW!

2010-02-08T10:25:00.000-08:00

Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.
Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.

Recovery Act Provides Addtional Funding for USDA Rural Development Home Loans.

2010-01-28T09:59:00.000-08:00

Recovery Act Provides Additional Funding for USDA Rural Development Home Loan Programs in 2010
Home buyers may also qualify for tax credits that are available through June 30

USDA Rural Development will have about $42 million available through its direct home loan program targeted at low-income residents throughout rural Minnesota in 2010. Qualified first-time and repeat home buyers may also be eligible for tax credits made possible by the Worker, Homeownership and Business Assistance Act of 2009.

Qualified first-time home buyers may be eligible for up to an $8,000 tax credit and repeat buyers may qualify for up to $6,500. Both programs are scheduled to expire on June 30, 2010.

Rural Development’s direct home loan program is intended to help very low and low income residents living in rural areas achieve home ownership. Applicants must be unable to obtain credit elsewhere and demonstrate repayment ability. A payment subsidy is also available to applicants to enhance repayment ability.

Rural Development also has a guaranteed home loan program intended for moderate income rural residents. The program does not have a down payment requirement and loans are made to homeowners by an approved lender.

For both the direct and guaranteed program, applicants may purchase a new home, existing home or build a new home.

Low-interest loans are also available for low-income residents to make home repairs. Grants are available to home owners over the age of 62 and must be used to remove health and safety hazards.

For more information, including income limits and ineligible areas, contact your local Rural Development office at 320-763-3191, ext. 4. For more information on both tax credits, visit http://www.federalhousingtaxcredit.com/home.html. For more information on Rural Development, visit www.rurdev.usda.gov/mn.

Ten Inexpensive Ways to Wow Buyers!

2010-01-26T10:54:00.000-08:00

Now is the time for home owners contemplating a spring sale to spruce up their properties in anticipation of what Mike Larson of Weiss Research calls a potentially vibrant home-selling season. "If you have been beating your head against a wall, this is going to feel a lot better,” he jokes.Here are 10 cheap ways to make a property more attractive to shoppers.
1. Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.
2. Clean up the landscaping. Trim the hedges and trees and plant some annuals in the flowerbeds.
3. Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.
4. Refurbish the floors. Buff the hardwoods. Install new carpets – or at least get them professionally cleaned.
5. Take care of the big problems. If the house needs a roof or the front stoop is crumbling, get them fixed.
6. Buy warranties. Putting appliances under warranty gives homebuyers a secure feeling.
7. Improve energy efficiency. New windows or improved insulation tell a potential buyer the seller is on top of things plus they come with tax benefits.
8. Replace light fixtures. Updated fixtures, especially at the entrance way and in the foyer, create a good first impression.
9. Buy a stove. Home owners whose kitchen isn’t top of the line can jazz it up for a few hundred dollars by buying a new stove, which gives the room a fresh feel.
10. Tidy up the bathrooms. Get rid of mildew, replace caulking and replace stained sinks.

30ear Mortgage Rates Slide Below 5%

2010-01-22T11:18:00.000-08:00

30-Year Mortgage Rates Slide Below 5% Long-term mortgage rates fell for the third straight week, pushing the average rate on 30-year fixed home loans below 5 percent again, according to Freddie Mac. This week, average interest on 30-year mortgages was 4.99 percent, compared to 5.06 percent last week and 5.16 percent a year ago. Rates on 15-year fixed loans also followed bond yields lower, averaging 4.40 percent, compared to 4.45 percent last week; and adjustable-rate mortgages also fell this week.

Ask Your Lender for a Good Faith Estimate

2010-01-19T14:57:00.001-08:00

Some Lenders Skirt GFE Requirements Some lenders are avoiding the requirement that they lock in the good faith estimate by providing something loan officers are calling "worksheets” or “loan scenario forms" that don’t have to meet a government accuracy standard.The worksheets contain some of the information provided by a good faith estimate. They are typically provided to shoppers who don’t provide – and often aren’t asked to provide – key information, such as the address of the property to be financed.Loan officers defend the worksheets, saying that it is impossible to provide completely accurate estimates. But Vicki Bott, a deputy assistant secretary for the Department of Housing and Urban Development, says if these worksheets turn out to be a way for lenders to avoid meeting their obligations, the department will respond by tightening the guidelines.Meanwhile, buyers should ask for the good-faith estimate by name, so they get an accurate estimate of costs.

Sellers should List Homes Early!

2010-01-06T09:35:00.001-08:00

Selling a home in the dead of winter might seem ill-advised, particularly considering the state of the economy, but some experts think that making the decision to wait until spring to list the property could be a mistake.Government incentives will likely have a big impact in 2010, with many buyers determined to sign a contract before the April 30 tax credit deadline.“This year, we're anticipating sales will peak earlier,” says Nicole Hall, editor in chief of Lendingtree.com, an online mortgage comparison service. “The best time to get your house on the market will be February or early March, and maybe even earlier if you want to avoid competition.”

Pending Home Sales Down from Surge Contract

2010-01-05T12:02:00.000-08:00

Activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit. However, it remains comfortably above the level from a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®.The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”
Buyers who have a contract in place to purchase a primary residence by April 30 have until June 30 to finalize the transaction to qualify for the tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.By Region
The PHSI in the Northeast dropped 25.7 percent to 74.4 in November but is 14.7 percent above a year ago.
In the Midwest the index fell 25.7 percent to 82.0 but is 9.2 percent higher than November 2008.
Pending home sales in the South fell 15.0 percent to 97.8, but are 14.7 percent higher than a year ago.
In the West the index declined 2.7 percent to 124.6 but is 21.4 percent above November 2008.Interest Rates Likely to Go HigherYun projects an additional 900,000 first-time buyers will qualify for the extended tax credit, in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit.“Many trade-up buyers, who have historically timed their purchase based on school-year considerations, will have to accelerate their buying plans if they need the tax credit to make a trade,” Yun said. Repeat buyers do not have to sell their existing home to qualify for the credit, but they must occupy the home they buy as their primary residence.Yun added that mortgage interest rates cannot remain at rock-bottom levels for a sustained period and will likely inch higher in 2010. But the tax credit impact in the first half of the year and expected job-growth impact in the second half will support home buying activity and absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010.

Welcome 2010!

2010-01-04T11:10:00.000-08:00

A new year is always a fresh start for all of us. It is so refreshing to see that when this is typically our slowest time of year, Alexandria real estate market has maintained a nice steady pace. Even with the sub zero temps, I believe buyers are realizing what a great opportunity the tax credit truly is! With short sales and foreclosures still looming in our market, buyers are getting some amazing deals! Please visit my website to see what is available on the market (www.suepalmquist.com).

Will Home Prices Go Down in 2010?

2010-01-04T11:09:00.000-08:00

Will Home Prices Go Down in 2010? Some real estate researchers are forecasting that home prices will fall again in 2010.· Fiserv Lending Solutions, a financial analytics firm, predicts that prices will decline an average of 11.3 percent in 342 of the 381 markets it covers.· Moody’s Economy.com foresees another 8 percent drop, with Arizona, California, Florida, and Nevada feeling even more pain.· Shari Olefson, author of Foreclosure Nation: Mortgaging the American Dream, predicts a national average decline in prices of about 10 percent in 2010.· Peter Schiff, president of Euro Pacific Capital and the most bearish of the bears, says real estate prices could possibly fall another 30 percent before they hit bottom.NATIONAL ASSOCIATION OF REALTORS® Chief Economist Lawrence Yun sees it all differently. He predicts home prices will rise more than 3 percent in 2010."The headwind we face is rising mortgage interest rates," Yun says, "but the compensating factors will be the home buyers tax credit in the first half of the year and increased job creation in the second half."

Mortgages Becoming Easier to Obtain!

2009-12-21T10:37:00.000-08:00

Mortgages Becoming Easier to Obtain In some parts of the country, borrowers with good credit are more likely to be able to borrow 95 percent of the purchase price than they were just a few months ago.In Florida and other troubled markets credit remains tight and mortgage companies continue to scrutinize property appraisals, which makes it difficult for some borrowers to get financing. But in most areas of the country where prices are stabilizing or falling only slightly, standards are relaxing.“We are starting to see...moderation," said Neil Librock, head of credit risk for Wells Fargo & Co.Source: The Wall Street Journal

Best Remodeling Projects

2009-12-17T13:37:00.000-08:00

Remodeling: Best Bang for Your Buck Despite a slow market and a slight decrease in the resale value of most remodeling projects, REALTORS® report that the smartest home improvement investments may also be some of the least expensive. Results from the 2009 Remodeling Cost vs. Value Report show that small-scale exterior projects are the most profitable at resale, according to estimates by REALTORS® who completed a recent survey.On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement – a new addition to this year’s list – recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs. “Once again, this year’s Remodeling Cost vs. Value Report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “With exterior projects returning a high percent of project costs upon resale, Realtors® can help give your home curb appeal while adding value to the real estate transaction.The 2009 Remodeling Cost vs. Value Report compares construction costs with resale values for 33 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the twelfth consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine, as REALTORS® provided their insight into local markets and buyer home preferences within those markets. On a national level, the project with the biggest improvement from 2008 was the attic bedroom addition, recouping 83.1 percent of remodeling costs compared to 73.8 percent in 2008. The only other interior project that landed in the top 10 was a minor kitchen remodel with 78.3 percent costs recouped. Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79 percent of costs. In addition, several types of window replacements – midrange wood, midrange vinyl, and upscale vinyl – all returned more than 76 percent of costs upon sale.Similar to last year’s report, the least profitable remodeling projects in terms of resale value were home office remodels and sunroom additions, returning only 48.1 percent and 50.7 percent of project costs. Regionally, cities in the Pacific states of Alaska, California, Hawaii, Oregon and Washington once again outperformed the rest of the nation in terms of remodeling costs recouped upon resale. The West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia also performed relatively well.The regions that generally returned the lowest percentage of costs were New England (Connecticut, Massachusetts, Maine, New Hampshire, Rhode Island and Vermont), East North Central (Illinois, Indiana, Michigan, Ohio and Wisconsin), West North Central (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota), and the Middle Atlantic (New York and Pennsylvania). Golder commented that remodeling projects are just one of many factors that contribute to a home’s overall resale value. “As the first, best source for real estate information, REALTORS® are experts in providing insight into what projects and investments will make a difference in your house. It’s important to consult with a REALTOR® who can explain the variety of factors that affect a home’s value, such as location, condition of surrounding properties and the regional economic climate,” she said.

Mortgage Volume Rises Slightly

2009-12-16T10:02:00.000-08:00

Mortgage Volume Rises Slightly Mortgage applications were up 0.3 percent last week compared to the previous week on both a seasonally adjusted basis and on an unadjusted basis, according to the Mortgage Bankers Association weekly survey.The increase was in refinances, which rose 0.9 percent. As a share of mortgage activity, refinances hit 74.4 percent, the highest refinance share since April 24.The purchase index decreased 0.1 percent on an adjusted basis and declined 3.6 percent on an unadjusted basis. It was 15.4 percent lower than it was the same week last year.Some mortgage rates were higher last week compared to the previous week:
30-year fixed-rate mortgages increased to 4.92 percent from 4.88 percent.
15-year fixed-rate mortgages remained flat at 4.33 percent.
1-year ARMs decreased to 6.52 percent from 6.55 percent.

Are Fixed-Rate Mortgages the Best Loan?

2009-12-15T11:18:00.000-08:00

The think-tank Center for American Progress is questioning the premise that a 30-year, fixed-rate mortgage is the best option for homebuyers.The reason mortgage-backed securities looked so attractive to banks is that they solved the problem of a mismatch between low rates on mortgages and higher rates for deposits. Banks worried about getting stuck earning low rates on a mortgage for 30 years while having to pay higher rates on bank accounts to attract depositors. Their answer: unload their mortgages to investors and let them worry about the profitability of the loans. Those investors hedged their bets by purchasing interest-rate swaps and other derivatives. Now, even Fannie Mae and Freddie Mac are having a hard time getting a handle on what those hedges are worth. In other parts of the world, variable rates are the norm. While borrowers face the risk of rates going up, lenders at least can ensure the rates they pay to depositors don't outstrip what they receive in mortgage products. Homeownership rates in Canada and the European Union, where variable rate mortgages are the norm, are about what they are in the U.S. And in any case, there are ways for borrowers to mitigate their interest-rate risk. They can take out loans with fixed initial period, for example. For homeowners who typically hold their homes for seven years, a five-year fixed rate provides considerable security. If the country persists in choosing fixed-rate mortgages, some observers say, lenders might consider the Danish model where mortgages are financed through the bond market rather than a separate securities market. That's a system that has worked well for two centuries.

Windows 7

2009-12-14T11:34:00.000-08:00

About three weeks ago my computer received the blue screen of death! Thank God for external hard drives for backing up my information. I purchased a HP that has Windows 7 and I love it. Here are a few things that are new with Windows 7.

There are plenty of reviews about the new operating system, and they all share an underlying theme. While Vista was not the XP successor users were hoping for, Windows 7 has real promise of filling the gap. With its revamped user interface, yet low-key, minimalist approach, it offers a much altered experience to that of Vista.

Enjoy new user interface enhancements like the reorganized Taskbar, which gives the Mac OS X dock a run for its money. Experience features like Jump Lists that keep the most recent things you've used close by for fast access; or the Pin feature which lets you "pin" programs or files to your Taskbar or Jump Lists.

Keep your desktop organized with Aero Peek, a new management tool that provides thumbnails of all open windows. Scroll over thumbnails to get a peek of the full view window. Or use the desktop peek feature to view your desktop by making all windows transparent with a simple click of the mouse. This might be one to get used to because Windows 7 has omitted the Sidebar, the portion of the screen that Vista reserved for gadgets. Now you'll find your gadgets such as your calendar, pictures, weather or games directly on the desktop.

A few other changes worth mentioning are enhanced security with less annoying UAC (User Access Controls), easier network sharing with HomeGroup, and XP Mode for programs that require a PC running XP.

Windows 7 comes with six different editions to choose from - Starter, Home Premium, Professional, Ultimate, OEM, and Enterprise.

So if you are thinking about upgrading to Windows 7 I highly recommend it!

Christmas is in the Air

2009-12-14T11:03:00.000-08:00

With Christmas music playing on my laptop and the snow flakes falling outside. my thoughts go to what a great time to have your home on the market. The tree is decorated, presents wrapped, your home smells of fresh gingerbread cookies, buyers wander through your home to fill the spirit of Christmas! I realize most seller's do not want their home on the market over the holidays, but I feel this is a big mistake! Buyers are eager to cash in on the newest tax credit and are willing to battle the snow drifts to find their perfect home. While o other sellers have taken their home off the market, this means less compitition for your home to sell! A SOLD sign on your lawn would make a great Christmas decoration.