June 10-11, 2006 I will be participating in the MS 150 Bike Tour from Duluth to the Twin Cities.  This bike ride is 75 miles each day Saturday and Sunday, with a stopover Saturday night at Hinkley.

The reason I ride: there are more than 7500 people in Minnesota and Western Wisconsin afflicted with MS.  While much has been learned about this disease, there is not a complete understanding of why it happens and there is no cure.  MS strikes healthy people at all ages, in many situations a person with MS can be perfectly fine one day and not be able to get up the next.

To contribute to my ride, please click here.

The March market statistics were made available recently.  It is a tale of good and bad, here are some of the stats:

• Active listings at month-end are up 42.9% over March last year
• Closed sales are down 2.2% through March, as compared to last year
• Median sales price is up 2.7% over last year, to $225,000

If you are a seller, this means that there is likely several homes in your area that are currently listed and are competing with your home.  This means that pricing, staging, and condition are critical to receiving an offer.

If you are a buyer, you now have real choice in a market that for years was quite tight.  In this market the nicest homes still sell very quickly but all things being considered, you have significantly more leverage with sellers than there has been in many years.

The interest rates have been inching up the last month and are currently near 6 3/8% on a 30 year fixed.  The industry is expecting for rates to creep up to 6 3/4% by the end of 2006.  Historically that is still an excellent rate but it will put a little cool on the market this year.  We’re expecting near-record homes sales again this year, but homes will take longer to sell than they have in past years.

The buyer traffic through the Parade of Homes models has been very strong.  The interest from buyers seems to consistently strong through all types of housing and throughout the Metro, suggesting another near-record year for new construction.If you are thinking about building or buying a new home, I can help!  I’ve helped clients compare builders, lots and styles as well as make suggestions on features and finishes that will help ensure your satisfaction for years to come.  New construction is a very detailed process… let me help guide you through it.

February’s pace seems slightly slower than that of January, but is still looking very healthy.  As the rates have ticked up over 6% again, some buyers that were once the fence are starting to become a little more serious after hearing reports that the rates will continue to rise.  My listing in Golden Valley, having been on the market a couple months, received multiple offers at the end of January and will close this month.  Needless to say, the sellers were pleased with the offers.As more and more buyers are using the Internet to find their next home, it becomes more crucial for real estate agents and sellers to market heavily towards that buyer.  I have developed some great new ways to accomplish this… give me a call to find out more!

While many Sellers chose to take their homes off the market in late 2005 and wait till Spring 2006 to relist their homes, many Buyers came back into the market right after the first of the year.  Showings have been extremely brisk and these buyers are coming ready to make an offer.  With the recent warm weather, the housing market seems to be warming up right along with it.

The number of New Listings and Pending Sales dropped dramatically the last week of November as both buyers and sellers were focused on the Thanksgiving holiday.  Last week saw a bump up in showings as buyers got back to their normal routines.Many buyers are concerned that there haven’t been many new listings coming on the market in recent weeks.  This is a seasonal trend… we should see a pick-up in new listings after the New Year.

As we near the end of the year, I encourage buyers sitting on the fence to go out and find your home now while the market conditions are in your favor.  For sellers, keep in mind that a buyer who is looking at houses this time of year may be very motivated… if you take your home off the market till the new year, you may miss the buyer looking for a home like yours. 

Each weekend, I hold at least one Open House.  As the weeks have progressed, Buyers at my opens seem much more relaxed about their searching; they know there’s a lot of houses for sale and they know that the houses that are for sale probably will still be for sale next week, or the week after.While Buyers are calm, Sellers are a little more tense. Showings are continuing to drop off, and Open House activity is going down as well.  In addition, more and more Sellers are reducing their asking price, which puts added pressure on other sellers to follow suit.  Between Thanksgiving and Superbowl Sunday has historically been the hardest time for Sellers, but the best opportunity for Buyers.  Based on what I am seeing in the market now, that appears to hold true again this year.

Agents in my Edina Realty office and others have been commenting recently how the number of showings has decreased and houses are taking longer to sell.  Welcome to the Fall/Winter market!  This time of year, while harder on prospective sellers, is a time of opportunity for buyers.  We have not had this large of a selection of homes for sale in many years… meaning that buyers have their pick of homes!

The news the last week has focused on the disaster left in Hurricane Katrina’s wake.  While we may be safe from hurricanes in Minnesota, there are many small, personal disasters that happen each year to individuals and families here and around the country.If you are able to, please donate to one of the many charities working to help the victims on Katrina.  While you are making that donation, please do not forget the charities that help our fellow Minnesotans.  While they may not get the headlines, they need help too.