Farmington Home Prices Farmington Market Conditions 05/07/2014

Farmington Minnesota Housing Market Conditions (March 2014). See where your home stands at http://PriceMyTwinCitiesHome.com 04/13/2014

We all know the old cliche about when politicians lie, "When the lips move."  How about the economists?  Perhaps, " When the pencil (or calculator, or slide rule) moves?  Although there may be more legitimate intent among economists, the result is similar. Today, we have been informed that November housing prices are down 0.1%, or have we?  According to a Marketwatch report, November prices are down 0.1%, but seasonally adjusted November prices are up 0.9%, and year over year November prices are up 13.7%.  In the meantime, D R Horton (DHI) reported a huge increase in earnings today which they attribute to increased demand and their ability to raise prices.  I'm not an economist or a politician, but it's obvious that political "facts" and economic statistics are so plentiful that there i... 01/27/2014

Home buyers sometimes find that their wants in housing exceed the limits of their qualified resources.  Their preferred type of home in their neighborhood of choice is priced too high for them.  Some folks in this situation decide that maybe they should find something that needs work in order to reduce their costs. Rationalizing a major project disguised as the perfect home for you could be a huge mistake.  We hear some common things said by first time home buyers that are potential disasters.  Everyone knows somebody or has a relative who is good at  ...(fill in the space with plumbing, HVAC, electric, excavation, etc.).  Somehow, those friends, acquaintances, relatives become free labor in the minds of home buyers.  Almost always those sources of help do not materialize.  They either ... 05/15/2012

Why are you thinking about buying a new home?  Perhaps you have been living with relatives and the welcome is wearing out.  maybe your landlord is a jerk and he's raising the rent again.  Maybe you have a four bedroom family in a two bedroom home.  Maybe your neighborhood stinks.  maybe your neighbors stink. Fact is that you are probably thinking about a new home because you feel that it's time for a lifestyle upgrade.  You know that you and your family deserve something better than the current condition.  But, is this the right time?  Of course it is.  The only way this is not the right time to make a commitment to your present and your future is if you feel that you have no future.  If that were the situation, you would not be reading this, would you? There is a group of folks who are... 05/04/2012

Farmington Market Report March 15, 2012 Farmington, MN is one value location that buyers may want to add to their wish lists.  According to data supplied by the Regional Multiple Listing Service of Minnesota,there are 145 active residential listings, and about a third of them are priced at or below $150,000.  Farmington has fewer homes for sale than were on the market last year at this time, but it's not too late to take advantage of the great value in this affordable and desirable community. First time home buyers waiting for the perfect time to make that lifestyle upgrade may already be a little late.  With improving unemployment numbers and an upward trending economy, it would be surprising if the current increased housing market activity does not continue and escalate.  Better econo... 03/15/2012

If you're thinking that this may be the year to make the commitment to residential independence, it's time to stop thinking and start acting.  You are not the only person who has a lease that is scheduled to renew in April or May, and you aren't the only one who is unhappy about the rent increase that will be coming along with a commitment to another year of temporary housing.  Just like the airport the evening before Thanksgiving, the market will soon be filled with folks just like you, all trying to find the best entry level home value.  Like you, the others are also shopping on the internet, and like you, they have all found the one place that was deliberately under priced to attract all of you to the planned bidding war.  No matter how many homes are listed for sale, there is only o... 02/19/2012

If you want a dry martini, it takes about one part dry vermouth and eleven parts vodka or gin.  Stir or shake depending on your beliefs, and drown two olives.  Eleven to one is what makes the martini dry. So you don't want to make a martini?  You want to buy a home?  Eleven to one is also what home buyers should remember when they are trying to decide whether they should buy now or wait a while.  If the interest rate on your home loan increases, the price of the home must decrease at an approximate ratio of eleven to one to keep the same monthly payment.  If rates increase by 1%, your buying power dropped about eleven percent.  So, that $200,000 home you like would need to drop in price to under $180,000 just to compensate for the increase in interest.  Right now, interest rates are abo... 01/12/2012

James Surowiecki is a writer for the highly regarded financial publication The New Yorker.  He was interviewed on CNBC's Squawk Box this morning, and he feels that more people need to consider strategic default as a solution to their underwater home loans.  He cites the fact that American Airlines is strategically defaulting on their debt as support for his position. Mr. Surowiecki may be a thoughtful writer, and he may be on to something with his comparison of Joe Sixpack to American Airlines.  He may however be comparing apples to oranges, and I don't think it's possible to get orange juice by squeezing apples. In the interview, one of his main points was that you probably won't be the object of any type of collection action after the foreclosure, at least if you live in a non-recours... 12/19/2011

Farmington MN 2011 home sales exceed 2010 totals Sold home totals in Farmington have passed the total units sold in 2010.  According to Regional Multiple Listing Service of Minnesota data, total homes sold in Farmington in 2010 were 382, and the year to date total is 390.  2011 has been a great year for both sellers and buyers in Farmington. Sellers who price their homes close to market value are finding that there are sufficient numbers of willing and able buyers searching for homes in Farmington.  If you're thinking about a lifestyle upgrade that involves the sale of your home, all indications are that now would be a better time to go on market rather than waiting until 2012. Call or email for help with the information you need to make a decision. If you're fed up with making your lan... 12/01/2011

Tonight's Republican debate will focus on the economy with emphasis on housing Tonight's Republican candidate debate may be worth a look.  One of the moderators, CNBC's Steve Liesman said this morning on Squawk Box that he and the other moderators will be asking some specific questions about the candidates' positions on the housing depression.  Having watched the moderators in action, it will be interesting to see if the candidates can get by with their often off topic responses to difficult questions.  My guess is that it will be difficult to answer a question about how to fix housing with a statement that the candidate is against gay marriage, and that everything bad on earth is Obama's fault.  I hope and expect that the moderators will insist on real answers.  With the promo tag line, 11/09/2011

He may be a lunatic, but he's got you making his mortgage payment every month.  Your landlord understands the value of home ownership.  That's why he owns your home, and he's getting rich in the process.  He may be crazy, but he sure isn't stupid, is he? Interest rates continue to remain low, and home prices are as attractive as they have been in at least a decade.  Now is the time to pursue options including whether a new home makes sense for your individual situation.  Start with a free home buying strategy session.  If you have about an hour and a half, and if you don't live too far from my Eagan office, why not invest the time (and no money) learning a few things that will help you decide whether you should fire the landlord?  Our country celebrated its independence a few days ago. ... 07/07/2011

February 2 marked the beginning of the Minnesota house hunting season, and it looks like buyers have responded well inFarmington.  According to Regional Multiple Listing Service of Minnesota, there are 116 homes for sale in Farmington priced at or below $200,000.  Since February 2, there have been twenty-six accepted offers on homes in that price range.  That's more than one in five homes no longer available to buyers who have not yet started house hunting. There are still a lot of homes on the market, and some of them are almost as nice as the ones you missed.  If you have any interest in firing your landlord this year, now is the time to take action.  Call me today for a free and fun house hunting strategy session. It will help prepare you for the challenges of house hunting in today'... 02/26/2011

The official Minnesota house hunting season began on February 2, and renters across the state are reporting that their landlord did not see his shadow when he ventured out to collect any rent payments that were a couple days late. A sunny morning would have delayed the house hunting season another six weeks, but it didn't happen. The reports are in for the first ten days of the season, and Farmington sellers did well. Of 193 homes on the market on opening day, eleven have accepted offers and cleared contingencies, with another ten with only the results of a physical inspection before they are officially off market too. That's over ten percent of the homes available on opener now committed to anxious and satisfied smart buyers. More than ten percent of Farmington homes for sale on Februa... 02/12/2011

02/03/2011

If you're considering buying a home in Farmington, demand that the agent assisting you advocate exclusively on your behalf. If the agent does not put his/her commitment in writing, you are being short-changed. A buyer agency agreement binds agents to put your interests ahead of theirs. They must advocate on your behalf to help you find the best property, they are pledged to do all possible to determine the value of your chosen property, and they are committed to do everything possible to negotiate the best possible price and terms. Without the buyer agency agreement, a licensed agent is just somebody who unlocks doors for you and shows you where the basement is located. You, the consumer, deserve more. Call me for a Farmington home buying strategy and orientation session. We'll discuss ... 01/18/2011

There are a lot of homes on the market, and there are a lot of homes that were listed and failed to sell. Many homeowners have listed their Farmington homes for months with nothing to show for the effort but an expired listing contract and a pile of buyer agent business cards. Lots of showings and no action, sound familiar? When you sell real estate, you need all the help and information you can get to gain advantage over other sellers. You're not only competing with your neighbors who want to sell their homes, you're also competing with foreclosures and short sales. Selling a home is not easy, but it's not impossible either. If you have tried to sell your home and it failed to sell, you probably need our help. We are well-equipped to conduct a thorough and straight-forward analysis of ... 10/01/2010

According to the Dakota County Community Development Agency, there is still funding available for their downpayment and closing cost assistance program.  There are a few qualification criteria, but they are not extremely prohibitive.  For instance, maximum annual income for a one or two person household is $83,900, and more for larger families.  This is an excellent way for a renter to move up to home ownership.  Depending on your income and the price of the home purchase, as much as $10,000 may be available to you.  For more information, contact Dakota County CDA.  For information on available homes, call me at 612-916-3033.  This is a great opportunity for a Farmington renter to become a Farmington homeowner. 04/13/2010

Down payment assistance is available for first time Farmington home buyers and others who have not owned a home for at least three years. This program is made available through the Dakota County Community Development Agency, and it provides financial resources to make your home purchase successful. The program is not available to everyone. There are credit score and maximum income requirements, and there is a mandatory attendance in the Homestretch Homebuyer Education Program. Topics covered include: Budgeting and Credit Issues, Financing and Qualifying for a Home, Shopping for a Home, The Purchase Process, Closing on a Home and Life as a Homeowner. It is a worthwhile effort and I recommend it to all prospective home buyers. If you are thinking about buying a home in the next year, it's... 03/16/2010

The east side of my home has had the benefit of tons of sun the last two weeks, and of course is no longer covered with snow. I checked things out a day ago to see what kind of clean up I was going to need to do, as I left some of my coneflowers up during the winter so the birds could have some seeds. You can only imagine how surprised I was to find some tulips coming up already. And of course I was shocked to see this Pansy, just a few feet away, with green leaves and a yellow flower still shining like it just bloomed. All of this had been under three feet of snow for the last four months! 03/05/2010