Originally posted at http://StCloudEdina.com/blog on 10/14/2008:
I was asked to see what percentage of first time home buyers are purchasing bank owned homes with the recent flood of foreclosures on the market. I was unsure at first, as first time home buyers can come in any price point. But I did pull together this little statistic in regards to foreclosed properties on the St Cloud MLS:
50.4% of all homes sold on the St Cloud MLS under $150,000 were bank owned (Data from St Cloud MLS for the time period of 01/01/2008-10/13/2008).
That means for all of you in Central Minnesota that are trying to sell your home within this price range, over 1/2 of your potential buyers are buying a foreclosed home instead.
In contrast, only 19.0% of all homes sold on the St Cloud MLS over $150,000 were bank owned.
That means if you are looking to purchase a home in the $150,000+ price range, you might be doing yourself a disservice by looking at only foreclosed homes.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud
http://StCloudEdina.com - Search Real Estate in Sartell Minnesota and surrounding areas.
http://JasonTangen.EdinaRealty.com - Find Open Houses in Sauk Rapids MN and surrounding areas.
Originally posted at www.stcloudedina.com/blog on 10/08/2008:
For those of you who waited too long and now don't have a home and still don't have the down payment saved, here's some hope.
If you are looking to purchase a home with $0 down, check out this website:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?NavKey=home@1
This is a link to the United States Department of Agriculture, Rural Development. The great thing about this website is that it allows you to punch in any address and find out if it qualifies for 0% down Rural Development loans.
Check with your lender to see if a Rural Development loan is something that you want to look into more seriously. If you are unsure of which lenders are reliable and trustworthy in these crazy times, give me an e-mail at mailto:jason@stcloudedina.com.
Jason Tangen - GRI, e-PRO - Real Estate Broker Associate with Edina Realty in St Cloud
http://JasonTangen.EdinaRealty.com - With the new foreclosed property search feature you can see all foreclosed properties listed for sale on both the St Cloud and Minneapolis MLS systems.
http://StCloudEdina.com - If you want ultimate in Internet advertising for your home, use the REALTOR that knows how to utilize the Internet to sell homes.
Originally posted at http://StCloudEdina.com/blog on 10/06/2008:
So much is said about the real estate market and how it is in the tank. I thought it would be nice if everyone got to see Edina Realty's (and their parent company Home Services of America, Inc.) plan during this downturn in the real estate market.
http://twincities.bizjournals.com/twincities/stories/2008/10/06/story1.html?b=1223265600%5e1710589
It is nice to be a part of a company that is growing and strong when so many real estate companies around us are having such problems. We are the "Pac-Man" of the real estate industry; gobbling up the competition.
Jason Tangen - GRI, e-Pro - Real Estate Broker Associate with Edina Realty in St Cloud
http://StCloudEdina.com - Search homes for sale in St Cloud MN and surrounding areas.
http://StCloudEdina.com/blog - REAL ANSWERS for REAL ESTATE in St Cloud MN
Originally posted at www.StCloudEdina.com/blog on 10/05/2008:
I've noticed a slight increase in the number of active and foreclosed properties that are available on the St Cloud MLS. For the majority of the year, we have had approximately 330 foreclosed listings that are either active to purchase or are pending a sale. We now have just over 370 such listings on the St Cloud MLS.
Obviously this creates some problems. We need to continue to buy out the foreclosed properties at a pace that keeps up with the rate at which they are becoming available.
Now we get to see what our fearless leaders in Congress have actually accomplished with their new bailout bill.
Jason Tangen - GRI, e-Pro - Real Estate Broker Associate
Originally posted at http://StCloudEdina.com/blog on 10/01/2008:
Well, we are entering the fourth quarter of what has been a truly crazy year for both the real estate community and the financial community as a whole. Here are some of the preliminary numbers that have come off the St Cloud MLS:
2007 3rd Quarter in St Cloud, Waite Park, Sartell, Sauk Rapids, and St Joseph
2008 3rd Quarter in St Cloud, Waite Park, Sartell, Sauk Rapids, and St Joseph
While sales numbers are strong, we are definitely seeing a decrease in average sales price that is reflecting the increase in the number of foreclosed units sold. While it is good to be getting rid of the foreclosures that are available, they do create an unwanted strain for everyone else that is trying to sell their home.
Look for the full Tangen Report to come out in just a few weeks. Look over previous issues of the Tangen Report at http://StCloudEdina.com/blog.
Jason Tangen - GRI, e-Pro - Real Estate Broker Associate with Edina Realty in St Cloud
http://JasonTangen.EdinaRealty.com - Search All Homes for Sale on the St Cloud MLS
http://StCloudEdina.com - Get a free list of the foreclosed properties available on the St Cloud MLS
Jason Tangen GRI®, e-PRo® - Real Estate Broker Associate with Edina Realty of St Cloud www.StCloudEdina.com JasonTangen.EdinaRealty.com www.StCloudEdina.com/blog
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