Announcing my move to Edina Realty.

I am please to announce my affiliation with Edina Realty. My email address is craig@craigkanis.com and my phone numbers are as follows - c: 612-518-6221 and office: 952-898-1224.

Please drop a note or stop in. The location is Hwy 50 and 35 in Lakeville.

Thank you, Craig

Median Prices increase!

This is an excerpt from the Minneapolis board of realtors.

Prices creep up as traditional sales grow
Minneapolis, Minnesota (July 10, 2009) – After increasing by $12,000 from April to May, the median sales price in
the Twin Cities housing market jumped another $8,500 in June as traditional homes—those excluding foreclosures
and short sales—again increased their market share, according to the Minneapolis Area Association of
REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.

View the rest of the article.

Short Sales - The best option to avoid foreclosure

Many homeowners are facing the idea of letting their home go to foreclosure.  It is in the best interest of the lender and the seller to try and work out a lesser payoff 'aka' short sale on the property.  This prevents the lender from having to take the property back that is stripped of copper, appliances, mechanicals... or just plain trashed.  The key to negotiating a short sale is to start early, have a solid plan of action and be persistent.  Short sales do take some time to complete, but you are much better off in the long run to try this process before the bank forecloses on the property.  Please feel free to call me or email me if you or anyone you know is having to make this hard decision.

FIRST-TIME HOMEBUYER TAX CREDIT - Modified in American Recovery and Reinvestment Act - February 2009

FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009
FEATURE

REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit

Maximum credit amount increased to $8000

Eligible Property
No change
All principal residences eligible.

Refundable
No change
Purchasers will continue to receive refund for unused amount when tax return is filed.

Income Limit
No change
Same income limits continue to apply.

First-time Homebuyer Only
No change
Still available for first-time purchasers only. Three-year rule continues to apply.

Revenue Bond Financing
Purchasers who utilize revenue bond financing can use credit.

Repayment
No repayment for purchases on or after January 1, 2009 and before December 1, 2009

Recapture
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.

Termination
December 1, 2009

Effective Date
All revisions are effective as of January 1, 2009

April 9, 2008 - January 1, 2009 - Frist Time Homebuyer Tax Credit White Paper

TAX CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008 - January 1, 2009

Amount of Credit
Lesser of 10 percent of cost of home or $7500

Eligible Property
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.

Refundable
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.

Income Limit
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).

First-time Homebuyer Only
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.

Revenue Bond Financing
No credit allowed if home financed with state/local bond funding.

Repayment
Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.

Recapture
If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.

Federal Government Stimulus

The current bill in front of the US Senate sounds like it all but done.  If passed tonight, it will include an $8,000 tax credit to first time homebuyers.  The previous tax credit passed last year was $7500, but had to be repaid over a 15 year period.  The new measure does not need to be repaid.  There has never been a better time for a first time buyer to purchase a home.  Interest rates are hovering around 5%, housing choices are plenty and the you get an $8k check from the government if you purchase before August 31st of 2009.  Happy shopping... Christmas has come 10 months early this year!

Housing Market showing signs of stabilization

For the week ending January 31, new listings continue at a lower level than seen last year, clocking in at 1,635—a 15.3 percent drop. Conversely, pending sales continue to raise and with 673 recorded for this week's report—25 percent above last year. Basically, this is all welcome news. Having fewer listings on the market, combined with an increase in pending sales, helps to reduce the Months Supply of Inventory to 13.5 percent when compared to lastyear at this time—down from 8.9  to 7.7 months. This means it will take the current supply of houses for sale 7.7 months to sell (on average).  Prices will be the last piece of the puzzle to recover.  Currently we are experiencing approximately a 60 percent foreclosure sales average.  So nearly 2/3rds of all sales are lender mediated.

Weekly Market Activity Report

As prepared by the Minneapolis Assocation of Realtors.


The New Year rang in with the normal post-holiday increase in new listings, but
listings are still down from the same week last year. Pending sales ( homes awaiting closing ) for the week
ending January 3 showed a strong increase during the year-end transition, rising
nearly 40 percent compared to last year. Over the last three months of the year,
pending sales were 18 percent higher than last year. Local housing inventory
has reached its annual low point but looks to rebound in the opening months of
2009.
This week's edition of the MAAR Weekly Market Activity Report features
updated figures from several important metrics:
In December, Days on Market Until Sale dropped 6.3 percent compared to last
year. The market appears to have reached a plateau in the amount of time
needed to sell a house, and this welcome decline certainly could continue into
the next year. Percent of Original List Price Received at Sale closed at 90.0 in
December, 1.3 percent lower than last year.
The new Housing Affordability Index (HAI) for January is extremely positive.
Last month we stated that the HAI of 180 was the highest we had ever
recorded. Now it's even higher, jumping an additional 12 points to 192. The rise
reflects the help that interest rates and softer prices have given to the market.
(Note: The decline in prices is driven by the significant amount of lendermediated
home sales and its benefit is not equal to all buyers.)