2011 craft talk

Craig and Susan Craig and Susan BlixrudBlixrud

Breakfast Club Craft Talk 2011

2011 RE Market Results2011 RE Market Results

Sales were 37,606 Median Sale Price was $169,900 Average Sale Price was $211,186 Average of 130 days on market 20 consecutive year of over 35,000 Sales $7.94 Billion in sales volume Rentals added to MLS system

2011 Results – 2011 Results – another viewanother view

2010 Sales were 35.6% lower than peak 2010 Avg SP was 24.2% lower than peak Foreclosures/Short sales were 39.9% of

sales Sale price was 92.1% of Original Price Average of 130 days on market up from 38

days in hot market

Falling values: Why?Falling values: Why?

Number of Buyers fell by 25% since 2001

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50000

100000

150000

200000

250000

300000

2001 2003 2005 2007 2009

Avg Sale Price# of Sales

2011 RE Observations2011 RE Observations

Expiration of the Buyer’s $8,000 credit killed the market in the last half of 2010

Loss of Equity has “trapped” people in their homes-(bought or re-financed since 2002)

Foreclosures and Short Sales drag down Traditional sellers prices

First time buyers now skeptical investors

A look at Foreclosures/REO’sA look at Foreclosures/REO’s

100 homes in Neighborhood

70 are owner occupied 49 have a mortgage 5 are in trouble 2 of the 5 are REO’sIt used to be less than

one in a neighborhood!

Location, Location, Location,LocationLocation,Location

64% of North Mpls sales were distressed, property values have fallen 63% since 2006

13.3% of Edina sales were distressed, property values have fallen 13% since 2006

Employer Assisted HousingEmployer Assisted Housing

Why should an employer consider a housing benefit?– Historically for Relocating employees only– Shorter commutes for better work/life balance– Stable employees/Stable communities– Less work time spent on personal housing

EAH Benefit programsEAH Benefit programs

Homeownership counseling and education Homebuyer Assistance

– Company match down payment savings– Forgivable loans based on length of service– Discount programs on Mortgages/Title services

Rental Assistance Home renovation programs New Construction programs

Fun FactsFun Facts

Highest price home sold in 2011 was $5,000,000 on Lake Minnetonka

260 homes sold over $1 million, 43% less than 2006

Lowest price was $18,000, asking price was $12,000 in North Mpls

255 homes (out of 38,000) were sold at auction in metro area

SummarySummary

Thank you for your past business How can we be of service to you? Who do you know that needs our help in

buying or selling a home? Referrals are greatly appreciated