Rates Drop!

Finally something positive to talk about!!!

Fed's announced that they will purchase $600 billion worth of Mortgage-Backed Securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. This should help increase the availability of credit, while lowering fixed rate mortgage rates. In addition, the Fed will allocate $200 billion to create liquidity in the auto, student, and small business markets.

This is AWESOME news. This will help build consumer confidence and is the perfect time to call your buyers that have been sitting on the fence and take them out looking. This may not last long so don't waste time.

For Sale in Richfield Minnesota

6907 Logan Ave S - $499,900

Walk up a landscaped concrete walk to a gorgeous country style wrapped porch with cedar post and recessed lighting, spacious enough for entertaining! Cedar shake façade with white trim, hip roof, and maintenance free siding on sides and back!

Enter the full glass entry door to hardwood floors, closet and a designer entry light!

Spacious formal dining room with hardwood floors, oak trim, knockdown ceilings, custom lighting with recessed lights in a knock down ceiling. Picture window views of porch and front yard along with Marvin Integrity double hung windows. Easy open access to the kitchen living area!

Main floor living area is open to kitchen area and boasts, neutral carpeting with gas fireplace surrounded with black granite. Ample space above gas fireplace for flat screen Television and stereo components. Room is wired for surround sound. Recessed lighting in knockdown ceilings, double hung windows with views of backyard.

Large open kitchen with gorgeous Maple cabinets, roll out drawers, extra top storage cabinets, pantry cabinet, built-in wine rack and custom hardware. Custom laminate countertops with accent granite countertop on breakfast bar area. Newer black appliances and black sink with brushed nickel hardware. Beautiful hardwood floors and oak trim. Recessed and designer pendant lighting in knockdown ceilings. Connected kitchen deskette with custom laminate counter tops, maple cabinets and phone and cable jacks. Access to front porch, lower level and sliders to deck and backyard. Kitchen is very gracious with countertop and cabinet space!

Main floor full bath with laminate flooring, white wainscoting and designer paint. Pedestal sink, tub with ceramic tile surround, knockdown ceiling, designer lighting and mirror, 2-panel entry door and hall linen closet with custom hardware.

Main floor bedroom with 2-panel entry door, neutral carpeting, lighted ceiling fan, custom blinds, newer windows, separate smaller closet and 2 huge closets with sliding doors and storage above.

2nd Main floor bedroom with neutral carpeting, closet custom blinds and is currently being used as a main floor office.

Large upper level hallway with frieze carpeting open oak railing with white spindles, recessed lighting in a knock down ceilings.

Upper level laundry and utility room with washer and spill catch/drain, dryer, and separate furnace zoned for upper level. White top cabinets and ceramic tile flooring.

Upper level bath with ceramic tile flooring, double Maple vanity with doors, drawers, and custom hardware, double sinks with chrome fixtures. Separate maple linen cabinet, huge mirror with designer lighting, recess lights in knockdown ceiling, tub with fiberglass surround and 2-panel entry door.

Upper level bedroom 1 with neutral frieze carpeting, Marvin Integrity windows, knockdown ceilings with designer lighting, oak trim, large walk-in closet with shelves and rods, and a 2 panel entry door.

Upper level bedroom 2 with neutral frieze carpeting, Marvin Integrity windows, knockdown ceilings with designer lighting, oak trim, large step-in closet with shelves and rods, and a 2 panel entry door.


Mater bedroom with neutral frieze carpeting, Marvin Integrity windows, custom blinds, transom window over bed, vaulted tray knockdown ceilings with recessed lighting and lighted ceiling fan, oak trim, large walk-in closet with shelves and rods, 2 separate hall closets with bi-fold doors, and a 2 panel entry door. Master bathroom with ceramic tile flooring, separate toilet room with privacy pocket door, whirlpool tub with ceramic tile surround and glass block accents, lighted separate walk-in shower with ceramic tile and glass block accents, oversized maple vanity cabinet with drawers and doors, single sink top with chrome hardware and designer lighting above.

Lower level family room with ceramic tile run to neutral Berber carpeting, pine base trim, recessed lighting, extra deep space for exercise equipment or desk.

Lower level non conforming bedroom/storage area with neutral carpeting, recessed lighting in knock down ceilings, supplemental baseboard heating with separate thermostat, double closets with bi-fold doors, huge separate closet / storage area with door. This room just needs an egress window to become a legal bedroom.

Lower level ½ bath with custom designer tile floor and base, white stool and pedestal sink, knock down ceilings and custom vanity lighting.

Lower level utility / storage area with newer high efficiency furnace zoned for basement and main levels, oversized hot water heater, plenty of storage area for boxes etc.

Oversized 2-car garage with matching cedar shake front and maintenance free sides and back, hip roof line. Separate front entry door on garage, extra parking pad to side of garage - great for boat or trailer, backyard shed, rock and mulch landscaping with plants.

A fantastic re-model with a great location, close to parks, blocks from Southdale shopping, easy access to main roads and highways!
Parade of Homes Remodelers Showcase model in '06

Minnegasco $74 / mo
Excel $117 /mo

K-2 Sheridan Hills
3-5 Richfield Intermediate
6-8 Richfield Middle
9-12 Richfield High
HUTCHINSON AND ARNTZ Re/Max Results
NICK ARNTZ - 952-223-1023 or 612-991-0079 - Cell

Top 10 Housing Markets

Top 10 Most Promising Housing Markets

Housing Predictor, which provides housing forecasts in 250 markets, has identified 10 markets where the regional economies are healthy and have strong potential for increasing prosperity.These housing markets have bucked the national trend in 2008 and avoided the subprime crisis, the consultancy says.Whatever the future holds for the housing market as a whole, Housing Predictor forecasts that these cities will continue to see steady, dependable growth.Top cities and the percentage sales prices have increased so far in 2008.


Biloxi, Miss., 4.9 percent
Salem, Ore., 4.7 percent
Bismarck, N.D., 4.6 percent
Spokane, Wash., 4.4 percent
Yakima, Wash., 4.1 percent
Austin, Texas, 4.0 percent
Grand Junction, Colo., 4.0 percent
Fargo, N.D., 4.0 percent
Mobile, Ala., 3.9 percent
Albuquerque, N.M., 3.5 percent



Source: Housing Predictor (11/15/08)

Going Green in Housing

Home Owners Willing to Pay More for Green

Consumers are willing to spend money to go green if it helps them sell their homes, according to a Better Homes and Gardens Real Estate survey.About 48 percent of home owners would spend $2,500 or more to green up their homes for resale, the survey found. One-third say they would be willing to spend $5,000 or more on green improvements to make their homes more appealing.Meanwhile, about 36 percent of respondents identify cost as the chief reason they aren’t going green. Consumers seemed to be well-informed about green home trends, though. According to the survey, 82 percent say they are informed and understand green issues.

Source: Better Homes & Gardens Real Estate (11/13/08)

www.hutchinsonandarntz.com

Weekly Market Activity Report

Weekly Market Activity Report

There is further evidence that home sellers (both traditional and lender-mediated) in the Twin Cities housing market are becoming more successful in attracting buyer interest by pricing their properties attractively from the get-go. This is having the bonus effect of limiting further extension of market time and reducing the number of price concessions. For instance, the Average Days on Market Until Sale in October was 141, down from last year by 0.8 percent. This is the first year-over-year decline in market time since we began tracking the figures in 2006.

Similarly, the Percent of Original List Price Received at Sale in October sat at 91.3 percent. While still down from last year, it is only down 1.9 percent, compared to the more robust drops of 4 percent or higher seen during most of 2008. In other words, the market is still tilted in the buyer's favor, but sellers and banks are responding with more realistic prices at the time of first listing.

For the week ending November 1, there were 21 percent fewer new listings than there were at this time last year, and 1.4 percent fewer pending sales. This is the first downward year-over-year movement in pending sales since June.

The Housing Affordability Index has increased slightly in November to 161, while November's Months Supply of Inventory shows a drop to 9 months.

Click her for Market Report Details - PDF

NAR Recommends New Housing Stimulus Legislation


The National Association of REALTORS® will offer a four-point legislative plan to reinvigorate the housing market, calling on Congress to act during a lame-duck session. NAR believes the plan will give a boost to the economy and help to calm jittery potential homebuyers.
The plan features such consumer-driven provisions as eliminating the repayment of the first-time homebuyer tax credit and expanding it to all homebuyers, making higher mortgage loan limits permanent, pushing banks to extend credit to Main Street, and prohibiting banks from entering into real estate.


"Housing has always lifted the economy out of downturns, and it is imperative to get the housing market moving forward as quickly as possible," said NAR President Richard F. Gaylord. "It is vital to the economy that Congress take specific actions to boost the confidence of potential homebuyers in the housing market and make it easier for qualified buyers to get safe and affordable mortgage loans. We are asking Congress to act right away."


The four-point plan includes the following provisions:


Remove the requirement in the current law that first-time homebuyers repay the $7,500 tax credit, and expand the tax credit to apply not only to first-time buyers but also to all buyers of a primary residence.


Revise the FHA, Fannie Mae and Freddie Mac 2008 stimulus loan limit increases to make them permanent. The Economic Stabilization Act, enacted in February, made loan limit increases temporary, and subsequent legislation reduced the loan limits and made them permanent. This has broad implication for homebuyers in high cost areas.


Urge the government to use a portion of the allotted $700 billion that was provided to purchase mortgage-backed securities from banks to provide price stabilization for housing. The Treasury Department should be required to use the newly enacted Troubled Assets Relief Program to push banks to:


1. Extend credit down to Main Street, making credit more available to consumers and small businesses;

2. Expedite the process for short sales;

3. Expedite the resolution of banks' real estate owned (REOs) properties.

4. Make permanent the prohibition against banks entering real estate brokerage and management, further protecting consumers and the economy.

Barack Obama becomes 44th President

CHICAGO, Illinois (CNN) -- Barack Obama did more than thump John McCain in the Electoral College tally; he also handily won the popular vote and redrew the great divide between red states and blue states.

Riding a Democratic tide that bolstered the party's presence in both houses of Congress, Obama snared about 63 million votes to McCain's 55.8 million, according to totals early Wednesday.
According to exit polls, Obama crushed McCain among women voters (56 percent to 43 percent); voters under 30 (66 percent to 32 percent); African-American voters (95 percent to 4 percent); Latino voters (66 percent to 32 percent); first-time voters (68 percent to 31 percent); and voters making less than $100,000 a year (55 percent to 43 percent).
"I think this is the passing of an old order," CNN senior political analyst David Gergen said as the results rolled in Tuesday night and the outcome became increasingly evident.
"I think what we see ... is a new coalition, a new order emerging. It isn't quite there, but with Barack Obama, for the first time, it's won. It is the Latino vote we just heard about. It is the bigger black vote that came out. Very importantly, it's the youth vote, the 18-to-29-year-old," said the Harvard University professor and former presidential adviser.

Early voting totals in the East suggested things would go traditionally, with McCain taking most of the Southeast, Obama most of the Northeast.
But then things quickly changed, as the senator from Illinois struck -- first in Pennsylvania and then in the Midwest state of Ohio, states McCain had to win in his bid for the Oval Office. Obama then delivered an uppercut in Virginia, a state that had not voted for a Democratic president since 1964.

As polls closed from East to West, Obama kept hammering McCain, as he snatched away Iowa, Colorado, New Mexico and Nevada -- states that had been in President Bush's column in 2004.
And Wednesday morning, Obama added Indiana to the list of states he'd turned from red to blue. Indiana hadn't voted for a Democrat since Lyndon Johnson in 1964.
(Missouri and North Carolina were still counting votes Wednesday, but it appeared one or two of them could become blue-state converts as well.)

With McCain on the ropes, an Obama victory in Florida sounded the death knell.
When Indiana fell into Obama's column Wednesday morning, he had a 349-163 lead over his rival in electoral votes, with only 26 undecided.

As he claimed victory Tuesday night, Obama told supporters, "change has come to America."
"The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America -- I have never been more hopeful than I am tonight that we will get there. I promise you -- we as a people will get there," Obama said in Chicago before an estimated crowd of up to 240,000 people.

With Obama's win, he becomes the first African-American to win the White House.
McCain pledged Tuesday night to help Obama lead. "Today, I was a candidate for the highest office in the country I love so much, and tonight, I remain her servant," McCain said.
The senator from Arizona called Obama to congratulate him, and Obama told him that he was eager to sit down and talk about how the two of them can work together.
Obama will also be working with a heavily Democratic Congress. Democrats picked up Senate seats in New Hampshire, New Jersey, North Carolina and Virginia, among others.

But Obama pledged to work across party lines and listen to the 46 percent of voters who chose McCain."While the Democratic Party has won a great victory tonight, we do so with a measure of humility and determination to heal the divides that have held back our progress," Obama said.

"To those Americans whose support I have yet to earn -- I may not have won your vote, but I hear your voices, I need your help, and I will be your president, too," he said.

And he recited the words of Abraham Lincoln, the first Republican in White House, to call for unity."As Lincoln said to a nation far more divided than ours, 'We are not enemies, but friends ... though passion may have strained it must not break our bonds of affection,'" Obama said. Supporters in Chicago cheering, "Yes, we can," were met with cries of "Yes, we did."
Bush also called Obama to offer his congratulations.
The president told Obama he was about to begin one of the great journeys of his life, and invited him to the White House as soon as it could be arranged, according to White House spokeswoman Dana Perino.

More than 1,000 people gathered outside the White House, chanting "Obama, Obama!"
Sen. Hillary Clinton, Obama's former rival for the Democratic nomination, said in a statement that "we are celebrating an historic victory for the American people."

"This was a long and hard fought campaign, but the result was well worth the wait. Together, under the leadership of President Barack Obama, Vice President Joe Biden and a Democratic Congress, we will chart a better course to build a new economy and rebuild our leadership in the world."

Sen. Edward Kennedy said Americans "spoke loud and clear" in electing Obama.
"They understood his vision of a fairer and more just America and embraced it. They heard his call for a new generation of Americans to participate in government and were inspired. They believed that change is possible and voted to be part of America's future," the Massachusetts Democrat said in a statement.

Voters expressed excitement and pride in their country after casting their ballots in the historic election. Poll workers reported high turnout across many parts of the country, and some voters waited hours to cast their ballots.

Title Insurance

Title Insurance

Lenders always require that the buyer pay for a Lender’s Policy of Title Insurance, there is no law or other requirement that the buyers also purchase an Owner’s Policy of Title Insurance. Nevertheless, except in those few instances in which a buyer will have a lawyer prepare a Title It is advised to have buyers purchase an Owner’s Policy of Title Insurance. Otherwise, if a title defect is later discovered, the buyer will be responsible for correcting it. That can and often does involve thousands of dollars in fees.

Prior to the closing, the title insurance company will issue a “Commitment”. That is essentially a preliminary statement as to the status of the title. It is important that the buyer have an opportunity to see that Commitment before the closing. If it is sent to your Realtor, be sure it is promptly forward to you. If it is not sent to you, be sure to confirm that you has receive it from the title company.

Every Commitment includes a Schedule B which is often divided into B-I and B-II. The matters in Schedule B constitute exceptions to the title insurance. In other words, the Title Insurance Policy will not cover those matters. Often, if someone makes a request of the closer, she will be able to delete some of those exceptions, such as the “Standard Exceptions” and items that are being paid from closing, such as existing mortgages, liens and taxes. However, there are many items which will remain on the title to the property and cannot be deleted. Typical examples are Declarations of Protective Covenants and easements. If Schedule B refers to items of that nature, the buyer should have an opportunity to review the document which is referenced. Thus, if the Declaration prohibits the raising of pigs and chickens, the buyer should know that. Similarly, if the Declaration prohibits the construction of an out-building, a pool or a sports court, the buyer should know that.

Particular attention should be paid to easements. Most newer properties have easements along the rear or side five feet for utility and drainage. Those easements typically do not interfere with owner’s use and enjoyment of their property. However, some easements can be quite significant. Easements for such matters as gas pipelines, electrical transmission lines and conservation can dramatically limit how a person can use his or her property. If you see those types of easements in a Title Commitment, be certain to bring them to the attention of your Realtor.

Finally, if your is concerned about the Commitment or any of the documents associated with the Commitment, it is prudent for you to seek the advice of your own attorneys. Lawyers are trained to read and understand documents which affect the title to real property.