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The Media Has Incorrect Information
Published June 24, 2010 | 
I rarely watch the news, but earlier this week, I turned it on. Much to my dismay, I sat there listening to one of the news anchors talking about how bad the real estate market is and how much worse it will get when the tax credit stimulus is over at the end of next month!
I thought, “are you kidding?” First of all the real estate market (here in Hutchinson, MN) is so much better than it has been for the last couple of years, and the tax credit stimulus ended on April 30, 2010! (Anyone expecting to participate in the tax credit needed to be entered into a purchase agreement by 4/30/10.)
So, in a matter of a few minutes, I remembered why I don’t watch the news. The information they are giving isn’t always correct!
Read What You Sign!
Published June 14, 2010 | Many investors today are searching out property that has been foreclosed on in the Hutchinson, MN area. They are finding some really good values on properties, that with a little work can be turned around and sold for a profit.
There is one warning that buyers of foreclosed properties should be aware of. In the contracts that these buyers sign with the sellers (ususally mortgage companies), there is a clause that says that the “servicing company” has the right to step in and buy the property any time prior to closing.
This doesn’t happen real often, but it is happening. When the “servicing company” comes in and exercises their option to purchase the property, the investor/buyer is out any money they have spent to that point. This includes any inspection fees, appraisal fees, etc.
So, just a little warning to investors/buyers that are purchasing foreclosed property. Read the papers you are signing so there are no surprises!
Summer is in Full Swing
Published June 8, 2010 | Now that the school year has ended here in Hutchinson, MN, there are so many things for you and your family to enjoy.
Music in the Park begins next week and features different performers each week. Bring your blanket and lawn chairs to library square each Monday night to take it all in.
The walking trail along the whole north side of the Crow River features a great place to walk, run, bicycle, etc. for the entire family. Stop along the way and enjoy the ducks, geese, pelicans, deer, etc. in the Gopher Campfire sponsored sanctuary.
The Hutchinson Area Chamber of Commerce has a good listing of all the activities that take place throughout Hutchinson, so visit their website at
“explorehutchinson.com.”
Spend time enjoying all that Hutchinson, MN has to offer.
The Real Estate Market (first 30 days after the tax credit expiration.)
Published June 2, 2010 | According to the Minneapolis Area Association of Realtors, home sales in the Twin Cities housing market took another dip as the hangover from the tax credit expiration continued. For the week ending May 22, there were 624 pending sales—a precipitous drop of 42.5 percent from a year ago.
The biggest drops in sales since the credit ended can be seen in the traditional seller market (i.e., anything that’s not a foreclosure or short sale) and in the middle price ranges from $150,000 to $350,000. Pending sales have dropped in those ranges from 1,085 the week the credit ended to 384 for the week ending May 22. In sum, it may be a difficult summer market for home sellers.
The good news is that new supply is also slowing, which means the market is already self-correcting to avoid a surge in unneeded inventory. New listings fell to 1,581 for the same reporting week, a decline of 15.8 percent from this time last year.
The Supply-Demand Ratio has been updated for June and shows a figure of 5.05, which means there are 5.05 homes for sale for each buyer in the month. That’s a 10.9 percent increase over the mark seen a year ago and is a result of the decline in buyer activity.
Here in Hutchinson, MN the market activity for May, 2010 was still pretty good. We’ll have to see if our housing market sees the same declines as reported for the Twin Cities market.
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