Tuesday, July 15, 2008
Plymouth Named Best Place to Live
According to CNN Money, Plymouth, MN ranks number one on the best places to live list.
Topnotch schools, good jobs, affordable housing, low crime, an active outdoor culture - yep, they're pretty much all here. Plymouth could have become just another Twin Cities suburb, but more than 50,000 jobs keep residents working there.
Home prices are within reason: The typical three-bedroom, two-bath house goes for $350,000. The city's main school district is ranked among the top three in the state, and for culture, Plymouth's open-air amphitheater, the Hilde Performance Center, hosts numerous summer concerts. Residents are a quick drive from the Mall of America, the nation's biggest mall.
And did we mention the outdoors? Plymouth boasts more than half a dozen sizable bodies of water. Of course, this being Minnesota, winter can be brutal: January's average low temperature is about 13°F. But when the mercury plummets, the locals get busy. In February the city hosts a Fire & Ice Festival that includes mini-golf, bowling and basketball - all right on the ice.
Financial City stats Best places avg.
Median family income(per year) $111,631 $93,075
Family purchasing power
(annual, cost-of-living adjusted) $133,064 $107,483
Sales tax 6.65% 6.57%
State income tax rate(highest bracket) 7.85% 5.17%
State income tax rate(lowest bracket) 5.35% 2.43%
Auto insurance premiums(Average for the state) $1,590 $1,791
Job growth %(2000-2007) 7.89% 18.72%
Housing City stats Best places avg.
Median home price $288,950 $291,949
Average property taxes(2007) $4,526 $3,886
Education City stats Best places avg.
Colleges, universities and professional schools
(within 30 miles) 27 49
Junior colleges and technical institutes
(within 30 miles) 27 25
Test scores reading(% above state average) 31.6% 17.3%
Test scores math(% above average) 33.2% 16.4%
% students attending public/private schools
(located within town limits) 88.9/9.1 89.0/11.0
Quality of life City stats Best places avg.
Air quality index 70.1% 75.9%
Personal crime incidents (per 1,000) 23 2
Property crime incidents (per 1,000) 283 25
Median commute time(in minutes) 21.0 23.0
% population with commute45 mins. or longer 7.6% 15.7%
% population walk or bike to work 1.8% 3.0%
Leisure and culture City stats Best places avg.
Movie theaters(within 15 miles) 66 51
Restaurants(within 15 miles) 3,362 4,094
Bars(within 15 miles) 324 408
Public golf courses(within 30 miles) 281 316
Libraries(within 15 miles) 104 89
Museums 4 13
Ski resorts (within 100 miles) 14 33
Arts funding
(Dollars per person of state funds spent on arts) 2.1 1.5
Weather City stats Best places avg.
Annual rainfall(inches) 29.81 36.17
% clear days in the area 26 30
Snowfall(average in inches) 49.90 24.95
High temp in July ° F 83.2° 87.8°
Low temp in Jan ° F 3.7° 22.9°
Health City stats Best places avg.
Has health plan(% of residents) 91.2% 88.3%
Body mass index (avg. for residents) 26 27
Diabetes rates(% of residents diagnosed) 8.0% 9.6%
Hypertension rates(% of residents diagnosed) 25.4% 27.2%
Meet the neighbors City stats Best places avg.
Median age 37.8 35.9
Completed at least some college(% of residents) 83.3% 73.7%
Married 60.8% 57.5%
Divorced 8.0% 8.3%
Racial diversity index(100 is national average;
higher numbers indicate greater diversity) 49.7 104.2
Amount spent on vacations
(domestic and foreign, household avg. per year) $8,528 $8,007
Topnotch schools, good jobs, affordable housing, low crime, an active outdoor culture - yep, they're pretty much all here. Plymouth could have become just another Twin Cities suburb, but more than 50,000 jobs keep residents working there.
Home prices are within reason: The typical three-bedroom, two-bath house goes for $350,000. The city's main school district is ranked among the top three in the state, and for culture, Plymouth's open-air amphitheater, the Hilde Performance Center, hosts numerous summer concerts. Residents are a quick drive from the Mall of America, the nation's biggest mall.
And did we mention the outdoors? Plymouth boasts more than half a dozen sizable bodies of water. Of course, this being Minnesota, winter can be brutal: January's average low temperature is about 13°F. But when the mercury plummets, the locals get busy. In February the city hosts a Fire & Ice Festival that includes mini-golf, bowling and basketball - all right on the ice.
Financial City stats Best places avg.
Median family income(per year) $111,631 $93,075
Family purchasing power
(annual, cost-of-living adjusted) $133,064 $107,483
Sales tax 6.65% 6.57%
State income tax rate(highest bracket) 7.85% 5.17%
State income tax rate(lowest bracket) 5.35% 2.43%
Auto insurance premiums(Average for the state) $1,590 $1,791
Job growth %(2000-2007) 7.89% 18.72%
Housing City stats Best places avg.
Median home price $288,950 $291,949
Average property taxes(2007) $4,526 $3,886
Education City stats Best places avg.
Colleges, universities and professional schools
(within 30 miles) 27 49
Junior colleges and technical institutes
(within 30 miles) 27 25
Test scores reading(% above state average) 31.6% 17.3%
Test scores math(% above average) 33.2% 16.4%
% students attending public/private schools
(located within town limits) 88.9/9.1 89.0/11.0
Quality of life City stats Best places avg.
Air quality index 70.1% 75.9%
Personal crime incidents (per 1,000) 23 2
Property crime incidents (per 1,000) 283 25
Median commute time(in minutes) 21.0 23.0
% population with commute45 mins. or longer 7.6% 15.7%
% population walk or bike to work 1.8% 3.0%
Leisure and culture City stats Best places avg.
Movie theaters(within 15 miles) 66 51
Restaurants(within 15 miles) 3,362 4,094
Bars(within 15 miles) 324 408
Public golf courses(within 30 miles) 281 316
Libraries(within 15 miles) 104 89
Museums 4 13
Ski resorts (within 100 miles) 14 33
Arts funding
(Dollars per person of state funds spent on arts) 2.1 1.5
Weather City stats Best places avg.
Annual rainfall(inches) 29.81 36.17
% clear days in the area 26 30
Snowfall(average in inches) 49.90 24.95
High temp in July ° F 83.2° 87.8°
Low temp in Jan ° F 3.7° 22.9°
Health City stats Best places avg.
Has health plan(% of residents) 91.2% 88.3%
Body mass index (avg. for residents) 26 27
Diabetes rates(% of residents diagnosed) 8.0% 9.6%
Hypertension rates(% of residents diagnosed) 25.4% 27.2%
Meet the neighbors City stats Best places avg.
Median age 37.8 35.9
Completed at least some college(% of residents) 83.3% 73.7%
Married 60.8% 57.5%
Divorced 8.0% 8.3%
Racial diversity index(100 is national average;
higher numbers indicate greater diversity) 49.7 104.2
Amount spent on vacations
(domestic and foreign, household avg. per year) $8,528 $8,007
Thursday, July 10, 2008
Are You Staged to Sell? 5 Ways to Get Results
By Margaret Kelly From RIS Media
RISMEDIA, July 10, 2008-Real estate is, as always, a sound long-term investment-and I mean that for careers as much as for consumers.
The key word, however, is “investment.”
An immediate-and understandable-reaction for many real estate professionals when their market begins to slow is expense-slashing.
There’s no disputing that many markets are in tough corrections. The National Association of Realtors April 2008 data show an 11-month inventory of existing homes across the U.S. and sales fluctuating each month nationally and regionally.
But homes are being bought and sold, just as they always are, no matter how the real estate climate is labeled. The seasonally adjusted pace for April puts us on track for 5 million sales in 2008. If you’re motivated and have the right attitude, you’ll earn your share of those sales.
To get the results you’re looking for, it’s critical first to evaluate whether the time and money you’re spending is being spent wisely.
Remove the clutter. Cut costs and tasks that aren’t about putting you in front of clients. Evaluate every line item in your budget and ask yourself how the expense directly generates business for you.
Don’t be too quick to nix training opportunities. There’s truth in the phrase “Learn more to earn more.” And even one referral from a networking event or class could make up for any fees and other expenses.
Create curb appeal. Now’s the perfect time for a fresh advertising campaign. Take your best new idea and incorporate it into print materials (letters, flyers, mailers, newspaper ads); then update your website and other online platforms. A sharp look and cohesive message can attract new attention and second glances.
Give some extra thought to sprucing up your business card and e-mail signature by adding a new designation to your name. When you earn designations, their symbols trigger curiosity, generate referrals and represent your expertise.
Consider upgrades. It never hurts to look the part. Evaluate your image and make sure you’re conveying professionalism, knowledge and trustworthiness inside and out.
And think about working with a real estate coach. They’re great at helping you stay productive-rather than “busy”-through slower periods.
Smart investments of time and resources can make all the difference in your business when you’re not the only option on the block.
RISMEDIA, July 10, 2008-Real estate is, as always, a sound long-term investment-and I mean that for careers as much as for consumers.
The key word, however, is “investment.”
An immediate-and understandable-reaction for many real estate professionals when their market begins to slow is expense-slashing.
There’s no disputing that many markets are in tough corrections. The National Association of Realtors April 2008 data show an 11-month inventory of existing homes across the U.S. and sales fluctuating each month nationally and regionally.
But homes are being bought and sold, just as they always are, no matter how the real estate climate is labeled. The seasonally adjusted pace for April puts us on track for 5 million sales in 2008. If you’re motivated and have the right attitude, you’ll earn your share of those sales.
To get the results you’re looking for, it’s critical first to evaluate whether the time and money you’re spending is being spent wisely.
Remove the clutter. Cut costs and tasks that aren’t about putting you in front of clients. Evaluate every line item in your budget and ask yourself how the expense directly generates business for you.
Don’t be too quick to nix training opportunities. There’s truth in the phrase “Learn more to earn more.” And even one referral from a networking event or class could make up for any fees and other expenses.
Create curb appeal. Now’s the perfect time for a fresh advertising campaign. Take your best new idea and incorporate it into print materials (letters, flyers, mailers, newspaper ads); then update your website and other online platforms. A sharp look and cohesive message can attract new attention and second glances.
Give some extra thought to sprucing up your business card and e-mail signature by adding a new designation to your name. When you earn designations, their symbols trigger curiosity, generate referrals and represent your expertise.
Consider upgrades. It never hurts to look the part. Evaluate your image and make sure you’re conveying professionalism, knowledge and trustworthiness inside and out.
And think about working with a real estate coach. They’re great at helping you stay productive-rather than “busy”-through slower periods.
Smart investments of time and resources can make all the difference in your business when you’re not the only option on the block.
Wednesday, July 2, 2008
How to Sell a Home in This Brutal Market
Jim Remley
Realty Times
Real estate values have been falling quickly across much of the US. The pace of existing home sales is down sharply as well, with many homes languishing on the market for months and months.
There are strategies that can help you sell your home -- for a fair price -- even in hard-hit areas.
BEST MOVES FOR SELLERS
You might have to be very aggressive in the current environment, especially if your local real estate market has a glut of homes for sale. Here’s how...
Don’t start with a high price. Asking price is the single most important reason that a property does not sell. In this buyer’s market, it is a mistake to set a high price and assume that you can lower it later, if necessary, in negotiations. Area real estate agents pay the most attention to listings when they first appear on the market. These days, they may not even bother to show your home to buyers if it is overpriced.
If you start out too high, by the time you do lower your price, real estate agents will have newer listings to show buyers. The buyers who do see your home will view your price cut as a sign of desperation and bid low.
The correct price to ask for your home in this market is toward the low end of the range of prices being asked on comparable homes currently for sale in the neighborhood.
Pricing your home as a slight bargain ensures that as many potential buyers as possible will walk through your door. This is crucial at times like these when home sellers outnumber buyers.
Recheck the asking price of comparable listings every two to four weeks if your home has not sold. If local real estate prices are falling fast, you might have to lower your price to remain competitive. When you do a price reduction, make it large enough so that the new price is very competitive with comparable homes or is even a “best buy.”
Important: The amounts your neighbors sold their homes for a year or two ago should not even enter your thinking when you set your asking price. It was a very different market then, and those prices are irrelevant today.
Helpful: If your home is not attracting many showings, the price is probably the problem. If it is attracting showings but not offers, the home itself is most likely to blame.
Fix it up first. “Fixer-uppers” tend to be ignored in slow real estate markets because buyers can find good deals without breaking out their tools. If your home is in need of substantial repairs, it is best to get the work done before placing it on today’s market.
Pay attention to curb appeal. Home buyers have so many options that if a property doesn’t look attractive from the street, they will drive past it without even stopping.
What to do: Spend a weekend beautifying the front of your home. Replace damaged window screens... tidy up the lawn and landscaping... pressure-wash the sidewalk... add mulch around trees and in flower beds. If necessary, have the home’s exterior repainted, particularly the front door and trim... and upgrade outdoor lighting fixtures, doorknobs and your doorbell switch or knocker. These small details can evoke an emotional reaction in a home shopper that can lead to a sale.
Freshen up inside. A fresh coat of paint and new carpet or refinished wood floors can make a big difference. It also pays to hire a professional cleaning service to remove years of grime from your kitchen and bathrooms.
Smell matters, too. It is extremely difficult to sell homes that reek of cigarette smoke or pet and cooking odors. Perfuming the house with scented candles or potpourri doesn’t fool anyone.
What to do: Hire a building restoration company to remove odors if scrubbing does not do it. Services range from a few hundred to a few thousand dollars. (Look in the phone directory under “Building Maintenance” or “Building Restoration.”) You will recoup this expense if your home is worth $300,000 or more.
Include special features and construction details in your Multiple Listing Service (MLS) listing. French doors, mosaic tile or a gated entry sets your home apart from others in the area.
Be descriptive. Rather than writing “inground pool,” you or the agent should write “inground pool with waterfall and hot tub.”
Offer incentives to buyers and brokers. Many home sellers are “bribing” buyers with cash, cars and flat-screen TVs. Most effective incentives...
Help with closing costs. Cash-poor buyers might have trouble paying up-front mortgage expenses. Offer to pay a portion of these costs, and buyers have a reason to choose your home.
Pay for buy downs. Many lenders will lower interest rates by one-eighth to one-quarter percentage point in exchange for an up-front payment. The payment usually is 1% or 2% of the loan amount.
Include details of your incentives in your MLS listing, newspaper ad, flyers, on your Web site and anywhere else you advertise the property.
You also can offer real estate agents a bonus, which often is an extra 1% to 3% of the purchase price, on top of their usual commission, at closing if they find you a buyer. Mention the bonus only in the MLS listing.
Important: If you offer a sales incentive, disclose this in your sales contract with the buyer. If the incentive is not mentioned in the contract and the buyer later defaults on the loan, the lender could claim that you and the buyer engaged in fraud by manipulating the sale price of the home to include an asset that the lender could not foreclose upon.
Don’t overnegotiate. If a potential buyer’s first offer is reasonable, consider accepting it, rather than making a higher counteroffer. Buyers have so many homes to choose from today that they sometimes move on to other properties, rather than make second offers when sellers don’t accept their initial bids. If you do not need to sell quickly or your home is garnering lots of showings, counter -- but if you need to sell fast and the initial offer is reasonable, do not risk losing the sale over a relatively small amount of money.
Realty Times
Real estate values have been falling quickly across much of the US. The pace of existing home sales is down sharply as well, with many homes languishing on the market for months and months.
There are strategies that can help you sell your home -- for a fair price -- even in hard-hit areas.
BEST MOVES FOR SELLERS
You might have to be very aggressive in the current environment, especially if your local real estate market has a glut of homes for sale. Here’s how...
Don’t start with a high price. Asking price is the single most important reason that a property does not sell. In this buyer’s market, it is a mistake to set a high price and assume that you can lower it later, if necessary, in negotiations. Area real estate agents pay the most attention to listings when they first appear on the market. These days, they may not even bother to show your home to buyers if it is overpriced.
If you start out too high, by the time you do lower your price, real estate agents will have newer listings to show buyers. The buyers who do see your home will view your price cut as a sign of desperation and bid low.
The correct price to ask for your home in this market is toward the low end of the range of prices being asked on comparable homes currently for sale in the neighborhood.
Pricing your home as a slight bargain ensures that as many potential buyers as possible will walk through your door. This is crucial at times like these when home sellers outnumber buyers.
Recheck the asking price of comparable listings every two to four weeks if your home has not sold. If local real estate prices are falling fast, you might have to lower your price to remain competitive. When you do a price reduction, make it large enough so that the new price is very competitive with comparable homes or is even a “best buy.”
Important: The amounts your neighbors sold their homes for a year or two ago should not even enter your thinking when you set your asking price. It was a very different market then, and those prices are irrelevant today.
Helpful: If your home is not attracting many showings, the price is probably the problem. If it is attracting showings but not offers, the home itself is most likely to blame.
Fix it up first. “Fixer-uppers” tend to be ignored in slow real estate markets because buyers can find good deals without breaking out their tools. If your home is in need of substantial repairs, it is best to get the work done before placing it on today’s market.
Pay attention to curb appeal. Home buyers have so many options that if a property doesn’t look attractive from the street, they will drive past it without even stopping.
What to do: Spend a weekend beautifying the front of your home. Replace damaged window screens... tidy up the lawn and landscaping... pressure-wash the sidewalk... add mulch around trees and in flower beds. If necessary, have the home’s exterior repainted, particularly the front door and trim... and upgrade outdoor lighting fixtures, doorknobs and your doorbell switch or knocker. These small details can evoke an emotional reaction in a home shopper that can lead to a sale.
Freshen up inside. A fresh coat of paint and new carpet or refinished wood floors can make a big difference. It also pays to hire a professional cleaning service to remove years of grime from your kitchen and bathrooms.
Smell matters, too. It is extremely difficult to sell homes that reek of cigarette smoke or pet and cooking odors. Perfuming the house with scented candles or potpourri doesn’t fool anyone.
What to do: Hire a building restoration company to remove odors if scrubbing does not do it. Services range from a few hundred to a few thousand dollars. (Look in the phone directory under “Building Maintenance” or “Building Restoration.”) You will recoup this expense if your home is worth $300,000 or more.
Include special features and construction details in your Multiple Listing Service (MLS) listing. French doors, mosaic tile or a gated entry sets your home apart from others in the area.
Be descriptive. Rather than writing “inground pool,” you or the agent should write “inground pool with waterfall and hot tub.”
Offer incentives to buyers and brokers. Many home sellers are “bribing” buyers with cash, cars and flat-screen TVs. Most effective incentives...
Help with closing costs. Cash-poor buyers might have trouble paying up-front mortgage expenses. Offer to pay a portion of these costs, and buyers have a reason to choose your home.
Pay for buy downs. Many lenders will lower interest rates by one-eighth to one-quarter percentage point in exchange for an up-front payment. The payment usually is 1% or 2% of the loan amount.
Include details of your incentives in your MLS listing, newspaper ad, flyers, on your Web site and anywhere else you advertise the property.
You also can offer real estate agents a bonus, which often is an extra 1% to 3% of the purchase price, on top of their usual commission, at closing if they find you a buyer. Mention the bonus only in the MLS listing.
Important: If you offer a sales incentive, disclose this in your sales contract with the buyer. If the incentive is not mentioned in the contract and the buyer later defaults on the loan, the lender could claim that you and the buyer engaged in fraud by manipulating the sale price of the home to include an asset that the lender could not foreclose upon.
Don’t overnegotiate. If a potential buyer’s first offer is reasonable, consider accepting it, rather than making a higher counteroffer. Buyers have so many homes to choose from today that they sometimes move on to other properties, rather than make second offers when sellers don’t accept their initial bids. If you do not need to sell quickly or your home is garnering lots of showings, counter -- but if you need to sell fast and the initial offer is reasonable, do not risk losing the sale over a relatively small amount of money.
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