Filed under: 1, Twin Cities Real Estate News | Tags: Woodbury Real Estate News, Minnesota, Cheryl Brenna Group, Community of Woodbury, Twin Cities Metro Area
Celebrate the Fourth of July at Ojibway Park in Woodbury!
It is hard to believe that the Fourth of July is already here. Honestly, it feels like school just let out! Let the festivities begin! In Woodbury we are privileged each year to have one of the best community celebrations in the metro area.
Are you looking for some old fashioned, family fun on the Fourth of July? Just pack up the lawn chairs or bring a blanket and come to Ojibway Park for the city’s annual holiday celebration. Festivities begin at 7 p.m. with a performance by Woodbury’s Red Rock Swing Band. The Fourth of July celebration culminates with a fireworks display, which will start at approximately 10 p.m. All activities are free of charge. Concessions will be sold on site. The event is scheduled rain or shine, and parking once again will be available in the large lot behind Woodbury High School. For more information, call the Parks and Recreation Department at (651) 714-3583.
If you haven’t made your plans for the weekend, we are including below a list of local fireworks displays and city celebrations:
Eagan 1501 Central Parkway, Eagan The Eagan July 4th Funfest ends with a spectacular fireworks show over Central Park. Check out the website for details.
Maplewood 1663 Co. Road C, Maplewood Enjoy fireworks in Maplewood at the beautiful Hazelwood Park. Sparks go off at 10:00 p.m.
Oakdale 400 Glenbrook Ave. N., Oakdale Bring your blanket and lawn chair to the annual 4th of July fireworks celebration. Fireworks begi
n at dusk.
St. Paul Harriet Island. June 2-5th. Taste of Minnesota. Great food, live entertainment and one of the best fireworks displays.
Stillwater 100 S. Main Street, Stillwater Enjoy fireworks in downtown Stillwater over the beautiful St.Croix River. Show beings at dusk.
White Bear Lake 4980 Lake Ave. N., White Bear Lake The 41st Annual Manitou Days ends with a fireworks show and music at Memorial beach. Music starts at 8:00 p.m. and fireworks start at 10:00 p.m.
Woodbury 2695 Ojibway Drive, Woodbury Bring your blanket and lawn chair to Ojibway Park for the annual 4th of July celebration. Woodbury’s Red Rock Swing Band plays tonight at 7:00 p.m. All activities are free. Fireworks start at 10:00 p.m. Click here for more information.
Hudson, WI Main Street. Enjoy the Carnival, Downtown Business Sidewalk Sale, Live Entertainment, Fireworks and more. Events start Wednesday, July 1st. For more detailed information and times visit the Hudson Booster’s website.
From all of us at the Cheryl Brenna Group, have a fantastic Fourth of July weekend! Happy Independence Day, and we’ll see you around the neighborhood!
Filed under: Buying a Home, MN, Twin Cities Real Estate News, Woodbury | Tags: Cheryl Brenna Group, Purchase a home, Real Estate, woodbury minnesota realestate
Making Your Move Less Stressful!
Whether this is your first move or your fifth move, most of us have heard that moving is considered to be one of the top 10 stressful life events. Moving into a new home may sound exciting, but anyone who’s been through 
it can tell you that the process can become quite overwhelming. The moving process is made up of a combination of life changing events: selling your current home, the purchase of your new home, maybe a new job, children changing schools and leaving a comfortable environment and friends. No wonder the stress level associated with moving is off the charts!
But, with the proper planning and the right people looking out for your best interests, moving can be a pretty seamless event. The Cheryl Brenna Group cares passionately about the people we represent. We want to make buying a new home a great adventure for our clients. We have developed a seamless process to help minimize your stress and anxiety by providing unsurpassable customer service. We can provide you with a moving checklist that will help keep you organized and on track. Remember, it helps to start planning a few weeks in advance!
We can also provide you with the inside track on just about everything you would need when moving to or within Woodbury, Minnesota. Check out the Favorites of the Cheryl Brenna Group on our Home Page! You will find numerous recommendations for interior designers, painters, lawn and landscape services, cleaners and organizers, places to shop, entertainment, schools and more!
Our goal is to make this transition for you and your family as easy and straightforward as possible. It takes passion and a genuine time investment to ensure that our buyers (and sellers) have had the best experience possible. That in itself is what separates the best from the rest in the real estate industry. Make yourself at home with the Cheryl Brenna Group!
Filed under: Market Activity Reports, Market Statistics, Twin Cities Real Estate News, Woodbury Real Estate News | Tags: Cheryl Brenna Group, MAAR, Market Activity, Minnesota, Twin Cities Metro Area
Anatomy of a Recovering Market
There are several ingredients that must be present for a recovering market such as stabilizing home sales, sustainable sales prices, declining inventories, a more balanced buyer-seller market, and increased affordability. Robin Peterson, the President of Coldwell Banker Burnet looks at the current statistics, the positive trends and conditions in our local housing market and finds they are more encouraging than they’ve been for some time.
Home Sales Stabilize
One important aspect of a recovering market is the stabilization of sales. In the Twin Cities metro area, we’ve experienced 14 consecutive weeks of double-digit increases in pending sales compared to the same weeks last year, according to the Minneapolis Area Association of REALTORS® (MAAR). The most recent report from MAAR notes that April sales were even stronger than our improving March sales. There were 5,211 pending sales in April across the market, up 23.8 percent from April 2008. This is the highest number of signed purchase agreements in April since 2005. Closed sales in April also were good: Up 7.3 percent over last April.
Home Inventories Fall
Home inventory is another key component of a recovering market. As of May 11, the total active listings were 26,450, 19.5 percent lower than during the same period last year. But despite the lower number of houses for sale, there is still a great inventory of homes available. Whether you’re a first-time buyer, move-up buyer, or looking for a luxury home, there is plenty of selection.
Movement Back to Sustainable Prices; Declines Attract Buyers
During the boom years, home prices kept increasing to unsustainable levels. But during the last few years, we’ve seen price declines which are now leveling off. There have been larger price declines among lender-mediated properties, but if you look just at traditional properties, the median sales price is $205,000, just 8.5 percent lower than last April. This is great news for people who are looking to buy a home. They have great buying power in a market that is characterized by increasing price stability.
Consumers are noticing these opportunities and now have a very positive attitude about the housing market. A recent Gallup Poll of consumers across the country found that 71 percent of them believe that now is a good time to buy a home.
Housing Affordability Improves
In addition to attractive home prices, we also continue to enjoy great interest rates. Locally, interest rates for 30-year fixed rate mortgages are available in the high 4 percent range, and in the mid four percent range for 15-year fixed rate mortgages. This combination of low interest rates and good home prices is resulting in excellent affordability. MAAR reported that the May housing affordability index was 219, 45.5 percent higher than last year. This is the highest it’s ever been in our market since MAAR first began tracking affordability in 1990.
Month’s Supply of Inventory Tops Out
Our market has been a buyers’ market for quite some time, but during the last several months we’re seeing a return to a more balanced market. In May the month’s supply of inventory was 7.7, 24.5 percent lower than the May 2008 number of 10.2. This is definitely going in the right direction, as a five-month supply of homes for sale is considered balanced between buyers and sellers.
Builders/Developers Cut Production
Across the country, builders have been adjusting their production to meet demand. The Chairman of NAHB Joe Robson noted that builders are doing a “great job of thinning the supply of unsold homes and positioning themselves for a steady housing recovery.”
But it’s important to note that locally, builders are optimistic about the improving sales and filed an increased number of building permits in April. The Builders Association of the Twin Cities reported that there were 419 building permits filed in April, which was 43 percent higher than April 2008.
These favorable conditions, including government programs to encourage home purchases, are attracting more buyers. Many of our sales associates are working with first-time buyers who are excited about home values and the tax credit of up to $8,000 they will receive under the American Recovery and Reinvestment Act of 2009. Now is a great time to buy a home, especially for first time buyers.
During this spring home buying and selling season, buyers are out in force. They realize that our housing conditions are improving and there are opportunities they just can’t pass up.
We invite you to view the latest The Skinny video from the Minnepolis Area Association of Realtors that reinforces this information:
Filed under: Cheryl Brenna Group Adages, MN, Woodbury | Tags: Minnesota, Twin Cities, woodbury minnesota realestate
With Thanks and Praise… 
The Cheryl Brenna Group wants to take this opportunity to share our sincere gratitude to all of the men and women who have served our great country. We have all been touched by war. For the families whose husband, wife, daddy, mommy, son, daughter, brother, sister, grandchildren, significant other, aunt, uncle, cousin, niece, nephew, friends who are are currently serving or have served to protect our country we say with complete sincerity how much we respect and honor each and every single one of them!
We hope that you will take this holiday weekend to pause for a moment and pray for everyone who is involved in the war and for their family and friends. Blessings to each and every one of them as we hope they will all come home safe . We thank them from the bottom of our hearts for defending this great country of ours. God Bless America!
Filed under: Market Activity Reports, Market Statistics, Twin Cities Real Estate News, Woodbury | Tags: Cheryl Brenna Group, MAAR, Market Activity, Real Estate, Twin Cities Metro Area
Twin Cities Metro home sales hot streak continues into spring heat
The Minneapolis Area Association of Realtors released their monthly stats news today. Here’s what they said:
April home sales in the Twin Cities were even stronger than March’s upswing. There were 5,211 pending sales in April, up 23.8 percent from last April. This is the highest showing of signed purchase agreements in April since 2005 and the tenth consecutive month of year-over-year increases.
Of the month’s pending sales, 46.0 percent were lender-mediated foreclosures and short sales—down from the last few months as more traditional properties are sold during the spring selling season but up from last year at this time.
The supply of homes for sale continues to experience sluggish growth this spring. There are currently 26,410 homes for sale in the Twin Cities, up 416 units from last month and down 18.4 percent from this time last year. The number of houses for sale for each buyer, as measured by our Supply-Demand Ratio, sits at 5.23 for May—down 28.6 percent from this time last year.
The median sales price for all properties in April of $153,000 is down 25.2 percent from a year ago. While this figure is mathematically correct, it is conceptually flawed. Since a higher share of sales this April were lender-mediated than last April, the number is skewed downward. The median April sales price of traditional homes was $205,000, down 8.5 percent from a year ago. Lender-mediated homes posted an April figure of $120,000, down 21.5 percent from a year ago.
The Cheryl Brenna Group can assist you with all your real estate needs in Woodbury and the entire metro area and Western Wisconsin! Check out our Favorites on our home page for referrals to interior designers, painters, lawn and landscape services, cleaners, organizers, places to shop, entertainment and more! This fresh and exciting information is constantly updated for your convenience.
Filed under: MN, Woodbury, Woodbury Real Estate News | Tags: Cheryl Brenna Group, Community of Woodbury, neighborhood, woodbury mn, Woodbury Real Estate News
The City of Woodbury Community Survey Results
We love the community of Woodbury! The Cheryl Brenna Group is always seeking new information and we like to be able to provide the inside track on the newest developments and interesting information that pertains to our great city of Woodbury, MN. The link below is to the website of the City of Woodbury which has provided fabulous information from a 2009 survey conducted by an independent polling firm. Local residents are given the opportunity to rate city services, projects, issues and the quality of life in Woodbury every two years. The City Council uses this valuable feedback as a tool to determine which areas need adjustments and whether it is meeting the expectations of its community members. We hope that you will take the time and enjoy reading the survey results about the city as much as we did. We wish you a warm and happy weekend!
Filed under: Home Values, Selling a Home, Twin Cities Real Estate News, Woodbury Real Estate News | Tags: Cheryl Brenna Group, woodbury minnesota realestate, Selling Your Home, Preparing Your Home for Sale, Twin Cities Metro Area
CAUTION: DON’T SET YOUR LISTING PRICE TOO HIGH
Picture this: You’ve decided to sell your home, and you have an idea of what you think it is worth. You schedule appointments with three local listing agents. Each Realtor comes prepared with a Competitive Market Analysis (CMA), and each recommends a specific listing price.
Two Realtors settle on prices lower than you expected. They back up their recommendations with recent sales comparisons and data of similar homes that didn’t sell while they were listed. But you remain convinced that your house is worth more.
The third agent’s figures are more in line with your anticipated value — maybe higher. Your spirits lift. Confident that you are going to get a higher sale price, you may even start searching for a more expensive home to purchase.
Not so fast! Realtor number three has just engaged in a questionable sales practice called “buying a listing.” He seems willing to accept your input and work with you; seems to care about your financial return, right?
Wrong. He “bought” the listing by tempting you with a higher list price than the other agents recommended. Most likely, however, he is doubtful that your home will actually sell at that price. His intention from the beginning is to eventually talk you into lowering the price, and to continue asking for price reductions in order to attract potential buyers.
Think about it. If you start out with a listing price that’s too high, then drop it later, your house is “old news.” You’ll never recapture that initial flurry of activity, and your house could take longer to sell. And if you do happen to sell at an above-market price to an uninformed buyer, your sale could fall apart once your buyer’s mortgage lender orders an appraisal and determines the home is worth less than the amount agreed upon. Then you’re in the unenviable position of trying to renegotiate the price — if the buyer is willing to listen.
Several years ago, buyers were forced to make full-price offers right away. In today’s market, those same buyers are turning down deals that aren’t sweet enough. Overpricing may have chipped away at your return — or worse, put you back at square one!
The Cheryl Brenna Group will assist you in setting a realistic listing price that will generate interest, momentum, better offers and—ultimately—a mutually satisfying sale.
For more information on setting your home’s listing price, we invite you to watch the following video:
Filed under: Buying a Home, Market Activity Reports, Market Statistics, Selling a Home, Twin Cities Real Estate News | Tags: Cheryl Brenna Group, currenty home inventory, existing homes, foreclosure, Market Activity, Twin Cities Metro Area
Finding Price Bottoms: Months Supply of Inventory for Foreclosure and Short Sales
It was announced last week that the number of foreclosures and short sales on the market in the Twin Cities has dropped over 1,200 units from February to April. That’s undoubtedly a valuable measurement, but it also helps to look at metrics that take into account both supply AND demand like Months Supply of Inventory (MSI) to get a feel for where we’re at in this market cycle.
A quick review on MSI: MSI measures the amount of time (in months) that will take the current number of homes for sale to sell through completely given the current sales rate. The higher the number, the more supply there is relative to demand, the tougher it is for sellers, the longer it takes to sell a house. The lower the number, the less supply there is relative to demand, the easier it is for sellers, the less time it takes to sell a house.
A market that’s balanced between buyers and sellers is considered one in which there is roughly a 5- to 6-month supply of homes for sale.
So, what has the recent drop in inventory of lender-mediated properties meant for MSI in the Twin Cities market? Take a look:
In the last year, the MSI of lender-mediated properties has dropped 66.2 percent from an extreme buyers market of 15.6 months supply to a relatively balanced market of 5.3 percent. The traditional market has dropped very slightly from 9.7 months to 9.5 months.
What does this picture look like historically? Glad you asked. Take a gander at this here chart:
Lender-mediated MSI reached a peak of about 18 months supply during 2006. Since then its been on a general path downwards despite growing inventory thanks to increasing sales. The traditional market has been on a general path upward during that time period, though it appears to have plateaued somewhat this year.
Important takeaway #1: The foreclosure and short sale segment is not a buyer’s market anymore and likely will become a seller’s market in 2009, which will likely lead to a price bottom for that segment.
Important takeaway #2: The traditional market still sits firmly in the buyer’s market category with 9.5 months of supply. Further price declines should be expected.
For more information on where the Twin Cities real estate market is heading, we invite you to view the following video provided by MAAR. This monthly summary provides an overview of current trends and projections for future activity. Enjoy!
You can count on the Cheryl Brenna Group Blog to provide you with the most relevant, up-to-date real estate information! Feel free to contact us at 651-730-2521 for your real estate needs and more detailed market information.
Filed under: Cheryl Brenna Group Adages
We wish you a Happy and Lighthearted Weekend! The actor Robin Williams says spring is nature’s way of saying, “Let’s Party!” After this past winter in Minnesota–the coldest in recent memory–we couldn’t agree more. At the Cheryl Brenna Group we are so excited because spring is FINALLY HERE! We found this delightful video on the Internet this week and it expressed our feelings exactly. As we all know-life can be quite stressful at times and we wanted to end this week on a light and upbeat note-We could all use surprise moments that gets our feet tapping, our bodies moving and our hearts sing! I would have jumped right in and danced with glee… Please join us as we savor the sunshine and dance with happy feet. By the way, our seven grandchildren loved that Movie-Happy Feet and the music was great! Have a GREAT weekend–we’ll be back on Monday with our weekly market stats. See you then. Backstory: As part of a publicity campaign, on a Monday in March, a flash mob of dancers infiltrated the central hall of the Antwerp train station. When a modern version of The Sound of Music hit “Do Re Mi” came through the speakers, a couple of them started to dance. Disguised as commuters, additional dancers gradually joined them, much to the delight of passers by. We hope you will Enjoy this as much as we did!
Filed under: Buying a Home, Home Values, Selling a Home, Woodbury Real Estate News | Tags: Cheryl Brenna Group, Market Activity, Purchase a home, Selling Your Home, Twin Cities Metro Area, Woodbury Real Estate News
Why Aren’t People Buying Homes?
You don’t have to be a real estate agent to know this—anyone even remotely clued into the world is hearing it over and over again: it’s a buyer’s market, a buyer’s market, a buyer’s market. So, if it’s such a buyer’s market, why aren’t all the homes for sale being snapped up? What’s going on in the minds of Woodbury home buyers?
The first, obvious, answer is the economy. With national unemployment levels still rising, as well as the fear factor accompanying the recessionary black cloud hanging over all our heads, plenty of people don’t want to spend their money—even on everyday items, not to mention purchasing a new home. This mindset is perfectly understandable, but doesn’t account for the throngs of people who are in a healthy financial position and are interested in buying a house but still choosing not to move forward.
At the Cheryl Brenna Group, some of the buyers we talk to are still sitting on the sidelines and waiting for the bottom of the market to present itself. To that, all we can say is, how will you know when the bottom is reached? Of course, we’ll all know the real estate market has hit the bottom only when we’re not there anymore and prices start to rise!
Another concern we hear is from potential buyers who have a home to sell before they can purchase another house. They’re worried about the loss in equity they’ve experienced in their current home as well as the potential for any new home they purchase to decline in value. None of us has a crystal ball, but we can look to history to tell us that real estate in general is a great place to invest our money long-term. Homes may have lost value now, and may continue to go even lower, but we know—without a doubt—that if you have the time and plan on staying put for a while, your home will increase in value.
As to the loss in equity on a current home, selling for less than was possible a few years ago means you will also buy for less than you would have a while back. Sounds like a winning situation all around!
Happily, there are plenty of indicators to tell us that–although we may not be at the 
lowest point in the housing market yet—NOW is the time to buy. The housing affordability index is at a record high, while mortgage rates remain historically low. The inventory of homes available for sale is quite large in all price ranges and those looking for new construction are finding builders are negotiating like never before. On top of all that, first-time home buyers (defined as not having owned a home in the past three years) are eligible for a new federal tax credit up to $8,000 if a home is purchased by December 1 of this year.
Here’s the bottom line for all potential buyers wondering if it’s time to take the plunge—if you’ve got a down payment, a stable job, and an area you’re comfortable living in for years to come, by all means it’s the time to buy your next home (with our blessings!).
