Filed under: Buying a Home, Selling a Home, Twin Cities Real Estate News | Tags: Cheryl Brenna Group, foreclosure, short sale, Twin Cities Metro Area, woodbury minnesota realestate
Should I Make an Offer on a Short-Sale Property? 
Given the state of the economy, short-sale and foreclosure properties are a fact of life. Many homeowners wonder, “What happens if I can’t afford my home?” And potential buyers ask, “Should I made an offer on a short-sale property?”
Both questions can be complicated. There are myriad details to consider. It could, for example, take six to nine months before either party gets an answer from the lender. Even longer if there are two separate mortgages!
CERTIFIED DISTRESSED PROPERTY EXPERTS
Being Realtors, we are asked such questions almost on a daily basis. As a result of the market’s being saturated with these properties, The Cheryl Brenna Group is Certified Distressed Property Experts. We are prepared to assist both sellers and buyers.
SELLING
Homeowners need an advocate — someone who sincerely cares about them and is dedicated to making the process less stressful from beginning to end. We have the expertise to help: to evaluate the options and guide the seller through an appropriate course of action.
For us, it is not just about the financial benefit of a commission. The Cheryl Brenna Group has a genuine interest in helping people who are going through one of the most trying periods in their lives. We know how emotional it is. We also understand that there are many homeowners who do not fully comprehend what their options are, or if they even have options!
We appreciate the sense of loss. Life is not easy and we are all tested on a daily basis. There are always lessons to be learned, but once we realize what we’re suppose to discover in the experience, we are usually stronger and better people. As the song says, “Mama said there’d be days like this … Mama said, Mama said!”
I am not, by any means, making light of circumstances that leave a homeowner contemplating a short sale. But hanging on to your sense of humor — if possible — sure helps. If you are one of the thousands who find yourself in this situation, we hope that you will put your trust in The Cheryl Brenna Group. Count on us to get you through this distressing time.
BUYING
The Cheryl Brenna Group is willing and able to help in the purchase of a short-sale or foreclosure home. Buyers need to know how to navigate what can prove to be a complex transaction. There are pitfalls — and we know how to avoid them.
Let the Certified Distressed Property Experts at the Cheryl Brenna Group be your inside guide to short-sale and foreclosure properties.
Filed under: Buying a Home, Home Maintenance, Home Values, Real Estate | Tags: Cheryl Brenna Group, Home Inspections, Purchase a home, Real Estate, Twin Cities Metro Area
Consider Re-Sale When Purchasing a Home!
Buying a home can be one of the most emotional events in your life. And it should be! The purchase of a home will most likely be one of your largest single expenditures. It is your sanctuary and possibly the place you will raise your family. You want it to fit you!
Looking for a home seems fairly easy. You drive around neighborhoods, visit open houses and search real estate web sites to find properties that interest you. Things become more complex when you become serious about putting in an offer on a home. Whether it is new construction or an existing home, the time to avoid re-sale problems is when you decide to purchase.
It may be hard to think about re-sale when you are just considering buying a home. However, some time in the future you may want or need to sell that home. Remember, no home will be absolutely perfect. But once you find the home that fits your needs, it would be wise to look ahead and consider any possible issues that could affect the re-sale of the property. You will want to have a home that is in high demand by future buyers and one that will get you the highest price possible in the market at the time you decide to sell.
Here are a few potential items to consider in order to avoid future re-sale problems:
1) Lack of Yard
Buyers may pass on a home that has a significantly smaller or unusable yard.
2) Unusual Easements or Restrictions
If unusual easements or deed restrictions are discovered on the title work, it could be cause for re-consideration and it would be in your best interest to carefully evaluate the situation before making a final decision. Some examples: Is there an access easement to another property? Is there an encroachment on the property? Is flood insurance required? Is there a lot boundary issue?
3) High Tension Wires
The general reaction by buyers to nearby high tension wires is to simply cross the property off their short list.
4) Steep Driveway
From past experience if a drive way is too steep, some buyers won’t even get out and view the home.
5) Busy Street
The noise and traffic related to a busy street is a turn off to many buyers regardless if the street is located in the front or to the rear of the home.
6) Uncommon Style
Homes that are atypical for the neighborhood may be problematic in selling in the future.
7) Non-Functional Floor Plan
Floor plans that make living in the home difficult may turn buyers away. Some examples: Excessive level changes, low ceilings and rooms that are out of proportion.
8) Water Drainage Problems
Poor water drainage can create serious and costly structural remediation problems.
9) Over Improved
It may be difficult to recoup the cost for homes that are over improved for the area. Some buyers may feel safer purchasing at the mid level of a neighborhood.
10) Inspection Issues
Excessive repairs noted in your inspection report may indicate the house was not maintained or was poorly constructed.
These are just a few of the things to consider when purchasing a home in order to avoid re-sale problems in the future. Some of these issues may be fixable but be sure to thoroughly assess the situation and get expert advice when considering the cost of repair or improvement. Now is the time to look ahead and anticipate possible sales objections that you may encounter with this property.
The Cheryl Brenna Group is committed to helping you find a home that you will love to come home to! Choosing the right real estate agent to look after your best interests is critical. You want a professional who is highly knowledgeable of the market as well as in tune to your specific needs. We want to find the right home for you!
Filed under: Buying a Home, Selling a Home | Tags: Real Estate, Cheryl Brenna Group, Woodbury, Purchase a home, Preparing Your Home for Sale, Twin Cities MN
The Critical Role of a Realtor.
A real estate transaction will involve one of the largest single expenditures most people will experience in their lifetime. You really need to ask yourself if you have the time, energy, knowledge and networking capabilities to bring about a timely and seamless transaction. In addition, there have been many recent changes within the lender and appraisal guidelines and the number of lender-mediated transactions continue to be a major factor in today’s real estate market. Now more than ever buyers and sellers need an experienced, professional Realtor to guide them through the entire real estate transaction.
Homeowners and homebuyers need to be aware of the true value a Realtor provides during the course of the real estate transaction. Realtors provide many services and take a number of steps behind the scenes that their clients
may not even realize is taking place on their behalf. It is figured that a typical real estate transaction is made up of nearly 200 actions, research steps, processes and review stages. Realtors understand the entire process. They have the skill, knowledge and attention to detail to guide you through today’s real estate transactions. A Realtor is committed to negotiating a “win-win” situation for all parties. Plus, Realtor’s are held to and committed to a strict code of ethics which ultimately helps to protect their buyers and sellers. In addition, a Realtor has added motivation because they receive no compensation until the sale closes.
You will receive full service when you hire the Cheryl Brenna Group for all of your real estate needs. Our market knowledge, negotiation skills, marketing and technical proficiency is second to none. You will find that our group is passionate about what we do! We will go above and beyond to make your real estate transaction as seamless and straightforward as possible.
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: 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: 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!).
Filed under: 1, Buying a Home, Market Activity Reports, Market Statistics, Selling a Home | Tags: Cheryl Brenna Group, Market Activity, Purchase a home, Twin Cities Metro Area, Woodbury Real Estate News
Weekly Market Activity Report 3.30.09
With mortgage rates plunging downward in recent weeks in response to
actions taken by the Federal Reserve, home buying activity remains strong.
For the week ending March 21, pending sales in the Twin Cities were 13.0 percent higher than the same week last year, while the number of new listings on the market was basically flat. Over the last three months, there have been approximately 1,200 more signed purchase agreements than there were a year ago and 3,000 fewer new listings. During this time, 58.1 percent of pending sales have been lender-mediated foreclosures and short sales, while 37.1 percent of new listings have been lender-mediated. The fact that the share of lender-mediated sales easily exceeds the share of new lender-mediated listings is a hopeful sign.
New buyers entering this market will be met with strong affordability but will have less to choose from compared to previous years. There are currently 26,064 homes for sale in the metro area, which is down 15.7 percent and 4,840 units from this time in 2008.
For more information on how the recent actions taken by the Federal Reserve will help keep mortgage interest rates low for the time being, please click on the link below to view a recent WCCO news article and video. The video is located to the right of the news story.
http://wcco.com/housing/lower.mortgage.rates.2.963539.html
With mortgage rates at historic lows, it is the time to buy! First time home buyer’s can take advantage of the $8000 tax credit if they close before December 1, 2009. Whether you are first time home buyer, a move-up buyer or a buyer looking to down size, the Cheryl Brenna Group will help find your dream home. You can count on the Cheryl Brenna Group to represent you and work diligently on your behalf and simplify the exciting and emotional home buying and selling processes.
Filed under: Buying a Home, Home Staging, Home Values, Selling a Home | Tags: Cheryl Brenna Group, woodbury minnesota realestate, Home Staging, Selling Your Home, Preparing Your Home for Sale, Twin Cities Metro Area
Do Home Improvements Really Pay Off?
We have found that many people are wondering where their money will be safest during these uncertain economic times. When homeowner’s turn to the Cheryl Brenna Group for our expert advice, we counsel them but some things never change…investing in their home still pays off. Despite home drops in the Twin Cities area updating projects are holding their own as a way for homeowners to add value.
When selling your home in today’s market, it is critical
for seller’s to understand that selling their home is like a beauty pageant and a price war combined. In order to be competitive and to position yourself in the top five buyer choices it is more important today than ever to put your best foot forward when preparing your home for sale.
By renovating before selling, homeowner’s get to enjoy the new “space lift” themselves, not just make the home more appealing to buyers! Not only is your home going to be perceived as having a higher home value, it is going to make the buyers decision easier because your home will be move-in ready and your home will be on the top of their list. Buyers will focus on the positives versus the negatives of having to spend additional money once they purchase the home and bring it up-to-date.
These are the improvements that we believe continue to be your best investment in this market:
1) Updated Kitchen – counter tops, appliances, cabinetry hardware, light fixtures.
2) Bathrooms – cabinetry hardware, plumbing fixtures, light fixtures, sinks, tubs, showers, and water closet.
3) Flooring throughout the home should be up-to-date, fresh and clean.
4) Paint colors throughout the home should be in warm tones and up-to-date.
As an added value to our clients, the Cheryl Brenna Group offers free home composing and assistance in making selections. We also have the right professionals to get the job done in a timely manner for the right price! If you have any questions, we welcome them. Please feel free to email us or leave a comment below and we will circle back to you.
“A comfortable house is a great source of happiness. It ranks immediately after health and a good conscience.” ~Sydney Smith
