Custom built 2 story Crystal home for sale.  Situated on a quiet dead end cul-de-sac on one of the best lots in the area.   Close too pool, library, schools, parks and shopping.  This home boasts large rooms with outstanding storage!  Two story great room gives it a refreshing open feeling and the upper loft is a great bonus.  The walkout basement could be converted into a bedroom retreat.  You could add even more living space in this great home by finishing the second huge area in the basement.  You won’t find a home at this price with bedrooms this size!  To top it off, the backyard has plenty of play room and the extensive landscaping brings further enjoyment.  This one is priced to sell. 

Let’s let the pictures do the talking:

This one shows like a model.  A super clean and totally updated 1 Bedroom Condo in excellent Minnetonka community is now available for sale.  Like new-Ceramic bath, great kitchen, new wood floors, newer appliances, counters, carpet and fresh paint.  Main level unit, so you don’t have to worry about stairs!  Indoor pool and beautiful common area for outdoor activities.  Inside parking, best condo in area! Don’t miss it!

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Contact the Carpenter Group for expert help in finding your next home. 

We’ve seen the headlines in the paper – the government is spending more that it’s making, but one area where federal taxpayer dollars have been effectively utilized is that first-time homebuyer tax credit. Economists will tell you that the key to any future sustainable economic recovery lies in home values stabilizing or, better yet, a return to a historical home price appreciation rate of 3 to 5 percent each year. The housing bubble burst and the excess values have been removed, the trouble actually lies in the fact that home values probably dropped far more than they should have!  The good news is that the monthly mortgage payment for a middle income person buying a middle priced home is well below its historical norm.

A review of the latest data strongly suggests that the homebuyer tax credit has had its intended impact of significantly stimulating home sales. From about 4.5 million annualized home sales pace in the few months prior to the stimulus, sales have jumped to 5.1 million in recent months. That is a change of 600,000 additional existing-home sales. New home sales have risen from the mid 300,000 to low 400,000 range over the similar period. The rise in sales has been concentrated in the lower-priced home segment largely because first-time buyers are looking to stay, rightly, well within their budget.

Housing inventories are starting to return to normal and this will help in boosting prices.  The median existing-home price as of August was down 12.5 percent compared to a nearly 20 percent decline early in the year. In short, sales have risen and home prices are stabilizing.

But the housing stimulus package is set to expire. To take advantage of this credit the sale needs to close before the deadline.  Purchase orders written but not closed will not qualify. Some first-time buyers who are signing contracts to buy in October just may make the deadline.  Ideally we would like to see this buying momentum continue so inventory falls back down to the normal 5 to 7 months, a level consistent with home value stabilization. Once that is accomplished, the consumer “fear factor” of waiting and waiting for a lower price later will no longer be part of the home buying decision. We will have reached a point of housing market self-sustainability. Consumer confidence will be lifted. The wealth impact of consumers opening up wallets for general consumer goods will steadily turn positive. Thus, the broader economy also gets set for a sustainable recovery without needing further stimulus dollars.

For that happy scenario to play out, a time extension on the home buyer tax credit is critically needed. At a cost of about $10 billion (if extended through the middle of next year), the housing market will likely have recovered nicely with the broader economy on track for a solid robust expansion. That $10 billion price tag is rather modest compared to the $700 billion in TARP funding and $800 billion of the broader economic stimulus package that was passed early in the year (with debate still raging over the effectiveness of that broad spending bill). Moreover, the cost of $10 billion is a static measure that does not take into account job creations and increased tax revenue from rising economic activity. Actually, if we take into consideration all of the economic dynamic responses, the homebuyer tax credit can be argued as a net positive revenue generator for the federal government. 

A faster and firmer recovery can happen if the tax credit is opened up to more buyers by making it apply to any buyers – not just first-timers – and by raising the income limit for qualification. It would also contribute to healthy economic activity – a sustained recovery – and thus help to put a dent in the deficit. In short – it’s a win/win. NAR is working hard to get that homebuyer tax credit extended. You can help – by calling, writing or e-mailing your Congressional representatives. It’s good for home buyers and it’s good for the U.S. economy.   Home purchases drive purchases in all areas of the economy!

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1. Search on the World Wide Web for distressed or foreclosed properties as a starting point. Use a professional REALTOR to identify great foreclosure deals for you. (Members of the Carpenter Group are Distressed property experts.)  You may be successful at searching the web on your own, but keep in mind some of the information is outdated, some may be incorrect, and some of the available properties are not even listed. We subscribe to updated MLS listings and can offer you the most current information available.

2. If you search yourself for distressed properties and purchase from the selling agent, you are paying a commission to someone with a vested interest. Obtain objectivity in the sale by working with your own REALTOR. You won’t pay any more. Technically, everyone works for the seller, since they pay the commission.

3. With distressed or foreclosed properties, time is of the essence. Purchasers must close on the date specified by the agency, and cannot close after this without penalties of $25-200 per day.

4. It takes 1-3 weeks to qualify a loan. If you are approved for a loan, make sure your lender qualifies you as soon as possible. If you are paying by cash, make certain funds are available. If finances are in order, we will then submit an offer. When both seller and buyer accept the offer, we will submit the ratified contract to the lender and closing agent. These steps will begin the process of a successful real estate transaction.

5. When purchasing a distressed property, always obtain 3-4 bids from different contractors to estimate costs of repairs, if you do not plan on doing the work yourself.

6. If you are going to sell the property after rehabilitating it, ask your REALTOR to research similar properties in the neighborhood to ascertain market price.

7. Keep copious records for tax deductions. Any expenses related to the purchase, repair, or maintenance of the property may qualify. Meticulous records are key to a profitable real estate venture.

8. The title you receive after purchasing a distressed or foreclosed property is a special warranty deed rather than a general warranty deed. This alarms some buyers, but there is no need to worry. The purchase of title insurance protects the buyer. Each lender purchases insurance to protect the loan as well. The property purchaser should obtain titling insurance. The closing agent always offers it.

9. Foreclosure properties require special addendums and special contracts by the individual bank and HUD office (where applicable).

10. Foreclosure properties are potentially the most profitable, but require the most attention to detail. Working with a REALTOR of the Carpenter Team,experienced in foreclosure deals, is highly desirable because the paperwork must be in order to submit a proper bid, and timeliness is critical.

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