Market Buzz in Owatonna Minnesota Real Estate

Things are starting to pick up in April so the outlook is brighter with some increased activity. It seems that our spring market is about a month behind – just like our spring weather. The two seem to go hand in hand this time of year.

We’re predicting that first time home buyers will be the mainstay of this market, along with buyers relocating into Owatonna for their jobs. According to my lending expert Kriss Meier of Countrywide Financial (through Profinium Bank in Owatonna) she is taking applications from those two buyer niches. Property issues are becoming more of a challenge with the increase in foreclosed properties, many of which have deferred maintenance issues to contend with. If you have any financing questions you can contact Kriss at 507-446-4289. Her expertise will get you moving in the right direction.

According to the Southeast Minnesota Association of Realtors MLS our year to date activity is showing 60 closed listings in Owatonna, with 54 of those being residential properties. The average sale price of sold properties is $161,361 which is down from 2007 when the average sale price at this time was $172,611. I believe this trend is due to an increase in bank owned properties and the influx of first time buyers. Our average market time is 176 days which is actually down from 188 in 2007 at this time. But looking back, I found that 2006 was 141 days and 2005 was 131 days, again for this same period. The market has changed.

We have 33 new listings on the market since the first of the year. At this time 70 homes are pending sale, and we have 206 active residential listings. We hit over 300 listings before the end of 2007, so it’s nice to see that number come down. We have 286 active building lots on the market. So far 57 listings have expired since the first of the year. That has been the biggest change in this market with many nice homes staying on the market beyond their original listing time frame. That number is up 533% from the 2005 market when homes seldom took more than 6 months to sell.

Market cycles affecting housing come and go, just like all segments of the economy. Right now may seem like a challenging market, but it’s also a market of opportunity. Investors and first time home buyers will be the obvious winners, but existing homeowners can profit, too. If you’re looking to move up into a larger home – it’s a great time to make that move. The inventory and prices of move up homes have never been more plentiful and attractive. Call or e-mail me today to learn about how this market can be beneficial for you. It’s time to get moving. Find the house that's right for you.

What's Going on in Owatonna Minnesota?

What’s Going On In Owatonna in April?

April is Fair Housing month. Realtors abide by all the fair housing and non-discrimination regulations, and it’s a good time to make consumers aware of the laws we that affect our industry and the public.

Running from the 3rd of April through April 6th, is the Minnesota Alpaca Expo at the Four Seasons Centre.

There will be a Minnesota Chamber Federation Legislative Call Update at the Owatonna Area Chamber of Commerce and Tourism office on April 4th, April 11th, and April 18th from 7:30 am to 8:00 am.

There will be a lecture regarding business leader Dan Gainey, entitled “Man With Vision” at the Village of Yesteryear on April 8th starting at 1:00.

The fun-filled Young Life Cake Auction will be held at a new location this year. Owatonna High School Gym will hold the festivities this year on April 12th from 12:00 – 5:30 pm. If you’ve never participated in the cake auction before, take some time to stop in and enjoy the fun.

The Knight of Nights silent and live auction will be held at St. Mary’s School on April 12th. It’s a fun-filled evening for a good cause.

A class is being offered on April 14th “How to Sell Like A Pro”

April 19th marks the date for Big Brother’s Big Sister’s Bowl for Kids’ Sake. It’s a great day to bowl, have some fun, and raise some money for a great organization. I’m a Big Sister and I know my little and I will be bowling that day. Come on out to Southpark Lanes and have some fun.

The Little Theatre of Owatonna is presenting “Funny Money”, which runs starting 4/18 and ends on 4/26. You can check the Little Theatre’s website for production times.

The Retrofit Companies are hosting a Free Household Electronics Recycling on April 19th from 8:00 am to 10:00 pm.

April 19th marks the day of the Shriner’s Application Day.

The Owatonna Area Chamber of Commerce’s Business After Hours will be held on April 22nd from 5:30 until 7:00 pm. at Infinia of Owatonna. This is a great time for Chamber members to network and socialize.

A delicious end to the month will be held on April 24th from 5:00 until 7:30 pm. with the annual “Taste of Steele County” with vendors providing samples of a variety of foods from around the county. All proceeds raised during the event will be donated to CONTACT.

Buyer Services

SERVICES PROVIDED TO BUYERS

Our company is a member of two Multiple Listing Services (MLS) which allows us to keep you informed of any new listings from any MLS participating company. If you see an exciting ad or a house with a different company’s sign in the yard, we can get the information and show you that property.

We watch daily for the following:
1. Houses that are back on the market because the buyer’s financing did not go through.
2. PRICE REDUCTIONS (sometimes as high as $20,000)
3. New Listings!! The best homes may sell before the ad reaches the paper.

NO PRESSURE: The average buyer may look at several homes before making a decision. We’ll work on your time-line.

If you wish to build a new home we can recommend quality builders for your new construction project and help you find the perfect lot. We can help you explore the options.

We will spend time with you, up front, just learning about your real estate needs. Together, we can determine the style of house you like, how many bedrooms, what size of garage and yard and anything else that’s important to you in a home.

Education. We will educate and counsel you about the buying process, agency and representation, what to look for in a home, inspections, purchase agreements, and the closing process. We’ll guide you from start to finish.

Financing. We can help you connect with a reputable local lender who will be able to meet with you to determine your financing needs.

If you have a house in the area to sell before purchasing, we will do a COMPLIMENTARY Comparative Market Analysis showing you what you can expect to “net” when you sell.

Our buyers and sellers appreciate the frequent updates we provide until the sale closes.

We are professional Full Time Agents with complete support services.

Your purchase is important to us and we’ll work hard to earn your business and keep you as a client.

We enjoy marketing homes and helping buyers find a home they can be happy in. We look forward to working with you, and we will do our best to serve all your real estate needs.

23 Things To Look For In A Home!

It's difficult for buyers who are first starting out to know what to look for in a potential home. I'm including this helpful list as a way to get buyers off on the right foot. In addition to purchase price, buyers should be looking at potential maintenance issues and the costs associated with those items. If you have any questions about buying a home, I'm here to help you through the process. I'd be glad to get you my complete buyer's guide of critical information. You can also check out my website for more information.

23 THINGS TO LOOK FOR IN A HOME
BEFORE BUYING!

Exterior
§ From the exterior, view the shingles. Are they in good shape (no curling or missing shingles)?
§ Look at gutters and downspouts, are they in place?
§ Are downspouts directing water away from house to ensure proper drainage?
§ Siding should be in good condition. Note any peeling paint, gaps in siding, or rotting siding.
§ The overall elevation around the home is important. Does the water flow away from the house (not settle into the foundation)?
§ Are the windows in good condition? Are there any signs of leaks or rotting? Do they need to be repainted? Will they require maintenance throughout the year (changing storm windows and screens?)
§ Are the driveway and sidewalks in good repair?
§ Is there any landscaping around the home? Proper landscaping can help keep water away from a home, reducing the possibility of a leaking basement.

Interior
§ Once inside the home, determine the overall appeal of the floor plan. Is it functional for your usage?
§ Are the carpets, and flooring in good condition?
§ Check the condition of the walls and ceiling. Is there any evidence of a leaking roof or windows?
§ Do the walls and ceilings show any cracks? Most are caused by routine settling, but some may be a concern.
§ In the basement, be sure to examine the walls for cracks, bows or curves.
§ Are there signs of water in the basement (smell, mold, water marks, etc.)?
§ Is there proper insulation around the exterior rim joist insulation?
§ What is the approximate age of the furnace and water heater? Do they appear to be well maintained? (Only a professional inspection will be able to tell you whether there are any safety concerns. We strongly recommend a furnace inspection prior to purchase.)
§ Check the under sinks for any sign of leaky plumbing.
§ Flush toilets, run water, check showers and baths to be sure all are in good working order.
§ Check the windows. Do they open and close properly? Do they shut tight and lock?
§ How old are the appliances? Do they stay in the home as part of the purchase?
§ Does the home offer a Buyer’s Warranty? (Ask your realtor for information on the warranty. Many sellers will furnish a home warranty for buyers.)

What's Going on in Owatonna Minnesota?

Here's the buzz for Owatonna's activities and events for the month of March. You can view it on my Active Rain blog, too.

What’s Going On Around Owatonna?

This month there are some informative and fun events taking place in Owatonna, Minnesota.

This last weekend the Minnesota Deer and Turkey Expo was held at the Four Seasons Centre, and this weekend it will be the site of the North American Farm and Power Show. They expect to draw vendors from all over and promise to have interesting exhibits and demonstrations throughout the weekend.

Friday is the night when local business women will be honored at the Women of Achievement Scholarship Fundraiser. It will be held at the Owatonna Arts Center on Friday, the 14th from 6:15 to 9:30.

The Village of Yesteryear is hosting a lecture on the history of Beaver Lake and Ellendale. We have a lake place on Beaver Lake and thoroughly enjoy summers fun at the lake. That program should be very interesting. That will be on March 18th at 1:00 pm.

The Owatonna Chamber’s Business After Hours for March will take place at Manke’s Outdoor Equipment and Supply on March 25th from 5:30 until 7:00 pm. It’s a great way to meet area business people and network.

The KOWZ/KRUE 92 Home & Recreation Show wraps up the month’s events at the Four Seasons Centre running from 3/28 – 3/30. Coldwell Banker Home Connection will have a booth at the show and we’ll be showcasing our listings and providing information about buying, selling, building lots and new construction.

Home Safety Tips

Install a carbon monoxide detector. It could save your life, and it’s the law. Beginning August 1, 2008, all single family homes in Minnesota will be required to have a CO detector, and beginning August 1, 2009, multi-family homes will be required to have CO detectors in their homes. Homeowners who do not have a CO detector could face serious liability charges if someone in their home is injured or killed by carbon monoxide poisoning.

Carbon monoxide is an odorless and colorless gas. This gas could build up to a toxic level if your appliances are not maintained or a chimney is blocked or not properly vented.

Daylight Saving Time begins March 9 this year. That’s a good day to remember to change the batteries on your smoke alarms, and this year it’s also a good day to install a carbon monoxide detector. CO Detectors are available at most discount and home improvement stores.

CO alarms can be battery powered or powered by plugging into an outlet or by wiring into the home electrical system. Alarms must conform to the Underwriters Laboratory Standards and located within 10 feet of each bedroom. For more information visit the State Fire Marshal's website at http://www.fire.state.mn.us/.

Warning - if you don't like snow you may be offended by my photos - but this year we have plenty of it. I want to show off my community. We've been fortunate to raise our family, make lasting friendships, grow a business, and have fun all while living in Owatonna, Minnesota. Owatonna is a community of 24,000 about 50 miles south on I-35 from the Minneapolis-St. Paul metro area. We are also 45 minutes west of the famed Mayo Clinic in Rochester, Minnesota.

Here are a few of the photos I have taken around town recently -

This photo was taken at Dartt's park. One of our walking trails goes right through the park. There are ball diamonds, tennis courts, picnic pavilions, volleyball courts, basketball hoops, and playground equipment for everyone's enjoyment.



This is the fountain in Central Park. In the summer kids will dip their toes and grown-ups will toss coins for good luck.

This is a photo of the Central Park band shell. It was recreated to have the same look as the original bandshell. It's a great place to enjoy summer concerts and other community activities.

This imposing building is our city administration building. It also houses the Owatonna Arts Center. This building used to serve as a State School (Orphanage). Children whose families could no longer care for them would be brought in by train from all over Minnesota. There is an orphnage museum on site that provides a wonderful sense of history for the community.


This photo shows off the exterior grounds of the Owatonna Arts Center. It's a wonderful facility that offers a great venue for gatherings and parties. We hosted our Christmas party here for the agents from all three of our offices. In addition they offer classes and showcase art and local talents from area artists.


This view shows the entrance to the trails of Kaplan's Woods. I've spent a lot of time hiking through woods this year. There are plenty of hills, creeks, wildlife for every nature enthusiast to enjoy. Get off the couch and have fun in the winter!

This photo shows off the Lake Kohlmeyer fishing pier. The geese have found the open water and are ready for spring. People fish off the pier most of the year. I always love riding my bike on the trailsnearby in the summer and I get to watch the love of fishing being shared between grandparents, parents, and kids. Families love it. Ther's also a swimming beach and playground. You can even rent canoes and paddle boats here. We had a summer fun day and ran an obstacle course here once with our agents.

As you can see we have a variety of wonderful attractions that can be enjoyed throughout the year - hey don't forget we also have Cabela's about 2 miles north on I-35. Stop in and visit - anytime!