MENDOTA HEIGHTS REAL ESTATE BLOG

Mendota Heights Holiday Tree Lighting Event

Join the city of Mendota Heights as they celebrate the 3rd Annual Lighting of the Tree and also support the Toys for Tots program!   There will be a choir, Santa for the kids, hayrides, etc.  The event starts Saturday, December 6 and runs from 3-7pm.

Please see download for more information.

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Mendota Heights Real Estate Market Watch - November 2008

Mendota Heights now has 130 homes, condos, and townhomes for sale ranging in price between $139,900 to $3.995 million.  Inventory in Mendota Heights is currently around 12.5 months* (single family homes only), which is high compared to the entire Twin Cities area whose current months of inventory is at 9.5 months (down from 9.9 months of inventory in October 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. 38 single family homes sold in Mendota Heights in the last 6 months so we are averaging about 6.3 buyers per month (slightly down from 7 buyers last report). Homes that are selling are priced well and show the best in the area. This means most homes need staging and updating before going on the market.

In Mendota Heights over the last 6 months, the average Single Family Home sale price was $352,988 (and was listed for $374,224 giving a 94.3% list to sale ratio, or in other words, sellers knocked an average of 5.7% off list price) and is taking an average of 121 days** to sell. The average finished square footage was 2704 giving the Average Price per Square Foot at $130.54.  We are seeing the market level off to some extent. The list to sale ratio is slightly worse this month and Price per Square Foot took a slight fall due to some very big homes selling in the area.  To see the charts, please click on the "Download Information" below. To view last month click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

**This number represents the Cumulative Days on the Market, meaning all days including if the property expired off the MLS or was relisted by the same or another Broker.

These stats will be provided monthly to you via this website. If you have any questions on these numbers please contact me. To check out sold data for all Mendota Heights homes click here.

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Can I still get a mortgage for a home?

Quick answer: Absolutely!

In spite of the current "credit crisis" it is still easy to get a mortgage...although it takes good credit and a little down payment (not bad things!).

 Click the link below to read a great article on the truth about mortgage money.

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Mendota Heights Real Estate Market Watch - October 2008

Mendota Heights now has 121 homes, condos, and townhomes for sale ranging in price between $147,900 to $3.995 million. Supply ticked down for the first time this summer. Inventory in Mendota Heights is currently around 13 months* (single family homes only), which is high compared to the entire Twin Cities area whose current months of inventory is at 9.9 months (level with 9.9 months of inventory in September 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. 42 single family homes sold in Mendota Heights in the last 6 months so we are averaging about 7 buyers per month(slightly up from 6.5 buyers last report). Homes that are selling are priced well and show the best in the area. This means most homes need staging and updating before going on the market.

In Mendota Heights over the last 6 months, the average Single Family Home sale price was $343,504 (and was listed for $361,293 giving a 95% list to sale ratio, or in other words, sellers knocked an average of 5% off list price) and is taking an average of 118 days** to sell. The average finished square footage was 2593 giving the Average Price per Square Foot at $132.47.  We are seeing the market level off to some extent. The list to sale ratio is slightly worse this month and Price per Square Foot took a slight fall due to some very big homes selling in the area.  To see the charts, please click on the "Download Information" below. To view last month click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

**This number represents the Cumulative Days on the Market, meaning all days including if the property expired off the MLS or was relisted by the same or another Broker.

These stats will be provided monthly to you via this website. If you have any questions on these numbers please contact me. To check out sold data for all Mendota Heights homes click here.

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Lakeville Homes for Sale is launched!

Looking for a home specifically in Lakeville, MN? Live in Lakeville and want to sell your home? If this is the case please check out lakeville-homes-for-sale.com. It is full of community information, news, and resources.  The search function is tailored to finding you your new dream home in Lakeville. For all of your Lakeville real estate needs please check it out!

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Coldwell Banker Burnet to Hold Innovative 10-Day Sales Event Beginning Oct. 10!

Coldwell Banker Burnet is implementing an innovative marketing promotion--a 10-Day Sales Event. The event, which will be held Oct. 10-19, 2008, is part of a national price reduction event being held by Coldwell Banker companies throughout the country.

The program is designed to work for buyers and sellers in a tough market. For more information or to take advantage of the great deals that will be out there please contact me.

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What the Government Takeover of Fannie Mae and Freddie Mac Means to Housing Industry

In short-term, home sales should improve as mortgage rates fall.

Washington, D.C. (September 8, 2008) — The federal government's takeover of secondary mortgage giants Fannie Mae and Freddie Mac should cause a drop in mortgage rates in the short term that benefits home buyers, but the long-term outlook is too early to call. NAR fully supports the action of the U.S. Treasury and the Federal Housing Finance Agency.

The federal government had no choice. The capital situation of the tow companies was not enough to handle the fallout from rising mortgage defaults in the near future. In addition, investors who purchase Fannie Mae and Freddie Mac debt have lost confidence in the two.

In a statement, NAR commended the Treasury's action, announced yesterday, to bring stability and continued liquidity to the mortgage market. "The plan will help restore confidence in the secondary mortgage market," said NAR President Richard F. Gaylord. "We appreciate the steps taken to calm the market, make mortgages more widely available and protect taxpayers. We look forward to working with the administration and Congress to ensure the continued vibrancy of the secondary mortgage market."

--NAR

For more information: www.realtor.org/gapublic.nsf/pages/gses_conservatorship?OpenDocument

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Mendota Heights Real Estate Market Watch - September 2008

Mendota Heights now has 120 homes for sale ranging in price between $145,000 to $3.995 million. Supply ticked down for the first time this summer. Inventory in Mendota Heights is currently at 18.5 months* (down from 18.8 months last month--holding very steady), which is high compared to the entire Twin Cities area whose current months of inventory is at 10.5 months (up 8.6% from 9.7 months of inventory in August 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. 39 single family homes sold in Mendota Heights in the last 6 months so we are averaging about 6.5 buyers per month(slightly lower from 6.7 buyers last report). Homes that are selling are priced well and show the best in the area. This means most homes need staging and updating before going on the market.

In Mendota Heights over the last 6 months, the average Single Family Home sale price was $364,462 (and was listed for $382,856 giving a 95.1% list to sale ratio, or in other words, sellers knocked an average of 4.9% off list price) and is taking an average of 125 days** to sell. The average finished square footage was 2689 giving the Average Price per Square Foot at $135.54.  We are seeing the market level off to some extent. The list to sale ratio is slightly worse this month and Price per Square Foot took a slight fall due to some very big homes selling in the area.  To see the charts, please click on the "Download Information" below. To view last month click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

**This number represents the Cumulative Days on the Market, meaning all days including if the property expired off the MLS or was relisted by the same or another Broker.

These stats will be provided monthly to you via this website. If you have any questions on these numbers please contact me. To check out sold data for all Mendota Heights homes click here.

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$7,500 for first-time home buyers!!

For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.

But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible.

For more information check out federalhousingtaxcredit.com.

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Mendota Heights Real Estate Market Watch - August 2008

Mendota Heights now has 124 homes for sale ranging in price between $145,000 to $3.995 million. Supply ticked down for the first time this spring. Inventory in Mendota Heights is currently at 18.5 months* (down from 18.8 months last month--holding very steady), which is high compared to the entire Twin Cities area whose current months of inventory is at 10.5 months (up 8.6% from 9.7 months of inventory in August 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. 40 homes sold in Mendota Heights in the last 6 months so we are averaging about 6.7 buyers per month(the same from 6.7 buyers last report). Homes that are selling are priced well and show the best in the area. This means most homes need staging and updating before going on the market.

In Mendota Heights over the last 6 months, the average Single Family Home sale price was $387,489 (and was listed for $406,720 giving a 95.2% list to sale ratio, or in other words, sellers knocked an average of 4.8% off list price) and is taking an average of 133 days** to sell. The average finished square footage was 2800 giving the Average Price per Square Foot at $138.38.  We are seeing the market level off to some extent. The list to sale ratio is slightly worse this month and Price per Square Foot took a slight fall due to some very big homes selling in the area.  To see the charts, please click on the "Download Information" below. To view last month click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

**This number represents the Cumulative Days on the Market, meaning all days including if the property expired off the MLS or was relisted by the same or another Broker.

These stats will be provided monthly to you via this website. If you have any questions on these numbers please contact me. To check out sold data for all Mendota Heights homes click here.

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Mendota Heights Real Estate Market Watch - July 2008

Mendota Heights now has 128 homes for sale ranging in price between $148,000 to $3.995 million. Supply ticked down for the first time this spring. Inventory in Mendota Heights is currently at 18.8 months* (up from 16.4 months last month), which is high compared to the entire Twin Cities area whose current months of inventory is at 10.4 months (up 13.0% from 9.2 months of inventory in June 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. 40 homes sold in Mendota Heights in the last 6 months so we are averaging about 6.7 buyers per month(down from 7 buyers last report). Homes that are selling are priced well and show the best in the area. This means most homes need staging and updating before going on the market.

In Mendota Heights over the last 6 months, the average Single Family Home sale price was $333,816 (and was listed for $348,491 giving a 95.7% list to sale ratio, or in other words, sellers knocked an average of 4.3% off list price) and is taking an average of 139 days** to sell. The average finished square footage was 2306 giving the Average Price per Square Foot at $144.75.  We are seeing the market level off to some extent. The list to sale ratio is slightly better again yet this month and Price per Square Foot took a slight jump.  To see the charts, please click on the "Download Information" below. To view last month click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (6 months is usually considered a balanced market).

**This number represents the Cumulative Days on the Market, meaning all days including if the property expired off the MLS or was relisted by the same or another Broker.

These stats will be provided monthly to you via this website. If you have any questions on these numbers please contact me. To check out sold data for all Mendota Heights homes click here.

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Mendota Heights 4th of July Fireworks!

Here is some information on the fireworks courtesy of www.mendota-heights.com:

Mendota Heights residents don't have far to travel to celebrate the Fourth of July each year.  In the past, the City of Mendota Heights and Mendakota Country Club have jointly sponsored a fireworks display for the community.

The event usually beings around 10:00 p.m. when the western sky is sufficiently dark.  The fireworks are launched from Mendakota Country Club and are visible from many locations within the City.  Residents are advised to avoid trying to get as close as possible to the fireworks site.  Suggested parking/viewing areas are Mendakota Park, Roger's Lake Park, City Hall, St. Thomas Academy, Convent of the Visitation School, Sibley High School and the Mendota Plaza Shopping Center.  Spectators are reminded that Mendakota Country Club is private property and should not be used as a viewing location.

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Mendota Heights Real Estate Market Watch - June 2008

Mendota Heights now has 134 homes for sale ranging in price between $148,000 to $3.995 million. Supply ticked down for the first time this spring. Inventory in Mendota Heights is currently at 16.4 months* (down from 17.3 months last month), which is high compared to the entire Twin Cities area whose current months of inventory is at 10.2 months (up 20.2% from 8.5 months of inventory in May 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. 42 homes sold in Mendota Heights in the last 6 months so we are averaging about 7 buyers per month(down from 7.5 buyers last report). Homes that are selling are priced well and show the best in the area. This means most homes need staging and updating before going on the market.

In Mendota Heights over the last 6 months, the average Single Family Home sale price was $317,754 (and was listed for $334,054 giving a 95.1% list to sale ratio, or in other words, sellers knocked an average of 4.9% off list price) and is taking an average of 141 days** to sell. The average finished square footage was 2417 giving the Average Price per Square Foot at $131.46.  We are seeing the market level off to some extent. The list to sale ratio is slightly better again this month, but Price per Square Foot dropped a bit.To see the charts, please click on the "Download Information" below. To view last month click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

**This number represents the Cumulative Days on the Market, meaning all days including if the property expired off the MLS or was relisted by the same or another Broker.

These stats will be provided monthly to you via this website. If you have any questions on these numbers please contact me. To check out sold data for all Mendota Heights homes click here.

Download Information

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Free Foreclosure Workshop For At-Risk Homeowners in Mendota Heights

Ask questions and get free advice – confidentially – from mortgage lending and non-profit foreclosure prevention specialists. Attend an open-house event to learn about what happens during foreclosure and what helps and assistance may be available.

Workshop is Thursday, June 5th in the Eagan Community center from 4:30-8:30pm.

Sponsored by the Minnesota Home Ownership Center. Visit their website at www.hocmn.org

See the flyer below for more information.

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Mendota Heights Real Estate Market Watch - May 2008

Mendota Heights now has 130 homes for sale ranging in price between $120,000 to over $1 million. Supply continues to ramp up which is usual in a spring market. Inventory in Mendota Heights is currently at 17.3 months* (up from 14.8 months last month), which is high compared to the entire Twin Cities area whose current months of inventory is at 9.6 months (up 23.9% from 7.7 months of inventory in April 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. 45 homes sold in Mendota Heights in the last 6 months so we are averaging about 7.5 buyers per month. Homes that are selling are priced well and show the best in the area. This means most homes need staging and updating before going on the market.

In Mendota Heights over the last 6 months, the average Single Family Home sale price was $361,071 (and was listed for $381,358 giving a 94.7% list to sale ratio, or in other words, sellers knocked an average of 5.3% off list price) and is taking an average of 137 days** to sell. The average finished square footage was 2539 giving the Average Price per Square Foot at $142.20.  We are seeing the market level off to some extent. The list to sale ratio is slightly better this month than last month and Price per Square Foot ticked up a bit as well.

To see the charts, please click on the "Download Information" below. To view last month click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

**This number represents the Cumulative Days on the Market, meaning all days including if the property expired off the MLS or was relisted by the same or another Broker.

These stats will be provided monthly to you via this website. If you have any questions on these numbers please contact me. To check out sold data for all Mendota Heights homes click here.

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Mendota Heights 5K Coming Up!

Grab those running shoes! Mendota Heights holds its annual 5K Walk/Run on Saturday, June 7th starting at 9am. Head on out there and support your community and get some exercise in the process. For more information see the link below.

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Mendota Heights Real Estate Market Watch - April 2008

Mendota Heights has 121 homes for sale ranging in price between $120,000 to over $1 million. Supply is ramping up a bit which is usual in a spring market. Inventory in Mendota Heights is currently at 14.8 months*, which is high compared to the entire Twin Cities area whose current months of inventory is at 9.2 (up 56.4% from 7 months of inventory in March 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. 49 homes sold in Mendota Heights in the last 6 months so we are averaging about 8 buyers per month. Homes that are selling are priced well and show the best in the area.

In Mendota Heights over the last 6 months, the average Single Family Home sale price was $375,115 (and was listed for $401,354 giving a 93.5% list to sale ratio, or in other words, sellers knocked an average of 6.5% off list price) and is taking an average of 127 days** to sell. The average finished square footage was 2645 giving the Average Price per Square Foot at $141.82.

To see the charts, please click on the "Download Information" below.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

**This number represents the Cumulative Days on the Market, meaning all days including if the property expired off the MLS or was relisted by the same or another Broker.

These stats will be provided monthly to you via this website. If you have any questions on these numbers  please contact me. To check out sold data for all Mendota Heights homes click here.

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New Site Launched!!

Matthew Graff of Coldwell Banker Burnet launches MendotaHeightsHomesForSale.com, a complete and comprehensive site focused on just Mendota Heights real estate. I have lived and worked in Mendota Heghts over 8 years and bring my expertise and knowledge to the local real estate market place. Please check back often as I will update this blog with new Mendota Heights community, business, and real estate information. If you ever have any questions please contact me!  If you are searching for a home in a city other then Mendota Heights checkout matthewgraff.com for a search of the complete Twin Cities area.

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