Mankato Real Estate

Employment Resources for your Mankato Job Search

Mankato offers a broad range of employment opportunities for individuals even in the current economic climate.  Utilize the resources below to view all Mankato has to offer.

Jeane Thorne, Inc is an agency that specializes in temporary staffing and full time placement for Administrative support, Finance, Accounting, Customer Support and Legal Support.  Their office is on 1600 Madison Avenue in Mankato.  Manpower is another well known employment agency in Mankato on 111 Star Street.  MRCI WorkSource isn't a typical employment agency but is a private, non-profit organization, with a mission of creating innovative and genuine opportunities for people with disabilities.

Minnesota also provides a Workforce Center located in Mankato.  This is through the Department of Employment and Economic Development.

Various websites are also dedicated to Mankato job searches.  MinnesotaJobs.com and SouthCentral.com.

Mavjobs.com provides information on jobs available at Minnesota State University Mankato.

Housing Market Analysis for 2009-Twin Cities Area

The 2009 Residential Real Estate Activity Report was recently released by the Minneapolis Association of Realtors.  Below are some facts and statistics reported in this publication about the real estate market in Minneapolis and surrounding areas.

2009 saw another new record for housing affordability. Mortgage rates continued to scrape historic lows, housing prices remained soft, and more sales took place in the affordable price segments due to the first-time home buyer tax credit and increased lender-mediated sales.  Sellers began to inch slightly closer to their original asking prices in 2009. While this positive trend took place mostly across the board, things especially improved in the lower price ranges and with foreclosures.  

2009 was another slow year for home builders in the Twin Cities.  Builders are wisely waiting out the current environment and waiting to return when market fundamentals are more attractive. 

Foreclosures and short sales are more likely to be single-family detached homes than they are townhouses or condos. A pullback on new construction condo inventory in recent years has also played a factor.

Hopefully 2010 will be a better year, but now is still the time to buy if you are financially able. Historically low interest rates and the tax incentive are appealing and can help get the payment you need and can afford.

Things Learned From a Real Estate Agent

Someone at REMAX sent me a list of 'things learned' during the course of their real estate career.  So much of it rings true I just had to share a portion of it.

Over the years in real estate business we have to learn something. If not we are fools making the same mistakes over and over again. We all must acknowledge that some homes will sell, and others will not.  When you see and sell a lot of homes each year you cannot help but to start connecting the dots. Then, it all starts to make sense. I made a small list of items that I compiled in my own mind from a career in real estate that I thought I would share:

1. Dirty homes never sell at a good price!
2. Clean homes priced right sell!
3. Curb appeal really does matter!
4. If a home looks really bad on the outside, the inside will be worse!
5. You learn a lot when you are listening.
6. The barking dog is really saying, "Do not enter! My bite is worse than my bark!"
7. Rejecting bad business is smart business.
8. Hope you enjoy your cigarettes more than a "Sold Sign" on the front lawn!
9. Home inspections are a great thing
10. Home inspectors need to be code certified, licensed, and bonded
11. Tradesmen need to be licensed and bonded
12. It is smart to use your senses when buying a home.  Pay attention to what you see, smell and hear!
13. Big cracks in masonry, brick, concrete are telling your something.  Pay attention to them.
14. Too many homes for sale on the same street may indicate something is happening.
15. A home warranty is a good thing!
16. Radon tests are a smart idea.
17. Check for termites!
18. It's always smart to get a survey
19. Always buy buyers title insurance
20. Use a local lender
21. Beware of agents that make promises they can't keep
22. Never buy a home under power lines
23. EIFS / Synthetic Stucco look nice, but they don't sell well.
24. "Appointment Only" homes rarely sell quickly at the best price
25. First offer is usually the best offer
26. Creative financing usually borders being illegal
27. "If I can't sell your home, I'll buy it!"  It's a confidence scam
28. Lease purchase agreements very seldom if ever work out
29. Agents that have to be at the home when you show, give me the creeps.
30. Agents do not like to show homes where the security system is on
31. Never pet animals in a home
32. Make sure everything you want in a home is in writing, and signed off by all parties.
33. Never trust anyone's word – this is a business transaction. Put it in writing.
34. When in doubt don't proceed forward – seek counsel
35. If something does not seem right, it isn't! Trust your gut
36. If you hire an agent because they are cheap, it's because they are not worth more
37. Just because the home does not appear to be in a flood zone, doesn't mean it isn't
38. Full-time agents get the best results
39. There is a difference between "Upgrades and updated!"
40. Sellers should never be in the home when it is being shown

Spacious Rambler For Sale in North Mankato

• 2,800 sq. ft., 3 bath, 3 bdrm single story - MLS® $179,700

North Mankato, Mankato  -  Spacious 1400 sq ft rambler on nearly an acre ravine lot. Quiet and fun rural subdivision just 7 min. from Mankato Hilltop. 3 bedrooms including a master suite on the main floor. Large open kitchen with tile floor, sunny living room with patio doors to the new deck. The basement offers two future bedrooms, a 3/4 bath and family room with wood burning fireplace. The roof windows and siding are within the last 8 years or so.

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Events in the Mankato Area to Bring You In From the Cold

Every so often I like to post about events that are offered throughout the Mankato area.  There is always something to do, even in frigid weather with a couple feet of snow.

The Children's Museum of Southern Minnesota is having the Imagine the Amazing Exhibit weekly every Friday until May 2010. 

If you enjoy karaoke, The Loose Moose Salon is the place to be every Saturday night from 8:30 until 12:30.  It is located on Front Street and there is no cover.  Or if you prefer to watch other people sing, Redsky Lounge on Front Street features live music on the weekends beginning at 9pm.  Their website gives up to date information on schedules of performances.

If you want to brave the cold, enjoy a sleigh ride for Valentine's Day!  Applewood Restaurant and Banquet Center is hosting this activity Sunday, February 14th at 11:30am if snow conditions allow.

Is the cold getting you down? Escape to the Beach! The Creative Play Place at the St. Peter Community Center is having a beach party on Saturday, February 20th at 10:00am.  Play games, do puzzles, create sand paintings, make a shell craft, dig in the sand, listen to some ocean stories, sing beach songs and have some tropical snacks!

Discovery Days is held the first Saturday of each month at the Blue Earth County Historical Society.  The museum hours are from 10-4 p.m and admission is free.

So get out of the cold and enjoy time with friends and family at any one of these events!

Where to Find Wi-Fi Hotspots in Mankato

What would we do without Wi-Fi?  And what would we do without Wi-Fi hotspots?

A Wi-Fi hotspot is a venue that offers internet access through the use of a router.  If you have a laptop with wi-fi capabilities, you are able to get on the internet at these places.  Some places charge a fee for use, while other places are free for customers of the establishment.  The following three establishments in Mankato currently offer free Wi-Fi access.

The Hub is a popular campus-area coffeehouse in the University Square mall and has a full menu for breakfast, lunch and dinner.  With its easy chairs, large sofas and warm atmosphere, users can relax with a cup of joe while surfing the net. 

Panera Bread also provides free wi-fi access.  It is located on Madison Avenue and open seven days per week.  They offer a cozy atmosphere with warm fireplace, fresh brewed coffee and bagels baked daily.  Panera also serves other sandwiches, soups and salads.

The Wow Zone Family Entertainment Center on Adams Street offers wi-fi as well as many other activities for the family.  This is an overall great place to visit with laser tag, bowling, arcade games and miniature golf. There are two snack bars as well as a full service restaurant with five flat screen televisions.  View Wow Zone website for daily specials.

Property-Tax Deduction for Non-itemizers and Other 2009 Tax Breaks

Below is some information given to me by Erika Kuhlmeyer Dragich of Brookstone Mortgage Corporation.  I found it informative and hope you will too!

You don't have to be a new homeowner in 2009 to deduct qualifying property taxes, but prior to 2008, you did have to itemize your taxes in order to receive the benefit – not anymore. Under the new rule, homeowners who don't itemize can boost their standard-deduction amount by up to $500 if they're single and up to $1,000 if they're married and file a joint return to account for property taxes paid during 2009. You'll need to include a Schedule L with your 2009 tax return, but it's definitely worth it if you qualify. Talk to your tax preparer and don't be one of the millions of taxpayers who will claim the standard deduction and miss out on the savings.

Refinancing Points – When you buy a house, you get to deduct (all at once) the points paid to get your mortgage. When you refinance a mortgage, though, you have to deduct the points over the life of the loan. That means you can deduct 1/30th of the points per year if it's a 30-year mortgage. It's not a lot of savings, but everything helps when you're legally trying to lower your tax bill. 

Other 2009 Tax Breaks

New Car Purchases – If you bought a qualifying new car or truck ($49,500 or less) between February 16 and December 31st, you may be able to deduct the sales or excise tax. Your income must be less than $125,000 for a single taxpayer or $250,000 for a couple to get the full deduction. The benefit applies to more than one vehicle, as long as all of them qualify and delivery was taken by Dec. 31.

Unemployment Benefits – Unemployment benefits are usually fully taxable. If you received any unemployment benefits at any time during 2009, however, you are eligible to exclude the first $2,400 of these benefits when you file your tax return. For a married couple, the exclusion applies to each spouse separately.

Moving expenses – If you were unemployed in 2009 but you got a new job, moving expenses may be deductible, if you moved more than 50 miles away – and you don't have to itemize to get it. For 2009, you can deduct the cost of getting yourself and your household goods to that new area 50+ miles away, this includes 24 cents per mile for driving your own vehicle, plus parking fees and tolls. 

Costs Associated with Buying a Home That You May Not Be Aware Of

There are many costs on top of the purchase price that should be figured into your calculation of affordability.  Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment.  Not all costs apply to every situation but it is better to be informed in case they apply to yours.

Appraisal Fee

Fee charged by an expert to estimate, but not determine, the market value of property.  Appraisals can vary in price from approximately $175 -$ 350.

Mortgage Loan Insurance Fee

Depending upon the equity in your home, some lenders require mortgage loan insurance. This type of insurance will cost you between 0.5% -3.5% of the total amount of the mortgage.  These are generally monthly payments.

Attorney Fees

Buying a home will probably be the largest and most significant purchase you will make.  A lawyer can help you avoid some common problems with a home purchase or sale and review all paperwork involved in the purchase.  Shop around, as rates vary greatly depending on the complexity of the issues and the experience of the lawyer.

Property Insurance

This covers the replacement value of your home and is required by your lender.

Survey Fee

Most lenders require a survey. The survey determines that there are no encroachments within the property lines and shows where the house is located on the property.   Depending on the size of the property and state, the fees can vary from $225 to $400.

Mortgage Brokers Fee

A mortgage broker is entitled to charge you a fee in order to source a lender and organize the financing.  Some brokers waive this fee however, so ask around.

Pest Inspection Fee

This fee is paid to a termite company to inspect for wood-destroying organisms, including dry rot.

If you are thinking of purchasing a Mankato home for sell, please contact me and I will be happy to answer any questions you have about these fees.

Is Now the Time to Buy or Sell My House? Real Estate Outlook for 2010

According to Realty Times home prices and interest rates will continue to rise through this year due to "reports of fewer layoffs plus significant new gains in manufacturing output and retail sales".  They also state the economy is climbing slowly out of recession, and the Federal Reserve is expected to throttle back on its mortgage securities purchases which is why interest rates are now trending upwards. 

This may be true for the Feds, however I do not see such a fast recovery from the recession.  Each week new reports are released showing the huge amount of job losses and unemployment remains at 10%. Construction lost 53,000 jobs last month and manufacturing lost 27,000 according to Department of Labor.   There were, however, 47,000 more temp jobs.  Those unemployed for more than 27 weeks increased again, though the numbers declined for the prior two time periods.  The number of discouraged workers is also worsening.  There were 929,000 reported in December which is the highest seen during the recession.

But according to the Mortgage Bankers Association, thirty year average fixed rate for new mortgages is 5.2 percent and that's still very low by historical standards.  Home prices are beginning to rise in some areas according to the latest Case-Shiller home price index. In San Francisco and Minneapolis, the index is up by about 15 percent since the low point earlier in 2009.  Another interesting fact is that November 2009 pending sales was a solid 16 percent increase above November 2008. 

If this information tells us anything, it is that the market is dynamic so buyers and sellers need to stay informed.  And as I stated in my last post, most people buy and sell their home because of the time of their lives, not because of the timing of the market.  You know why you need to move; I just want to help you get there faster.

If you need help making the decision on if you should buy or sell your home in Mankato, call me so we can sit down together and discuss your personal situation and your options.  Visit BuyMankatoHomes.com if you would like a free home evaluation or to learn more about the Mankato area.

Mankato Housing Market Report, Is Now the Time To Sell?

Let's take a look at the market activity for the last week of December 2009.  The active listing inventory has drastically dropped to below 20,000 in Minneapolis and the surrounding areas. Inventory is at its lowest point since April 2005.
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New listings dropped 18.9 percent from last year as well.  The Minneapolis Association of Realtors expects 2010 to begin slowly due to the frigid cold temperatures we are currently experiencing.  The most recent housing outlook report from the association states sales rose at the end of the year for single family homes, however this was due to the first time homebuyers tax credit.  Many buyers received close to their asking prices as well.  Home sales look the strongest in the more affordable price ranges.- below $190,000.  Homes sales  above this amount are down by 10.5 percent.  So the lower ranges seem to be a seller's market however the higher prices seem to present challenges for sellers.

More statistics include the following for the week ending December 26, 2009 

But keep in mind, most people sell their home because of the time of their lives, not because of the timing of the market!   You know better than anyone why you are considering selling your home. Is it the size of your home, a job transfer or maybe a family situation? Whatever the reason for selling your home, you need to time it for your life. Call me so we can sit down together and discuss your personal situation and your options. You know why you need to move; I just want to help you get there faster. Call me today to make sure your timing is right for you!

There are Many After Christmas Sales This Year!

Many people spend the entire month of December preparing for Christmas.  Maybe it is Christmas parties, or functions at your child's school, or finding toy bargains online.  Some people begin their shopping on Black Friday, the day after Thanksgiving. By the time Christmas comes and goes, most are finished shopping and are not thinking of more shopping.  So it is easy to dismiss the great after Christmas sales that bring in deep discounts on many items.  However most retailers need to reduce inventory therefore discount prices by 50-90%.

According to the Wall Street Journal, Walmart will offer electronics and toys at lower prices than they were before the holidays. Walmart even has an official press release announcing their sale. Best Buy announced several computer deals it will offer online starting Christmas Day and in stores on Saturday.  JC Penny will be opening its stores at 5am and will be offering over 100 'door busters'.  Kohls is advertising steep discounts on jewelry, appliances, kitchen electronics and shoes.

And while Circuit City's future might be uncertain their after Christmas clearances are abundant.  If you do not have a Circuit City in your area anymore, you can shop at their online store.  6pm.com, eBags, Mattel and Restaurant.com are all online retailers offering great savings as well.

Just about every store is offering some type of sale.  So if there is something you've had your eye on, be sure to check and see if it gets discounted this Saturday.

Merry Christmas!

It's Almost Tax Time! Can You Claim a Residential Energy Credit?

You might qualify if you made an eligible energy upgrade in 2009 and the upgrade meets IRS energy-efficiency standards.  Many simple home improvements can add a credit of up to $1,500.00.  Adding insulation, replacing old windows, fixing a worn roof and replacing your non solar water heater are examples of just some of the improvements that qualify for this credit.  Homeowners can recoup 30% of the cost, up to $1,500, for making any of these qualifying upgrades during 2009 or 2010.  The $1,500 does apply to all products combined for both years.

However do not assume Energy Star label automatically qualifies a new appliance for a tax write-off.  Talk to your tax consultant and save receipts of any purchases you make.  Also, the improvements have to be on your primary residence to qualify.  You can include the labor costs for HVAC and water heater installations as well. 

There is an uncapped energy tax credit for some residential projects that involve alternative energy sources including solar, geothermal, and wind.  This tax incentive is called the Residential Energy Efficient Property Credit by the IRS. The tax credit, equal to 30% of the project cost, applies to second homes as well as primary residences.  Examples of these types of projects include solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, and fuel cell property.

Because these are credits, not deductions, they increase a taxpayer’s refund or reduce the tax he or she owes.

New Guidelines in Foreclosure Alternatives Program Help Those Completing Short Sales

New guidelines were introduced last month to speed up short sale transactions.  The new rules go into effect April, 2010 and ends December, 2012.  This plan is called the Home Affordable Foreclosure Alternatives (HAFA) Program and it provides incentives to borrowers, servicers and investors.

This plan allows borrowers to receive preapproved short-sale terms before listing the property.  Currently, servicers will not discuss acceptable terms until a purchase contract has been received.  HAFA has also streamlined the documents used during a short sale.  This will hopefully simplify the process thus saving time.  The incentives to borrowers include  being released from all mortgage debt if you complete a short sale, as well as receiving $1500 in moving expenses.

Other changes include prohibiting the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement and requiring lenders approve or reject a short sale within 10 days once a complete package is presented. 

If you've fallen behind in your mortgage payments or received a pre-foreclosure letter from your lender please let me help. I am a Certified Distressed Property Expert (CDPE) so have training and certification in the short sale process. Visit MankatoHomeHelp.com for more information.

Mankato Minnesota Job Market Still doing Well

The job market in Mankato seems to be fairing well compared to many other areas of the country.  Over 400 billion in building projects have been planned or are underway since June 2008 in this area.  Policom ranked Mankato in the Top 10% in the nation and number one in Minnesota for Micropolitan Economic Strength in 2008. 

Mankato also has a lower rate of employment than most other areas in Minnesota. The hospitality and food service sectors keeps people employed but the number one factor in job placement is the abundance of positions in education. Minnesota State University at Mankato and Bethany Lutheran College are both in Mankato.  Following closely is healthcare with jobs at Immanuel-St. Joseph's Mayo Health System and the Mankato Clinic.

If you are thinking about making buying a home in Mankato be sure to check out the WorkForce center which provides job services, veterans services and rehabilitation services.  Or give me a call and I will help you find a home or answer any questions you have.

Price Reduced on 19459 525th Ave in Wells

Wells, Faribault County  -  Announcing a price reduction on 19459 525th Ave, a 2 bath, 4 bdrm 2 story. Now $119,700 - REDUCED!.

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