This marks the 2nd Minneapolis suburb to be picked atop the list in the past 3 years (Plymouth ranked #1 in 2008).

Click through to see updated stats on Eden Prairie homes and condos.

90-day stats for Single Family properties in EDEN PRAIRIE, MN as of July 23, 2010
Median List Price:	$459,438	Average List Price:	$568,536
Total Inventory:	299	Price per Square Foot:	$140
Average Home Size:	3,399	Median Lot Size:	16,955
Average # Beds:	4.14	Average # Baths:	2.99
Homes Absorbed:	16	Newly Listed:	15
Days on Market:	167	Average Age:	21

90-day stats for Condo properties in EDEN PRAIRIE, MN as of July 23, 2010
Median List Price:	$172,754	Average List Price:	$211,838
Total Inventory:	212	Price per Square Foot:	$119
Average Home Size:	1,547	Median Lot Size:	n/a
Average # Beds:	2.46	Average # Baths:	1.95
Homes Absorbed:	14	Newly Listed:	12
Days on Market:	148	Average Age:	18

Legislation was signed over the weekend to extend the closing deadline for the First-Time Homebuyer Credit. The extension moves the closing date requirement from June 30th, 2010 to September 30th, 2010. Please note that this does not open up the tax credit to those that do not already have an executed purchase agreement…it just allows those who had a purchase agreement in place by April 30th, 2010 to be able to close at a later date and still receive the tax credit.

Many soon to be homeowners were running into issues with short sales taking longer than expected to get approved or were having issues getting financing in time for the previous closing deadline.

Current Edina Housing Activity

There are currently 488 active properties for sale in Edina.  305 of these are single-family homes, 16 are townhomes, 155 are condos, and 12 are twin homes.

The absorption rate in Edina is 7.5 months (amount of inventory divided by the rate of which homes sold over the past month)

Last Week (May 17th – May 23rd)

Last week we had 9 homes in Edina that accepted an offer and came off the market (6 single family, 1 townhouse, and 2 condos).

We also had 5 homes in Edina that sold and changed ownership last week (2 single family, 1 townhouse, and 2 condos).

There were 31 properties that came on the market last week (26 single family and 5 condos).

If you’d like any specific statistics or information, feel free to contact me.

Hang with us for the next couple days weeks as we are in the process of remodeling our website with some great suggestions provided by you.  We should be back up and running by Friday.

To contact The Don Edam Group | Owner Options Realty, give us a call at 952-486-7584 or email Don at Don@TheDonEdamGroup.com.

Thanks!

Don

To help shore up their reserves, FHA is increasing its upfront insurance premium fee to 2.25% (up from 1.75%).  It has also asked congress to increase the annual insurance fee it receives from borrowers.  These changes will take effect this spring.

To guard against defaults, the FHA will be raising the minimum down payment on borrowers with credit scores less than 580 to 10% of the purchase price (currently 3.5%).  This won’t effect the majority of FHA borrowers as fewer than 1% of those borrowers last year had a credit score under 580 (according to LPS Applied Analytics).

Also, the amount of seller paid closing costs will be reduced from 6% to 3% of the purchase price.

Both the 10% down payment and the seller paid closing cost cap will go into effect this summer.

While all of these new provisions will make it a tad more difficult for lenders to push some new borrowers through underwriting, the majority of buyers will be unaffected by everything except for the higher insurance premium.

As always, leave any questions or observations in the comments below.

The Geography of Jobs

The Geography of Jobs from TIP Strategies, Inc

[vimeo]http://vimeo.com/3261363[/vimeo]

Image from www.larealestateblog.net

President Obama signed the American Recovery and Reinvestment Act of 2009 into law last week.  Of note to potential home buyers and current home owners was Section 1006, which granted an “Extension of and Increase in First-Time Homebuyer Credit” as well as a Waiver of the requirement to Repay.  Here are the details:

• The previous tax credit was given to those that purchased their first home up until July 1st, 2009.  The new extension of the tax credit replaces that date with December 1st, 2009
• The previous tax credit was $7,500.00.  The new tax credit is $8,000.00
• The previous tax credit was essentially a $7,500 loan from the government to be repaid over time.  The new tax credit is does not require that you repay (with some exceptions…generally if you sell your home within a 3 year period from purchase).
• The effective date of this tax credit is December 31st, 2008.

To get more information on the original bill that the American Recovery and Reinvestment Act of 2009 revised, we’ve linked to a previous post of ours that explains the details of the old $7,500 tax credit

If you have any questions on the $8,000 tax credit and how it impacts you as a home buyer, don’t hesitate to ask.

Related Posts:

Your $7500 Tax Rebate | H.R. 3221, the “Housing and Economic Recovery Act of 2008″ | Why You Should Care Series – Post 2