Not so long ago a “Short Sale” meant you dashed to the local department store to shop for for the latest summer fashions.  These days you are more likely to hear the term as it relates to real estate sales rather than clothing.

 A short sale in real estate occurs when a home sells for less than the amount owed plus selling expenses.  It is a common occurrence in much of today’s real estate markets.  Edina Realty estimates that approximately 35% of their home sales in 2009 were short sales or foreclosures.  Almost every economist expects this trend toward short sales and foreclosures to continue into 2011.

So what does a seller do when they need to sell their home but can’t sell it for enough to pay off their current mortgage??  This is where an experienced real estate agent such as ourselves can help!  Banks, in general, would much rather negotiate a short sale with the home owner rather than allow the home to go to foreclosure.  We can help with the bank negotiation.

Banks work with sellers to provide several options to the home owner.  Usually we can negotiate a small loan from the bank to make up the difference.  This happens when home owners have wrapped their car and boat payments into their home mortgage or have any other assets.  We can help arrange a car/boat loan thereby reducing the total amount of the home mortgage. 

If you would like to sell you home but feel it will not sell for an amount high enough to pay off your mortgage plus selling expenses AND you’ve suffered one of the following hardships, you are the perfect candidate for a short sale:

•  Mortgage payment increase or adjustment
• Loss of job
• Business failure
• Damage to property
• Death of spouse or family member
• Severe illness
• Inheritance
• Divorce/separation
• Relocation
• Military Service
• Insurance or tax increase
• Reduced Income
• Too much debt
• Incarceration

In a market where the average home in the nation has lost 25% off its peak value short sales may just become the norm for the next few years.  Call us and we’ll help you navigate the maze of today’s real estate market.

Tuesday, Feb. 2nd:There are currently 684 single family homes available for sale in Rochester.  This is 19 more than one week ago. There are an additional 205 townhome and condominiums for sale.

85 Rochester homes have pending contracts which is 3 more than one week ago.

Average Days On Market (DOM) for these pending properties is 135 days. This figure is DOWN 5 days from just one week ago.

I’ve just sold a Resale - single family property at 15 7th Avenue NE in Rochester. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

Byron, MN Real Estate Agents David and Lois Marris of Edina Realty present another new listing.

437 10th Ave SE, Byron, MN

4 bedroom/2 baths/3 car garage

$459,900

View Virtual Tour Here!

9.57 prime acres of land just 6 miles west of Rochester on Country Club Rd SW and 10th Ave SE. The home is a classic 1920s farmhouse with lots of well thought out updates. The main level of the home has 9 ft ceilings and the original hardwood floors. The upper level has 8.5 ft ceilings and you can still find the original oak hardwood floors there as well.

Modern conveniences and a more contemporary look have been added to the kitchen remodel. You’ll find plenty of cabinet space, tiled floors and backsplace, a breakfast bar and newer appliances including a dishwasher. The dining area is quite large with a beautiful bay window which invites the natural sunlight into the room. An second bay window is found in the adjacent living room. A main floor bedroom was converted into a lovely sitting area which now opens onto a large deck. The deck is shaded by a unique Sycamore tree, a tree not native to Minnesota but one which clearly loves where it lives. There are two staircases to the upper level, another unique feature of this classic home. Upstairs you’ll find 4 bedrooms, a laundry room and a fabulous remodeled bath. The bath has a seperate tub and shower, a double vanity and beautiful ceramic tiled floors. Most homes of the era had a large, walk-up attic and this one is no different. You’ll find another modern convenience in the attic — a new air conditioning system. Having the air conditoner in the attic is the smart, green way to cool your air as it takes advantage of the fact that cool air falls to the lower areas. On winter nights, your new boiler will warm the house from the lower levels up. Each bedroom has its own radiator thermostat allowing each family member to choose their level of comfort. Another advantage of the radiator heat is that it doesn’t dry out the air the way forced air heat does. The boiler system was installed in 2007. Outside you’ll find the land perfectly set up for horses. The electric fences can be easily removed however in case you prefer open land. A large pole shed can be used for storage or leased out to others providing additional income for you. The riding arena can make a perfect sand play area or volley ball court. Call us at 507-398-3251 to arrange a private showing or visit one of our open houses.

Video Tour:

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David and Lois Marris are top producing REALTORs at Edina Realty in Rochester, MN. Edina Realty is the number one real estate brokerage in Minnesota. For more information regarding real estate in Rochester MN contact us at http://www.davidandloismarris.com/, DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Rochester, MN Real Estate Agents David and Lois Marris of Edina Realty present another new listing.

Byron MN Home For Sale - 1 Acre Lot With Park-like Setting

111 Country Court NE, Byron, MN

5 bedroom/3 baths/2 car garage

$284,900

Rochester, MN Real Estate Agents David and Lois Marris of Edina Realty present another new listing.

1503 5th Ave SW, Rochester, MN

4 bedroom/3 baths/2 car garage

View Virtual Tour Here!

This completely updated home is so much larger than it looks! Over 2200 sq. ft, almost all of it touched with recent updates. Two bedrooms on the main level, two bedrooms on the upper level and an office/exercise area on the lower level. Kitchen with new countertops, new flooring and stainless steel appliances. All three bathrooms have been updated. New flooring in the living room. Fireplace with stone accents. Master bedroom has a huge walk-in closet. Lots of upper level storage space over the front roof-line area of the house. Lower level recently finished with egress window added for sunlight. Newer mechanicals. New patio in backyard. Driveway just recently redone. Near park with baseball diamond, tot lot and access to hiking/biking trails. 11 blocks to downtown area.

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This Home has SOLD!

Contact us at 507-398-3251 for other homes in this price range and area!

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David and Lois Marris are top producing REALTORs at Edina Realty in Rochester, MN. Edina Realty is the number one real estate brokerage in Minnesota. For more information regarding real estate in Rochester MN contact us at http://www.davidandloismarris.com/, DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Rochester, MN Real Estate Agents David and Lois Marris of Edina Realty present another new listing.

4838 Scenic View Dr. SW, Rochester, MN 55902

5 Bedroom/3 Bath $274,900

View Virtual Tour Here

The soft, rolling hills of Scenic Oaks make this subdivision a favorite of many. Sitting a top a hill crest this home offers wonderful, open views you are sure to enjoy. Golf, fishing and shopping are nearby! Built in 2004 this home sits on a large, walkout lot in Scenic Oaks phase 2. “Comfortable” is the word that comes to mind when describing the lifestyle this homes offers. The living, dining and kitchen areas a joined into one comfortable space with vaulted ceilings. The main floor also has 3 bedrooms, 2 full baths (including the master) and the laundry/mudroom. If you don’t like stairs, this home will work well for you! The lower level family room with fireplace will be a favorite place to gather and play. Two additional bedrooms and another full bath are on the lower level. Access to the large backyard can be gained from the deck or the lower level walkout.

Video Tour:

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David and Lois Marris are top producing REALTORs at Edina Realty in Rochester, MN. Edina Realty is the number one real estate brokerage in Minnesota. For more information regarding real estate in Rochester MN contact us at http://www.davidandloismarris.com/, DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Rochester, MN Real Estate Agents David and Lois Marris of Edina Realty present another new listing.

9710 Plum Creek Rd., Pine Island, MN

35 Acres, 3 bedroom/3 Bath $519,900

View Virtual Tour Here

View Map Here

View More Info Here

Additional 8+ acres available.

You’ll feel as if you are living in a dream when you wake up every morning in this enchanted setting. It’s real and it can be yours! Thirty five wooded acres with a babbling brook, trails and picturesque views. The weight of the world will melt away as soon as you turn off the road and onto your tree lined driveway. Your meadering drive under a canopy of tree cover will help you unwind even after the worst of days out in the real world. By the time you burst through the trees into the open expanse of the home’s setting, you’ll have left your worries behind.

You’ll have a Pine Island, MN mailing address but are actually closer to Rochester, MN than Pine Island.  The NW Rochester shopping area is just 11 miles away. Downtown Rochester is 14 miles. 

Call 507-398-3251 for a private showing.

Video Tour:

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David and Lois Marris are top producing REALTORs at Edina Realty in Rochester, MN. Edina Realty is the number one real estate brokerage in Minnesota. For more information regarding real estate in Rochester MN contact us at http://www.davidandloismarris.com/, DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Wednesday, May 20th, 2009: There are currently 786 single family homes available for sale in Rochester, 16 fewer than last week.  241 of these homes are vacant, 10 fewer than last week. An astounding 51 homes accepted contracts this past week making in the busiest home sales week in 2009. We continue to decrease our availability of both existing and new construction homes. Twenty-nine new home construction permits were issued in April compared to just 20 total for the months of January-March.

Statistics from the Southeast Minnesota Association of REALTORs

David and Lois Marris are top producing REALTORS at Edina Realty of Rochester, MN. Edina Realty is the top real estate brokerage in Minnesota.  For more information regarding Rochester MN Real Estate visit our web page at www.DavidAndLoisMarris.com.  Contact information:  DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Wednesday, May 13th, 2009:

There are currently 802 single family homes available for sale in Rochester, 10 fewer than last week.

251 of these homes are vacant, 12 fewer than last week. 

46 homes accepted contracts this past week.

Rochester is defying the nation’s real estate recession.  We have had numerous weeks of declining availability, meaning homes are selling faster than they are coming on the market.  The vacant home statistic is a combination of new construction homes and existing homes.  This number is decreasing on a steady basis.  New home construction permits are also on the rise with 20 permits being issued in the month of April.

If you are considering selling your home, now is a good time to be on the market.  Contact us for a detailed marketing plan for your home.

Statistics from the Southeast Minnesota Association of REALTORs

David and Lois Marris are top producing REALTORS at Edina Realtyof Rochester, MN. Edina Realty is the top real estate brokerage in Minnesota.  For more information regarding Rochester MN Real Estate visit our web page at www.DavidAndLoisMarris.com.  Contact information:  DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.