There are many different people who are interested in how much your home is worth. When you are purchasing your home, what the seller thinks the home is worth, what the appraiser thinks the home is worth, what your hazard insurance company thinks the home is worth, and what the county thinks the home is worth are all very different. But, the most important opinion is yours (the buyers) opinion.

In a recent article in the Pioneer Press, a reporter investigated a number of free and low-cost home valuation services, including zillow.com, realestateabc.com, housevalues.com, instanthomevaluations.com, to try to determine how much a Seattle home was worth. They experienced a 29% spread in estimates.

In the June 2006 issue of Kiplinger’s Personal Finance magazine the feature story provided the “50 Smart Places to Live” in the United States. Voted on by readers, cities nationwide were evaluated on predetermined criteria that consisted of:

• Strength of the local economy
• Quality of health services available
• Affordable living – based on being able to purchase an attractive home for under $300,000-$400,000
• Overall quality of life

While Nashville, TN was voted as the number one pick, Minnesotans can boast yet another item on their list of top ratings (see below). Kiplinger’s enthusiastic summary of Minnesota provides a glimpse of what all the fuss is about: “The Twin Cities offer a hip and progressive atmosphere with a Midwestern sensibility, multiple cultural outlets, pro teams in all four major sports, a dozen universities and colleges, and a diverse economy.”

As a born and raised Minnesotan, I naturally take pride in the fact that we are top-rated on this list amongst others. However, beyond the pride that is to be expected in one’s home and roots, I haven’t always been terribly enthused about choosing Minnesota as a place to live. As my ambitions pushed me to go elsewhere, I partook in an exploration of other areas to live namely New England. It wasn’t until the “do or die” moment of decision to stay or go that I truly discovered Minnesota’s appeal which ultimately compelled me to stay – and I am thankful that I did!

Alluding back to the article, the author highlighted several fantastic features of the Twin Cities, some of which resonate inside of me as a result of my own personal evaluation:

Despite the fact that when one imagines majestic skylines they likely don’t consider those of Minneapolis and St. Paul, those who have seen both just might say otherwise. Words cannot describe the exquisiteness of driving into Minneapolis at night and taking in the unique illuminated buildings that encompass the downtown area. “Classy” “bold” or “striking” are words that might come to mind. St. Paul on the other hand, might not trigger quite the same words but shares an equal amount of uniqueness. With its old buildings dimly lit along with the Cathedral of St. Paul perched on a hill overlooking the glory of the capital city, there is something about St. Paul that is aesthetically pleasing to the eyes despite a lack of contemporary and chic design.

Perhaps because they are flooded with colleges and universities, the Twin Cities embraces its diversity and offers several facets for cultural exposure. The metropolitan area boasts one of the largest theater districts in the country. On the flip side of the cultural coin, Minnesota also boasts four pro teams: the Vikings (football), Timberwolves (basketball), Wild (hockey) and the Twins (baseball).

Looking for a job? The Twin Cities has one of the lowest unemployment rates in the nation and is the home base for many world-renowned companies such as 3M, Medtronic, General Mills, Ecolab, Ameriprise, Target, Best Buy, Northwest Airlines, St. Paul Travelers and Hormel. Whether you are looking for a career as a waitress or as a top-level CEO, Minnesota offers the opportunities for both and everything in between.

Finally, as a Realtor, I cannot overlook the importance of the real estate market that the article also points out. As other postings have discussed, just like the rest of the country, Minnesota has experienced a hot market over the past five years. However even with the intense growth observed in housing prices, soon-to-be Minnesotans searching for affordable living will be pleasantly surprised. At the end of 2005, the median price for a single-family residential home was just $224,500 with a comfortable appreciation rate of nearly 7% per year.

In summary, it appears that an objective point of view might view the Twin Cities as a fantastic place to live. With outstanding schools, rich diversity, a multitude of job opportunities and a median household income of $55,000 (nearly 25% above the notation median of $58,000) most would concur with Kiplinger’s assertion that Minneapolis-St. Paul is indeed the second “smartest” place to live in America.

Other top-ratings that Minnesota has recently received:

• Best drivers
• Most Livable State – Minnesota has been ranked one of the most livable states nationwide in the last nine years, ranking first between 1997 and 2003 and second in 2004 and 2005, according to Morgan Quitno Press
• Healthiest State – Minnesota ranked as one of the five healthiest states in the country over the last 10 years (1996-2005), according to Morgan Quitno Press, based on a variety of economic, social and health-related factors.
• Most Politically Active – Minnesotans are politically active. According to the U.S. Bureau of the Census, 79.2 percent of Minnesotans voted in November 2004, giving Minnesota the top spot over runner-up Wisconsin.
• Well-being of its Children – In 2005, Minnesota ranked No. 3 among states in the well-being of its children, according to the annual Kids Count report.
• Best Places to Jump-Start a Business or Career – Minneapolis/St. Paul ranked 18th on Forbes magazine’s 2005 list
• Smartest State – Named 6th smartest state by Morgan Quitno Press (2005-2006)

Want even more Minnesota rave reviews? Visit http://www.minneapolis.org/travelinfo/facts_trivia.asp

Remember, time is on your side

Take your time finding that perfect house, researching school districts and neighborhoods. Homes aren’t moving nearly as fast as they used to, you can afford to take your time. With inventories of homes for sale higher than they have been in the recent past, if you miss out on one opportunity, you will likely find a better one!

Don’t be afraid to demand a reduced price

Some sellers have an inflated view of what their home is worth, based on the activity of the last few years. This causes many sellers to price their home too high. How can you tell how long the home has been on the market, and what the original listing price was, and if they lowered it? This is something your local licensed Realtor® can help you out with.

Take advantage of an inspection contingency

I don’t know why you would ever NOT get an home inspection, but make sure you get one. Don’t worry that including a home inspection contingency might cause another offer to win. No matter how much you love the house, taking the risk of NOT getting it inspected isn’t worth it. You’ll find another house, especially in this market. We know a great home inspector that goes over homes with a fine-tooth comb!

Don’t sweat the financing

Provided you get a fixed-rate mortgage, if rates rise, you are locked in. If rates fall, you can always refinance. Rates are still historically low, compared with the last few decades.

Don’t insult

A shockingly-low offer might insult a seller and cause them not to consider any more of your offers. What is a reasonable offer? That’s where our services come in handy! Contact us to get started on your home search.

I have no problem with these search engines (we’ve had success selling things on craigslist, and we usually advertise listings on at the owners permission), but you should remember:

1. A great majority of these properties are most likely already on the MLS
2. By exclusively searching for homes with these sites, you won’t see all the homes available
3. By posting on these sites, even if you manage these multiple listings on different sites, and struggle to provide info for potential sellers and keep your listing fresh, you still aren’t getting the exposure you would get from the MLS
4. Although the integrated google maps feature is pretty cool on some of these sites, the search engines aren’t nearly as powerful as the ones available to me

I don’t oppose buyers utilizing the internet for searching for homes for sale, and don’t oppose sellers trying to sell their homes on these sites. I do think you should use a Realtor® for your transactions. Many brokers such as IBR offer a free MLS search right on their website, and I can automatically set you up to receive listings within your criteria. In addition, I can manage and market your homes on these same sites.

Remember that Realtors® provide many more services than finding and advertising homes.

• visit the house before purchasing
• employ a Realtor® if you are not familiar with the area or neighborhood where you plan to purchase
• get a home inspection
• if a deal sounds too good to be true it probably is (if you buy a house for $3,000 or $10,000 be ready for anything)

Do you think its eBay’s fault? I see the internet and mediums such as eBay and Craigslist to not be at fault in transactions like this. Buyers need to be more aware of what they’re getting into. If I buy a digital camera from eBay, there is a chance I can lose my money by paying the seller, and never receiving the item.

A house, on the other hand is a big purchase that needs to be thought through carefully. If a buyer buys a $3,000 house on eBay, he can be out much more than his purchase price in a hurry. A hasty decision or cutting corners when making a purchase of this magnitude.

The first story, titled “Home Sales Post Biggest Jump In Two Years”, it refers only to existing home sales, not new home sales. February was relatively mild, so the increase in sales activity might be partly due to the uptick that normally occurs in a Spring market.

The second story, titled “New Home Sales Plunge 10% in Feb.” paints a bleaker picture. Although it attributes much of the slowdown to the South and West, and the increasing inventory of new homes can seem worrying, reading further down shows an increase of 5.2% in the Midwest area.

The third story paints a better picture on the state of new housing by stating “Construction Spending Hits Record Level”. Its is a bit more negative by reinforcing the weakness in the activity of housing markets.

The summary? People can use numbers to spin whatever story they want (the long-running predication of the housing bubble popping has been unfounded by reiterated for over two years), its important to closely read and research the story. Don’t depend on news stories when determining how to price your home, depend on a Realtor®.