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About John Durham

John and Becky Durham, of Durham Executive Group and RE/MAX Results are a marketing award winning husband wife real estate team specializing in the selling/buying of luxury homes in Woodbury, MN. Both John and Becky have earned master’s degrees. They are experts in the Woodbury real estate market, closely watching market trends to provide top end services to clientele. To learn more about Durham Executive Group, go to http://www.results.net/john.durham

Average Price Statistics Don’t Tell the Whole Story!

The Interlachen Woods neighborhood is located in the center of Woodbury. It is within walking distance to a grocery store, library, YMCA, pharmacy and restaurants, and also offers access to parks and city trails.

 

 

 

The real estate market in Interlachen Woods has had it’s ups and downs over the past 5 years. Average sale prices went up 8.5% in the past year. That is great news! But, average prices are still 9% lower than 2010. There is still a way to go before we see full recovery from the average price drops we saw in 2011 (see graph).

But hold on! Interlachen Woods is a great example of why average price statistics don’t tell the whole story.

When you factor in square footage of the homes that are selling in Interlachen Woods, we find a completely different dynamic. In fact, average price per square foot is up nearly 20% in this neighborhood since 2010! (see graph) At $120 per square foot, Interlachen Woods home sellers are getting some of the highest selling prices in Woodbury. Wedgewood, for example, averaged $117 per square foot in the past year, and Marsh Creek averaged $119.

This means that the homes that have sold in the past two years in Interlachen Woods were sold at a lower price because they were smaller than the homes that sold in 2010 in that same neighborhood.

With only a 3 months supply of homes on the market in Interlachen Woods, home buyers are jumping at the chance to buy. They may even want to buy YOUR home!

John and Becky Durham are Western WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group.

John Durham – 651-231-2191 john@durhamexecutivegroup.com

Becky Durham – 651-231-2192 becky@durhamexecutivegroup.com

 

  • Housing statistics and data provided by John and Becky Durham are based on data available as of March 19, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.

 

Wedgewood – Luxury Home Market Is Back!

The Wedgewood Neighborhood of Woodbury, MN

The luxury home market in Woodbury is showing strong signs of recovery. The Wedgewood neighborhoods, which were hit hard by falling prices and long listing periods, are showing strong signs of recovery.

The months supply of single family homes in Woodbury has dropped by nearly 50% in the past 12 months.

 

 

The supply of homes for sale in Wedgewood continues to drop. According to the Regional Multiple Listing Service of Minnesota, the months supply of single family homes in Wedgewood is now at 5.1 months and heading toward a seller’s market as we approach the spring listing season (see graph).

 

 

With reduced supply, we are seeing buyers acting fast to snap up the homes that are on the market, with Wedgewood homes spending, on average, 115 days on the market in the past 12 months (see graph). Homes in Wedgewood spent an average of 252 days on the market a year earlier. Wow! What a difference a year makes!

The number of days a single family home in Wedgewood has remained on the market has dropped by over 54% in the past year.

This is wonderful news for those who are considering listing their luxury homes. While prices are not yet rising significantly, it is certain that the market is beginning to right itself. Prices are expected to increase this spring as the lack of supply increases the likelihood of multiple offers on the best homes.

John and Becky Durham are Eastern WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group.

John Durham – 651-231-2191 john@durhamexecutivegroup.com

Becky Durham – 651-231-2192 becky@durhamexecutivegroup.com

  • Housing statistics and data provided by John and Becky Durham are based on data available as of March 1, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.

Best Remodeling Projects for Resale

Upgrading your entry door to an efficient steel door with a window can give you a 78% return on your investment and increase curb appeal.

If your home is showing it’s age, it may be wise to perform a few upgrades. Which projects are going to get you the best bang for your buck?  Everyone knows that a thorough cleaning and decluttering, a fresh coat of paint, and new carpets should be on every home seller’s to do list. But, if you’re thinking of a major overhaul, you might want to consider the latest research.

According to the Remodeling 2013 Cost vs. Value Report (www.costvsvalue.com) for the Minneapolis metro area, some projects will get you a better return on your investment than others.

Best ROI Projects for home sellers in the Twin Cities:

Siding Replacement (fiber cement) – Replacing your siding with a fiber cement product gives the best return on your investment, with 82.7% of costs recouped. Using vinyl siding recoups only 68.1% of your investment.

Entry Door Replacement – Replacing your front door with a steel door with a window recoups about 78.2% of the costs. Using an ENERGY STAR© rated door is an excellent idea as today’s buyers are keen on energy efficiency.

Minor Kitchen Remodel – According to the Remodeling 2013 Cost vs. Value Report, spending about $21,000 to reface cabinets, replace countertops, floors and appliances will get you about a 74% return on your investment. Use ENERGY STAR© rated applicances and you may qualify for rebates. One surprise in the study – a “major” kitchen remodel, replacing a kitchen with high end finishes – will only recoup about 60% of your investment. Buyers will love it, but may not want to pay for it.

Clearly home buyers are big on curb appeal, and seeing big projects like these looming in their future can mean they will look elsewhere to find the home of their dreams. Keep in mind you don’t have to spend a boat load of money to make your home show better to prospective buyers. Ask for opinions before you commit to a project to ensure the scope of work you have in mind is worth it. A realtor can help you decide if you will get the return you are hoping for.

John and Becky Durham are Eastern WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group.

John Durham – 651-231-2191 john@durhamexecutivegroup.com

 

©Hanley Wood, LLC. Complete data from the Remodeling 2013 Cost vs. Value Report can be downloaded free at www.costvsvalue.com

Real Estate Market Update – Stonemill Farms

Stonemill Farms, located on the far Eastern side of Woodbury, was the pre-recession gem of the city. New homes were selling faster than builders could keep with. Then the recession hit. In January 2008, previously owned homes spent about 100 days on the market. By the end of the year, homes were languishing on the market, on average, over 200 days. That translated to a staggering 18 months supply of homes for sale in Stonemill Farms!

Five years later, Stonemill Farms is on it’s way to a thriving real estate market. Drive through the community and you will once again see new homes in various stages of construction. But the most exciting news for Stonemill Farms homeowners is that pre-owned homes are selling faster than they have in several years.

The number of days the average home for sale in Stonemill Farms spends on the market is back down to pre-recession levels!

 

The attached graphs show that previously owned homes in Stonemill Farms are selling, on average, in about 100 days. That’s a pre-recession figure! And the months supply of homes for sale has gone down 30% in the past two years, down to a 4.6 months supply. In the real estate world, we call this a sellers’ market. (Typically, a market with more than 6 months supply is considered a buyers’ market, less than 5 months supply is considered a sellers’ market.)

 

 

 

Reduced supply and faster sales. These are very good indicators that the Stonemill Farms real estate market is on its way to recovery. For sellers, if you have been sitting on the fence, now is the time to seriously consider listing your home. Buyers are out there, and with interest rates still at historical lows, they are ready to buy.

John and Becky Durham are Eastern WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group. You can reach John at 651-231-2191

 

  • Housing statistics and data provided by John and Becky Durham are based on data available as of February 26, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.

 

Another FREE First Time Homebuyer Workshop in Woodbury

The Woodbury real estate market is beginning to heat up. We are seeing more listings come on the market. Prices and interest rates are still low, but so is supply. The best homes are getting snapped up quickly, and we’re starting to see more multiple offer situations.

If you are thinking about buying your first home, now is the perfect time to start looking. But where do you start? How do you figure out how much you can afford? How do you decide on the right home? And all that paperwork! The process of buying a home can be intimidating to the first time buyer. This FREE first time homebuyer workshop will help take the fear out of home buying

Wednesday, March 6th at 6:00 – 7:30 p.m.

Thursday, March 28th 6:00 – 7:30 p.m.

All workshops will be held at the RE/MAX Results office at 604 Bielenberg Drive in Woodbury. Additional workshop dates and times for April and May will be announced at a later date.

Local real estate experts John and Becky Durham will show you the ins and outs of buying your first home, including:

  • Agent Representation – how/why to select an agent.
  • Dual Agency – What is it and how it can negatively impact buyers?
  • Best method to find your dream home and pitfalls to avoid.
  • Procuring Cause -  What is it and how can it negatively impact a buyer?
  • Purchase agreement and related paperwork simplified. Important factors that should be included in every offer to protect buyers best interests.
  • Stucco homes – what should buyers be aware of?
  • Home Inspection: What to expect and key factors buyers should look out for.
  • Radon Gas Testing – should I test for radon or not?
  • Home Warranty – what is it and why might a buyer want to consider?
  • The Art of Negotiation – What to offer and how to get the best price and terms.
  • Multiple offers and how to handle them.
  • Arbitration explained.
  • Closing Process and what to expect.

A leading home mortgage expert will tell you about what you can expect through the lending process, from pre-qualification to closing. You’ll learn about what types of loan programs and incentives are available to you, as well as how much you’ll need for a down payment and closing costs on your new home.

You’ll be presented with the latest market data so you’ll know what to expect in terms of home prices. This first time homebuyer workshop is FREE. There is no cost to you and no obligation to use the services offered by any of the presenters. 

Workshops require a 48 hour advance reservation. To register, contact John Durham at 651-231-2191.

Free Workshop for First Time Home Buyers in Woodbury / East Metro

Free home buying workshops is being offered for first time home buyers looking to purchase a home in Woodbury and the Eastern metro area, as well as Western Wisconsin.

The last few years have made entering the real estate market a scary proposition for many prospective home buyers. But real estate prices are starting to go up again. With interest rates still at historical lows, now may be a great time for a first time home buyer to enter the market. Learn how to purchase a home in today’s housing market to ensure a seamless and smooth home buying process.

These free workshops will include a leading home mortgage expert who will tell you about the financing and home mortgage process, including conventional, FHA, and VA financing. Topics include:

  • Pre-approval process
  • Qualification guidelines: Credit/employment/income/ratios
  • Loan programs, ie. First Time Homebuyer programs
  • Monthly payments & cash required to close
  • Proposed FHA mortgage changes and their impact on buyers

Local real estate experts will share their expertise of the home buying process in both Minnesota and Wisconsin. They will answer your questions, from selecting an agent to selecting a home and negotiating a deal. Topics include:

  • Agent Representation – how/why to select an agent.
  • Dual Agency – What is it and how it can negatively impact buyers?
  • Best method to find your dream home and pitfalls to avoid.
  • Procuring Cause -  What is it and how can it negatively impact a buyer?
  • Purchase agreement and related paperwork simplified. Important factors that should be included in every offer to protect buyers best interests.
  • Stucco homes – what should buyers be aware of?
  • Home Inspection: What to expect and key factors buyers should look out for.
  • Radon Gas Testing – should I test for radon or not?
  • Home Warranty – what is it and why might a buyer want to consider?
  • The Art of Negotiation – What to offer and how to get the best price and terms.
  • Multiple offers and how to handle them.
  • Arbitration explained.
  • Closing Process and what to expect.

You will also receive current Woodbury and surrounding community housing market update with you so you can enter the market knowing what is going on in the local real estate market. Market data will include:

  • Average sale prices in Woodbury and surrounding communities
  • Price per finished square feet
  • Current list to sale price ratios in Woodbury
  • Average days on market

These FREE buyer workshops are offered at the RE/MAX Results office located at 604 Bielenberg Dr. on the following dates and times:

Thursday, February 21 - 6:00 – 7:30 p.m.

Wednesday, March 6th - 6:00 – 7:30 p.m.

Thursday, March 28th - 6:00 – 7:30 p.m.

Workshops require a 48 hour advance registration. To schedule a reservation contact John Durham at 651-231-2191.

Additional workshop dates and times for April and May will be announced soon.

Workshops presented by John and Becky Durham and the Durham Executive Group of RE/MAX Results.

 

2012 Year in Review – Woodbury Housing Market Has Turned Around!

Featured

Welcome to the first installment of the Real Estate Market Update for Woodbury! I’m John Durham, a RE/MAX Results realtor with the Durham Executive Group right here in Woodbury. Through this blog, my wife Becky and I will bring you the latest trends and market statistics. The Real Estate Market Update will supply you with monthly statistics from the Regional Multiple Listing Service of Minnesota and help you figure out what it means to you as a home owner or buyer. Whether you are considering buying, selling, or just want to get an idea of your home’s value, you will find the information you need to make good decisions. Check back frequently for the lastest news and leave us a comment if you have a question. We’ll be happy to answer it for you!

2012 Real Estate Statistics – Things are Looking Up!

When the Woodbury housing market derailed and we saw it start to deteriorate in the latter part of 2006 and into 2007 no one really knew what to expect. Housing experts across the country talked about how the national housing market would never be the same.

We don’t know what is going to happen on a national level, but what we do know is:

  • Woodbury new home construction is reviving;
  • Interest rates are still at, or very close to, historic low levels;
  • Home prices appear to have hit bottom in 2012, with home prices bouncing their way back upwards.

How soon before home values equal the home prices in 2004 and 2005 is anyone’s guess, but for any potential home seller out there who has been trying to wait out the market, every indication shows it will be many years before the market returns to previous conditions.

Average sales prices on homes sold in the 55129 zip code rose by 3.4% in 2012.

The exciting news is that in 2012, Woodbury had a 9.2% median sale price increase along with a reduction in the months’ supply of homes to 3.7 months. Breaking this down further, Woodbury’s zip code 55129 showed a 3.4% average sale price increase with the months’ supply of homes on the market significantly dropping to 4.2 months (see graphs.)

The supply of homes for sale in Woodbury’s 55129 zip code area retracted by 31.5% in 2012. With a 4.2 months supply of homes on the market, we can definitely call this a sellers’ market.

The average sales price of homes in Woodbury’s 55125 zip code area increased by a whopping 14.7% in 2012!

At the end of 2012, we saw dramatic housing data improvements in Woodbury’s zip code 55125, with an average sale price increase of 14.7%. The days on market dropped 27.8% while the months’ supply of homes

The months supply of homes in the 55125 zip code area decreased by over 40% in 2012 to a 3.4 months supply. Due to a lack of supply, we are already seeing multiple offer situations return to Woodbury as buyers compete for the best homes on the market.

decreased 40.4% for a months’ supply of 3.4 months (see attached graph). With a 3.4 months’ supply of homes available to buyers, this means home sellers in zip code 55125 and 55129 are definitely in a sellers’ market situation as we begin 2013.

The months’ supply of homes is vital in the housing market in determining whether it is a sellers’ or a buyers’ market. A balanced Woodbury housing market is achieved when there is a 5-6 month supply of homes on the market. If the months’ supply of homes on the market is more than 6 months, we are in a ‘buyer’s market. If there is less than a 5 months’ supply, the market is called a ‘sellers’ market.

Subsequently, with the supply of homes down significantly, 2013 might be the right time for those who have been trying to wait out the market to list their home. For home buyers, recognize Woodbury home prices are finally pointing upwards and there is a significant increase in the number of multiple offer situations due to the limited supply of homes for sale.

Presented by Durham Executive Group

  • John Durham 651-231-2191
  • Becky Durham 651-231-2192

 

* Housing statistics and information provided by John and Becky Durham are based on data available as of January 1, 2013. Data comes from the Regional Multiple Listing Service of Minnesota, Inc. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing.

 

John Durham, a RE/MAX Results realtor