How Low Can They Go?

Though they've crept up in recent weeks, mortgage rates remain at ridiculously low levels (I've seen quotes for 30-Year Fixed Mortgages at 4.39% this week; and 15-Year Mortgages at 3.76%), meaning now might be the perfect time for you to buy a new house.

I am a Realtor with experience dealing with residential and farm properties in the Willmar area. The most recent data show that the median sales price for homes in Kandiyohi County remained around $130,000 to $135,000; and while the number of sales reported dropped a little from 2008 to 2009, the market has improved in 2010.

Sales prices have been lower in surrounding counties like Renville (about $70,000 to $75,000), Swift ($75,000 to $80,000) and Chippewa ($75,000 to $85,000), and Chippewa saw a decline in median prices from 2008 to 2009. Prices rose about 10% to 15% in both Swift and Renville during that time frame.

If you're looking for a house right now, I'd love to help you find the right one. I am easy to work with, and can make sure you pick out a house with a mortgage that works for you. Give me a call at 320-894-7528 or e-mail me at noah@farmlandman.com and I will help you out!

Have a safe and Happy Thanksgiving!

Noah Hultgren
The FarmlandMan
http://www.farmlandman.com/

Mortgage rates going lower, home sales going higher

Finally it seems like things are starting to loosen up in home sales, thanks to record-low mortgage rates. At the end of September, Freddie Mac said that 30-year mortgage interest rates were averaging 4.32 percent - that is awesome! At that number, 30-year rates tied the lowest on record; while 15-year rates were hovering around 3.75 percent, which set a new record low.



In response, the number of home sales started increasing in the last couple months. A report from the National Association of Realtors (NAR) shows a steadily improving market. The Pending Home Sales Index, which is a gauge of future home sales, increased from July to August.



If you are ready to buy a house, or sell your current house, please contact me at noah@farmlandman.com. I'm a little busy in the tractor, but I would love to work with you and meet your real estate needs.

Thanks,
Noah Hultgren
The Farmland Man
www.farmlandman.com

Farmland Values

The number of sales happening has certainly slowed down in the last couple years, but for farmland, the values really haven't. The professional realtors at North Central Realty and myself have always worked hard to get good values for both sides of the equation, and 2010 has been no exception despite the recession.

Obviously land values vary greatly based on location and demand, and we work with a wide variety of landowners not just in Minnesota, but in Iowa, South Dakota, and other midwestern states as well. We keep track of our sales, and post some of them on our North Central Realty website. If sales in 2010 are any indication, farmland values are still going up.

In 2009, we had at least 2 farmland sales at more than $5,000 per acre - one in Renville County and another in Sibley County. We had several other properties sell for more than $4,500 per acre, including farms in Renville, McLeod, and Mower Counties in Minnesota, and Grant County, South Dakota. Just under half of the sales at North Central Realty were at $4,500 or above per acre in 2009.

So far in 2010, all of our sales have been over $5,000 per acre. This again includes farm property in Renville County, which was bought by a group of 2 farmers, as well as farms in Mitchell and Sac Counties in Iowa. If trends keep up, perhaps half or more than half of the North Central Realty farm sales in 2010 will go for over $5,000 an acre!

Please contact me to learn about our real estate services. I would be happy to help you sell your prime farmland for the best possible price!

Thanks,

Noah Hultgren

The FarmlandMan

http://www.farmlandman.com/