Rates continue to be at historic lows and let’s face it, any rate below 6% is considered to be outstanding. Especially when you combine it with housing prices that are at their lowest levels in 6 years. Home prices are beginning to stabilize and we are even seeing homes being sold in multiple offer scenarios.
In addition, if you are a first time home buyer, you may qualify to take advantage of the $8,000 tax credit. We’ve heard it before, but it bares repeating. When do you know when we’ve hit the bottom of the housing market…when it starts to go back up.
So, if you are in the market to buy one of the beautiful Shoreview homes or a fantastic home in any other area, it is time for you to make your move and get off of the fence.
Wednesday, July 22, 2009
Friday, July 17, 2009
Tips for Buying Homes
Here are just a few tips that buyers should think about when buying a home:
1. Find a real estate professional that you get along with. Not only does
your realtor need to be knowledgeable, but you need to find someone that
works well with your personality.
2. Don’t try to second guess the market. If you find a home that you want,
make an offer on it.
3. Don’t ask for too many opinions from friends and family. Too many ideas
can make it harder to make a decision.
4. Accept the fact that no house is perfect. It is much more important to
focus on the things that are most important and let the minor ones go.
5. While negotiation is a big part of buying real estate, the best negotiation
is when all parties are happy with the outcome. A win-win is always a
better path.
These tips apply to first time home buyers as well as seasoned home buyers that may be purchasing their 10th home. Check back again for more tips on buying homes.
1. Find a real estate professional that you get along with. Not only does
your realtor need to be knowledgeable, but you need to find someone that
works well with your personality.
2. Don’t try to second guess the market. If you find a home that you want,
make an offer on it.
3. Don’t ask for too many opinions from friends and family. Too many ideas
can make it harder to make a decision.
4. Accept the fact that no house is perfect. It is much more important to
focus on the things that are most important and let the minor ones go.
5. While negotiation is a big part of buying real estate, the best negotiation
is when all parties are happy with the outcome. A win-win is always a
better path.
These tips apply to first time home buyers as well as seasoned home buyers that may be purchasing their 10th home. Check back again for more tips on buying homes.
Monday, July 13, 2009
Traditional Home Sales Are On The Rise
After increasing by $12,000 from April to May, the median sales price in the Shoreview and Roseville housing markets jumped another $8,500 in June as traditional homes again increased their market share. Traditional homes are defined as those excluding foreclosures and short sales.
Of the 4,764 closed sales in the Twin Cities during June, 40.7% were lender-mediated foreclosures and short sales, down from the 59.7% seen at the beginning of the year. While that percentage is still too high, it’s a definite improvement from six months ago. It also is another indication that the low rates and tax credit are helping to encourage traditional home sales.
Of the 4,764 closed sales in the Twin Cities during June, 40.7% were lender-mediated foreclosures and short sales, down from the 59.7% seen at the beginning of the year. While that percentage is still too high, it’s a definite improvement from six months ago. It also is another indication that the low rates and tax credit are helping to encourage traditional home sales.
Tuesday, July 07, 2009
MORE HELP FOR FIRST TIME HOME BUYERS
More great news for FHA approved home buyers using the First Time Homebuyer Tax Credit. FHA approved lenders have been given the go ahead to develop a bridge-loan product that will enable first time home buyers to use the benefit of the First Time Homebuyer Tax Credit upfront.
FHA approved lenders can develop bridge loans that first time homebuyers can use to help cover closing costs, buy down their interest rates or put more than the minimum 3.5% down.
It is important to note, that these bridge loans can not be used to cover the minimum 3.5% down payment required by FHA.
FHA approved lenders can develop bridge loans that first time homebuyers can use to help cover closing costs, buy down their interest rates or put more than the minimum 3.5% down.
It is important to note, that these bridge loans can not be used to cover the minimum 3.5% down payment required by FHA.
Wednesday, July 01, 2009
Straight Talk About Foreclosures & Short Sales
Let’s face it, loan modifications, short sales and foreclosures have impacted the housing market in the Twin Cities, and they’re not going away any time soon.
A homeowner first course of action should be to try and work out a loan modification with their lender. If there does not happen, then the homeowner should consider a short sale. A short sale is an arrangement that a home owner makes with the lender to accept less than what is owed on the property. This is often done to try and sell a property before it goes into foreclosure. As a last resort the lender will foreclose on a property. A foreclosed property is one in which the lender has repossessed the property from the homeowner and now the lender owns it.
First quarter statistics for the Roseville area show the number of lender-mediated homes for sale up 56.3% compared to this time last year. While traditional (non-lender mediated) homes for sale were down 33.3% compared to this time last year.
A homeowner first course of action should be to try and work out a loan modification with their lender. If there does not happen, then the homeowner should consider a short sale. A short sale is an arrangement that a home owner makes with the lender to accept less than what is owed on the property. This is often done to try and sell a property before it goes into foreclosure. As a last resort the lender will foreclose on a property. A foreclosed property is one in which the lender has repossessed the property from the homeowner and now the lender owns it.
First quarter statistics for the Roseville area show the number of lender-mediated homes for sale up 56.3% compared to this time last year. While traditional (non-lender mediated) homes for sale were down 33.3% compared to this time last year.
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