Buying a Home
The Best Time of Year to Buy a Home
When is the best time to buy a home?
Just as in selling a home, the answer to this question all comes down to supply and demand. As far as our buyers are concerned, they typically want the most amount of homes to see and they want to be able to bid the lowest amount possible when it comes to negotiation.
Throughout the course of the year, we usually see inventory levels rise from January to December. It usually starts at the bottom in January, then ratchets up during the summer and fall months. During fall, the number of sales is usually inversely proportional to the number of listings. The later months of...
How Contingencies Protect Twin Cities Home Buyers
We wanted to take a minute to talk about real estate contingencies today. They are an important part of every real estate contract because they can help buyers protect themselves if problems come up after earnest money has gone into escrow.
There are two primary contingencies: for the inspection and for the financing....
How Should You Choose the Best Offer?
Should You Buy a New Home or a Resale Property?
Today we want to speak to you about the difference between buying a new home and a resale property. Both have their pros and cons, and we want you to be informed about them.
A newly-constructed home is advantageous in the fact that you have control over the design and layout. You can build it just like you want, so long as you have the funds. You can reflect your own style, and not someone else's tastes. New homes often come with warranties that cover...
What Can You Expect from the Twin Cities Marketplace in 2016?
Where is the Twin Cities market heading in 2016? Last year was another wonderful year in our market, but will this be a year of change? Today, we take a look at the numbers to find out!
Overall, 2015 was the best year in the Twin Cities market since 2005. Housing demand has reached a 10-year high, and home prices have fully recovered in most of the area. In 2015, the amount of closed sales increased by over 1%, median sales prices increased by 7%, and...
Twin Cities Real Estate a Good Bet in 2013
A few things are working in our favor here in Minnesota, as far as real estate sales are concerned.
First, Minnesota has a low unemployment rate. And we don’t just mean “relatively low,” as it’s hovering just above 5 percent right now.
Second, Minnesota, and in particular the Twin Cities area, has an ...
Q & A: Are You Ready to Buy a Home?
Nationwide, it seems the housing market is heating up, just as it does nearly every Spring and Summer – including in the Twin Cities area. Even with those seasons passed, the interest rates are still low with plenty of homes available on the Twin Cities real estate market. That considered, more and more Minnesotans are pondering if they are ready to buy a home yet. There are many things to consider, especially for those who may be first time home buyers.
Here are some questions and some possible answers to think of if you are considering...
Buying a Home Has Become More Affordable
Buying a home is now more affordable than it has been in the last twenty years.
That is, according to this CNN article. Due to declines in home prices and nearly record-low mortgage rates, the National Association of Home Builders/Wells Fargo Housing Opportunity Index now registers a record level of affordability.
According to the index, 75.9% of all new and existing homes sold during the three months ended Dec. 31 could have been comfortably purchased by families earning the national median income of $64,200.
That was the highest percentage recorded in the 20-year history of the index, and a sharp increase from just three months earlier when 72.9% of all homes sold were considered affordable.
The National Association of Realtors reported that in January, home prices ...
Two Limited Time Home Assistance Programs in Minneapolis
There are two new assistance programs available in Minneapolis for home buyers and home owners, but act fast because they are limited in availability and funds.
First, Neighborhood Housing Services of Minneapolis is offering home buyers in North Minneapolis a $5,000 forgivable loan towards the down payment of a home if a purchase agreement is signed by May 31 and the sale is closed by August 15. If the new owner lives in the home for 5 years, the interest-free loan will be forgiven. There are no income restrictions for qualifying. Loan funds for this program are limited to $100,000, so when it's gone, it's gone!
Second, homeowners and buyers in foreclosure-impacted neighborhoods of Minneapolis can apply to the City’s Rehab Support Program. It has a fund of $750,000 with which to finance to complete improvements, potentially increasing the home’s market value. The pilot program offers loans of up to $20,000 at zero-percent...