Rochester, MN

Rochester, MN Real Estate Agents David and Lois Marris of Edina Realty present another new listing.

4838 Scenic View Dr. SW, Rochester, MN 55902

5 Bedroom/3 Bath $294,900

View Virtual Tour Here

The soft, rolling hills of Scenic Oaks make this subdivision a favorite of many.  Sitting a top a hill crest this home offers wonderful, open views you are sure to enjoy. Golf, fishing and shopping are nearby! Built in 2004 this home sits on a large, walkout lot in Scenic Oaks phase 2.  "Comfortable" is the word that comes to mind when describing the lifestyle this homes offers.  The living, dining and kitchen areas a joined into one comfortable space with vaulted ceilings.  The main floor also has 3 bedrooms, 2 full baths (including the master) and the laundry/mudroom.  If you don't like stairs, this home will work well for you!  The lower level family room with fireplace will be a favorite place to gather and play.  Two additional bedrooms and another full bath are on the lower level.  Access to the large backyard can be gained from the deck or the lower level walkout.

Video Tour:

David and Lois Marris are top producing REALTORs at Edina Realty in Rochester, MN.  Edina Realty is the number one real estate brokerage in Minnesota.  For more information regarding real estate in Rochester MN contact us at www.DavidAndLoisMarris.com, DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Rochester MN Real Estate Market Update from REALTORs David and Lois Marris

Wednesday, May 20th, 2009

There are currently 786 single family homes for sale in Rochester, 16 less than last week. 241 of these homes are vacant, 10 less than last week. An astounding 51 homes accepted contracts this past week making it the busiest home selling week in 2009. We continue to decrease our inventory of both existing and new construction homes.

Contact us if you are considering buying or selling a home in the Rochester area. We'll put our experience to work for you.

Statistics are from the Southeast Minnesota Association of REALTORs

David and Lois Marris are top producing REALTORs at Edina Realty in Rochester, MN. Edina Realty is the number one real estate brokerage in Minnesota. For more information regarding real estate in Rochester MN contact us at www.DavidAndLoisMarris.com, DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Wednesday, May 13th, 2009:

There are currently 802 single family homes available for sale in Rochester, 10 fewer than last week.

251 of these homes are vacant, 12 fewer than last week.

46 homes accepted contracts this past week.

Rochester is defying the nations real estate recession. We have had numerous weeks of declining availability, meaning homes are selling faster than they are coming on the market. The vacant home statistic is a combination of new construction homes and existing homes. This number is decreasing on a steady basis. New home construction permits are also on the rise with 20 permits being issued in the month of April.

If you are considering selling your home, now is a good time to be on the market. Contact us for a detailed marketing plan for your home.

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David and Lois Marris are top producing REALTORS at Edina Realtyof Rochester, MN. Edina Realty is the top real estate brokerage in Minnesota. For more information regarding Rochester MN Real Estate visit our web page at www.DavidAndLoisMarris.com. Contact information: DavidMarris@EdinaRealty.com, LoisMarris@EdinaRealty.com, 507-398-3251.

Home Buying Advice from Rochester MN REALTORs David and Lois Marris

Whether you are buying your first home or you've bought a home before, ask yourselves these questions as you consider your options.

1. Does buying a home fit in with my overall financial goals?

Home Ownership is just one of many financial goals. Ask yourself these questions as you prioritize all of your goals:

• How long will I live in this home? We suggest 3 years minimum, preferably 5 years.
• Will I still have enough money for unexpected expenses and emergencies?
• Would buying a home financially stretch me beyond my comfort zone?

2.What can I comfortably afford?

Focus on what you can afford rather than "What Can I Borrow?" Consider:

• Down payment
• Interest rate
• Property Taxes
• Monthly heating/cooling costs
• Lawn care costs
• Association Fees
• Home Maintenance costs

We provide a pre-qualification tool which helps you decide what you can comfortably afford when considering home ownership. Our payment calculator will help determine your monthly payment.

3. What are the benefits of home ownership?

Historically, home ownership is one of the only investments you can use on a daily basis and still expect it to appreciate in value. As a general rule, most home owners can deduct their mortgage interest paid, property taxes and closing costs from their federal income tax returns.

It is difficult to put a dollar value on some home ownership benefits. Many families have told us over the years that the greatest benefit is stability. A roof over your head, good neighbors, a safe environment and a peaceful nights sleep are just a few examples of the value of home ownership.

4. What can I do to prepare myself if I can't buy a home now?

Start saving! Consider putting a little bit away each month for the down payment on your home. Protect your credit score by making payments on time all the time. Look into government programs designed to assist home owners.

It's also never too early to work with us. Call us to discuss your situation and we'll be able to keep an eye on good deals in your price range or mortgage and home buyer programs. Then when you're ready to buy, we'll have a head start!

Rochester Mn Real Estate Agents David and Lois Marris on Mortgage Applications

There are three main areas lenders review when you apply for a home loan:

• Income and Expenses
• Credit Score
• Down Payment and Closing Costs

Income and Expenses

Lenders will help you itemize your income and all of your expenses. They then calculate a debt to earnings ratio or "Housing Ratio". The Housing Ratio consists of the monthly housing payment to total gross monthly income ratio. This ratio is used by lenders to determine the maximum monthly payment a lender is likely to allow you to carry based on your income alone. To calculate your own Housing Ratio visit our web page Pre-Qual Calculator tool.

Credit Score

Your credit score is a number generated by the credit reporting agencies and represents your overall credit health. You can find your current credit score by visiting www.freecreditreport.com or www.annualcreditreport.com. As a general guideline, lenders would like to see a credit score of at least 650. If your credit score is lower than this, you'll want to improve your credit score by paying off debt and paying bills on time for 12 consecutive months.

Down Payment and Closing Costs

Right now, most lenders would like the buyer to have at least a 10% down payment when purchasing a home. If you have high credit and are buying a medium priced home, you may be able to find a 5% down loan pament. Jumbo loans (over $417,000) are often requiring 20-25% down payments. Your lender will take the down payment and closing costs into consideration when determining your qualification for a loan.

Mortgage related closing costs vary from lender to lender to it is important to compare vendors. A 1% origination fee is quite common these days and means you will pay 1% of the loan value as a closing costs. Some closing costs do not vary from vendor to vendor. Examples are a state deed tax, abstract update or title insurance costs, filing costs, etc.

We provide each buyer and seller with an estimated closing expense form to you will not be surprised by any costs related to the closing on your home.

Calculating Your Monthly Payment

Your monthly payment will depend on:

• Purchase Price
• Down Payment
• Interest Rate
• Property Tax rate
• Annual Hazard Insurance Cost

Visit our payment calculator to determine your monthly payment. Your payment will include your principal payment (P), Interest payment (I), 1/12th of your property tax payment (T) and 1/12th your annual hazard insurance payment (I). All together, we call this PITI: principal, interest, taxes and insurance.

Our web page offers more mortgage information and easy to use tools to help you with your home buying decision.

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Rochester MN Real Estate Agents David and Lois Marris are top REALTORs at Edina Realty. Edina Realty is the number one brokerage in Minnesota. Visit www.davidandloismarris.com to search for Rochester homes for sale. Contact: LoisMarris@EdinRealty.com, DavidMarris@EdinaRealty.com, 507-398-3251.