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As the recession comes to an end and the economy begins to regain its strength, now more than ever is a great time to be in the market to buy a home. There are several factors that make now a great time to acquire property, but we will specifically talk about 4 key factors. These factors include low median home prices, rock bottom interest rates, available tax credits and investment opportunities!
1. Low Median Home Prices
With the free fall of home prices over the last 3 to 4 years and a large number of distressed properties hitting the market, some areas of the U.S. are seeing the median home prices as low as they were in 1997. As the prices start to flatten, many economist believe that the roughest parts of the real estate road have been passed and that prices could start to rebound in the 2010. The median price in the the U.S. for a single family home is $169,000, that is down 13.8% from last year. The pending sales index, which is up 21% from the same time last year, indicates that consumer's are getting great deals and taking advantage of this buyers market.
2. Rock Bottom Interest Rates
With interests rates on mortgaged money as low as its ever been, its hard not to take advantage of this buyers market if you are able financially. You can lock in a 30 year fixed mortgage at just over 5%, while you can get a 15 year fixed mortgage for just under 4.75%. Credit qualifications for mortgages are a bit more stringent than they have been in the past few years, due to the mortgage crisis which is one reason the housing market is where it is today!
3. Tax Credits
With the first time home buyers tax credit being extended and expanded last week, more people may be able to afford home ownership than ever before. The $8,000 tax credit for first time home buyers was extended through April 2010, and is available to consumers wanting to buy a home that have not owned a home in the last three years. The expansion of the tax credit now includes a $6,500 credit to home owners who have lived in their current residence for at least 5 years. The income limitations are $125,000 for single applicant and $225,000 for married applicants. To receive this tax credit, the purchase agreement must be signed by April 30, 2010 with closing accuring before June 30, 2010.
4. Investment Opportunities
With the number of distressed and foreclosed properties on and set to hit the market, real estate investors have a plethora of options in regards to going about thier business. With foreclosures selling at 50 to 70 percent of market value, investors have the chance to buy these properties, put a little TLC into them, and depending on the circumstances either sell it for a profit or rent it out for a monthly cash flow. Either way there are many opportunities for investors to get involved in the real estate market. Another benefit of the times is that many contractors are looking for work and are willing to do renovations and fix-ups for a lot less than they were charging three or four years ago.
These are just 4 of the many reasons that now is a great time to purchase real estate. Just remember not to get in over your head, stay within your budget and be aware of all the cost that come with home ownership. Find a good real estate agent and none of those problems should be an issues for you.
For Real Estate Specialist in the Minnesota checkout www.workwiththeboss.com
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Here are the final sales numbers for short sales, foreclosures, lender mediated, and traditional listings for the 3rd quarter 2009 for Apple Valley Minnesota;
|
Apple Valley Minnesota |
L/M |
L/M |
L/M |
Traditional |
Traditional |
Traditional |
|
Dakota County |
Oct-09 |
Oct-09 |
% Change |
Oct-09 |
Oct-09 |
% Change |
|
Inventory of homes for sale |
128 |
100 |
-21.9 |
366 |
246 |
-32.8 |
|
Months supply of inventory |
8.8 |
3.2 |
-63.2 |
9.1 |
6.9 |
-24.8 |
|
|
10/07-9/08 |
10/08-9/09 |
%Change |
10/07-9/08 |
10/08-9/09 |
% Change |
|
New Listings |
371 |
415 |
11.9 |
1216 |
906 |
-25.5 |
|
Closed Sales |
158 |
293 |
85.4 |
499 |
412 |
-17.4 |
|
Median Sales Price |
169000 |
145000 |
-14.2 |
225000 |
204500 |
-9.1 |
|
Median Price per sq.ft. |
100 |
85 |
-14.7 |
116 |
106 |
-8.8 |
|
% of original list price |
90.4 |
92.2 |
2.1 |
94.8 |
93.6 |
-1.2 |
|
Days on Market until sold |
135 |
136 |
0.1 |
136 |
1143 |
5.2 |
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L/M=Lender Mediated |
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Some interesting notes are the inventory of homes and the month's supply of inventory are both down in lender-mediated and traditional listings. Apple Valley currently has approximately 29% of its inventory that is lender mediated. In comparison Minneapolis currently has around 25%. Lenders are starting to be aggressive in the pricing and these homes are moving quickly especially under $150,000.
Kenden Post-CDPE, ePro
Coldwell Banker Burnet-Apple Valley, Minnesota
(o)952-997-1960, (f)952-997-8810, (c)612-310-6304
Do you know anyone facing foreclosure? You do have options. We are the short sale experts.
Free reports at www.YourMnShortSaleExpert.com.
Short sale information can be found at http://MnShortSalesExpert.com
First time home buyers be sure to visit http://OurFirstMinnesotaHome.com/ to register for your Home Sweet Home Buyers ProgramTM.
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3300 E Burnsville Parkway , Burnsville, MN 55337
Great 2-story family home w/ 3BR/4BA 2 car garage 3 BRs on 1 lev mn flr. Laundry rm, hrdwd flrs, form DR & LR, 2 FR's, frplc, luxury master suite w/jacuzzi & large kitchen w/center island. Info deemed reliable but not... More Info
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140 Maple Island Road , Burnsville, MN 55306-5502
Agt to verify all msmts. Fabulous home - new inside and out. Tile floors new kitchen cabinets - appliances - new hardwood floors - 6 panel doors - fixtures - and paint. Play structure in the back yard and a shed. Quick close... More Info
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7020 Upper 139th Street W , Apple Valley, MN 55124
: Fantastic starter home! Great flat yard, 1/2 acre, corner lot. Three car, insulated garage. Beautiful deck, patio and gazebo/3 season. Interior needs updating, hardwood floors, nothing immediate... More Info
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106 Chaparral Drive , Apple Valley, MN 55124
Not a short sale or Foreclosure, but priced to sell. Buyers Agt to verify all measurements. Move-in ready, but could use a few updates. Public Remarks: Huge home in great neighborhood. Cozy backyard with multi-tier deck and firepit. Desirable location with short walk to Belmont park. 1 year... More Info
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7406 Upper 139th Street W , Apple Valley, MN 55124
Seller Financing and Lease Options Available. Measurements deemed reliable, not guaranteed. Room to grow with 4th level ready for sheet rock. Great neighborhood and updated Kitchen and baths. Extremely Convenient... More Info
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621 5th Street W , Hastings, MN 55033
Wow - 3 bathrooms, Main floor family room w/fireplace. Sunroom off dining area. Hardwood floors thru-out home. Has formal dining room for lge family gatherings. Oversized garage w/ lots of storage. Great location, Close to schools &... More Info
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261 Tuttle Drive , Hastings, MN 55033
One level living at it’s best. Meticulously maintained open functional floor plan soaring vaulted ceilings new roof new windows new carpet master suite with separate shower/ whirlpool. Finished insulated/ heated garage abundance of green space. Ample... More Info
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20615 Kearney Path , Lakeville, MN 55044
Easy to reg-look at our Model beautifully appointed quality built paint and carpet selections avalible. completion time only 14 days. Great demand location this is a must see. Please note CD terms avalible sensational walk out private woods in backyard. Public Remarks: Beautifully appionted... More Info
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16808 Iredale Path , Lakeville, MN 55044
BUYERS AGENT TO VERIFY ALL MEASURMENTS. IMMACULATE EXECUTIVE TOWNHOME W/EASY 35W ACCESS! CHERRY WDWK, CHERRY FLOORS, GRANITE CT, TILE WALK-IN SHOWERS, ELEGANT COLUMNS & TEXTURED WALLS, 3 GAS FP, BUILTS IN'S, 3 SEAS. POR. & LOADED! Public Remarks: THIS IS THE EXECUTIVE TH YOU'VE BEEN... More Info
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2770 Co Rd 30 Se , Delano, MN 55328
Tranquility! 2 story on 40 acres, Private lake,barn with tack room,workshop 5stalls,greenhouse,riding arena.Float,hunt or fish on your own lake or ride your horses and gallop thru the meadows.Relax;your home and you know you have found your perfect... More Info
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10231 State Highway 24 NW , Corinna Twp, MN 55302
Great home on Clearwater Lake. Execellent Views of the Lake from its Large Deck & Patio Areas. Newer Septic System. Stone Fireplace. Newer Floor coverings. All Appliances. Boat, Dock, Games and all Furnishings are available for Negotiation. Move-In... More Info
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Here are the final numbers for Apple Valley, MN. September 2009 home sales;
| Apple Valley, MN | September | September | September | Entire Year | Entire Year | Entire Year |
| Dakota County, MN | 2008 | 2009 | Change | 2008 | 2009 | Change |
| New listings | 153 | 110 | -28.1 | 1274 | 1055 | -17.2 |
| Closed Sales | 69 | 70 | 1.4 | 513 | 558 | 8.8 |
| Median Sales Price | 184500 | 155000 | -16 | 214500 | 170000 | -20.7 |
| Avg. Sales Price | 202,621 | 176112 | -13.1 | 234104 | 191937 | -18 |
| % of orginal list pirce received | 93 | 96.5 | 3.8 | 93.7 | 93.3 | -0.4 |
| Avg. Days of Market | 163 | 105 | -35.5 | 143 | 139 | -2.8 |
| Single-family detached inventory | 227 | 171 | -24.7 | |||
| Townhouse-condo inventory | 269 | 156 | -42.1 |
If you have any questions about this information on home sales for Apple Valley, Minnesota please feel free to contact me.
Kenden Post-CDPE, ePro
Coldwell Banker Burnet-Apple Valley
(o)952-997-1960, (f)952-997-8810, (c)612-310-6304
Statistics courtesy of Southern Twin Cities Association of Realtors
Do you know anyone facing foreclosure? You do have options. We are the short sale experts.
First time home buyers be sure to visit www.OurFirstMinnesotaHome.com to register for your Home Sweet Home Buyers ProgramTM.
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How to Buy a Home... Without a Bank.
CONTRACT FOR DEED HOMES IN MINNESOTA 1000S OF HOMES ALL AREAS.
WITH CREDIT MARKETS tight, home owners and their buyers are now bringing back seller financing. These deals were most popular in the 1980s when mortgage rates hit double digits, the seller and the buyer agree to a mortgage schedule with no banks involved. For some buyers and sellers this is their only options.
Here's what you need to know.
651-334-8312 steve vennemann
http://www.Mnhomescontractfordeed.com
http://www.mnlakehomescontractfordeed.com
Down payment: In today's market many banks have returned to asking for 20 percent down; offer less and you'll probably have to pay private mortgage insurance which adds up to half a percentage point to the loan. In seller financing, the buyer can put down less than 20 percent -- without the PMI The buyer needs to have money in the deal- the more, the better." Homeowners will typically want a down payment of at least 10 percent as protection against default.
Interest rates: Most private sellers charge slightly above market rates since they're shouldering more risk -- particularly if their would-be buyer got rejected for a bank loan. But with home prices still in the tank, some owners are offering lower rates to buyers who agree to meet their price. And keep in mind: Most seller-financed deals expire in five to seven years -- 15 at the most -- and finish out with a balloon payment.
Due diligence: When there's no bank involved title insurance becomes even more important. Usually available for a few hundred bucks, it digs up tax liens and other claims that could affect a property transfer. A current appraisal, credit report and background check are also smart moves. After all, there's no institution behind this deal -- it's just you and the other guy.
MN HOMES CONTRACT FOR DEED-LAKE HOMES ON CD-CONDOS-TOWNHOMES-CABINS-LAND-LAKE LOTS.
Minnesota homes contract for deed all areas of Minnesota. Western Wisconsin
Properties. Mnlakehomes –cabins-townhomes-condos’-land-lake lots-real estate in the twin cities metro area.
Call us today for all your real estate needs.
Steve Vennemann
651-334-8312
mnlakeplace@yahoo.com
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