I am working with several buyers who are looking for a house trying to get into one before the $8000 tax credit expires. Right now in Sherburne, Isanti, Anoka and Wright counties there simply is not much out there. I have not been seeing many new listings. The ones that do come on the market are getting multiple offers and selling fast. A few of the homes that are lasting are because they are in terrible condition and really need a cash or rehab loan buyer.
So what do you do if your a buyer?
1. Be patient but persistent- You can't get too worked about what is NOT available. You just need to keep looking and trying and be ready when one comes up.
2. Plan NOT to get the tax credit (sort of) - I always like to hope for the best and preach that you must stay in an uplifted state of mind and that your thoughts become things. However, at this point your going to need to find a house with in a couple of weeks and have everything go near perfect to close in time.
3. Factor in the flood of closings in November - If you get an offer accepted soon chance are that there may be an underwriting flood that could slow final approvals done, so get all your documentation to your loan officer NOW!
4. Buyer in December and January - if your frustrated with the amount of competition out there when you make an offer then buy a home when less people are buying and in Minnesota that is in the COLD winter months!
Chuck Carstensen - Re/max Associates Plus inc - 612-290-3809 - chuck@thediscoveryteam.com
I have several saved searches for a variety of different buyers looking in throughout the Twin Cities area for a new home in Minnesota. Right now there does not seem to be a lot of new listings coming out. There seems to be 4-5 buyers for every one good house. Sure there are the non desirable houses out there that no one wants. But homes that work for the typically FHA buyer there just are not that many.
So where are all the foreclosure listings? Some have been saying more listings are coming after the first of October. Is that enough time for the first time buyer credit?
If a BANK has a house to list now I would suggest they list it now. There are ready, willing and able buyers looking for a house NOW.
There are not even many short sales available. Most of these are listed ACTIVE in the MLS, but a call to the agent reveals they have an accepted offer subject to bank approval.
If you look at the papers you see all the notices in there (and there have been many pages full for several months), but when will those numbers match up with what gets listed?
Is October 1st the date we see a heavier listing load of REO come out? We will find out soon!
If your someone looking to find Contract for Deed properties in Minnesota its still valuable to contact a real estate agent.
One reason for that is because there are several Contract for Deed properties listed in the local MLS. Perhaps that is where you can find what your looking for and by having a Realtor keep their eyes open for something that fits your search criteria may be what it takes to get you the right place at the right price and terms.
Another reason to contract a Realtor would be to see if they work with investors that have purchased or would be willing to purchase a property that matches your search criteria for a home.
Right now I am working with a handful of investors buying homes in Sherburne, Anoka, Isanti, Wright and Hennipen counties. (Twins Cities Metro Area).
Contract for Deeds might be the way to go for you to own your own home if you have some credit issues, but have some money to put down. Call me if I can help you!
Chuck Carstensen
RE/MAX Associates Plus Inc
612-290-3809
This is CRAZY. Homes are selling in Minnesota! Out of the last 50 homes or so that I have tried to set up a showing for that have not been day 1 on the market...I would say about 45 of them have been sold. Some of these are short sales that are accepting back up offers only and many others are the bank owned homes that just recently accepted offers so often they still are listed ACTIVE but are actually not available.
I would say the tax credit is working. The inventory is clearing out. If your a seller and your house is price right it is going to sell and sell fast. So if your thinking about selling now is the time to do it.
CRAZY market! But good for both buyers and sellers who are in the market! For questions or assistance with buying or selling a home in Anoka, Sherburne, Isanti, Mille Lacs, Wright and Chisago counties call me.
Chuck Carstensen
Re/MAX Associates Plus Inc.
612-290-3809
We have not had to worry much about if its light out with summers long days. But now that we are trending back toward days where the sun will be down before 8pm its important to be prepared as you look at homes.
Since most homes are vacant BANK FORECLOSURE type of homes you never know if the power is off or if some of the lights are out. Definitely bring a flashlight when looking at homes. Equally important is the fact that BANK FORECLOSURES tend to have more defects. So seeing these homes in the day light is optimal. Repairs can be costly, so if you do make an offer on something that you did not get a good look at it is wise to get a home inspection.
Homes in Minnesota have been moving fast all summer and that should continue with the deadline for the tax credit right around the corner. So adjust your schedule to maximize your chances of picking the right home!
Chuck Carstensen
RE/MAX Associates Plus Inc
612-290-3809
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I work with buyer, sellers and investors! I specialize in helping first time home buyers! I am also a life coach, helping people breakthrough barriers to find prosperity in all areas of their life.
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