In recent weeks we have seen an unmistakable trend in the Minnesota Housing market. Home owners who are sick of their current property are looking to take advantage of the low rates and cheap prices and upgrade their lifestyle with a higher quality home. Through MN Realtors we talk with weekly, the message has been consistent. More inquiries and information requests are coming in from buyer (and sellers) looking to make a change.
Money is certainly made when the markets hit bottom. Meaning people that are either lucky enough or smart enough to judge the market cycle correctly, will make a substantial gain in equity if they purchase at or near the bottom. Add the buzz on the street of the market being at the bottom with rediculous low rates -that smart money knows how to leverage- and you have some really outstanding conditions for a least a moderate bounce in the market this year.
For a free analysis of the market as it pertains to your situation contact us at www.JoeAndCindy.com.
While there isn’t the tax credit motivator, the current market is plenty attractive for first time home buyers. With rents increasing across town and plenty of loan programs such as FHA and VA geared towards making financing available to new home owners, purchase is now a cheaper option than renting in some cases.
For first time home buyers looking to find out about the market and what it would cost to get into their first home, our suggestion is to get in contact with an expert that focuses on the areas you are interested in. Sites such as EdenPrairieExperts.com or MinnetonkaExperts.com are a good starting point to learn about the area and where prices are currently at for that particular area.
After you have decided your preference is to move forward and purchase a new home, our suggestion is talk with your lender and get prequalified. Most Realtors in MN will have contacts with reputable lenders and can put you in touch with someone they trust. Consider the tax savings you will get when purchasing in determining your ultimate comfort level. The interest deduction offered to homeowners translates in to extra spendable cash every year that you would not otherwise get.
For more information, visit JoeAndCindy.com.
If you are finding yourself frustrated about the current housing market, you are not alone. Many homeowners in the Minneapolis area are finding themselves underwater on their mortgage. This is not surprising considering the market has declined by more that 35% in many areas. The good news is thatwe can help you get out of your stressful situation and into better position. We help homeowners in this position everyday and are well versed on all aspects of short sales. Best of all, our services are 100% Free to you as the Homeowner.
As Realtor’s that specialize in Minneapolis our development of The Minnesota Short Sale Team has been a huge asset to our clients locally. Our team offers Free assistance to homeowners interested in completing a short sale, or simply learning more about them.
Our consultations are always confidential. Generally within a few minutes on the phone, our team can advise you on whether a short sale is right for you. There are many aspects of qualifying and completing a short sale that can be confusing.
If you are finding yourself in need of a short sale, don’t stress about your credit score. We can put you in touch with a professional credit repair specialist. Many of our clients achieve an “A” Credit rating after as little as 9-12 months after a short sale.
If you are underwater on your mortgage-
Do Not give your home back to the bank or simply ignore the issue, Call for a Free and Confidential Consultation – 7 Days a week at 952-943-1324
The buzz word in Real Estate this year is “Strategic Default” Its becoming more clear that financially capable homeowners are walking away from their mortgages due to the massive losses in equity. Rather than liquidate other investments or attempt to do a Short Sale many home owners with significant assets are opting for a more calculated financial decision.
Rather than fight until the bitter end and wait out the market for an unknown amount of time to recover equity, homeowners who choose to default on purpose simply stop making payments and walk away.
What does this mean for homeowners in Minnesota?
Possible declining values in your neighborhood is the simplest way to sum it up. The foreclosed home will always sell for less than a traditional home and force a traditional home to adjust price to be more attractive to the value conscious buyer. Some experts predict that this will cause prices to decline by as much as another 20%. More realistically we are assuming the true bottom would be at most another 10% decline due to an improving job market and strong economy here in Minnesota.
For further information on the Minnesota Housing Market and Homes for sale in MN visit www.joeandcindy.com
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