May 13th, 2008 categories: For Fun, Home Buying, Real Estate
Google has been synonymous with everything from great search, to amazing free email, to maps, etc…but one of their relatively new features (for Minnesota at least) is Google Street View. Google Street View is built right into their Google Maps feature. The implications of this tool for your home search are enormous. Google Street View allows you to type in an address, location, or point of interest and then take a virtual walk through the neighborhood.
For example, if you were interested in our listing on 1511 W 33rd Street in Minneapolis and wanted to see how far your actual walk to Lake Calhoun would be, you could go Read the rest of this entry »
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April 22nd, 2008 categories: Home Buying, Home Ownership, Real Estate
There are currently at least 29 short sales that are available for sale in the Edina and Southwest Minneapolis markets (found by searching in agent comments for “bank approval” and “short sale”). In the Camden area of Minneapolis, there are at least 70. If I look at Minneapolis proper, the number is over 315…St. Paul proper gives us over 300 as well. So, needless to say, there are a good amount of short sales out there. The question is, what does that mean to you, the buyer? How can you keep your dream home from vanishing before your eyes (like the one above)? Short sales open a whole new can of worms throughout the buying process…but first, a short (no pun intended) explanation of them. Read the rest of this entry »
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March 18th, 2008 categories: Finances, Home Buying, Mortgages, Real Estate
With the constant barrage of negative media surrounding real estate these days, it’s no wonder that newlyweds and other first-time home buyers are putting their dreams of buying their first home on hold. But 2008 promises to be as good a time as any to buy your first home and here’s why:
With foreclosures adding houses to a market already hungry for buyers and economists predicting that residential housing sales and prices will not pick up until 2009, sellers who need to sell are lowering prices and often throwing in additional incentives.
Although you should educate yourself and use caution when buying into a declining market, a buyer waiting for prices to hit absolute bottom, usually waits too long and then pays the cost of buying into a rising market with increased home prices. If you’re planning on staying put for a while, now is a great time to buy your first home because the market will eventually balance itself and turn once again to a seller’s market and when it does, your home’s value will increase too.
Recent Federal Reserve decisions have lowered interest rates yet again making the Federal funds rate drop to 2.25% (down from 5.25% a year ago) and the prime rate drop to 5.25%. And today a Bankrate.com index showed that the national overnight average for a 30-year, fixed-rate mortgage is being offered at 5.74% and a 15-year fixed at 5.09%, both of which are buyer-friendly rates.
Even if you don’t qualify for enough financing to buy the home of your dreams due to tightening lending practices, it’s easier than ever to fix-up and maintain properties with the number of home improvement stores, tips, do it yourself classes and handymen readily available. And because new construction has slowed down in most markets and all trades that depend on it are eager for employment, buyers are likely to get better work, done faster and maybe a little cheaper in 2008 than at anytime in the future.
Remember, sellers who don’t need to sell right now generally don’t have their properties for sale. And those who do need to sell tend to be more flexible in negotiations, so buyers should consider proposing terms that ask sellers to help make the deal work beyond just lowering their price. Sellers may have the ability to finance part of the purchase price to make it easier on the buyer, they may be able to fix or replace something that needs updating, and they can always pay more than the customary share of closing costs and taxes.
Happy House Hunting!! 
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March 13th, 2008 categories: Design, For Fun, Green Living, Home Buying, Real Estate, Trends
Green is the new black during this, the final weekend of the 2008 Parade of Homes Spring PreviewSM presented by Builders Association of the Twin Cities’ members.
This year’s Guidebook includes plenty of great Green articles to help us make sense of this growing movement and the homes in this year’s 14-home earth-friendly mini tour are built to showcase Green building practices, products and design, and many of them will host education seminars and other interesting events to give home buyers a better understanding of their Green options.
Some of the seminars that are taking place this weekend include: “Landscaping for a Green Community”, “Light up Your Home AND Your Energy Bill” and “Geothermal Heating and Cooling: A Systems Approach.” And I’m thinking about checking out an event with eco-friendly design expert, Jackie Kanthak, who will be will answering questions, giving green design ideas, and offering advice on the the hard to find eco-friendly products for the kitchen and bathroom.
Green or not, the homes on parade cover a broad spectrum of prices to fit the needs of every buyer, ranging from the lowest priced home by S.W. Wold Townhomes, Inc. in Cambridge, priced at $119,900, to the most expensive home by Stonewood LLC, located on Loring Drive in Minnetrista and priced at $2,950,000.
So come on out this weekend to take advantage of the longer days and beautiful spring weather that’s rolled our way, and peruse the preview parade!
For more information go to http://www.paradeofhomes.org.
Happy house hunting!!!
:: Kelly ::
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