The Don Edam Group | Real Estate Professionals Serving Minneapolis, Edina, St. Paul and Surrounding Suburbs

Bond and home loan rates rallied late Friday to reach their best levels in years!  While I’m not normally a rate watcher, and definitely not a guy to tell people ‘Now is the time to buy!’ ; I think there is some opportunity to ride this rate dip and do one of two things.

1. Those that were on the fence, really serious about buying, but waiting for the right time may be in the perfect position to get a house at a steep December discount with a great rate attached to it.

2. Those hoping to ride the housing prices out a little while longer before deciding to sell can refi to make it much more palatable during the next year or two.  Now, when refinancing, you always have to consider closing costs to make sure it makes sense, but something to definitely look into.

If you need any help in finding a good mortgage broker, I can always deliver a few suggestions that clients of mine have used in the past.

Those of you in Minnesota, stay warm and stay safe!

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. (more…)