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Archive for July 2009

Time for Shoreview Home Buyers to Get Off the Fence!

Friday, July 31st, 2009

TIME FOR SHOREVIEW HOME BUYERS TO GET OFF THE FENCE
Rates continue to be at historic lows and let’s face it, any rate below 6% is considered to be outstanding. Especially when you combine it with housing prices that are at their lowest levels in 6 years. Home prices are beginning to stabilize and we are even seeing homes being sold in multiple offer scenarios.

In addition, if you are a first time home buyer, you may qualify to take advantage of the $8,000 tax credit. We’ve heard it before, but it bares repeating. When do you know when we’ve hit the bottom of the housing market…when it starts to go back up.

So, if you are in the market to buy one of the beautiful Shoreview homes or a fantastic home in any other area, it is time for you to make your move and get off of the fence.

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Posted in Buy a House | No Comments »

More Tips for Buying Shoreview Homes

Thursday, July 30th, 2009

As a continuation of our last posting, here are more tips that will help take the trauma out of buying a home:

1.  Remember to consider more than just the rooms of a home.  Also consider the amenities, noise level, etc.  Envision your daily routine in the home and make sure it will work for you.
2.  Make sure you have met with a lender to see how much of a mortgage payment you are comfortable with before going out to look at homes.
3.  Make sure to factor in maintenance and repair costs when considering your monthly budget.  All homes will require some type of maintenance.
4.  Because buying a home is most likely the biggest financial investment you will make, be prepared for some buyer’s remorse.  It is natural when making such a big commitment.
5.  Unless you are buying a home for investment purposes only, buy a home first because you love it, consider the appreciation aspect secondly.  Your home should be a comfortable, safe place to live.

    Again, these tips are useful for first time home buyers as well as the experienced home buyer.  The home buying process can be stressful, so expect that and if you’ve chosen your real estate professional well, the stress should be minimized.

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    Posted in Buy a House | No Comments »

    Tips for Buying Shoreview Homes

    Wednesday, July 29th, 2009

    Here are just a few tips that buyers should think about when buying a home:

    1.  Find a real estate professional that you get along with.  Not only does your realtor need to be knowledgeable, but you need to find someone that works well with your personality.

    2.  Don’t try to second guess the market.  If you find a home that you want, make an offer on it.

    3.  Don’t ask for too many opinions from friends and family.  Too many ideas can make it harder to make a decision.

    4.  Accept the fact that no house is perfect.  It is much more important to focus on the things that are most important and let the minor ones go.

    5.  While negotiation is a big part of buying real estate, the best negotiation is when all parties are happy with the outcome.  A win-win is always a better path.

      These tips apply to first time home buyers as well as seasoned home buyers that may be purchasing their 10th home.  Check back again for more tips on buying homes in Shoreview.

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      Posted in Buy a House | No Comments »

      Traditional Home Sales Are On The Rise In Shoreview

      Monday, July 13th, 2009

      After increasing by $12,000 from April to May, the median sales price in the Shoreview and Roseville housing markets jumped another $8,500 in June as traditional homes again increased their market share. Traditional homes are defined as those excluding foreclosures and short sales.

      Of the 4,764 closed sales in the Twin Cities during June, 40.7% were lender-mediated foreclosures and short sales, down from the 59.7% seen at the beginning of the year. While that percentage is still too high, it’s a definite improvement from six months ago. It also is another indication that the low rates and tax credit are helping to encourage traditional home sales.

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      Posted in Homes | No Comments »

      Short Sales are Popping Up in Roseville and Shoreview Communities

      Wednesday, July 8th, 2009

      As most people in the Roseville and Shoreview communities have heard, the term “Short Sale” is popping up a lot these days. You may or may not know what this term means, but it’s very likely you’ve heard it being used, whether you are a home buyer or if you are a home seller struggling with your mortgage payments.

      In a nutshell, a Short Sale is…

      –designed to help people avoid foreclosure
      –will reflect as a “paid in full for less than the full balance” on your credit report.
      –must be an “arms-length” transaction. The property may not be sold to anyone the seller has a close personal or business relationship with.
      –can save some of the embarrassment and stress of a foreclosure action.

        Make no mistake about a short sale. They are complex and time consuming for both sellers and buyers. It is very important to get the representation of a Realtor that has short sale experience.

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        Posted in Short Sales | No Comments »

        More Help for Shoreview First Time Home Buyers

        Tuesday, July 7th, 2009

        More great news for FHA approved home buyers using the First Time Home buyer Tax Credit. FHA approved lenders have been given the go ahead to develop a bridge-loan product that will enable first time home buyers to use the benefit of the First Time Home buyer Tax Credit upfront.

        FHA approved lenders can develop bridge loans that first time home buyers can use to help cover closing costs, buy down their interest rates or put more than the minimum 3.5% down.

        It is important to note, that these bridge loans can not be used to cover the minimum 3.5% down payment required by FHA.

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        Posted in First Time Home Buyers, Homes | 1 Comment »

        Wishing Everyone A Safe and Fun 4th of July

        Saturday, July 4th, 2009

        One of the great things about living in or near Roseville, Minnesota is the 4th of July Celebration. For some great family entertainment, come to Central Park in Roseville and enjoy the Freedom Festival Party. Some of the day’s events include kid games, crafts and carnival attractions, adult softball tournament and don’t forget the fabulous fireworks. New this year is a Climbing Wall, courtesy of the Roseville National Guard. Bring your lawn chairs and blankets and stake out a place to enjoy the great Fireworks Display. Saturday, July 4th 11:00 – 11:00 p.m.

        Posted in Community | No Comments »

        Straight Talk About Twin Cities Foreclosures & Short Sales

        Thursday, July 2nd, 2009

        Let’s face it, loan modifications, short sales and foreclosures have impacted the housing market in the Twin Cities, and they’re not going away any time soon.

        A homeowner first course of action should be to try and work out a loan modification with their lender. If there does not happen, then the homeowner should consider a short sale. A short sale is an arrangement that a home owner makes with the lender to accept less than what is owed on the property. This is often done to try and sell a property before it goes into foreclosure. As a last resort the lender will foreclose on a property. A foreclosed property is one in which the lender has repossessed the property from the homeowner and now the lender owns it.

        First quarter statistics for the Roseville area show the number of lender-mediated homes for sale up 56.3% compared to this time last year. While traditional (non-lender mediated) homes for sale were down 33.3% compared to this time last year.

        Here to see the specific information about the Roseville short sale and foreclosure housing market.

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        Posted in Foreclosures, Homes | 2 Comments »

        Market Recap

        • Avg. Sales Price: 379,000

        • Avg. Days on Market: 69

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