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Ray & Nimi Singhal Team
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Posts Tagged ‘Shoreview Homes’

Calling all First Time Home Buyers… Buy a Home Now in Shoreview?

Tuesday, October 13th, 2009

If you are a first time home buyer and hoping to get the tax credit for purchasing a home, your time is running short. The last few days of November are holidays, which mean you will not find any real estate offices, banks, and title companies open. If you haven’t put a purchase agreement out on a home by now your chances of closing by Nov 30 are slimmer day by day. Don’t wait around looking for your ultimate dream home, instead buy one where you can see your family living in for the next 5 to 7 years that’s typically how long people stay in their homes before they move or sell.

So make your decision today and buy now…and don’t forget…stay clear from short sales if you want to close by November 30.

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Posted in First Time Home Buyers | No Comments »

Shoreview, Roseville & Blaine Home Sales Were Strong In July

Wednesday, August 19th, 2009

Buyer activity in the Twin Cities housing market continued its strong run in July, according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.

For the 13th consecutive month, there were more pending sales than there were a year ago. July saw 5,174 signed purchase agreements, up 16.0 % from July 2008 and the strongest July showing since 2005. Of these sales, 43.6 % were lender-mediated foreclosures and short sales.

What does this mean?  It means that buyers are very active and the housing supply is shrinking.  We started to see the first signs of the housing market correction last year, and we’ve come a long way.  But make no mistake, there is still plenty more than has to happen to balance out the market.

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Posted in Homes | No Comments »

Shoreview and Roseville Property Tax Refund Facts

Saturday, August 15th, 2009

Could you use a little extra money during these tight times? Who can’t!  In case you did not know, applications for property tax refunds for property owners and renters in Minnesota are due August 17th:

Who qualifies for a refund?

Renters should have their household income in 2008 less than $52,300.

Home owners qualify if their household income was less than $96,940 (or higher for those with dependents). Also, they must have owned and used the property as their principal residence since January 2, 2009.

Is it too late to get the refund for 2007?

No. Minnesota allows an extra year but the application must be filed by August 17, 2009.

When will I get my refund?

Allow about 60 days after you file.

How much can I get?

The average renter can expect $595 with a maximum of $1,490.

The average home owner’s refund is $695 with a maximum of $2,310.

Where Do I get the forms?

The form M1PR can be downloaded from www.taxes.state.mn.us. You can also apply on line for a small fee. Forms are also available at many libraries.

Get the extra cash from the State Government and  continue having a great summer.

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Posted in Homes | 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 »

      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 »

      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 »

      Robust Home Sales In Twin Cities

      Tuesday, June 30th, 2009

      As we near the halfway mark of 2009, the Twin Cities housing market continues to show a pattern of robust home sales and declining new listing activity. Setting aside fluctuations over the Memorial Day holiday, long-term market improvement can be seen when comparing 2009 to 2008.
      There were 1,210 pending sales for the week ending June 13-a strong 33.8% increase from last year.

      There were 1,970 new homes added to the market during the same week, a decrease of 2.6% from the same week in 2008. That 2.6% decline in new listings is a much smaller drop than we have seen in recent months when there were typically year-over-year drops of 10% or stronger.

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      Posted in Homes, Housing Market | No Comments »

      Market Recap

      • Avg. Sales Price: 379,000

      • Avg. Days on Market: 69

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