Top 5 reasons to buy this fall - by Jeff Kieffer, Wells Fargo Home Mortgage Consultant
100 W. Burnsville Pkwy, Burnsville, MN 55337, phone: 612-316-4638,
1. Houses are affordable. With mortgage interest rates as low as they are with the average 30 year fixed interest rate at 4.5%, you will be surprised how affordable your payment is. Especially for first time home buyers, you will probably notice that the payment you will have as a homeowner isn’t much more than you’re currently paying for rent if at all! For example, a $150,000 home will mean a total monthly housing expense of around $975.00.
2. It is a buyer’s market. With the summer “buying season” coming to an end, fall buyers will run into less competition now than they will have in the spring as many buyers who did not find a home over the summer will now wait until next spring.
3. Foreclosures. Homes owned by the banks sell for an average discount of 35% from regular home sale prices. Your dollar will stretch further with the purchase of a distressed property. Although there are some challenges to buying foreclosed homes, the affordability makes it tough to overlook while the supply lasts.
4. Home ownership is more attractive than renting. With home ownership, you control your home and make it what you want, whether you are talking about paint, remodeling, or upgrading. You will also become rooted in your community, while growing an “asset” over time as you pay off your mortgage and your home appreciates.
5. Mortgage rates won’t go any lower. Although mortgage rates are off of the lowest they have ever been, we are still seeing near record low interest rates and they are not likely to go lower than they are now and will likely be higher in the spring.
Some people are thinking about selling their homes and are getting them ready now. This is the best way to get your property sold faster and for a higher price. One thing many people do is repaint their interior to freshen it up. Here is a great list of 4 Interior Painting Tips found on Realtor.org originally posted in 2009. If you need staging and tips before you sell -please contact me today for a free market analysis of your property and some helpful tips on ways to get your property prepared to sell.
1.Get the surface ready.
You want the paint to glide on smoothly, so be sure the surface is clean before you start painting. Remove any handprints, dirt, or scuff marks. Lightly sand any glossy spots to avoid streaks.
2. Select a paint sheen and color.
Ah, the choices! Many paint stores are making it easier to narrow down your choices by offering small trial sizes so that you can test the color at home and look for any variations in daylight and night. Lighting has a big effect on the way color appears. Remember: Higher sheen paints tend to offer more durability than flat paints, so use them in high-traffic areas. Stain or low-lustre finishes offer more warmth and depth than a flat paint. Consider a high sheen paint on the ceiling, which offers good reflection in the room.
3. Don’t go cheap on the paint.
It’s always tempting to save a buck, but it might not be worth it on paint. Painting is a big job, so you want the expense and quality to show. The Rohm and Haas Paint Quality Institute, a national painting education group, recommends purchasing top-quality acrylic latex interior paint, which will go on smoothly and allow for easy soap and water cleanups.
4. Choose the right paint tools.
If you’re using a roller to paint, select the right length of roller nap cover for proper paint coverage. The smoother your painting surface, the shorter the nap should be. Use synthetic materials, which are made from nylon or polyester, when applying latex or water-based paints.
Source: The Rohm and Haas Paint Quality Institute
Whether you are looking to buy a home or homes in Apple Valley, Burnsville, Lakeville, Inver Grove Heights or anywhere in Minnesota this list of ways to prepare for homeownership is a great start. Deciding to acquire real estate is a great decision - let's do it together!
10 Ways to Prepare for Homeownership - from the National Association of REALTORS at REALTOR.org as seen 11/14/2013
FROM THE MN ASSOCIATION OF REALTORS: 5 Things Today’s Buyers Are Looking for in a New HomeJULY 2, 2013
tags: buying a home, finished basement, homebuyers, minnesota association of realtors, New home buyer, real estate, selling home,selling your home, walk-in closets, What buyers are looking for
by Carli Brezinka
5 Things Today’s Buyers Are Looking for in a New Home
Are you getting ready to put your house on the market? If it has any of these 5 things today’s buyers are looking for in a new home, you’re sure to sell in no time! It’s important to keep in mind the majority of home buyers shopping the market today are much younger than the previous generation of home buyers. If there is anything Gen X and Gen Y home buyers are looking for more aggressively than a great happy hour, it’s a home equipped with these features.
If you want to date your home faster than a red shag carpet, have old appliances. Since that is not what today’s buyers are looking for, be sure your appliances are modern and sleek. Stainless steel is a safe bet with today’s buyers, extra points if they’re energy efficient.
There may be no place like Grandma’s house, but that doesn’t mean vinyl is in. Upgrade to hardwood for a newer, more contemporary look.
Storage space can be a deciding factor for some home buyers. Walk-in closets are considered a luxury that will only sweeten the deal. His and Her closets are even better, but really any amount of ample closet space is a winner.
A basement can be great, but it can also be a waste of space if it’s not finished. In earlier years, people didn’t put much value on basements but today’s buyers want a clean, dry finished area when looking to make an offer.
Today’s buyers value energy efficiency in efforts to go green. Windows play a big role when it comes to maintaining the indoor climate and will help keep their energy costs down.
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.
Thinking of Selling Your Property? Five Reasons to Do It Now
Many now realize that it is a great time to buy a home. Today, I want to share with you why it might also be an opportune time to sell your house. Here are the Top 5 Reasons I believe now may be a perfect time to put your house on the market.
Demand Is High
The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed a 17.2 percent increase in sales over July 2012; sales have remained above year-ago levels for 25 months. There are buyers out there right now and they are serious about purchasing.
Supply Is Beginning to Increase
Total housing inventory last month rose 5.6% to 2.28 million homes for sale. This represents a 5.1-month supply at the current sales pace, compared with 4.3 months in January. Many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months. Selling now while demand is high and before supply increases may garner you your best price.
New Construction Is Coming Back
Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.
Interest Rates Are Rising
According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year mortgage have shot up to 4.57% which represents a jump of more than a full point since the beginning of the year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will continue to climb.
Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.
It’s Time to Move On with Your Life
Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?
5 Reasons to Buy a Home Now Instead of the Spring
Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five major reasons purchasers should consider buying:
Supply Is Shrinking
With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.
Price Increases Are on the Horizon
Prices were expected to bounce along the bottom this winter. However, many pricing indices (examples: CoreLogic, FHFA, LPS, Case Shiller) are reporting that prices are continuing to rise.
Rents Are Skyrocketing
Rents historically increase by 3.2% on an annual basis. A study issued earlier this year projects rent increases of 4% for the next two years. Trulia recently reported that rents this year have actually shot up by 5.4%.
Interest Rates Are Projected to Rise
The Mortgage Bankers Association has projected that the 30-year mortgage interest rate will be 4.4% by the end of 2013. That is an increase of approximately one full point over current rates.
Buy Low, Sell High
We would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’. It’s time to buy.
Liz Lewis Sandwick grew up in Duluth, is married to her husband Robb, has three kids: Caroline (5) Cooper (3), and Max (1) and would love to help you find your next home!