You placed your Minneapolis loft condo for sale on the market weeks ago, but it seems no one is interested. What you may not realize is that the most desirable, most treasured buyers arrive at your loft condo every day. They may not knock; they may not schedule an appointment; they may even need Map Quest to figure out where you are, but they’re viewing your loft condo.
Buying habits are changing rapidly. More than 70 percent of today’s buyers find the house they want to buy through online resources. Why aren’t they just getting into their cars and coming by for a visit? Because a large part of your potential buyers are looking at your Minneapolis loft condo for sale from states away…
The Invaluable Relocation Buyer
You want the relocation buyer. In fact, every seller, every agent and every community wants the relocation buyer. Why? Relocation buyers are those who have to move. They’re incredibly motivated to buy, and the chance of them buying a loft condo in the community is high.
Your Buyer’s Profile
Your relocation buyer is probably an educated professional in his or her field. Relocation buyers usually know exactly what they’re looking for, and aren’t willing to budge much. They’ve commonly moved before and are knowledgeable Minneapolis loft condo buyers.
If you’ve never sold a loft condo, they’ll most likely understand the buying/selling process better than you do. They also know that real estate activity and values are different in every area. As well, they know how their companies’ relocation assistance programs work, which affects their moving budgets.
Reaching buyers is a competitive process. If you want highly motivated buyers like these knocking on your door, you need a well-organized marketing strategy.
Talk to your real estate agent about your online presentation. Perhaps a video tour would be the best strategy to attract buyers to your Minneapolis loft condo for sale. Whatever you decide to do, if your marketing strategy doesn’t include a well-put-together online presentation, you’ve already lost the relocation buyer.
Are you missing a large buying market for your Minneapolis – St. Paul loft condo? I can help. Call me at 612-877-1676 or email me at ben@cityoflofts.com for more information.
The Federal Government envisions a secure and stable marketplace for national and Minneapolis condos for sale, thus their involvement. We may or may not like the politics, but the fact remains that the marketplace has stabilized somewhat, and prices are leveling in anticipation of an upward turn.
No matter the actual state of the market, the simple fact is that motivated buyers and sellers for Minneapolis condos for sale do still exist. If not, a lot less people would visit this site.
If you market your home correctly, the opportunity to sell is still promising. After all, interest rates are favorable, prices are realistic and the government has thrown some interesting incentives to buyers, sellers and lenders alike.
You and your real estate agent have the ability to induce buyers to act. If your agent is experienced, he or she will work with you to develop incentives and add appeal to the transaction.
Step 1: Provide Factual Information
Facts outweigh rumor, and having provable information helps get rid of the buyer’s reservations. Here are some of the main facts you and your agent need to have at your fingertips in order to induce buyers to act:
• Knowledge of all local, state and federal tax incentives available to residents of your area
• Knowledge of all projected closing costs
• An understanding of the buyer’s financial and domestic qualifications
• Complete knowledge of the school system and all community services and costs
• Expertise concerning the history and composition of the home
• Knowledge of any planned growth in the area
Step 2: Provide Incentives
The “incentivizing” (no, that’s not a real word) of your Minneapolis loft condo involves several factors. Some incentives may be more creative than others. Here are a few ideas:
• Offer a one-year home warranty program through a third party provider. This is a popular way to relieve buyers of some of their reservations. The idea is based on getting rid of unexpected expenses and the possibility of hidden costs.
• Have the seller pay part of the closing costs.
• Combine the above two incentives with a flexible closing date to make Minneapolis condos for sale that much more attractive.
Want help “incentivizing” your Minneapolis loft condo to get it sold? Give me a call today at 612.877.1676 or email me at ben@cityoflofts.com to find out how I can help sell your Minneapolis/St Paul loft condo.
Europe, or more correctly, Greece, is having a debt crisis that may end up being a great boon for national and Minneapolis loft condos for sale. The euro, Europe’s currency, dropped drastically and Europeans responded by exchanging euros for the American dollar.
Help for Minneapolis Condos and Minneapolis Lofts for Sale
As more money pours into the U.S. “safe haven,” interest rates drop. Although interest rates may rise again once global economies begin to recover, the real estate market will benefit during this period of European instability. In fact, the mortgage markets are already benefiting.
On May 20, Bankrate.com, known for its accurate reporting of average national mortgage rates, reported the lowest 30-year fixed-rate mortgage in almost 25 years. At the time of the report, national averages hit at 4.96% for a 30-year fixed mortgage, 4.34% for a 15-year fixed and 4.14% for a 5-year ARM (adjustable rate mortgage).
Pessimists vs. Optimists
Pessimists believe that the low mortgage rates won’t affect home sales, because of the large influx of buyers who beat April’s tax credit deadline. In short, their view is that all the eligible homebuyers have already signed closing papers. They think that a few more buyers may trickle in before the busy season for real estate is over, but their general attitude is that the fat lady has already sung.
Optimists, as usual, have a much brighter point of view about the economy. Banks, they say, are finally letting some of the much-talked-about shadow inventory into the light. Unemployment seems to have slightly reversed, retail sales are up and manufacturing inventories are increasing – all of which indicate a stabilizing economy. Although even optimists aren’t betting on a huge real estate boon, they do point to an uphill trend.
Questions for You
Which are you, an optimist or a pessimist? And, how can there be such a big difference in real estate market outlook when all the experts are looking at the same information? Lastly, if you’re trying to sell your Minneapolis loft condo, can you really afford to be pessimistic?
Here’s a hint: the attitude you have about your chances of selling will carry over to the results you achieve. Think positive, even when you hear about downturns. You’ll have a better chance of getting your Minneapolis loft condo sold than other Minneapolis condos for sale!
If you’d like to sell your Twin Cities condo loft, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
“Buyer’s market” means that the buyers have the upper hand; there’s more supply than demand. When it comes to selling your home, it’s safe to say that you’re competing in one of recent history’s toughest real estate markets. This is a true buyer’s market, where supply far outweighs demand. So how do you go about selling your Minneapolis loft condo in these conditions?
Interview Minneapolis Real Estate Agents
Don’t pick an agent based on looks. An agent who drives a new Range Rover may very well just be someone who lives beyond his or her means. Instead, create a list of the top Minneapolis real estate agents in the area and interview them. Ask:
• About their experiences in selling homes in your area this year and last year – not in years gone by
• What they’d recommend to make your home more marketable
• How they would market your Minneapolis loft condo
If, after interviewing, there is more than one with excellent experience and great marketing plans, choose the one you feel most comfortable working with.
Fix it up
While interviewing, Minneapolis real estate agents will look at your Minneapolis loft condo (otherwise, how could they answer two of your questions?). They may tell you that your home is out of date. They may tell you that the cracks in the wall don’t “add character” to the Twin Cities loft. No, neither does the wild 70’s style carpeting in the living room.
You might even take an extra step and hire a home inspector to get a better idea of any issues.
Then, build a list of needed home improvements – and then improve. If you need to hire a contractor, again, interview!
Set a good price
These days, most buyers want the deals, and some are willing to compromise on interior decorating in order to get them. Sit down with your agent; find a high and a low selling price. Set the best price you can afford based on what Minneapolis condos are going for in the area, and be willing to negotiate.
The worst things you could do are hire a poor agent, leave your loft repairs up to the buyer and overprice your Minneapolis loft condo. Follow the three simple tips above and you’ll get your “Sold!” sign!
If you’re ready to sell your home, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
730 lofts in Minneapolis is one of the amazing Minneapolis loft projects that the city has seen in the last few years. Blending a combination of steel, concrete and glass along with the bright orange color of the stucco has made this Minneapolis loft project stand out from the rest. The loft building has many different loft floor plans to choose from but only 4 loft units are currently remaining for sale. The developer has leased to own up to 20 loft units in the building as well. These units may be coming back on the market over the next few years as one will have to decide or not to purchase the unit once the lease to own term has expired.
The 730 loft building has many amenities that owners and renters enjoy such as heated underground parking, 24 hour security, pool tables, exercise room, party room and roof top observation deck.
If this Minneapolis loft project sounds like a loft building you might want to consider when looking to buy a Minneapolis loft or condo, please call me at 612.877.1676 or email me ben@cityoflofts.com.
If the thought of spring cleaning your Minneapolis condo doesn’t bring a smile to your face, you’re not alone. To help you (and me) get going now, I’ve come up with this short list of the 6 essential, in my opinion, spring cleaning chores:
1.Store winter clothes: It’s time to pack away your winter clothes. Coats, sweaters, and your heavy winter clothing need to be inspected, cleaned if needed and packed away. Don’t skip the step of cleaning, or, when you get your clothes out of storage next fall, you might find that they’ve been damaged beyond repair by insects or set in stains. Where should you store your clothes? Somewhere clean, cool, dark and dry.
2.Wash window treatments: Spring is the perfect time to inspect and clean the window treatments in your Minneapolis condo or loft. Clean window treatments brighten any room. Wash blinds, launder curtains that are machine washable and send drapes to the dry cleaners. While you’re at it, dust the window casing, wash window sills, and clean any window hardware. You’ll be surprised at the huge amount of dirt and grime that a thorough window cleaning removes.
3.Clean carpets and upholstery: Deep clean fabrics that have absorbed a winter’s worth of dust and germs. Shampoo your carpets; clean cloth furniture. Open windows to speed the drying process, which can take a day or more.
4.Wash woodwork, walls, baseboards and cabinets: Even if your Minneapolis home’s walls don’t look like they need cleaning, they do. Just enough dust clings to vertical surfaces to warrant a seasonal bath. Using a sponge and hand dishwashing detergent, wash the surface in sections to make sure you don’t miss a spot.
5.Clean light and ceiling fixtures: To clean your light fixtures, remove the light bulb and fixture if possible. Wash glass fixtures in soap and water. If the fixture cannot be removed from the ceiling, use a damp cloth to wipe it off. Dry the fixtures. Wipe the light bulbs with a rag. The easiest way to clean your ceiling fans is to use a vacuum with a soft nozzle attachment.
6.Check your coils: Caked on dust can cause your refrigerator to overheat, so take the time to clean the condenser coil. It’s usually found behind the toe grille. Clean it with a long-handled bottle brush and a vacuum cleaner with an attachment hose. If the condenser coil is on the back of your refrigerator, carefully pull the fridge out several feet and vacuum thoroughly.
Put on your favorite music and start your spring cleaning. It’ll be done before you know it. Then you can relax and enjoy your sparkling clean Minneapolis condo.
Spring is also a great time to shop for a new Minneapolis real estate. Contact me at 612.877.1676 or email me at ben@cityoflofts.com for further real estate discussion.
“Use a picture. It’s worth a thousand words.” – Arthur Brisbane
One photograph can have a bigger impression on an individual than an entire essay. With the number of potential buyers searching for Minneapolis condos for sale online, vivid photographs have sprouted everywhere. In fact, good photography can make that slight difference between having your home passed over and selling it.
If you’re considering adding your home to the online list of Minneapolis condos for sale, you need to think about photos – and those photos need to be good. Just like the home itself, the photos need to stand out from the crowd. Here are a few tips:
Talk to your agent about what’s “hot” right now. Obviously, your strongest selling points are what buyers are looking for now. Two years ago, buyers were looking for fewer square feet, stepping away from the McMansions. Last year, it was decks and patios. This year, it could be your beautiful, 2-acre backyard with the play set. If you have a selling point, capitalize on it with fantastic photography.
Use the most favorable lighting. High noon sunlight is harsh and often highlights exterior problems that even you may not have noticed. When taking exterior pictures, choose lighting that draws attention to the positives. For instance, one of the most beautiful real estate images I’ve ever seen was a home with all the lights on. The sun was almost completely down and served to accentuate the beauty of the home.
Take as many pictures as you need to get the perfect shot. A shot that’s slightly twisted to the side may not seem like something to throw away, but it can distort the appealing lines of a Minneapolis loft or condo. Because photos are two dimensional and flat, even the slightest left or right slant can make the home look like it’s looming, falling in or disproportionate.
The ability to use photos to show off your home on the Internet has been a huge boon for those with Minneapolis lofts for sale. However, a poor photo can do more damage that having no photos at all. If you can’t seem to take a picture without the image blurring, slanting or looking distorted, hire a real estate agent who can get the job done for you.
Looking for a real estate agent who knows how to showcase your home in pictures? Give me a call today at 612.877.1676 or email me at ben@cityoflofts.com.
With the current economy, it may seem like a better idea to rent a Minneapolis condo instead of buying one. Let’s explore some of reasons why it’s still better to buy rather than rent.
Throwing Money Away
When you rent that’s basically what you’re doing. You give your money away in exchange for a ‘perishable’ item—one month of living space. Once that month is over, the money is gone and you didn’t get anything of long term value in return.
When you buy a Minneapolis condo you still spend money for a month of living space, but in addition, you’re building long term equity. It may take longer and property may not increase in value as quickly as it did in the past, at least for now, but the money you spend becomes a back end asset instead of just disappearing.
Tax Breaks
When you buy a home, you can deduct the interest and property taxes that you pay every year on your income taxes. That can be a sizeable amount of money. If you buy your first home in 2009, you get an even bigger tax break of $8,000 as a result of President Obama’s stimulus plan.
Saving Money
Yes, you actually end up saving money in the long run if you buy a home rather than rent. According to The New York Times, over a 16-year period you can save as much as $5,000.00 by owning your own home. And, that number doesn’t include the $8,000 tax credit first-time home buyers get when they purchase a principle residence in 2009.
The bottom line is that the housing market troubles have nothing to do with the ‘evils’ of homeownership. They have to do with bad lending practices, and people wanting more than they can afford.
Choose your Minneapolis condo or loft wisely, only buy what you can afford to pay for each month, and pay attention to the loan you are being offered. If you need any advice on the best types of loans or condos available, I’d like to help. Call me today at 612-877-1676 or email me at ben@cityoflofts.com.
The government’s first-time and repeat-buyer tax credits gave homeowners with Minneapolis condos for sale a lot of hope. The potential for getting their condos sold seemed infinitely higher. The credit expires at the end of this month though, and many condos are still on the market. If yours is one of them, what should you do?
Don’t Panic!
The first inclination for many homeowners with Minneapolis condos for sale or a Minneapolis loft is to panic. Often, it’s during the hard periods of life that something miraculous happens. You find the job of your dreams after searching for two years for any kind of job at all. Your life has been plagued by bad relationships so often that you’ve quit looking and then – out of nowhere – your soul mate walks up. You need to sell your house, money is tight, you might have to walk away… and a buyer appears, ready to close immediately.
Don’t scoff; it happens. In fact, life is so full of “sudden happenings” that the miraculous becomes common. By allowing panic to get in the way, you may be locking the door that opportunity knocks on.
Look At Your Options
Sometimes, we’re so full of worry that we miss obvious possibilities. Now is a perfect time to take a deep breath, clear your mind of worry (as much as possible) and look at what you’ve done to sell your home. Once you’ve outlined what you’ve done, you’re then free to look at what you can still do. Here are a few things you might not have considered:
•Research owner financing– Owner financing opens the door to many potential buyers, but it also provides benefits to you. For instance, if you have a lot of bills that need to be paid, the down payment from the buyer may be enough to take care of the important ones. Additionally, monthly payments from the buyer may be enough to keep you afloat while you’re looking for a job, trying to pay rent or feed your family.
•Create a “honey do” list – If you’ve lived in a home for several years, you’ve probably become used to cracks in the walls, peeling paint or squeaky doors. Invite an honest friend or your real estate agent to look around for you and help you create a “honey do” list. If you’re handy, a lot can be fixed with very low cost. If you’re not, hiring a handyman may be something to consider.
•Reassess your marketing – If your home hasn’t had a single view and has been on the market for quite a while, you may not have the marketing reach you think you do. If pictures of your home are on the Internet, make sure they show the home’s best features. Talk with your real estate agent about marketing techniques they recommend using.
It’s hard to blow off worry during times of high stress. However, if you can step away for just a minute to clear your head and think, you just might find your miraculous answer for taking your pad off the list of Minneapolis condos or lofts for sale.
If you’re ready to sell your condo or Minneapolis loft, I’m here to help. Turn the marketing of your home and worrying about it over to me. Call me today at 612.877.1676 or email me at ben@cityoflofts.com for more information.
Because buying Minneapolis real estate is one of the most important and expensive purchases you’ll ever make, it’s worth the time to consider ways you can save money. Here are a few ideas on how to save money on your mortgage and closing costs:
Pay Attention
You have to pay attention to how much the Minneapolis real estate costs. You have to pay attention to how much the loft is worth and how much more you may have to put in the kitty for any repairs that may need to be done. Use these details to negotiate.
Negotiate with the Seller
Negotiating with the seller is expected. You already know you can negotiate on the price of the condo, but did you know you can also negotiate who pays the closing costs? In this buyer’s market, it has become common to ask the seller to pay some or all of the closing costs when you purchase a condo. Be careful with your negotiations. Many sellers will up the price of the condo, if you ask for them to pay closing costs.
Negotiate with your Lender
Negotiating with your lender has become the new norm. In fact, depending on the lender’s Good Faith Estimate and your credit standing, negotiating for a better deal on your mortgage could save you thousands in the long run.
Examine the Good Faith Estimate
A Good Faith Estimate is the estimated settlement costs, or closing costs, your lender will expect you to pay. These can add up to as little as 3% and as much as 5% of the sales price. However, as the name implies, it is only an estimate, and prices are subject to change.
Carefully read your Good Faith Estimate. While some closing costs are usual, such as title insurance, others can be dropped by opting out of a service. Still others are “junk fees,” which you can negotiate for.
When buying Minneapolis real estate, you always want the best deal you can get. The same should be said when picking a mortgage lender. Pay attention to the good faith estimate. In fact, get one from several lenders and compare them. Don’t let the excitement of buying a condo override your good business sense.
Consider Rolling Closing Costs into your Loan
Many new condo owners roll their closing costs into the loan. However, if there’s a way to pay them at closing, it might be better to do so. Paying them now saves you money because spreading them throughout the life of the loan means shelling out more interest.
If you’re looking for a great deal on an even better condo, let me negotiate for you. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
