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.
“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.
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.
The FHA, or Federal Housing Administration, has helped many a condo owner buy a Minneapolis condo for sale by providing mortgage insurance through FHA-approved lenders. However, a change in policy, announced in January, may make it harder for those with poor credit.
Before we talk about FHA’s change in policy, let’s cover a few of the basics about the FHA and how it might help you buy a Minneapolis condo for sale.
What is the FHA?
The FHA is a government agency that provides mortgage insurance to approved lending institutions. It assists condo buyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults. This encourages lenders to make loans to borrowers who might otherwise not be able to get a loan.
What is an FHA Loan?
An FHA loan is a loan provided by an FHA-approved lenderand insured by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make mortgage loans.
An FHA loan might help you get a mortgage by providing:
•Lower down payments
•Lower closing costs
•Easier credit qualifications
Now let’s talk about the changes FHA is making…
The Future of FHA Loans
Until recently, the FHA has managed to weather the real estate turmoil rather well. In fact, the turbulence surrounding other lenders had potential condo buyers flocking to take advantage of FHA loans. However, even FHA’s bank account is starting to suffer. In order to shore up capital reserves and keep 34 million families in their condos, the FHA is changing the rules.
Before the changes, borrowers were required to pay a down payment of 3.5% of the cost of the condo. Now, borrowers with a credit rating below 580 will be required to pay at least a 10% down payment. As well, the good upfront mortgage insurance premiums of 1.75% are increasing to 2.25%. The FHA is now trying to get Congress’ approval to raise the annual premiums from 0.55%, although the amount it will seek is still unknown.
What This Means for You
If you’re interested in buying a Minneapolis condo for sale or Minneapolis loft for sale, but haven’t because you’re waiting for the market to bottom out, you may end up losing out on a great deal. With almost record low mortgage rates, condo values lower than they’ve been for eight years, the first-time and upgrade condo buyer tax credits and a wide selection of condos and lofts, there may never be a better time to buy.
Whether you want to use an FHA loan or a traditional loan, I can help you cash in on this great buyer’s market. Call me today at 612.877.1676 or email me at ben@cityoflofts.com
Last November, when Congress approved an extension on the first-time condo buyer tax credit, potential condo buyers who missed the original deadline were excited. It was another chance to buy a Minneapolis condo for sale or Minneapolis loft for sale and receive an often badly needed $8,000 on their tax return.
Real estate agents were excited as well, because the tax credit extension expanded to include “upgrade” buyers – those who wanted to replace their current condo with a bigger one. The possibility of selling a condo was higher than it’d been in a while. However, expansion to include upgrade buyers wasn’t the only change.
If you’re hoping to buy a Minneapolis condo for sale and take advantage of the tax credit before the new 2010 deadlines, here are a few things to keep in mind:
•Two dates are crucial. You must sign a contract before April 30. The closings must be complete by June 30. One of the best ways to make sure things go smoothly is to get pre-approved for a mortgage before you go condo shopping. Pre-approval tells you, as well as the seller, exactly how much condo you can afford. This way, you don’t waste your time or the seller’s.
•Negotiate without emotion. Potential buyers have lost the condo of their dreams because they became competitive. If you’re negotiating for closing costs, housing price or anything else, make sure that your requests are reasonable. Don’t change something “just because.”
•Taxes must be mailed in. Due to people trying to scam the system, you won’t be able to file your taxes electronically; you’ll have to mail them in. Make sure you’re using the right forms, and, if you need your tax refund by a specific time, you might want to file early.
•Documentation is truly priceless. Again, thanks to scammers, buyers will have to include a signed mortgage statement, proof of residency and a driver’s license with their taxes.
You still have until April 30 to sign a contract on a Minneapolis condo for sale or Minneapolis loft for sale to get the tax credit. Today’s real estate market is beneficial for buyers. Put it to work for you!
If you’d like to take advantage of the condo buyer tax credit, I can help. Call me right away at 612.877.1676 or email me at ben@cityoflofts.com so we can beat the deadlines.
New Years has just turned the corner, and for many with Minneapolis condos for sale, it’s the perfect time still to make some resolutions. Let’s be expansive, though, shall we? Don’t say, “I will sell my loft by May.” We can be more specific than that. Here’s a short list of resolutions that might help you take that home off the sales shelf:
1.Resolve to look over the competition. Not just one or two of the Minneapolis condos for sale, but ten or eleven. Look at them with the buyer’s mindset. What selling points do they have? What negative points do they have? Your goal should be to outshine the competition. You can’t do that if you don’t know what the competition is.
2.Resolve to do a little home improvement. These don’t have to be big projects. Your project could be as simple as adding a few bushes for better curb appeal. You don’t have to spend a lot of money or a huge amount of time for the home improvement to count. What you do have to do, however, is make the improvement count. In other words, don’t forget to walk buyers past whatever you’ve decided to do, or tell your real estate agent about it.
3.Resolve to check with your agent about the state of your home. Not when they think it will sell, but what you can do to up the value. Remember, “value” is a relative term. Upping the value for buyers may be as simple as cutting $5,000 off your price.
4.Resolve to be calm if a buyer suggests a lower price than you want. Consider the options fully – don’t just snap his or her nose off. Can you afford to let the loft go at the offered price? If you can and still want to say no, think about it… how long did it take to get this potential buyer? Can you afford to wait longer?
If you have one of the Minneapolis condos for sale, keep in mind that it’s just one of the condos for sale. You have an amazing amount of competition; not just here, but around the nation. Take a chance to do something a little different. Your New Years may turn out to be even happier than you expected!
If you’re looking for unique ways to sell your home, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information
Oh, the dreaded/happy DOM question. “How long has this house been up for sale?” If it’s your Minneapolis condo for sale we’re talking about, you’re probably wondering about the split “dreaded/happy” bit. For that matter, whether you’re a buyer or a seller, you’re probably asking, “what the heck is ‘DOM’?”
Days On Market
“DOM” is the shortened industry term for Days on Market, used by the multiple listing services(MLS). It’s exactly what it sounds like: the number of days your Minneapolis condo for sale has been on the market. This metric covers the time it actually goes on sale to the time the deal is closed.
Why Is DOM Important?
Remember the “dreaded/happy” part at the beginning of this article? As a buyer’s agent, I might gleefully answer, “Fifty days.” I say “gleefully”, because a house that has sat on the market for a long time is a good thing for my client. The seller is probably more eager to sell than a month before, and is most likely willing to work a deal. An eager seller makes a happy buyer in most cases.
On the other hand, as a seller’s agent, I might not be so happy about it, and for the same reason. My seller is now an eager seller. I want to get the best deal for my client, but I know the buyer has the upper hand. It is then up to me to help my client get the condo sold without giving away the barn, the pool, the tool shed and the tools.
Already, you may be beginning to understand how the Days on Market metric can affect the sale of your condo.
The problem with the DOM metric is that it causes buyers and agents to build false assumptions. If a condo has been on the market for an above-average length of time, we start to wonder, “What’s the matter with that listing?” Even though I know there are other reasons for a condo to go static and not sell, many people automatically think there’s something wrong.
Although you can’t force a Minneapolis loft or condo to sell, you do have control over some of the reasons for an extended DOM metric:
•The condo may be overpriced – Nothing is wrong with the property itself; it’s just priced too high.
•Testing the market – Although it’s a big mistake and agents will tell you so, some sellers test the market by throwing a high price on a condo they don’t care if they sell – just to see if somebody is foolish enough to take it.
•Sticking to your guns – Often, sellers get fixed on a price and won’t budge, come hell or high water. They figure they can wait around until the market can meet their price, not the other way around.
•Renovations – Sometimes, a condo will go on the market in the middle of renovations. The sellers aren’t ready to let the condo be seen, so it just sits there.
•Availability – A growing problem is the lack of access to a Minneapolis condo for sale. Sadly, agents and FSBOsalike seem to be unavailable when a buyer wants to view the condo. Obviously, no viewing means no sale.
Don’t let your DOM get high because of simple mistakes. If you’re serious about selling your condo, remember the five reasons above and make sure you aren’t doing them.
If you’re ready to sell your condo with a professional who understands how to keep the DOM to a minimum, give me a call today at 612.877.1676 or email me at ben@cityoflofts.com.
Those with Minneapolis condos or lofts for sale are buckling down for the long haul, but exactly how long will that be? I spent a little bit of time roaming the Internet to get the general “feel” from people on the housing market. It turns out that the answer all depends on who you ask…
Housing Predictor
Housing Predictor.com says, yes, the housing market appears to be making a rebound. However, that rebound, says economist, John Hines, is a false front. The government is pushing the rise in sales to make the housing markets look good and increase buyer confidence. Will the market ever get back on track? According to Hines, if Congress can get the lending pipeline going again, we might finally see a bottom around the third quarter of next year.
The Ledger
According to an article at The Ledger, Stephen Blank of the Urban Land Institute isn’t at all optimistic. Blank says there’s no quick fix, and that 2010 will be sobering. While the housing market is being helped by various factors, the foreclosure rate probably isn’t going to drop and lenders aren’t lending. Blank worries that financing may be lacking, even for those wanting to buy. He doesn’t see the market doing much for another year.
CBS Money Watch
The best article I’ve come across so far, however, was written back in June at CBS MoneyWatch. The article says give the market at least seven years to recover. The author doesn’t just quote doom and gloom, however. She has some great points for people with Minneapolis condos for sale. I highly recommend the read, but here is the quote that stuck firmly in my mind:
“If you are a seller, get realistic about what you can get for your condo or loft. With so little upside in the foreseeable future, you may be better off to sell, even at a loss, since you can probably get back into a similar property at a lower price and very low interest rates.”
It’s a buyer’s market; the supply of empty homes is much higher than the demand for them. If you have one of the Minneapolis lofts for sale and it’s not selling, you may need to change your mindset a little. In this buyer’s market, sellers may just have to bite the bullet.
Ready to buy or sell? I can help. Give me a call today at 612.877.1676 or email me at ben@cityoflofts.com.
There’s a group of individuals constantly overlooked when someone has a loft or condo for sale in Minneapolis. It’s not just newlyweds, families and women looking for loft or condos. Men are on the look out, too. So what are they looking for? Here are a few points on the list:
Location, location, location – Most men want a place close to their job. No long commutes, no hours on the highway. In fact, it’s one of their biggest considerations when choosing a loft or condo.
The Man Cave – Is your loft or condo for sale in Minneapolis set up with a man cave? Many men dream of having an extra room that can be converted into a place for recreation and entertainment. If you already have a man cave, you’re ahead of the competition!
Surrounding area – In a fun survey, Sperling’s BestPlacesexamined America’s cities and marketing trends to find the “Top 50 Manliest Cities” in the U.S. Believe it or not, Nashville took the top place as the Mecca of manliness. Why? A few reasons:
High number of NASCAR fans
High number of BBQ restaurants
Popularity of hunting and fishing
What other things did Sperling’s look at to decide “manliness?”
Major league sports teams in a city, nearby NASCAR events, monster truck events and local drag racing strips, among other sports venues
Memberships in motorcycle owner groups, bowling, hunting, woodworking, DIY loft or condo improvement
Number of manly retail stores, such as steak houses, sports bars, general hardware stores, sportsman stores, etc.
Percentage of condos subscribing to manly magazines
So what does all this mean to you? If you have a loft or condo for sale in Minneapolis with manly decor as well as surrounding attractions, you have a match made in heaven for the busy bachelor. Okay, so women like monster truck events, motorcycles and DIY, too. And, okay, so the survey is a little silly. However, if you’re trying to sell that loft and are having no luck, it’s definitely something to think about.
If you’re trying to sell your loft or condo, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.Check out my website at cityoflofts.com for your next loft or condign Minneapolis.Good choices are C | W lofts in NorthEast, Zenith condos in the Mill District, 730 lofts in the North Loop, and Track 29 townhomes in Uptown Minneapolis.
