“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.
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
Consumer Reports surveyed over 17,000 readers on the state of their home improvement projects. The results of the home improvement survey point out that you should definitely do your homework before doing the home improvement on your Minneapolis real estate.
Over half of those surveyed went at least $2,000 over budget for room additions. On basement finishing, 56% spent $1,350 over budget. Kitchen remodeling also had 56% going over budget, by $1,200. Lastly, 45% went over budget by $700 on deck additions. What was the reason? Surprisingly, they all had similar reasons:
•Plan adjustments
•Underestimated labor
•Increased cost of materials
•Special tools needed
•Unexpected system upgrades
If you plan to remodel your Minneapolis real estate in the near future, keep these tips in mind so your home improvement goes as planned:
•Do your research – Factor in delivery and removal fees. Make sure you know which products the contractor should have and plan ahead.
•Don’t deviate – Once you have a well-developed remodeling plan, don’t deviate from it. Those who did ended up going anywhere from $2,000 to $10,000 over budget.
•Check the contract – Make sure your contractor’s contract has a set amount for materials. Some have open-ended amounts, which makes it quite easy to go over budget. Read the contract before you sign it!
•Check up on the remodeling contractor– Get the referrals and then put them to work. In other words, don’t just get a list of numbers and names, and then forget to check up on the contractor. Follow through and make sure the contractor is a good one.
A little remodeling can go a long way in helping you sell your Minneapolis real estate. Just make sure you know what you’re doing before you hire anyone to do it!
If you’re trying to sell your home, or looking for a great home to buy, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
Lots of people think about ways to save the environment in a physical manner such as changing light bulbs from incandescent to florescent and recycling, but many drop the ball when it comes to cleaning their Minneapolis condo. Keeping your condo clean in a way that is healthy to you, your family, and the environment just takes a little extra thought and soon becomes second nature.
Danger, Danger
Get rid of any products under your sink, in your bathroom, or your cleaning closet that have danger cautions. If they are bad for you, they are probably bad for the environment too, and why have such hazardous materials in your Minneapolis condo?
Labels that have cautions such as poison, hazard, and danger on them are not only bad to have around small children, the toxins leak into the air when you use them causing health problems for your family. They also leech into the environment when you use them and are hazardous for the environment.
Re-usable and Natural
Buy mop heads and sponges made from natural materials that are bio-degradable and replenishable. Check for recycled materials labels on paper towels, toilet paper, and other disposable objects so that you know those products are making the best use of production materials.
Conserve
Use as little water as possible when doing dishes by turning off the faucet while you are washing and only using running water when you are ready to rinse. Don’t just think about conservation when cleaning your condo. Turn off the faucet while you are brushing your teeth as well for extra savings. Remove your shoes or put a rug by the entry doors of your condo to help cut down the need to wash floors.
Bring in the Green
Bring nature into your Minneapolis condo in the form of hanging and potted plants. Plants clean the air around you and take in harmful carbon dioxide in the air.
Want top buy a clean, green condo? Let me help. Contact me today at 612.877.1676 or email me at ben@cityoflofts.com.
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.
