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.
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.
Just because you’ve found some interesting Minneapolis condos or lofts for sale doesn’t mean your Minneapolis property search is up. There’s much more to do before signing those closing papers, and one of the biggest is having the home inspected. In fact, getting a home inspection will probably be drilled into you by your real estate agent. Yes, it’s that important.
What can you find out from a home inspection report?
Although many people do get a home inspection, just as many have a difficult time deciphering the reports to find out what’s serious and what isn’t. To make it worse, inspections vary from state to state. Fortunately, the National Association of Certified Home Inspectors, who has a list of inspectors all around the United States and Canada, has a specific set of guidelines.
General Inspection
A general inspection doesn’t require a specific license. It covers such things as:
•Structure– how well the walls, ceiling, foundation and more are put together
•Exterior evaluation – landscaping, elevation, drainage, windows
•Plumbing – Checks the condition of piping and identifies the materials used
•Systems – water heaters, duct work, air conditioning, chimney, furnaces, sprinklers
•Garage – Slab, firewall, garage door
•Appliances – including smoke detectors
•Electrical – main panel, types of wiring, grounding, circuit breakers, light fixtures and more
The inspection reports will state whether Minneapolis condos or lofts for sale have serious health and safety issues, systems malfunctions, foundation problems, and moisture and drainage problems.
Special Inspection
Some things require a specific license for inspection. Although you may not want to spend the extra money, these things can cause the “sick house syndrome” (people getting sick a lot for no recognizable reason). These problems should not be ignored:
•Asbestos
•Radon
•Formaldehyde
•Mold, mildew and fungi
•Rodents
•Lead
•Methane
•Radiation
Some issues aren’t big and can be dealt with fairly easily. Other things, however, are expensive fixes and usually deal breakers. Before you sign closing papers on one of the Minneapolis condos or lofts for sale, get that inspection done to find out what you’re really getting.
If you’re looking for a healthy home in good condition, I can help. Call me at 612.877.1676 or email me at ben@cityoflofts.com for more information.
Are you looking at condos for sale in Minneapolis and feeling overwhelmed by the choices? Back in the Dark Ages before the Internet (1986 or so), if you wanted to look at a house, you had to call a real estate agent, find out the address and then physically drive to the house. Thanks to the Internet, however, you can start narrowing down your choices before you ever talk to your agent.
What do you need to know?
Looking online can give you the information you want to know about the lofts for sale in Minneapolis. However, if you just go surfing on the Web, that information can be as overwhelming as the number of choices. Before you start shopping online, make a list of the things that are important to you about the city or neighborhood in which you want to live, such as:
• What are the average property taxes in the neighborhood?
• What is the average utility cost for the loft?
• What is the neighborhood like?
• How high is the crime rate in the neighborhood?
• How good are the schools?
• What is the entertainment like?
Once you have your list of questions, go online with an eye to answering them. Here is a list of links that might help you on your quest for information:
My Government Website – Sunshine Review: Here you can find a list of cities with official websites. Choose the city you’re looking for and be magically transported by way of the Internet to that city’s official website. You’ll find all the great stuff that calls people to move to a particular city, including attractions, businesses, restaurants and beautiful housing developments.
City Data: City Data is just that - a website with nothing but data on U.S. cities. You’ll find the nice and not so nice information about any city. Crime rates, shortest commute, weather patterns and more, all at your fingertips. The only drawback is that the information is two years old.
Interest: Interest.com will show you the current mortgage interest rates for the area you’re interested in.
By gathering all this information, you have a much better chance of choosing one of the lofts for sale in Minneapolis that fits your needs. Once you have it all, you can search online or take the information to your real estate agent and get help with your house hunting.
Are you looking for the perfect house? Let me help. Call me today at 612.877.1676 or email me at ben@cityoflofts.com for more information.
Preparing to buy Minneapolis lofts for sale can cause much excitement. But before you start daydreaming about all the possibilities, you need to concentrate on ways to save for a down payment.
♣ First, pay off debt
One of the best ways to save for a condo is to get out of debt first. From credit cards to personal loans, if you’re still sending more of your money out of the condo than you’re keeping in, you need to make a point to significantly cut debt.
♣ Get an extra job
Although not glamorous, another job will put money in your pocket to help you buy Minneapolis lofts for sale. Just make sure when you see the fruit of your labor, you set it aside as a down payment for your new loft.
♣ Hold a garage sale
Got clothes you’re not wearing? What about that CD player you never use? Holding a garage sale is an excellent way to quickly rake in cash. Some people make hundreds of dollars!
♣ Seek professional help
Even though putting 20% down is ideal, there are many available plans to assist you in coming up with a down payment. Depending on your situation, your down payment could be significantly less. Talk with your real estate agent or a trusted mortgage provider to get professional advice.
♣ Get a promotion
While this may seem like an odd way to save for a down payment, it’s very practical. Have you helped save your company a lot of money? Did you work especially hard on a big project? Don’t let all your talents go to waste. It can’t hurt you to simply ask for a raise.
♣ Use your tax refund
Instead of buying a new television or washer and dryer set, use your tax refund toward a down payment on your loft.
With a bit of effort and focus, before you know it, you’ll have your down payment and be on your way to owning your own loft.
If you’re thinking of buying, now’s the time to start working with a professional real estate agent. I can recommend a mortgage provider who will help you get the financing that best fits your needs. I can also help you find Minneapolis lofts for sale that fit your budget and criteria. Give me a call today at 612-877-1676 or email me at ben@cityoflofts.com.
