Twin Cities Metro Area Real Estate
Wendy Carson-Putting That Little "Extra" in Extraordinary Service
According to the Builders Association of the Twin Cities, building permits and planned projects are at their highest level since 2007 and permits in the Twin Cities are up by 37% since the same time last year.
In the Twin Cities, 452 building permits were issued in May 2013 and year to date there have been 1,879. Minneapolis had the most number of unit permits with 183 in May. Blaine came in second with 93, Woodbury had 39, Lakeville 35 and Plymouth had 33.
The buyer’s inspection can be a big issue for some sellers. Most sellers love their home and don’t see any faults in it and when the buyers start asking for fixes after the inspection the sellers are offended. There are a few things or sellers to keep in mind to help this inspection process go smoothly.
Homes wear out in time, which is normal. You as the seller need to look at the inspection report objectively and respond in a professional non-emotional manner. Inspectors are paid to go in and find problems and they will always find things, which is their job. Be willing to negotiate with the buyers within reason to the deal done.
Housing prices are on the rise and are expected to continue rising so you should wait to sell your home? Wrong! In most cases, when you sell your home, you are going to be buying a new home. Yes, the price of your home will be higher in a couple years and the price of the new home will also be higher but what many sellers aren’t thinking about is the interest rate. Most forecasters say that the interest rate has already bottomed out and will be on the rise. What does this have to do with selling your home now or down the road when it may be worth more? The loan on your new home will cost you more because of the higher interest rates. Currently mortgage interest rates are 3-4% but in a couple years they are forecast to be 5-6% and on a 30 year mortgage for a $300,000 home, that adds up to a lot of extra costs in mortgage payments, thus making the home more expensive. Right now it is a seller’s market making it a great time to sell a home, you can find a home to buy and still get in on super low interest rates. Don’t wait – sell your home soon!
Did you miss the housing boat? The Case-Shiller home price index shows that home prices dove 33.8% rom April 2006 to March 2012 and have since gained back 10.9%. Interest rates are still low about 27% below their highest peak but how long will this opportunity last. If interest rates start to rise and home prices keep rising the housing affordability will decline and the biggest opportunity of the current generation will most likely be over.
Call or Text 651-341-6020
Wendy@WendyCarson.com
