Realty Executives Associates

Serving Minneapolis/St Paul and Mankato MN

Realty Executives Associates

Blog

Why late Fall and Early winter is the best time to buy

(Published on - 11/8/2017 5:19:31 PM)

Timing is everything, even in real estate.

Homebuyers in the nation’s densest metro areas could save thousands by purchasing a home in the off-season, according to a new analysis by NerdWallet. Sale prices fall an average of approximately 3 percent, or by $8,300 on a median-priced home, September through November, the analysis found.

Sale prices, as well, tend to keep tracking downward through January and February. NerdWallet’s analysis, which dug into housing activity from the last two years as reported by REALTOR.com®, recognized an overall average declining trend of 8.45 percent, identifying January as the month with the most metros experiencing the lowest sale prices.

The most considerable drop-offs from summer (June through August) to fall were in three distinct markets: Hartford-West Hartford-East Hartford, Conn., Cleveland-Elyria, Ohio, and Birmingham-Hoover, Ala., according to the analysis. Sale prices in each fell around 8 percent, or by $20,417, $11,450 and $13,386, respectively.

 

In context, the median listing price in September is projected to be $250,000, a new high for the month, REALTOR.com recently reported. Listing price, however, often differs from sale price—of the 50 metro areas NerdWallet analyzed, the difference between the median listing price and median sale price averaged roughly $17,000 from September to November. Given these findings, homebuyers this fall and winter can expect to have an advantage over sellers, even with record list prices.

Buyers in fall may also have leverage in terms of selection. Realtor.com forecasted the median age of listings in September at 77 days, five days more than in August. With listings longer on the market (and less buyers to compete with), those purchasing past the peak summer season could have the upper hand in negotiations.

Mortgage interest rates, additionally, remain low—though the Federal Reserve hinted at a benchmark rate hike this December. Homebuyers, for now, still have the opportunity to secure a low rate.

Overall, these signs—and now, significant savings—point to an off-season in favor of homebuyers.

 


What do Home Buyers Value Most

(Published on - 11/8/2017 5:16:39 PM)

 

When you're in the real estate market, you may have an idea of the type of property that you're looking for in a specific area. Although most people want plenty of square footage or a stunning bathroom, there are particular home features that are often considered to be must-haves. Here are a few essential home features to look for when shopping around:

Laundry Room

Many people want to own a home that features a laundry room due to the convenience that it offers. Laundry rooms are increasing in popularity because they provide a space to fold laundry and hang delicate clothes that need to air-dry.

An enclosed space for the washer and dryer will also prevent the noise of the appliances from inconveniencing other family members who may want to spend time in a quiet setting. You also won't have to worry about having piles of clean laundry in your living room or home office with a space that is designated for cleaning your clothes.

Patio

More and more people want to spend time outside and get use out of their backyard. A patio addition is a desirable feature that makes it easy to spend more time outdoors. Patios make for a great place to entertain when you want to barbecue or dine outside with your guests. You can also use the space to lounge around, read or relax while taking in the views. Most buyers look to buy a house that features a ground-level patio that is hardscaped and features plenty of patio furniture.

Hardwood Floors

Although carpet was a popular flooring material that was commonly used in residential properties in past decades, more people are looking for homes that have hardwood floors. Hardwood floors contribute to the design of the interior setting and can boost your home's value due to their durability and appearance. You won't have to worry about dirt or grime showing up in areas of traffic.

Those who are on a budget can look for homes that feature pre-finished hardwood flooring, which is color-treated and has a high level of appeal.

Well-Maintained Neighborhood

It can be easy to fall in love with a home without taking a close look at the neighborhood. Check the surrounding area by inspecting the other lawns and houses to determine if they're in good condition. You'll want to live in an area that is maintained well, which will affect the value of your home.

It's also necessary to determine the distance of the property to your job, local schools, and parks that are available. Some people don't want to travel too far when they need to shop for groceries or find a Christmas Tree Sale in the area.

Updated Kitchen

The kitchen is considered to be the most used room of the home where many people spend time with family or entertaining. The kitchen should be updated with new cabinets, a decorative backsplash, and an island that offers more storage space. You should also have plenty of space to cook and prepare food with the amount of counter space that is available.

When you're looking for a new property on the real estate market, it's important to look for features that are currently popular and are considered to be must-haves. By finding a quality home to purchase, you can get more use out of the home and enjoy various aspects that will enhance your quality of life.


Do Sellers Have to pay HOA fees for documents and dues current letters when selling their condo or t

(Published on - 3/4/2016 4:18:26 PM)

In MN real estate a seller has to provide certain condo/townhome documents to buyers. The required documents are: Articles of Incorporation (the document forming the Home Owners Association- HOA), the Bylaws, The Declaration, current rules and regulations, the last printed financial and budget statements, MN ReSale Disclosure Certificate (document filled out by the HOA that basically answers questions about dues, assessments and other controlling information). TheMN State Laws give the buyer 10 days to review these documents and can cancel the sale at any time during the 10 day review for any reason. The 10 days start once the seller/agent turns the documents over to the buyer. HOA's and managers or HOA's usually charge sellers for copies of these documents and for the Resale Disclosure Certificate. Prices vary from $50-450. This is a sellers expense. Furthermore for closing the title insurance company needs to know that the sellers HOA dues and any assessments are paid. Thus the title company will require a "Dues Current Letter" from the HOA. HOA's and managers of HOA's charge for this also. This is a sellers charge that is usually seen on the closing settlement statement. Charges vary from $50-275 for the Dues Current Letter.

Condo/Townhome owners should lobby their HOA's and management firms to lower these costs and not try to make money on sellers. Condo Documents are supplied now in pdf formats and truly do not cost the HOA $450. They do cost to process the request but $50-100 is adequate. Same goes for the Dues Current Letter. This should cost very little as this info is easily identified by anyone keeping current records. This should only cost $25 at most. Bottom line: sellers are over paying for these fees.


Best way for real estate agents to help buyers or sellers

(Published on - 2/26/2016 6:14:24 PM)

The very best way any real estate agent can assist buyers or sellers is having online tools that increase visibility and reach in seconds. Our web sites home searching mapping tools will save buyers time as they search for the correct home. Our online text links provides immediate access to the full MLS listing including all the photos, tours, and data for everyone carrying a smart phone.


;

Questions? Need Advice? Complete this form for more information.

Contact Information::










Copyright 2019 Realty Executives All Rights Reserved
Disclaimer: Each office independently owned and operated. Please disregard this message if you are already under contract with another real estate professional.
172.31.14.245