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Buyers
Is Now the Right Time?
It is hard to answer this question as each buying situation is different. When weighing this decision you should ask yourself the following questions.
- What am I currently paying for living expenses? Can I pay the same or a little more for my own home?
- Do I qualify for the $8,000 tax credit?
- Is my income steady and secure?
- What am I waiting for?
Attention Home Buyers - Now is The Time!
There is much buzz out there about buying a home and it is easy to get confused by all the excitement. Our site will provide you with current and accurate information on the real estate market in Minnesota, while also giving you tools and education to be best armed when making your real estate decisions.
Minnesota's current housing market is the most affordable it has been in years. What this means for the home buyers in Minnesota is that many of them can purchase homes of their very own at the same monthly cost that they currently pay for rent. This is very exciting and great for home buyers.
After answering these questions you should speak to a Realtor. Their experience and knowledge will assist you in determining the right course of action. If you are looking to buy a home, it is important to develop a home buying road map with assistance from your Realtor.
Advantages of Buying NOW!
- Minnesota home prices are truly affordable
- Interest rates currently are low
- The Home Buying Tax Credit has been extended - Up to $8,000 or $6,500
- If you start looking at homes and making offers Dec 2009 & Jan 2010 you are more than likely to avoid a rush of buyers that postponed their search to spring. This will give you an advantage as you should see fewer competing offers and be able to get the price you seek.
Home Buyer Tax Credit to Assist You:
The Home Buyer Tax Credit is assisting many Minnesota home buyers.
Simple overview of the Tax Credit:
- Must purchase a home and use it as a primary residence (less then $800,000
- Must be in a binding contract to purchase by April 30th and close by July 1st
- Up to $8,000 to First Time Home Buyers
- Expanded to a Repeat Buyer - Up to $6,500
- Income limits $125,000 - single, $225,000 - married
- Get the full details of the extended tax credit and FAQ
Purchasing a Short Sale or Foreclosure
Minnesota foreclosures and short sales dominate our real estate market. So as a buyer you should know that the majority of the homes that will appear on your home search will be foreclosures and short sales (lender mediated properties).
Minnesota home buyers need to be
prepared to deal with the banks and their requirements.
Common Components to a Foreclosure or Short Sale in Minnesota:
- Special Bank Addendums maybe required at the time of a purchase agreement
- Many banks require the buyer to become pre-approved by their assigned loan officer to confirm the buyer is in fact able to buy the home. The buyer has the option to still use their desired loan officer and bank thought.
- Earnest money amounts maybe larger then in a traditional sale - also may require in the form of a cashiers check
- Usually the buyer is purchasing the home "As Is"
- Usually the bank makes the rules and if you wish to purchase their property they will require you to agree to them
- Possession of your knewly purchased home maybe delayed even after you have signed all your paperwork and you successfully completed your closing. This is often due to a change on the HUD.
- We often recommend buyers to make any plans on the home including moving in 7-14 days after closing just in case there are any hick-ups
