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3 Must-Ask Questions When Buying a House

Brace Helgeson

Buying a house in Eden Prairie—or anywhere, for that matter—is certainly the investment of a lifetime, so being an intelligent and strategic homebuyer is of the highest priority. Don’t just sign away on the bottom line! Gather all the facts, history, and records necessary to learn of hidden costs or potential pitfalls on your would-be property. Once you discover the answers to these three important questions below, you can truly determine whether your dream home is all you imagined it to be.


 

What the Experts Are Saying About 2017ís Housing Market

Brace Helgeson
Photo by www.bigstock.com
Two weeks ago, we highlighted some potential trends that pundits are predicting for 2017. Now, we look to experts in our field to deliver you some sound advice as we transition into February. At Helgeson Platzke Real Estate Group, we understand that buying a home is personal. As one of the largest investments that an individual is likely ever to make, we decipher the insight and feedback of our industry, then pass along that wisdom to you.

First off, according to the National Association of Realtors and the U.S. Census Bureau, home sales bounced up by 5.9 percent compared to last year, which means that all in all last year set 2017 up for success to come. What’s more, new homes are up by a highly encouraging 17.8 percent from last year, which means that low inventory issues that slowed progress in 2016 are being addressed, paving a bright path ahead for homebuyers and sellers alike.

2016 saw mortgage interest rates hover at near historic lows, as the Fed held off—for the most part—on major changes or overhauls to figures. As we head into 2017, the National Association of Realtors is predicting a slight climb in those numbers as we make our way towards spring and summer, but not to worry, the rates predicated are moderate and aren’t expected to hugely impact the average homebuyer’s bottom line too much.

Another factor that’s sure to brighten 2017 is the groundswell of positive builder sentiment. One of the biggest challenges of 2016’s housing market was inventory, which drove up home prices and made the market more competitive than ever. Well, homebuyers and sellers can take a deep breath of relief as builders are at work on new-build homes that amount to a fifteen-year high in sentiment. This means that new-home construction is on the incline, but builders are confident that progress will continue. This should alleviate some of the high housing prices out there, while making it easier for home sellers to transition to their next property without having to fight tooth and nail.

All in all, 2016’s steady progress set a compelling stage for the 2017 housing market. Here in the Minneapolis area, growth has been booming in the Twin Cities as well as in nearby suburbs like Eden Prairie, where countless Minnesotans are looking to buy a home in one of Hennepin County’s most desirable locations. Predictions for 2017’s housing market are encouraging, and buyers and sellers should take heart in the developments pundits are predicting. If you are looking to buy a home in the Minneapolis or Eden Prairie areas in 2017, begin your search today with the help of an experienced, top reviewed real estate agent who can guide you through every stop of the home buying process. Make 2017 the year you became a homeowner or finally found the home of your dreams.

At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home this summer, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.

Twin Cities Area Home Prices Break a 10-Year Record

Ryan Platzke
This summer, the Twin Cities housing market trends have been all about breaking records. Now that the data is in, it’s no surprise that June proved to be another record-breaking month for home prices and market growth in the Minneapolis - St. Paul region.

According to a recent report from the Minneapolis Area Association of Realtors, the median sales prices for homes in the Twin Cities area reached heights not seen since 2006—an impressive feat. Not to mention, that year-to-year growth also posted inspiring numbers: a 5.3% increase in the median home sales price, up from this time last year. In other good news, the amount of closed sales topped out at a twelve-year high, with buyers signing 6,175 new contracts and closed sales reaching 7,094.

So what does this mean for homebuyers and sellers in the Twin Cities and Eden Prairie areas? For starters, these figures indicate a burgeoning market with a strong upward trajectory. Whether you’re aiming to buy your first home, sell your home, or move on to your dream property, there’s encouraging factors for all. Any potential buyers out there can surely relish the extremely low mortgage interest rates currently available. With the Fed holding off on raising mortgage interest rates for now, it’s an excellent window in which to take advantage of these historic mortgage rate lows.

Those interested in selling their Twin Cities area home can rest assured that the market is eager for properties. In fact, homes are selling at a speed not seen since 2007. Combine getting top dollar for your home and the opportunity of a low mortgage rate, and transitioning to your next home will be seamless.

Take it from the President of the Minneapolis Area Association of Realtors, Judy Shields, who describes current Twin Cities housing trends like this: "This market is grounded in good fundamentals: supply and demand, smarter lending standards, job and wage growth, population growth, healthier household finances, and rising rent.”

Whether you are interested in buying or selling a home in Minneapolis, this August provides an unmatched opportunity to take part in the American Dream of homeownership. With housing market figures posting stronger than ever, the signs are clear: this year is the year to land a home that’s all your own.

At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home this summer, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.

 

Average Homebuyer Credit Score Drops

Ryan Platzke
A recent report from Ellie Mae, a mortgage software company who processed over 3.7million loan applications in 2014, showed that the average credit score for home buyer has decreased. For the month of September the average FICO score for mortgage borrowers was 723. In comparison, in September of 2014 the average FICO score was 732

Millennials Face a Few Obstacles Buying Real Estate in the Twin Cities

Brace Helgeson

Millennials, who are now mostly in their 20’s and  early 30’s , are entering the real estate marketing looking to purchase their first home. However, they are being met with a few obstacles. Many are burdened with a large amount of student loan debt, and they more than likely have been renting for some time at a high rate which has made it difficult to save for a down payment.