Tuesday, January 15, 2013

The News is IN! Homebuyers Wanting a Good Deal Need to Move Now!

Just two weeks into 2013 and you’re thinking this is the year to make that move. The Minneapolis St Paul real estate market is on the move again so it you are planning to get that “bargain of the century”. Well, maybe you should have bought last year. Check out the recent Pioneer Press article, which outlines the Twin Cities year to year sales statistics. Prices are on the rise. But there are still deals out there for buyers, even if you do not want a foreclosure or short sale.

Chart from 1/11/13 Pioneer Press article by John Welbes
Traditional sellers are getting houses on the market early this year. What is a traditional seller? Those are the people who own a house and have enough equity to sell it without having a bank involved. Many traditional sellers have been hiding in the woodwork so to speak for the past few years when prices were so unbelievably low. Now that they are on the rise again, they are ready. Homeowners have spent the past few years updating and repairing their properties so they would shine in a changed market. When a traditional seller gets a showing, the home is a joy to enter with a shoveled walk, warm temperature in the home and sometimes a cookie on the counter. When a traditional seller gets an offer, they respond quickly. It’s a joy to work with a traditional seller when buying a home.

So what should a potential home buyer do if they want to make a move in 2013?

  • Get PREAPPROVED. Those updated cozy homes offered by traditional sellers are getting multiple offers. Sellers want to know that you can buy the home when they receive the offer. Having a preapproval from a professional, educated loan officer means you will not miss the change to put in an offer on your dream home. Even if you tried to get approved before but were denied, it could be worth talking to a loan officer again. Mortgage preapprovals are up 11% …And the best news, rates are still at all time lows! (If you are not sure where to get pre-approved, call or email me as I have some great contacts!)
  • Work with a REALTOR® It is not the time to run around willy-nilly calling every agent that has a home listed to see the property thinking you could save money. While you are trying to connect with the agent of the perfect home that just listed, another REALTOR® could be showing the home to a preapproved buyer who could write an offer that day. Having your own agent, doesn’t cost anything in most cases but can get you into any home on the MLS that you want to see. Plus you can build up a rapport so when it comes time to write your offer, you know your agent is on your side.

What should a potential home seller do if they take advantage of this 2013 momentum?

  • LIST NOW! Don’t wait until spring. You will get the best price for your home the earlier you list it. There is less competition now but there are many, many homebuyers in the market. Take advantage of this opportunity!

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