Minnesota Realtors – the best way to great real estate options

Minnesota real estate, offers you some of the best real estate options in the country. There is a diversity of choice which means you will be able to find the kind of property you are looking for. And the quality of life is great as well.

Since different people have different needs for a region to be considered to be great in terms of the real estate on offer the region has to score high on several fronts. The region should have cities that are safe and offer good employment opportunities. From a  business point of view the region should have enjoyed success in the past and should be poised for growth going forward. There should be an abundance of leisure activity options at locations of great natural beauty. And Minnesota does score high on all these considerations. With cities such as Minneapolis that offer a great lifestyle and are home to several large Fortune 500 companies.

Whether you are looking for moving to Minnesota or are looking for great real estate investment opportunities you need to be able to identify a great Minnesota Realtor. That way you can have the benefit of the local knowledge in terms of the different neighborhoods and also in terms of the good deals on offer at the time. There are also many other benefits of working with the right Realtor. One does not do many real estate deals in ones life and one tends to take time making decisions. The Realtor should be aware of that and patiently help you reach a decision that best serves your interest and which you can make confidently. On the other hand the best deals are not around forever so the Realtor should help you make the decision soon enough by providing all the information you require promptly so that good deals do not pass by.

You may also require guidance for concluding matters once a deal has been identified and a good Minnesota Realtor will help you with that as well. In general you want to work with Minnesota Realtors with a strong commitment and dedication to the success of the client in finding the right deal. 

Edina Real Estate – sought after Minneapolis addresses

Edina is one of Minneapolis’ premier inner ring suburbs. The diversity of neighborhoods that Edina real estate offers and the quality of life has made it one of the most sought after metro Minneapolis addresses. The 50th and France area of Edina is just minutes from the hustle and bustle retail throb that is the Southdale and Galleria area. Yet the look and feel one finds at 50th and France will bring you back to a different era. This pedestrian friendly neighborhood is quaint yet modern, sophisticated and family friendly all at the same time.

The area of 50th and France (plus a few square blocks in each direction) has undergone constant renovation over the decades while maintaining its small town appeal and texture. While many of the stores and eateries are now upscale there is no shortage of offerings for all who come. Dining options are abundant and cover everything from fine dining to casual family meals both American and ethnic. Well known local eateries include Tejas, Salut, D’amico & Sons, Edina Grill and Pearsons to name a very few. Shopping at 50th and France covers everything from babies to bankers and kitchens to clothing. Some of the best known names include Belleson’s, Dana’s Apparel, Cooks of Crocus Hill, Bumbershut and dozens more. Go to www.50thandfrance.com for a complete look at the area’s businesses.

For year round entertainment, the venerable Edina Theatre still stands as a movie house. Dating to the 1930’s, and renovated in 1988, this theatre has been a 50th and France staple for over 75 years. In the summer, the 50th and France area hosts the Edina Art Fair. Stretching about a block in each direction, this very popular event is in its 46th year.

The Edina school system is held in high regard by the people of Minneapolis. A recent U.S. News & World Report rated Edina High School in the top 2% nationally based on state assessment tests and college readiness scores. Edina also supports six elementary schools and two middle schools. South View Middle School, Normandale Elementary French Immersion and Concord Elementary are in the 50th and France area.

If recreation is something you care about then Edina is your place. Golf aficionados know that the 2008 U.S. Women’s Open was held at Interlachen Country Club. Edina is also home to the Edina Country Club as well as public play courses like Braemar Golf Course and the Fred Richards Golf Course. All these are just miles from the 50th and France vicinity. Within walking distance of the main intersection are Woodale Park, Utley Park and Pershing Field Park where one can enjoy tennis courts and ball fields. Probably one of the best features of living in Edina is its proximity to downtown Minneapolis and all its amenities. The 50th and France neighborhood is prized for being walking distance to the nationally renowned chain of lakes starting with nearby Lake Harriet.

With the help of Edina realtors can identify specific properties in Edina real estate that suit you. For a broader choice you can use the services of Minnesota realtors to identify properties in Minnesota.

Minnesota Realtors – your gateway to incredible opportunities

It is said that every cloud has a silver lining. That is to say when things appear to be gloomy there is also hope and opportunity. It is very true in the case of the economic slow down especially the steep fall of real estate prices.

Some of the greatest opportunities have emerged in the toughest of times. Some of the biggest winners made their move when it seemed that odds were stacked against them. Minnesota realtors know this well. While there is talk all around of fallen real estate prices, the steep and dramatic fall has uncovered some gem of opportunities.

For a lay person it is not easy to spot an opportunity. An uncut diamond looks like an ordinary stone to an uninformed person. So also valuable real estate that is available at an incredibly low cost looks like just another house or piece of land to the lay person.

However with the well informed expertise of Minnesota realtors on your side you will find that the real opportunities can be spotted and a wise investment made. The depth of local knowledge of a Minnesota is essential for identifying excellent options from the scores of ordinary options. The knowledge of local trends and neighborhoods will make sure you see more than the physical attributes of a property.

Local factors have a huge impact on the value of a property. The local weather, the schools in the neighborhood, the demographics, connectivity with the rest of city, state and country, future development potential all impact the value of real estate. The right properties in Minnesota score very high on a lot of these factors therefore the opportunities in Minnesota are some of the best in the country.

With the combination of a good Minnesota realtor and the great deals available your worry will not be if it is a good deal. The only thing you may have to think about is which great deal suits you the best.

Minnesota Realtors get you the best deals for Minnesota Real Estate

Minnesota real estate is looking more attractive than ever before. The recent trends on Wall Street and in the housing market have created amazing opportunities for those interested in Minnesota property including houses, condominiums, town homes, or investment property. Individual homeowners, as well as investors, understand that this is a rare chance to get involved in the Minnesota real estate market. Values have never been better and the number of properties to consider has never been greater. Wise buyers wanting to be ahead of the curve should take a very close look at buying now and get in touch with Minnesota realtors.

If you are a first time home buyer, Minnesota realtors will be able to show you historical information on home values and help educate you on the recent and often dramatic changes of the last few years. While mortgages may be a bit more difficult to get, they are still available for qualified buyers. In addition, mortgage interest rates continue to hover near record lows. This combination of lower home prices and low interest rates makes home ownership possible for many people who previously were unable or unwilling to purchase a home. Consult with a Minnesota real estate agent to get a full picture of today’s marketplace. Minnesota realtors specialize by geographic area, so weather you are interested in Southwest Minnesota, Calhoun/Isles, Bryn Mawr, Lake Harriet, or the North Loop by the Mississippi river be sure the real estate agent you select knows the area well.

Investors are carefully eyeing the inventory of Minnesota real estate. Lower prices on duplexes and other multi-family dwellings are very attractive right now. Properties that once struggled for cash flow now have a totally new reality. With rental rates at or near recent levels, the reduced purchase prices of these types of properties make them very attractive. A duplex in Uptown Minneapolis that once sold for $400,000 may now sell for $300,000 or less, a savings of 25% or more. With rents not declining in a similar fashion, these properties are more attractive than ever. Wise investors are stepping up and reaping the rewards. Once happy to break even and hope for rising property values, investors are now able to have positive cash flows even during these unsure times.

Again, Minnesota realtors are your best source for information and answers to all your Minnesota real estate related questions. They are the only ones who can supply you with detailed information on current and past activities in areas you are interested in. While there is ample information available online and elsewhere, only a local agent will be able to give you the context needed to understand what has been happening in any particular market over time. While your sister, the part time realtor in Eden Prairie, could come to Minnesota to help you buy a home it would be unwise. While she may be the most knowledgeable about homes in her area she won’t have that same experience with Minnesota real estate. Using a locally based Minnesota realtor can save you thousands of dollars as a local Minnesota realtor understands the local market, neighborhoods, lenders and more.

Minnesota foreclosure – understand the process

Foreclosure. Sheriff’s sale. Redemption period. Short sale. These words were rarely in our general vocabulary before the recent housing downturn. Now these terms are heard nearly every day in the media when discussing the condition of our local, state and national housing market.  The housing downturn has affected millions of people across the country and in Minnesota.  If you have been personally affected it is important that you understand the Minnesota foreclosure process as well as your options.

Foreclosure is a process initiated by a lender who is not being paid by a borrower (homeowner).  Some lenders will initiate foreclosure after the borrower falls two months behind, others may wait up to a year.  Talking with your lender may help stall the process.  Eventually, the lender will give notice to the borrower that they are going to foreclose on the property. They notify the borrower in writing and after four weeks can schedule a sheriff’s sale in the county where the property is located. The sheriff acts as auctioneer and the lender is the seller. The property goes to the highest bidder which in most cases is the lender. The sheriff then prepares a certificate of sale which is a conditional transfer of property to the winning bidder. It is conditional because the borrower, by Minnesota law, generally has a six month redemption period in which they can make good on their mortgage. During this period the borrower still has the legal right to live in the property; they can sell or refinance the property.  They no longer have the option of making up missed payments to bring the mortgage current.  If the borrower desires to keep the property, their only option is to find new financing, which is often very challenging as a result of their now damaged credit.  If the borrower does not redeem or sell the property within six months, they lose all rights to the property and must willingly vacate or be forced out by the Sheriff. 

Typically, the best option is to hire an experienced Minnesota REALTOR® who can explain the options available and assist with bank negotiations.  Any time before, or even during, the foreclosure process the property can be put up for sale, like any other home. If it is like many of the homes facing foreclosure in today’s marketplace, the home may be worth less than the amount that is owed on the mortgage. For example, say someone bought a house for $200,000 three years ago with no money down. Now the property is valued at only $160,000 and the borrower still owes the lender $197,000. Putting a property up for sale in this situation would be a short sale. This simply means that the lender will have to agree to any sale that brings in less than the $197,000 they are still owed. In other words, the bank is really the decision maker and they are determining whether or not to accept an offer that is short of what they are owed.

Remember, these are general guidelines for Minnesota foreclosure and each situation can be very different. If you are facing foreclosure, it is best to be proactive and talk to your lender. There is always the possibility of renegotiating your mortgage or coming up with some other plan that is acceptable to both you and the lender. You can also check with local county and state organizations that provide foreclosure assistance and/or aid.  Some real estate agents in Minnesota specialize in foreclosures and short sales and can offer assistance.  It is usually in everyone’s best interest to avoid foreclosure. 

St. Louis Housing Outlook

The housing outlook for St Louis continues to look bleak.  After entering 2010 on a high note, when prices had rose in the fourth quarter of 2009, prices lost momentum as the year progressed.  With prices in decline throughout 2010 the expectations for 2011 appear to be the beginning of market stabilization.  Above average foreclosure rates, high unemployment and an uncertain economic climate have slowed recovery in the St. Louis area.

Local news housing coverage has focused on five key areas this past year.  With the focus on the housing and market outlook, home prices, foreclosure rates, unemployment rates and vacancy rates. This trend is likely to continue as we progress through 2011 as conditions remain similar to what we experienced in 2010.

Housing and Market Outlook

The housing and market outlook is perhaps the most prominent topic in the St. Louis Housing News Headlines. Housing and Market Outlook Reports are issued in January of each year and are based on more than 20 factors such as the volume of house sales, mortgage lending statistics, new home construction, regional economic growth and development, commercial building statistics, employment levels, historical trends, and consumer confidence.  

Dr. Lawrence Yun is the Chief Economist of the National Association of Realtors® and he recently spoke at a conference hosted by the St. Louis Association of Realtors®. During the conference Dr. Yun forecast that the housing market will continue to look “ugly” for the short term.   Part of the reasoning behind this statement is that there will continue to be above average foreclosure rates, high levels of unemployment and the national economic outlook continues to appear bleak.

Dr. Yun predicts that there will be a 300,000 unit increase in the number of resale houses sold in 2011 and a 170,000 unit increase in the number of newly built houses sold.   This a marginal increase over 2010 however it does point to stabilization in the housing markets.  This stabilization should lead to moderate price increases as markets continue to moderate and become less volatile.

The St. Louis market outlook will continue to have some influence on commercial investment as well as residential.  Investment dollars have flowed at a much slower rate as investors struggle with financing and liquidity in a struggling economy.  The trickledown effect of these market realities have a direct impact on unemployment levels as businesses have worked to minimize debts and increased profits as consumer confidence continues to be low.

House Prices

Understandably fluctuations in home values are a concern for any homeowner particularly when you are faced with having to sell your property in an unstable real estate market. Buyers are less confident during an unstable market. This, combined with an overabundant inventory, drives house prices even lower. Prices however will steadily increase but at a modest rate of 2-5% per year.

This increase is will be directly tied to improving consumer confidence, foreclosure rates and unemployment levels.  As economic outlooks continue to improve it should bring new job prospects for St. Louis.  It is unlikely that we will see the explosion in home values that preceded the financial meltdown but moderate growth in all sectors of the St. Louis real estate market is expected.

Homeowners throughout 2011 will continue to be subjected to a buyer’s market.  This will be marked by extended selling periods, lower home prices and a highly educated class of homebuyers that are patient and willing to aggressively negotiate.

Foreclosure Rates

There has been a lot of focus on Distresses Sales which include foreclosures, short sales and the sale of bank or realty holding owned houses. Foreclosure rates have remained high throughout the county. It is predicted that the housing market will stabilize as markets become more accustomed to the new economy.

There is a strong belief among experts that foreclosure rates in St. Louis will continue to be above the historical average for the region.  Short sales are a mark of the influx of property values that have dropped since the market peaks of 2007.  Bank assets have continued to increase with high foreclosure levels and these assets are being rapidly liquidated at reduced prices which have further depressed property pricing in St. Louis.

Unemployment Rates

The National Association of Realtors® Chief Economist Dr. Lawrence Yun spent a great deal of time during the conference discussing the high unemployment rates and the impact that they have on the housing market. He revealed that there is basically the same number of jobs in the United States today as there were 10 years ago.  The problem is that there are 30 million more people. Dr. Yun projects that it will take another 4-6 years to get the unemployment rates back down to 5-6%.

Since the housing market in St. Louis is driven by psychological factors, the unemployment rates have a direct impact on the confidence of consumers. Not only is steady employment a requirement for obtaining mortgage financing but it also gives homebuyers the confidence that once they purchase a house they will be able to afford it.

2011 will continue to see above average unemployment in St. Louis and surrounding areas as industry struggles to adapt to the new economic reality.  As markets stabilize industry will once again begin to expand creating new employment opportunities.  This will result in increased consumer confidence and will contribute to an improved national economic outlook.

Vacancy Rates

Vacancy rates continue to remain high as people double up. Doubling Up refers to the tendency of families to live together in the same house. Adult children are staying home with their parents longer and helping with finances while obtaining post secondary education. Senior parents are choosing to live with their adult children in their homes rather than downsizing to an apartment. This arrangement is a win-win situation as grandparents can watch the grandchildren saving the family money on child care.

Another form of doubling up is the taking on of room-mates or tenants. Homeowners rent out a room or portion of the house and in some cases there is also a sharing of utility costs.  Although this has resulted in a savings for tenants, landlords have been impacted by the increase in vacancies as a result.  Although this has a limited impact on employment and housing markets it is another indicator of a struggling economy.

Overall Outlook

The overall outlook for St. Louis for 2011 is one of slow and steady stabilization.  Home prices should stop dropping and slowly begin to increase at moderate levels throughout the year.  St. Louis homebuyers that are prepared to enter the real estate market can take advantage of low home prices and high foreclosure rates to maximize their buying power. 

With the real estate market reacting to market conditions buyers have an opportunity to educate themselves and operate from a position of negotiating strength.  Above average foreclosure rates, high unemployment and an uncertain economic climate have slowed recovery in the St. Louis area and the local focus on the negative is having an impact on the overall market.  

Five Questions to Ask Your Real Estate Agent

Thinking about selling your house without using one of the best real estate agents in your city? Even worse, are you considering trying to sell your house FSBO? Don’t make that mistake, it could cost you valuable time and money. Instead, take the time to find the best real estate agent, who will be able to effectively stage, photograph, market and sell your house in a timely manner. So, how do you know if you’re using the best real estate agent possible? It’s easy, ask the real estate agents you interview the following questions:

1. How long have you been a licensed real estate agent?

There are thousands of new real estate agents entering the field of real estate every year. It’s frequently the home sellers looking for a bargain that end up using a newly licensed real estate agent. New agents typically offer to reduce their real estate commission to attract customers. Don’t fall for this trick. To ensure that you’re working with a top REALTOR®, go with an agent that’s been licensed for at least five years.

2. How many homes have you sold?

If the answer is less than five you should run! Most of the top real estate agents in any given market have sold at least 50 homes. It’s not uncommon for the best REALTORS® to have sold 200, 300 or even more homes. We recently talked to a real estate agent in Minneapolis that sold over 1,000 homes during his career. The more homes an agent has sold, the more experience he has with home pricing, marketing, negotiations, repair issues, title problems, bank negotiations and short sales. You don’t want to choose a real estate agent who is learning as he goes. You want an agent that has already learned from past experience as a Minnesota Realtor.

 3. What is your focus in the real estate business? 

 Real estate agents specialize in all sorts of things, so make sure you choose a real estate agent that is suited for your particular set of circumstances. Do you need a buyers agent, sellers agent, short sale specialist, luxury homes specialist, neighborhood specialist, investment REALTOR®, etc. Choose the wrong agent and you could be stuck with a real estate agent who doesn’t understand your situation.

4. What is your real estate commission?

This is frequently a touchy subject for home sellers. Historically, real estate agents have charged a 7% real estate commission for home sales. What you need to remember is the sellers agent will pay at least 2.7% of that commission to the buyers real estate agent. Depending on the arrangement the agent has with his real estate broker, he might pay 50% of the remaining commission to his broker (employer). From what’s left he also had to pay the marketing expenses associated with selling the property.

There are some top real estate agents who are offering reduced commission rates in the 6% to 6.5% range, but don’t expect to find the best real estate agents in your area offering to sell your house for a 5% commission. If you want to pay 5% that’s fine, but don’t expect full service.

5. How connected are you?

Many of the best real estate agents today are available around the clock. Text messaging, Blackberries, Iphones, Ipads and cellphones allow REALTORS® to stay connected to their clients wherever they are. Find out what your real estate agents typical response time is to text messages, email and phone calls. If the real estate agent isn’t getting back to you in a timely manner, then there is a good chance they’re also not responding to potential buyers.

By asking your real estate agent these five questions you should ensure an enjoyable home selling experience. If everything goes well, the same REALTOR® will be able to assist you in finding your dream home. Minneapolis real estate agents offers a wide range of properties for sale.

If you’re looking for answers to your real estate questions, you can visit the real estate forum to have your questions answered for free by professionals in the real estate business.