Exactly what is a Short Sale?
What is a Short Sale? A short sale occurs when the sale of a property does not bring the seller enough money to pay what is owed to the lien holder. When the sale falls short of the amount owed on the mortgage, the bank must agree to release the homeowner of any debt that otherwise may have been incurred. Sounds simple but it can be complicated to execute. Making a short sale purchase can be a long and drawn out process. Sometimes the outcomes are well worth the roller-coaster ride of emotions. Other times they can be a huge disappointment.
Buying a short sale in MN
Whether you are a buyer or a seller involved in a short sale the best way to handle the process is to work with a professional, ethical and honest Realtor who has experience dealing with short sales and is a certified short sale and foreclosure resource. A Realtor that has not taken the time to be trained, educated and certified to sell distressed properties will not have the energy, knowledge and skill necessary to pull off a successful short sale.
Short Sale in MN vs Foreclosure in MN
A short sale can be one of the best ways for a homeowner to get out of a home that is in an upside-down mortgage situation because it will not completely destroy their credit. The average credit score decline for a homeowner that goes through a successful short sale is 50 points. The average credit score for a homeowner that goes through a foreclosure is 250 points.
The Twin Cities Real Estate Market is Filled With Stories
Real estate is the story about homes and about the people and the families that live and love in them. It is also about the real estate professional helping a family sell or buy a home and whether it is their first home or their last, the agent has a golden opportunity to become a hero in their narrative. Here at the Minnesota Property Group, we have a few heroes! Talking about them, even bragging a little bit, is the favorite part of my job as the content creator.
Five uniquely talented professionals came together as a team with one common goal; providing the best service by treating each client like a member of your family. (This paid off in July 2016 with being recognized as "America's Best Real Estate Agents" by Real Trends, a designation given to less than 1% of agents and teams nationally.) We already heard from Joe Houghton, the RE/MAX Results agent that leads this team. He is the one prominent reason this group is the best. It is his vision and plan that moves the team forward and inspires them to grow and reach their full potential not only as individual agents but as part of the team. The four other...
The Minnesota Property Group Team
Real estate is about stories. Each seller, each buyer, every home, and every agent has a tale to tell. Real estate is certainly a challenging and competitive business. It’s also exciting and rewarding. The one thing most agents agree on is that it takes, dedication, grit and hard work to break into the business and to become successful. Being part of a strong, supportive team can often make the difference between a story with a happy ending and the other kind.
One of the key elements to any successful group, is a strong, supportive and talented leader, like veteran RE/MAX Results agent, Joe Houghton. As leader of the Minnesota Property Group, he brought together five like-minded and talented agents and one content and marketing professional to form his team. For me personally, as Marketing Director for the group, Joe has been an inspiration which led me to challenge myself and go where I had never gone before professionally. We connected 3 years ago when I had been booted from corporate America and he wanted someone to create content for his blog and website.
That tentative story that began on a cold January afternoon in 2014 has become a successful narrative that is still unfolding. I have never regretted that decision even once. Joe has a talent for connecting with people to help them live up to their potential. If there is a harder worker than Joe I haven’t met him yet. If there is a leader more willing than Joe to try something...
2017 Twin Cities Real Estate Market Outlook
The 2016 Housing Market reached an all-time high nationally with a housing stock value $29.6 trillion, regaining all it lost in the last recession. When we look at the numbers for the Twin Cities, they tell the story of a market that strongly favored sellers with fewer and fewer homes for sale spending less time on the market and selling for higher prices. In spite of inventory levels being down 26.3%, we saw the year close out with pending sales up 4.7%, closed sales up 6.7%, with an overall medium sales price up 5.5% to $232,000. The single family market segment earned the highest gains in price topping out at $251,000 up 5.7%.
For buyers lucky and quick enough to close a deal for a home, their journey had a happy ending. For others it was a tale of frustration and disappointment, especially as the year closed with interest rates spiking up from 3.375% to 4.5% Still, buyers remain undeterred and with interest rates that have leveled off at about 4.125% many begin the new year with the hope they will be moving into their own home by spring. For sellers the past year can be likened to one continuous ode to joy with days on market in decline and, median sale price rising and percentage of asking price received topping 97.5%.
With sellers in the Twin Cities still playing hard-to-get, the big question is will the threat of rising interest rates inspire them to finally make their move?...
In case you haven’t heard, 2015 was a great year for real estate, and with home sales reaching a 10 year high, many industry leaders say the housing market has fully recovered. Now that we are several weeks into the New Year with the spring housing market hovering around the corner waiting to pounce on the Twin Cities, let’s take a look at January’s statistics and make some projections for what is ahead.
January Was Cold But the Twin Cities Housing Market Wasn't
The January real estate market in Minneapolis-St. Paul was strong with enthusiastic buyer activity, brisk sales, and rising home values setting the trend. Pending sales rose 3.5 percent, the median sale price rose 10.3 percent to $215,000, and the median list price climbed 6.1 percent to $259,900, a record high. However on the seller side we saw a less inspiring performance with the number of new listings declining 7.2 percent from last year which brought inventory levels down 22 percent and the lowest they have been since 2003.