The Niece Team....The Results of Experience
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As the Minnesota Real Estate boom continued through the early 2000's, money became more and more available to less and less qualified buyers. No meaningful oversite was given to the appraisal process, and home values were artificially inflated by increased demand from newly qualifed first time home buyers, second home and vacation home buyers, and investors. New risky loan policies were given the green light by a Congress that wanted to increase home ownership to historic levels. Housing was talked about as a right by some legislators, touted as a way to reduce crime by others, and ignored by the rest. With an unsubstainable increase in prices for Minnesota Real Estate during the first six years of the 2000's, tied with the collaspe of subprime mortgages and low teaser rates in the spring of 2007, the real estate market imploded on itself. The result is either a disaster or huge opportunity for buyers and sellers of Minnesota Real Estate! I know this seems impossible that both buyers and sellers could have an opportunity, but let me explain. If you are a seller of Minnesota Real Estate then you are going to take a beating when you sell your home. Luckily, most sellers are upsizing or moving sideways. If you are upsizing and buying more expensive Minnesota Real Estate then you will be in great shape. If you are selling a 200,000 dollar Minnesota home, you have lost 25-35% of its value. This means you have lost $50,000 to $70,000 in this example. If you are moving up to Minnesota Real Estate worth $400,000, they have lost the same 25%-35% in value, which means you are buying for $100,000 to $140,000 less, therefore you've made $50,000 to $70,000. They are upsizing to $800,000 so they will recoup their loss and make up to $140,000 once they buy a bigger home, etc. If you are moving sideways, the money you lose on your sale will be saved on your Minnesota Real Estate purchase. The 25%-35% that you lost on your sale will be made up when you buy your next home that is selling for 25%-35% less. If you are buying your first home, then you have won the lottery in Minnesota Real Estate and may not know it. You will be buying at a 25% to 35% discount with rates that are the lowest in history. You also have had the federal government giving you $8,000 dollars as a buyer who has not owned a home in three years or $6500 if you are buying and have owned your home for five of the last eight years. Now, if you are downsizing or selling and not buying new real estate somewhere, you are not going to be very happy. You'll still be receiving any appreciation that occured in the 70's, 80's and 90's, so that may still mean you are ok. If you bought after 2001, you may owe more than your home is worth. If you bought and put 20% or more down, you may have lost a good chunk of that. I am more than willing to do a free market analysis for anyone in Minnesota. I enjoy doing it, plus it gives me a great chance to meet future clients. Feel free to use the free home valuation tool above. It is a free tool for Minnesota buyers and Minnesota Real Estate sellers. No Minnesota Blog or Minnesota Real Estate Information would be complete without Minnesota Short Sale Real Estate information so I have included that below. All of the information provided is gathered from numerous sources. If you are in need of help, contact us for a private meeting about your particular situation. Some provisions may not be applicable in all states and may change daily based on new laws and interpretations. This infomation is provided as a public service to help troubled borrowers and lenders minimize the economic and emotional damage that foreclosures have had on society. Legal advice should be obtained from an attorney. Minnesota Foreclosure and Minnesota Short Sale The Niece Team 612-305-8487
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