If prices continue to fall, why would I want to buy a house now? Answer: Price is not the only thing, as a buyer, you need to be looking at.  You need to take into account the total cost of your purchase.  While house prices are at historical lows, so are interest rates.  If you wait for the bottom of the market or what you perceive to be the bottom of the market, you may miss it and buy as interest rates are rising.  Maybe you saved an extra 2% on that house, but your interest rate is 1-2% higher than you could have gotten now.  That interest rate difference may significantly outpace the extra savings in price in just a couple short years.

When will I begin to see house price appreciation? Answer: In Saint Paul real estate, there are some areas that have been hit harder than others.  Answering that question depends slightly on the makeup of your neighborhood and if the prices were over-inflated over the last couple years.  Most experts do agree, though that we should start seeing a very tiny increase (0.5%) starting in 2011 and increasing each year.  They expect we will see up to a 10% appreciation between now and 2015.

Renting is so each and relatively cheap compared to owning a home, why should I buy now? Answer: Stop the car!  If you are asking yourself that, why are you even in the housing market!  Frankly, buying a home really should have little to do with financial reasons.  Don’t allow money to be your only consideration.  You want a place to raise your children, a place for your family to feels safe and call home, a place that has enough space for your family and leisure, and somewhere you control.  These are the reasons you buy a house instead of renting.

While I am just another voice among the group, the answers to the above questions should help you make your decision to find that home and buy it now.

The main focus of the one hour presentation will be on the actuall truth in housing Disclosure report.  This is used by both home buyer and inspectors to evaluate the work needed to be performed on the home.  She will discuss how the inspector set the ratings that are used on the page 1 of the St. Paul Disclosure report.

She will also discuss how you can access the same information used by the Truth in Housing evaluators in the completion of page 1.  With this information, it should make it easier to own and rehab homes in Saint Paul.

It appears this seminar is for real estate agents only, but if you want to attend, let me know and I can get you a seat.

1. Clean It Up
Before you do anything, clean your house from top to bottom so it looks its best. Wash the carpets, wax the floors, put fresh paint on the walls, and do any other touchups you can to make your home look in top shape. This will make people who are home buying more excited about what your home has to offer. Make sure to think about the front as well because curb appeal can make or break a sale.  Many home buyers have been known to simply drive by a house and never go in if the outside is in less than desirable condition.  This can be difficult in the winter or early spring in Minnesota as we are still cleaning up the outside yard.

2. Price It
You need to pick an appropriate starting price for your home. Look at comparable properties that have recently sold in your area and see what they were going for. Do not pick a price that is too low because you will need to assume that buyers will offer you a lower price than what you ask. You want to have a little room to negotiate, especially if you are competing with the many foreclosures that St. Paul has right now.

3. List It
Get your home in the public eye. Find a real estate agent to work with, or do all you can to get people to look at it. You could schedule an open house for a certain day that you advertise online and in the paper, or you could just use those resources to list features of your Saint Paul home. If you can, put pictures on the ad to let people see what it looks like. This will draw in buyers who may actually be interested in the purchase.

4. Negotiate
You need to stick to your guns during the negotiation. Expect the price to drop a little bit, but do not do a drastic reduction unless you need to sell immediately. If that is the case, you may want to drop the prices on your ads if no one wants to buy the home after a month or so. You do have to be patient about this, but in the end, you should not have to wait too long. Try to be fair in your negotiations, but do not lose a ton of money in the long run. Once you do make the final sale, you can reinvest the money in your next home.

For people who are looking to buy a home, getting pre-approved for mortgage is a practical requisite before making an offer on somebody’s property. Sellers will be put off if buyers start giving figures without being sure if he or she can really get the money.  Another tip for people who are home buying is to stick to reason. So many individuals have ended up paying so much more for a property just because they became too emotionally attached. Stay clear of bidding wars which will only end up in a financial mess. This can especially be true of the lower priced Saint Paul homes.  Lastly, the most important advice for individuals who are home buying is to insist in a home inspection. Some buyers find out too late that the furnace does not work or that they are leaks on the roof. Have the seller fix all the defects before moving in, or at least assess how much these home repairs will cost.

For people who are home selling, it is important to know when it is more appropriate to put a property in the market. The best time to sell is during the summer because that is when the market becomes more active. Buyers who have kids usually pick the summer to move because then they have time to switch schools without disrupting their children’s lives. The next rule for those who are home selling is to bump up the property’s value. To do this, the usual tip is to make home improvements. However, these home improvements should make one’s home fit with the other homes in the community. A very improved home will be a lot difficult to sell especially in a more modest Saint Paul neighborhood. Finally, it is crucial to set the price of the property appropriately when it comes to the process of home selling. A Saint Paul realtor will often be a big help in coming up with the asking price.

The city will use about $286k in federal stimulus money to purchase about 10 vehicles in 2011 and install charging stations.  Excel Energy and the City of Saint Paul will also each chip in $60k toward the project.  Xcel is helping several other cities, government agencies and businesses purchase the new vehicles as a marketing effort and a way to reduce up to 3.5 tones of carbon emissions per vehicle per year.

In January the city unveiled the project and the first vehicle at an event attended by Mayor Coleman, Mayor RT Rybak and several other public officials.  The kickoff event was hosted by Drive Electric Minnesota, which is a coalition of government, private and non-profit businesses working to facilitate the introduction and acceptance of electric vehicles in Minnesota.

To reduce the fear of running out of electricity while driving the vehicle, Drive Electric Minnesota is working to install up to 30 charging stations around the Twin Cities at strategic locations including parking ramps and on-street locations.  Up to 6 of these stations will be 100% solar powered.  An electric vehicle has a range of about 100 miles on one charge, so unless you forget to plug it in at night, I doubt you would ever need a charging station.  But, there are still those people that run out of gas on the highway cause they think they can make it 1 more mile!

It is sad to see this classy retailer go.  They fit so well in with the higher end houses in this Saint Paul area.  It is uncertain what caused the California based company to close this store.  It has been closing stores over the last couple years as it concentrates more on its internet and catalog business, which account for the majority of its sales.

The owner of the building says that they have several interested parties looking at the building, but it is unlikely that another home store will fill the space.  I am sure whatever is opened there will be welcomed by the neighborhood.

Despite these stats many friends, family and customers are starting to have optimism about the economy and housing.  The economy is starting to show slight improvements (or at least it doesn’t appear to be getting worse).  These improvements are expected to be gradual starting with confidence first and real numbers second.  If you have been thinking about when it may be time to buy that house you always wanted, now is the time.  While no one has any magic 8 ball to predict the future, many experts are predicting that housing will stabilize later this year and interest rates will rise.

So, if you are wanting to move out of the apartment (or your parent’s basement), now is the time to start looking.  If you can sell your home without incuring a loss, it may be worth moving up to a larger one now, which could be up to 40% cheaper than it was just 5 years ago.  Since there is no way to predict the absolute bottom of the market, don’t try.  If you find the house that you love and want to stay there for 5 years, no additional dip in the market really matters.  It is just paper equity.

Sellers, both banks and individuals, are motivated.  Many have already discounted their houses immensely and will even take larger cuts to unload the property.  You can scoop up your dream house for prices you never dreamed of.  Take a look through the MLS for Saint Paul houses that you may enjoy.

Join us Monday, October 25th at Union Depot in downtown St. Paul for a presentation for REALTORS ! The Union Depot will once again be the grand hub of transportation in the Twin Cities when it is completed. On Monday, October 25th REALTORS can get a glimpse of what to expect when the project which will connect bus, light rail, Amtrak in downtown St. Paul. The building itself is worth seeing and touring! Get there early and have lunch at the Greek restaurant in the atrium! Parking is available in the parking garage across the street to the west, on the corners of Kellogg, between Jackson and Sibley. The skyway connects the parking garage with Union Depot. This exclusive REALTOR event is FREE and will be held in the MEETING ROOM on THE FIRST FLOOR OF UNION DEPOT!

In the first half of this plan, those who are interested in perusing likely proceeding with such loans may get an opportunity to get financing service. However this may be owned either be Fannie or even by Freddie Mac. It means that the price of mortgage property is not likely to be exceeded around one fourth of residual balance. However in the olden times, the refinancing proposals and plans run by government were only limited up to 5 percent. But this new plans has got one important modification which is beneficial as well as it does not permit the owners of the house to own justice and equity on mortgage property. But as far as the risk factor is concerned, it has gone enhanced considerably from government point of view. It has been clearly mentioned in this plan that due balance of the mortgage property must not be greater than 125 % of the current value of that same property in the market.

From second aspect, those peoples can also be benefited from this plans and proposals that are not still independent of these proceedings. This may turn to be beneficial for those peoples who are just looking forward for such proceeding in the near future. This may be advantageous for those types of loans that goes on rising over time and ultimately will reach at that point in the near future that none of the owner will able to repay such loans. However this is also unfavorable from lender point of view as in the coming days, peoples will stop receiving loans due to such high rates. So the only thing that is left for lender is to diminish the rates of interest up to much extent. According to the actual plans, lowering of these interest rates must be done at that point where repaid amount should either be equal or even short to exactly 38 percent an annual income any individual. However this was the earlier plans and suggestions from Fannie Mae which were later on modified by Barack Obama’s government money.

It is anticipated that near about 7-9 millions owners of homes are under this modification plans. This reveals that not all the home owners in US are fed by this modification plans. There are still numbers of peoples who are going through legal proceedings. However this modifications plan has got some limitation regarding its eligibility. Those peoples whose mortgage property’s price is too short and also for those who don’t have sufficient amount of money to make down payment are not suitable for such types of plans.

Then after World War I, many more Summit Avenue Homes were built.  Some of those homes were subsequently turned into rooming houses or apartments to deal with the increasing population in Saint Paul.  In 2008, Summit Avenue was named one of the 10 “great streets” in the US by the National Planning Association.  At the east end of the neighborhood, the homes have amazing views of downtown Saint Paul and the Cathedral.  On the west end of Summit Hill, it overlooks the Mississippi river.  It is no wonder the old money affluent from years past have flocked to this beautiful neighborhood.

Currently you can find Crocus Hill Homes for sale ranging from $90k condos and small homes that were built in the 1930s to support the mansions in the area to dozens of properties over $1 million that have as many as 10 bedrooms.  These larger homes feature 4000-12,000 square feet, formal dining and living rooms, grand staircases, stained glass, and large lots over 1/2 acres.  Because many of these were built in the 1890s, they will often have many fireplaces.  One home at 266 Summit Avenue, for sale now for just under $2 million features 13 fireplaces and amazing woodwork.  It has been fully restored with updated gourmet kitchen, but still retains the hand-carved marble and wood fireplaces.  Just about anything you could ever imagine can be found in the Summit Hill homes.

If you have any interest in these amazing Saint Paul homes, please contact me as I would be happy to show them off to you.  Whether you are looking at the $90k condo or the $2 million dollar mansion, I can help you either place!  Contact me at 612-281-5419 or send me a message using my contact form.  I will get back to you promptly.