Today's Market: What $300,000 buys around the Twin Cities Metro

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Blaine

Built in 1998, this three bedroom, two bathroom home has 1,755 of finished square feet.  Home features include an updated kitchen, updated bathrooms, a 3 car garage, custom cabinet work, two walk in closets and a huge backyard patio for entertaining.

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Burnsville

Built in 1969, this four bedroom, three bathroom home has 2,505 square feet.  This home features; an updated kitchen including custom oak cabinets, granite counter tops and beautiful flooring.  Private Master suite, all with a skyline view of downtown Minneapolis!

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Falcon Heights

Built in 1949, this home has three bedrooms, two bathrooms with 1,838 in finished square feet.  This beautiful completely remodeled house features stainless steel appliances, new carpets, updated bathrooms, finished lower level, a fenced in year and a large detached two care garage.

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Otsego

Completed New Construction home built 2017, this 3 bedroom, 3 bathroom home features an efficient kitchen with granite center island, custom cabinets and walk in pantry.  Main floor is custom plank flooring throughout with a corner stone fireplace in the great room.

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Saint Michael


Completed New Construction home built 2017, this 3 bedroom, 2 bathroom home features a beautiful open floor plan, custom white cabinets with .  Main floor with a corner stone fireplace in the great room.

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Homes for Sale: What $250,000 can buy around the Twin Cities

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Champlin

Built in 1987, this three bedroom, two bathroom home has 1,558 square feet.  Home features include an updated kitchen, updated bathrooms, a 3 car garage with a large tree'd yard in a quiet cul-de-sac.

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Coon Rapids

Built in 1985, this four bedroom, two bathroom home has 2,308 square feet.  This home features; stainless steel appliances, vaulted ceiling, master suite, fully finished basement with a 4th bedroom, newer siding, windows and gutters, all in a beautiful fenced in yard with an excellent patio for entertaining guests!

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Maple Grove 

Built in 1971, this three bedroom, two bathroom home has 2,193 square feet.  Completely remodeled gorgeous home, that features stainless steel appliances, hardwood floors, finished basement and is close to major highways, and still walking distance to the Elm Creek Park Reserve.

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Minneapolis

Built in 1912, this beautiful Lowry Hill Condo has three bedrooms, and one bathroom.  This condo boats 1,630 square feet, and is in the perfect location, close to Uptown, Downtown and all the major highways.  It features, natural woodwork, in-unit laundry, and the association covers all utilities except electricity!

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Saint Louis Park

Built in 1951, this one story home has three bedrooms, one bathrooms with a finished 1,427 square feet.  This beautiful completely remodeled house features stainless steel appliances, natural hardwood floors,new carpet in the lower level, a large private deck in the backyard and a detached two car garage. 

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Richfield

Built in 1950, this one and a half story home has three bedrooms, two bathrooms and has a finished 1,427 square feet, the basement is awaiting your finishing touches to add more finished square footage. The home is located on a quiet one-way street near schools, shopping & restaurants.

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Would-be to Should-be

Would-be to Should-be - 4/27/2017 

Some would-be buyers have emotional reasons to own a home like having a place of their own where they can raise a family, feel safe and secure and enjoy their friends’ company. Other buyers’ dominant reasons might be financial in nature such as building equity or lowering their cost of housing.

Regardless of what might be motivating people to want their own home, it is easy to justify that now is a good time to purchase. Let’s look at a $250,000 example using a 3.5% Down payment FHA loan.

The total payment will be about roughly $1,835 dollars a month, but you can't forget all the tax/savings benefits. 

In this example, when you consider the monthly principal reduction, the monthly appreciation and the tax savings, even with money added for monthly maintenance, the net cost of housing is less than half the total house payment.

Considering all those advantages, the would-be buyer is spending over $1,100 per month more to rent than it would be to own. In a year’s time, they would lose close to $14,000 per year which is more than the down payment of $8,750 required on this price home.

Most would-be buyers understand that a home is a big investment but they may not understand the advantage of the leverage caused by the low down payment mortgage. The benefits extend beyond a return on the down payment but to the value of the home.

In this example, the $8,750 down payment grows to an equity of $73,546 in seven years based on 2% annual appreciation and normal amortization on a 30-year loan. If you calculated that as a rate of return, you’d be challenged to find anything that could compare with it.

If you need any help or have any questions, don't hesitate to contact me at 763-331-4775 or Scott.Swennes@results.net. Part of my greatest satisfaction is helping would-be buyers understand why they should-be.

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Not Available For All Buyers

Not Available for All Buyers - 2/26/2017 

Lenders regularly publish mortgage rates but they may not be available for all buyers.

Imagine that the mortgage payment based on an advertised rate influenced a buyer to make an offer on a home. After negotiating a binding contract, this buyer makes a loan application and finds out that for any number of possible reasons, that rate isn’t available.

Even if the person does financially qualify for a loan at a higher interest rate, it will not be the payment that the buyer expected when the contract was negotiated.

Lenders evaluate several factors such as the borrower’s credit score, debt-to-income and loan-to-value ratios. These variables are used to assess the risk associated with the repayment of the loan.

While mortgage money is a commodity, it isn’t priced the same way items are that involve cash for goods. The lender puts up the money today based on a promise from the borrower to repay over a long term, possibly up to thirty years.

The simple solution to avoid surprises such as the one described here is to get pre-approved at the beginning of the home search process. Since pre-qualification does not mean the same thing to all lenders, call if you’d like a recommendation of a trusted mortgage professional.

Source: http://www.betterhomeowners.com

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Homes for Sale: What $350,000 can buy around the Twin Cities

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Andover

Built in 2000, this six bedroom, four bathroom home has 3,640 square feet on a third of an acre.  This home features a large updated kitchen, three bedrooms on the upper level, a new roof, new siding and a three-car garage.

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Brooklyn Park

Built in 2005, this four bedroom, three bathroom home has 2,736 square feet.  This home features four bedrooms all on one level, upper-level laundry, granite countertops with a huge center island, an unfinished basement and a three-car garage. 

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Maple Grove

Built in 1989, this four bedroom, three bathroom rambler has 2,518 square feet.  This home features 3 main level bedrooms and two main floor bathrooms, a walk-out basement and an oversized two car garage.

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New Brighton

Built in 1985, this four bedroom, four bathroom home has 2,813 square feet, located in a cul-de-sac.  This home features hardwood floors throughout, 4 bedrooms on one level, a walk-out basement, and an oversized two car garage.

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Saint Paul

Built in 1999, this four bedroom, four bathroom home has 3,002 square feet, located in a cul-de-sac.  This home features a four car garage, a workshop underneath the garage, a large kitchen, and a private lot with mature trees.

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