Minnesota First Time Home Buyers » Buyer Financial Info http://www.minnesotafirsthome.com Everything you need to know, when buying your first home Fri, 03 Feb 2012 21:43:10 +0000 en hourly 1 http://wordpress.org/?v=3.3 http://www.minnesotafirsthome.com http://www.minnesotafirsthome.com/wp-content/mbp-favicon/icon_key.gif Minnesota First Time Home Buyers January 2012 MN Housing Market Info http://www.minnesotafirsthome.com/general-information/january-2012-mn-housing-market-info/ http://www.minnesotafirsthome.com/general-information/january-2012-mn-housing-market-info/#comments Fri, 03 Feb 2012 21:43:10 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=3144 This month’s video made by the MPLS Association of Realtors highlights a lot of good data on the MN Housing Market.

The biggest statistic to take note of is the fact that there are very few homes on the market right now, which is actually tipping the scales in favor of sellers in a lot of cases.

The average and median sales prices are still not increasing overall, but that might be the next step as buyer demand continues to climb, and active listings for sale fall.

Check out the video below for all the info!

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]]> http://www.minnesotafirsthome.com/general-information/january-2012-mn-housing-market-info/feed/ 0 First Time Buyer Class – Thursday, February 9th, 2012 http://www.minnesotafirsthome.com/upcoming-event/first-time-buyer-class-thursday-february-9th-2012/ http://www.minnesotafirsthome.com/upcoming-event/first-time-buyer-class-thursday-february-9th-2012/#comments Fri, 20 Jan 2012 22:05:00 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=3139

*REGISTER HERE*

Are you thinking about buying your first home? Well, the first step towards home-ownership is getting educated about the process and finding a Team of Professionals you can trust and feel comfortable with.

That’s where we come in.  Join us for a very informative FREE 90 minute home-buying seminar where you will learn everything you need to know about buying your first house.  We’ll show you the importance of getting Pre-Approved for a Mortgage, how to Search for Properties on the Internet, and how to become an Expert Negotiator in the home-purchasing process.

Rest assured, this is not a “Sell-a-thon” like some other seminars on home-buying.  It’s totally free, we have no products to sell you, and there are no contracts to sign.  We’re all about educating buyers in order to help you with the biggest financial decision of your life.  If you’re a fan of a low-pressure and laid-back atmosphere, you’ll feel right at home!

Our two experts - Steve Howe and Carrie Guarrero – have teamed up to give you the full spectrum of buying your first home in the Buyer’s Market today right here in MN.  Learn how getting the right loan can save you Thousands of dollars a year.

Some of the topics we will cover include:

If you are thinking about buying a home in the next 1 to 2 years we would love to answer your questions and help you make a solid home purchase, without paying too much.  Any potential First Time Home-buyers in the Minneapolis and St. Paul area of MN should come on down to one of our monthly seminars.

Here’s the info:

  • What - First Time Home Buyer Class
  • Where - Cornerstone Mortgage; 436 Gateway Blvd, Burnsville, MN
  • When - Thursday, February 9th, 6:30-8:00pm

Upcoming Dates for 2012: February 9, March 15, April 19, May 24, June 21, July 19, August 16, September 27, October 18, November 15, December 20

Space is limited so please REGISTER HERE.

IMPORTANT: All attendees will receive a free copy of their CREDIT REPORT and CREDIT SCORE courtesy of Cornerstone mortgage.  You must attend the class to receive your report.

***It should also be noted that this is NOT the Home Stretch course needed to qualify for some of the local first time buyer programs and grants.  Our suggestion is that you get educated about the process first, then get pre-approved and figure out if you will, in fact, be eligible to receive some sort of assistance that would require you to go to the Home Stretch Class.  That class is 8 hours long and there is a fee to attend.***

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]]> http://www.minnesotafirsthome.com/upcoming-event/first-time-buyer-class-thursday-february-9th-2012/feed/ 0 December 2011 Twin Cities Housing Market Update http://www.minnesotafirsthome.com/general-information/december-2011-twin-cities-housing-market-update/ http://www.minnesotafirsthome.com/general-information/december-2011-twin-cities-housing-market-update/#comments Thu, 19 Jan 2012 20:38:21 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=3134 Another month’s information on the Housing Market in Minnesota, made by the MPLS Association of Realtors.  Lots of good data in this vide below, as usual.

Some highlights that both sellers and first time home buyers should note are:

Many more “Pending Sales” in November than the past few years.  This combined with a low number of homes for sale means the tables are turning towards the sellers a little bit.  However home prices are still declining somewhat consistently, so buyers are still getting a good deal on properties.

This combined, with some more positive national economic news on jobs, and we may be finally starting to see the turnaround in the MN Housing Market.

Check out the full video for all the info!



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]]> http://www.minnesotafirsthome.com/general-information/december-2011-twin-cities-housing-market-update/feed/ 0 2012 New Year Housing Market Numbers http://www.minnesotafirsthome.com/general-information/2012-new-year-housing-market-numbers/ http://www.minnesotafirsthome.com/general-information/2012-new-year-housing-market-numbers/#comments Wed, 11 Jan 2012 18:39:31 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=3128 The Twin Cities Housing Market has had a busy fall and winter so far.  Here is some information on where the market is right now, and what it means for you as a buyer or seller.

Enjoy!



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]]> http://www.minnesotafirsthome.com/general-information/2012-new-year-housing-market-numbers/feed/ 0 November 2011 Twin Cities Housing Market Info http://www.minnesotafirsthome.com/general-information/november-2011-twin-cities-housing-market-info/ http://www.minnesotafirsthome.com/general-information/november-2011-twin-cities-housing-market-info/#comments Thu, 22 Dec 2011 18:16:39 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=3120 For another month in 2011, we saw some positive signs that the MN Housing Market is beginning to “recover”.  This month’s video, produced by the MPLS Area Association of Realtors, tells us that demand is definitely picking up compared to the past couple years.  However prices are still dropping in the overall housing market.

The national economy is also seeing some positive signs of life, which will help fuel real estate sales and eventual price increases as people get more jobs and make more money.

What does this mean for you, as a buyer?

Well, you’re still getting great mortgage interest rates, low prices, and there’s still a good number of homes to pick from on the market.

Check out the video for all the details!



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]]> http://www.minnesotafirsthome.com/general-information/november-2011-twin-cities-housing-market-info/feed/ 0 Seller Paying Closing Costs? http://www.minnesotafirsthome.com/buyers/seller-paying-closing-costs/ http://www.minnesotafirsthome.com/buyers/seller-paying-closing-costs/#comments Tue, 06 Dec 2011 08:59:21 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=3001 I’ve seen a lot of first time homebuyers searching online for the term “Seller Paying Closing Costs?” I’ve written a few articles in the past about asking the seller to pay some or most of your Closing Costs and Prepaid items.  But I figured it would be good to link to my best post on this topic of Seller Paid Closing Costs, and also remind home buyers that this is not a given in any transaction.

Some sellers will reject this if you ask for it, so make sure you aren’t 100% counting on this funding source of funding.

Always consult with your Mortgage Coach and Real Estate Agent when negotiating with a seller.

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]]> http://www.minnesotafirsthome.com/buyers/seller-paying-closing-costs/feed/ 2 Success Story: Andrea http://www.minnesotafirsthome.com/buyers/success-story-andrea/ http://www.minnesotafirsthome.com/buyers/success-story-andrea/#comments Wed, 09 Nov 2011 20:42:37 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=2949

Success Story:  Andrea

I was first introduced to Andrea through a friend and of mine, Rick, who worked with her at a local bread company.  From our initial emails and phone conversations I could tell she was going to be a fun buyer to work with.  After meeting her, I was surprised with how mature she was for her age.  Only in her early 20’s, Andrea carried herself with a poise few 35 year-olds could pull off.  Even so, as a single female, it can be a little bit intimidating trying to search for your first home.  Think car repair shop stereotype…

Despite the Real Estate Industry’s efforts to clean up the fraud and deception from last decade’s housing bubble (and subsequent popping), there are still people in the business that would take advantage of a young client’s relative ignorance in order to profit financially.

Fortunately, I’ve had the pleasure of working with numerous young singles over the years, and was able to educate and prepare her on the home-buying process.  This was very helpful in setting up expectations and priorities for her home search.  Still, Andrea was unsure about where to look and what style of home would be the right fit for her.

We started to search for Single Family Homes in both Minneapolis and St. Paul, but after several property showings we decided to concentrate our efforts only in St. Paul.

Still, house after house just didn’t quite fit Andrea’s needs.  It began to feel as if no property would make the final cut.  So instead of throwing in the towel, we called an audible.  We mixed in a few Condominiums and Townhouses into our showings, and that did the trick!

We found a cute bank-owned Condo in a good area that fit Andrea’s needs perfectly.  Luckily there were no other offers on the property, so we did our research and made our offer to the bank.

After some negotiations with the bank (and the “blessing” from Andrea’s family), we had a deal in place and got everything ready for closing a few weeks later.  This included having a full home inspection, completing the appraisal, signing loan paperwork, and getting title work prepared.

Andrea was all smiles on closing day as she got the keys to her first home!  She wasted no time in getting moved in and putting her own personal touch on the place.  I truly had a blast working with her, and I’m grateful for the introduction from my friend Rick.

Who do YOU know who has questions about real estate?

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]]> http://www.minnesotafirsthome.com/buyers/success-story-andrea/feed/ 1 October 2011 Twin Cities Housing Market Update http://www.minnesotafirsthome.com/general-information/october-2011-twin-cities-housing-market-update/ http://www.minnesotafirsthome.com/general-information/october-2011-twin-cities-housing-market-update/#comments Fri, 28 Oct 2011 20:16:33 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=2945 Want to know what’s going on in the Housing Market here in MN?  Check out this month’s video put together by the Minneapolis Area Association of Realtors.

Some of the data for this month includes a lower numbers of homes on the MLS for sale, lower home prices than last year, and also a decrease in the monthly supply of housing inventory.  Kind of a mixed bag of news for buyers and sellers, but overall there seems to be some positive signs that we are leveling off from the “free-fall” of 2008, 2009, and 2010.

If you’re buying your first home, it’s a good nugget to know that Mortgage Interest Rates are at their lowest point in history.  So by locking in a super-duper low rate right now, you will literally be saving hundreds or thousands of dollars a year in interest. This coupled with the low home prices still makes the end of 2011 and beginning of 2010 a great time to be a first time home-buyer in MN.

Click “Play” below to watch the short video for yourself!

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]]> http://www.minnesotafirsthome.com/general-information/october-2011-twin-cities-housing-market-update/feed/ 0 First Time Homebuyer Class – Thursday, October 20th 2011 http://www.minnesotafirsthome.com/upcoming-event/first-time-homebuyer-class-thursday-october-20th-2011/ http://www.minnesotafirsthome.com/upcoming-event/first-time-homebuyer-class-thursday-october-20th-2011/#comments Thu, 13 Oct 2011 09:35:34 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=2905

*REGISTER HERE*

Are you thinking about buying your first home? Well, the first step towards home-ownership is getting educated about the process and finding a Team of Professionals you can trust and feel comfortable with.



That’s where we come in.  Join us for a very informative FREE 90 minute home-buying seminar where you will learn everything you need to know about buying your first house.  We’ll show you the importance of getting Pre-Approved for a Mortgage, how to Search for Properties on the Internet, and how to become an Expert Negotiator in the home-purchasing process.

Rest assured, this is not a “Sell-a-thon” like some other seminars on home-buying.  It’s totally free, we have no products to sell you, and there are no contracts to sign.  We’re all about educating buyers in order to help you with the biggest financial decision of your life.  If you’re a fan of a low-pressure and laid-back atmosphere, you’ll feel right at home.

Our two presenters - Steve Howe and Carrie Guarrero – have teamed up to give you the full spectrum of buying your first home in the Buyer’s Market today right here in MN.  Learn how getting the right loan can save you Thousands of dollars a year.

Some of the topics we will cover include:

If you are thinking about buying a home in the next 1 to 2 years we would love to answer your questions and help you make a solid home purchase, without paying too much.  Any potential First Time Home-buyers in the Minneapolis and St. Paul area of MN should come on down to one of our monthly seminars.

Here’s the info:

  • What - First Time Home Buyer Class
  • Where - Cornerstone Mortgage; 436 Gateway Blvd, Burnsville, MN
  • When - Thursday, October 20th, 6:30-8:00pm

Upcoming Dates for 2011: October 20, November 17, December 15

Space is limited so please REGISTER HERE.

IMPORTANT: All attendees will receive a free copy of their CREDIT REPORT and CREDIT SCORE courtesy of Cornerstone mortgage.  You must attend the class to receive your report.

***It should also be noted that this is NOT the Home Stretch course needed to qualify for some of the local first time buyer programs and grants.  Our suggestion is that you get educated about the process first, then get pre-approved and figure out if you will, in fact, be eligible to receive some sort of assistance that would require you to go to the Home Stretch Class.  That class is 8 hours long and there is a fee to attend.***

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]]> http://www.minnesotafirsthome.com/upcoming-event/first-time-homebuyer-class-thursday-october-20th-2011/feed/ 0 Twin Cities Housing Market Info – September 2011 http://www.minnesotafirsthome.com/general-information/twin-cities-housing-market-info-september-2011/ http://www.minnesotafirsthome.com/general-information/twin-cities-housing-market-info-september-2011/#comments Wed, 28 Sep 2011 21:59:38 +0000 Steve Howe http://www.minnesotafirsthome.com/?p=2909 We may be getting back to some regular housing market activity here in Minneapolis and St Paul–at least when it concerns the number of buyers and seller active in the market.

This month’s “Skinny” video, made by the Minneapolis Area Association of Realtors has lots of good info on where the market has been, where it’s at, and maybe where it’s headed.  Home prices are still falling around 10% per year, which isn’t good for regular sellers.  But there’s a couple of hidden numbers in this data that not a lot of people are talking about.

Click play below to watch the video.


The first thing is that retail (or regular) sellers are having better luck getting higher values for their properties.  In other words, the “retail market” isn’t falling in price as much as the “foreclosure market” is.

The second thing that NO ONE is talking about is fix-n-flips.

These are properties that investors are buying, fixing up, and re-selling a few months later to owner-occupied buyers.  In most cases these investors are buying a foreclosure or short sale at a discount, and investing thousands of dollars into the home’s renovation.  Then, they put the home back on the market and sell it at a higher price all fixed up.

When this happens, there are actually 2 sales that take place.  Let’s pretend the home was originally bought for $50,000 by the investor, and they invested several thousands in it’s repair.  Then, it sells 6 months later for $150,000 as a completely renovated home.  Both of these sales factor into market data for Average or Median Sale Price.  And in this case, they would make an average of $100,000 Sale Price–which on the surface looks bad.  But in reality what happened was a house was renovated and sold to a new home-owner for $150,000, which should be the only sale that counts towards market data.

Unfortunately there doesn’t seem to be a way to factor these types of situations into market data.  So the numbers may continue to look bad at face value for a while, but the silver lining is that neighborhoods and communities are getting improved and revitalized when this happens, and in the end, that’s the most important aspect of the Housing Market.

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