Barry Rosinsky\’s Blog

New home construction stats don’t look too good lately. Building permits, down. Construction starts, down. Builders’ profits(?), down. Morale, down.  Right time to build, UP.         UP?? You bethcha.

C’mon, you’ve seen the ads from numerous builders, especially the national ones, offering price reductions and incentives to buyers. Today’s prices could include free appliance upgrades, finished basements, decks, flat panel TV’s, extra garage stalls, etc., etc. Why? Because they have to, silly. They have large, expensive inventories of homes and lots that MUST be sold. This means that people considering building a new home, or buying a model or spec home, have the chance to get good deals now. And that also means better home value appreciation in the future. Even though the sub-prime mortgage mess has many people in a tizzy, mortgage rates are still low. If you’re a good credit risk, you shouldn’t need to worry about the mortgage application process.

Now, sellers might be thinking that since it’s a buyer’s market, they’re going to get scalped trying to sell their existing home. As I’ve said in another blog (SELLERS: It™s Price, Price, Price!), you have to get real about pricing your home. If home prices have gone down by 10% in the past year, then don’t think that you’re going to get last year’s price. However, on the bright side (yes, there is one), the savings on your new construction home might more than offset the lower sale price on your current homestead.

Peruse all of the builder ads,  contact one in your area that builds the style of home you like and in the price range that you’re considering. (Speaking of price range, before you get caught up in the new home fantasy world, talk to a mortgage loan officer to see just how much your monthly payment will be.) Then go look at  some models and chat with the builders to see if there’s good buyer/builder chemistry. Tell the builder what you think you want (that could change when you start looking at fabulous models and plans). Remember: builders need your business. They’ll work with you to build the home that you really want. If talking to builders or their sales agents is not your cup of tea, get buyer representation. That’s a fancy way of saying get a Realtor to sort through models, builders and current prices for you. They  can also negotiate purchase prices for you too. Not to mention, some of them are nice people who want to help find the best deal for YOU. Really.

Which brings me to the plug for my services. I’m a Realtor in the Minneapolis-St. Paul, Minnesota, area that likes the challenge of finding homes for people. Contact me at 612-799-7795 or barry@milesrealtycorp.com. And if you’re not looking to buy or sell a home in the Twin Cities, you can still contact me to chat about real estate.

Let’s face real estate facts- it’s a buyer’s market. If you’re serious about selling your home, it MUST be priced right. Here in the Twin Cities there are almost 10 homes on the market for every buyer. So if the buyer (or Realtor) thinks your price is unrealistically high, they’ll move on to the next property for sale. Period. Prices in many parts of the country have fallen in the past year or two. That means that you have to get real about your original listing price. If your home is listed on the local Multiple Listing Service (MLS), the market history of your home will be available to a buyer’s agent. That means cancelling the listing and relisting it at a lower price or with another broker will be information that can be used by the buyer to formulate a lower offer.  

Now, that doesn’t mean that location, condition and amenities are not important. Au contraire, mes amis, that’s still very important. In this market a properly priced home should buyers to at least do a drive-by of your home. But if it looks like a dump, they’ll keep on driving. If they walk inside and it looks like a dump, they’ll run out gagging. So, if you’re serious about selling ASAP, here are some simple tips for getting it done.

Getting Your Home Ready for Sale

And now for my advertising plug. I’m a Realtor for Miles Realty in Bloomington, MN. We specialize in working with a select group of builders and developers to find the new construction home that best meets our buyers’ requirements. We also show existing homes that are for sale and we  will prepare and list existing homes for sale.

Despite the fact that there are a lot of Doom & Gloom real estate stories in the news every day (at least it seems like it’s every day), this really is a good time to buy a home. Trust me, I’m a Realtor!

There’s a tremendous amount of inventory on the market which translates into “a buyer’s market.” In my locale, Minneapolis-St. Paul, there are almost 10 homes available for every buyer. As a point of reference, in a balanced market (where neither buyer  nor seller is  favored)  there are usually half that number of homes available for every buyer. So you’re bound to find a place that you’d love to call home. And it’s easy to find them. Homes for sale are advertised everywhere: newspapers, magazines, flyers, realty web sites, bus stop benches and on TV.

And to make it an even better buyer’s market, mortgage rates are very low. Don’t be scared about the subprime mortgage mess that’s ruined home owners and lenders. IF YOU HAVE A JOB AND GOOD CREDIT, that mess just doesn’t apply to you, period. That said, mortgage companies and banks will probably screen your loan application more critically then they used to do before that mess hit the fan. BUT THAT’S OK. You’re a good credit risk and they need customers to stay in business.

OK, now this is where the plug for my services comes in. If you’d like me to help you with your home search, you can respond to this blog, email me at barry@milesrealtycorp.com or call me at 612-799-7795. I promise I won’t call you  past midnight, bombard you with spam or junk mail, or sit outside your home to annoy you in person. Really, I won’t.