Minneapolis Lofts
WHY Pick RE/MAX?
March 15, 2011 by Financemyhome · Leave a Comment
There are lots of reasons why you might choose to select one agent or company vs another. Unless you have a best friend or relative who you “have” to use, I would like to show you how I am different. I believe I have an excellent value proposition as to why you would select me as your agent and RE/MAX as your company. I would welcome the opportunity to meet with you and discuss how I can help you meet your housing goals-whether it be buying or selling. Interview a couple of agents, you will see there is a difference. You may wonder how does RE/MAX stack up within the Twin Cities. The attached PDF’s will give you some market share information as well as agent productivity-based on a 2010 compilation of the numbers. While these are just some of the metrics on which to base your decision, success does leave clues. How can I help you?
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Down Payment Assistance Synopsis
March 14, 2011 by Financemyhome · Leave a Comment
Where there is a will, there is a way. There are many many programs today that are city specific. So, the attached synopsis is a multi county foreclosure down payment assistance pool. Basically, there is money available for purchasers of distressed homes. If you want to buy a home and are flexible in which area you make your purchase, we can try to find you some programs.
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Purchase 80/10/10 and 80/5/15 STILL exists
March 12, 2011 by Financemyhome · Leave a Comment
As of this post, the 80/10/10 and 80/5/15 can still be done. While underwriting has allowed it, it has been very difficult to find a second mortgage product that would write a 5 or 10% second mortgage. Well, after many phone calls, we have sourced two lenders who at this time are willing to offer the second mortgage. One is a bank and the other is a credit union. As with EVERY program, the rules can and do change at any given moment. The key to both product is extremely high credit scores and a file that utilizes conservative ratios. If you don’t have at least a 700 score, this might not be something you can utilize at this time. For the 80/10/10, you will need a 740 or better score.
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What Is Your Home Worth Today?
March 10, 2011 by Financemyhome · Leave a Comment
I found a cool resource at http://www.FHFA.gov. If you go there, in the middle of the page you will find something called the Home Price Calculator. You input your home purchase information in terms of State, quarter in which you purchased and the quarter in which you’d like to get the valuation. Next, you hit calculate, and it will show you a chart. While it isn’t specific to YOUR exact home, it does give trends for your area. If you want specific information-specific to your home-within the Twin Cities metro-give me a call and we can discuss your situation. I can then give you guidance on what the value might be.
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Did you know-Current & Future Housing Data
March 3, 2011 by Financemyhome · Leave a Comment
Watch this video-then call me to help you buy or sell a new home or investment property.
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8 Tips For Finding Your New Home
February 15, 2011 by Financemyhome · Leave a Comment
A solid game plan can help you narrow your homebuying search to find the best home for you.
House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.
1. Know thyself
Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?
2. Research before you look
List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.
3. Get your finances in order
Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.
Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.
4. Set a moving timeline
Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.
5. Think long term
Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.
6. Work with a REALTOR®
Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.
Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.
7. Be realistic
It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.
On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.
8. Limit the opinions you solicit
It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.
G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
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4 Tips to Determine How Much Mortgage You Can Afford
February 14, 2011 by Financemyhome · Leave a Comment
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.
Here are six surefire ways you can get your finances in order before you buy a home.
Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.
Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing based on your financial and personal goals.
Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to eventually live with you and contribute to the mortgage?
Still not sure how much you can afford? You can use the same formulas that most lenders use, or try another of these traditional methods for estimating the amount of mortgage you can afford.
1. The general rule of mortgage affordability
As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.
To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs.
2. Factor in your downpayment
How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home’s cost, you may not have to get private mortgage insurance, which costs hundreds each month. That leaves more money for your mortgage payment.
The lower your downpayment, the higher the loan amount you’ll need to qualify for and the higher your monthly mortgage payment.
3. Consider your overall debt
Lenders generally follow the 28/41 rule. Your monthly mortgage payments covering your home loan principal, interest, taxes, and insurance shouldn’t total more than 28% of your gross annual income. Your overall monthly payments for your mortgage plus all your other bills, like car loans, utilities, and credit cards, shouldn’t exceed 41% of your gross annual income.
Here’s how that works. If your gross annual income is $100,000, multiply by 28% and then divide by 12 months to arrive at a monthly mortgage payment of $2,333 or less. Next, check the total of all your monthly bills including your potential mortgage and make sure they don’t top 41%, or $3,416 in our example.
4. Use your rent as a mortgage guide
The tax benefits of homeownership generally allow you to afford a mortgage payment—including taxes and insurance—of about one-third more than your current rent payment without changing your lifestyle. So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment.
Here’s an example. If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.
However, if you’re struggling to keep up with your rent, consider what amount would be comfortable and use that for the calcuation instead.
Also consider whether or not you’ll itemize your deductions. If you take the standard deduction, you can’t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a “what if” tax return, can help you see your tax situation more clearly.
G.M. Filisko is an attorney and award-winning writer who’s owned her own home for more than 20 years. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
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Two Special Twin Cities Home Buying Programs
February 9, 2011 by Financemyhome · Leave a Comment
One program is called FPP-Foreclosure Partnership Program, and the other is NSP2 Homebuyer Assistance Program. Both programs offer incentive money for a purchase. I can use these financing programs with one of our mortgage investors. Consider checking them out to see if they’d work for you.
HennipenCounty-Non-forclosedHomes-overview |
HennipenCounty-Nsp2-overview |
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Rebuilding Credit To Get A Mortgage
January 13, 2011 by Financemyhome · Leave a Comment
Often, especially in this market due to the recession, we find potential home buyers who have had a life event or “bump in the road” that affects their ability to obtain a new loan. If you want to buy a home, you will have to have a certain number of reporting trade lines and for certain length of time. MOST mortgage programs require 3-5 trade lines and a minimum of two years of reporting. The other criteria is the actual credit score-which generally has to be 620, 640 or even 660 as it is all lender dependent. A manual underwriting where they use alternative credit such as rent payments, cell phone bill, utility bills, and the cable bill might be able to be used-but only with a few certain programs and lenders. So, the best bet is to re-establish credit as quickly as possible. HOW ABOUT NOW!! Don’t wait-it will only extend the time until you are going to be eligible. I have put together a list of resources that might be helpful. This list is only a starting place for your research. If you find another good resource please post it in the comments below so that the list can be expanded upon.
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Buying Rental Property In The Twin Cities
January 11, 2011 by Financemyhome · Leave a Comment
Have you ever wanted to own rental property, but were unsure where to start? I teach a class on the topic. I’ve decided to make the outline into a PPT. I cover the information in my class in much more depth and breadth, but this will give you a lot of useful information. If you are interested in discussing purchasing a rental property as an investment, just give me a call and we can set up a time to meet and review how I can help you become a “real estate mogul”.
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Mortgage Insurance May Still Be Deductible For Some Buyers
January 6, 2011 by Financemyhome · Leave a Comment
Yipee-It looks like mortgage insurance will remain deductible for some home buyers. When we look buying a home, you need to consider all aspects. One main one is mortgage financing. There are ways around mortgage insurance by doing split loans-like and 80/10/10 for example or LPMI-which stands for lender paid mortgage insurance-which means the interest rate is higher. Rather than confuse the matter with all the options-some of which may have no bearing on your situation-just give me a call. I would be happy to help you do an analysis so you can make the right choice. Click the link below to read the latest news about MI(mortgage insurance)
http://www.mortgageinsurance.genworth.com/pdfs/Marketing/MITaxDeduct-Consumer.pdf
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Is There An Opportunity Right In Front Of YOU
January 4, 2011 by Financemyhome · Leave a Comment
I just watched an amazing video which I’ve posted below called the Money Tree. There are so many different interpretations. One that struck me was that people are oblivious to opportunity that is right in front of them. How many of us are looking for something that we already have or is within our reach? How many people are NOT buying real estate today when they could be looking at this as an incredible wealth building opportunity for what it is over the long term-assuming properties rise again in value? I was showing homes this past weekend. It was incredible to see townhomes in great communities selling for 40-60% less than they had sold for just as little as 5 years before. Luckily for my client, we are going to make an offer and ACT. Watch this video and don’t let the opportunities in your life pass you by. Don’t let life pass you by. Happy New Year and may 2011 be your best yet!
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December Is The Time To Reflect
December 16, 2010 by Financemyhome · Leave a Comment
Are each of us doing all we can to make the world a better place? Many of us have our favorite charity and organizations we support. RE/MAX is a very large sponsor of Children’s Miracle Network. Many people don’t realize how much has been given. Each time I sell a home, I automatically donate a portion of my commission to this organization. Other RE/MAX agents like myself contribute from their commission checks as well. Together, with RE/MAX we have collectively given over 100M. I would encourage everyone to consider finding an organization they believe in and make giving a part of their life. Just imagine what the world could look like?
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Getting Ready to Sell Your House
December 9, 2010 by Financemyhome · Leave a Comment
While most experts see little good news in 2011’s housing market, economic downturn is no reason to neglect maintenance on a home or lose sight of future plans to relocate.
The critical issue is planning intelligently for what spending you do now to make sure it’s worth your money later. And even if your plan to sell your property is more than a year away, it’s not a bad idea to get your finances in order as well. In the coming months, you’ll be addressing tax issues, so it’s a good time to look at your overall financial picture with a qualified financial planner as well as a trained tax expert.
The October MacroMarkets Home Price Expectations Survey doesn’t see a meaningful increase in home prices until 2012, though appreciation is expected to go up on average more than 14 percent through 2014.
As you wait for your opportunity, here are some ideas to incorporate in your planning:
Check your credit report and score: If you plan to finance a new property once you sell, it makes ample sense to lower your debt and clean up any discrepancies in your credit data well in advance of any move into the market. Remember, you are entitled to one free copy of each of the major credit reports in any given year, and you can obtain them from one resource – www.annualcreditreport.com. Avoid all the services with expensive TV commercials calling themselves “free” – if they ask for a credit card number, you are not getting a free report. Also, so you can spot discrepancies and keep a watchful eye on the possibility of ID theft throughout the year, stagger your receipt of your reports from Equifax, Experian and TransUnion (the major credit ratings agencies) at different points during the year.
Get a home inspection: Go through local channels – lenders, friends, real estate professionals you trust – to find a licensed home inspector who can look over your property and help you develop a list of potential repairs and upgrades that you can do economically given that you’ll have months before you put the property up for sale. Checking your home’s structure – roof, foundation, windows, etc., as well as its mechanical parts – heating/AC, installed appliances, plumbing – can give you an early warning system for expensive repairs that a prospective buyer’s inspector would find anyway. Try now to make sure there are no problems that will kill a deal later.
Ask a trusted broker for advice: Structural experts can determine whether your home is working properly – real estate brokers may or may not be equally expert at spotting these flaws. But generally, they can be trusted on matters of appearance – whether the grounds around the home are well maintained as well as whether the home’s interior is inviting to the eye of potential buyers.
Don’t overinvest in improvements: In the 1990s, spending $40,000 on a kitchen in many neighborhoods could recover that amount of money and more in the final sales price. In today’s market, those payoffs are a distant memory. Experienced brokers generally do a good job steering you away from overpaying for improvements, but there are other resources to doublecheck the spending you’re planning to do. Remodeling Magazine’s latest Cost vs. Value report provides estimates on specific projects by region, including projections on cost recoupment.
Appeal your property taxes: If you’ve never appealed your property taxes before or have not done so in many years, do so when your appeals period is open. Lowering your taxes as much as possible may help make your property more salable.
Declutter and don’t re-clutter: Start making a list of items you might donate – furniture, clothing, household items, etc. Make sure they’re in good condition and if you’re having trouble setting a value, check on eBay or other auction sites to see if you’re being fair to yourself while not drawing the attention of the taxman.
December 2010 — This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by John Mazzara 952-929-2577 john@johnmazzara.com , a local member of FPA.
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HUD Has A YouTube Channel-Here Is There Vid On Buying A Home
December 5, 2010 by Financemyhome · Leave a Comment
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Google lets you create cool templated websites
December 2, 2010 by Financemyhome · Leave a Comment
Just an idea for anyone who wants to set up something quick and easy:
https://www.google.com/accounts/ServiceLogin?continue=http%3A%2F%2Fsites.google.com%2F&followup=http%3A%2F%2Fsites.google.com%2F&service=jotspot&passive=true&ul=1
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Can Home Ownership Contribute To Your Wealth?
November 23, 2010 by Financemyhome · Leave a Comment
Based on the implosion of equity in the past few years, one begins to wonder. At the same time, if you look back from a historical perspective, home ownership and home equity have contributed to the net worth of many. Recently, there was a study/survey done by the Federal Reserve. NAR presents and interprets the resultshttp://www.realtor.org/research/economists_outlook/didyouknow/dyk111610dh
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Minnesota Foreclosure And Distressed Home Fact Sheets PLUS Twin Cities First Time Buyer Special Programs
November 19, 2010 by Financemyhome · Leave a Comment
I have mentioned it before, but I really am impressed with the Minnesota Home Ownership Center. I frequently get calls from people who need to find information about how best to deal with a distressed real estate situation. You must visit their website and bookmark it for future reference. Here are just some of the links you need to look at:
Foreclosure & distressed property fact sheets
http://hocmn.org/en/fp-factsheets.cfm
Counseling Agencies that work with HOCM
http://hocmn.org/en/partners.cfm
List of Down Payment/Grant Assistance in Various Areas
http://hocmn.org/Stock/Editor/file/Matrix/EntryCostMatrix_Oct2010.pdf
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Twin Cities Foreclosure Update
November 18, 2010 by Financemyhome · Leave a Comment
Here is our latest newsletter that has updates on foreclosures in the Twin Cities.
Also, watch the video below
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Minnesota First Time Home Buyer Tips
November 17, 2010 by Financemyhome · Leave a Comment
A buyer in Minnesota, and specifically the Twin Cities area-Minneapolis/St Paul, should consider visiting the board of Realtors site at http://www.MplsRealtor.com On the tab regarding market activity, they will be able to click through and find out aggregated information that is compiled into city specific reports. For example, Minneapolis real estate will be broken down into the various areas of our MLS. All the data mining and statistical information is done for you. This is an excellent resource, as it gives you average market time, sales prices, and percentage of list to sales price.
Another resource is Http://www.Hocmn.org This site provides information for homeowners in distress and explains all the Minnesota laws regarding the foreclosure process and debt forgiveness. Visit this site and download the PDF fact sheets. Buying distressed properties today represents an opportunity. Understanding how the law works in our state is imperative.
Crime reports are also a useful tool. Some cities have the information aggregated and reported better than others. Minneapolis is one of the best. If you visit the Google search engine and type in “shots fired Minneapolis” you will be taken to the crime statistics area. You might want to use this to determine how close in proximity your desired home sits in relationship to previous criminal activity. Along that same thought, if you want to research registered sex offenders, visit http://www.corr.state.mn.us
Another site that can help source down payment assistance and grants for Minnesota home buyers ishttp://www.Workforce-resource.com This links with the MLS and actually becomes specific to a property in which you are interested. You will find that not all lenders will work with these programs. So, you may need or want to switch lenders if you want to access some of these special programs.
Lastly, we have sourced various discounts with local & national companies. For example, at this time, I can get you a discount coupon at Lowe’s, Pods, and other national firms. Many companies have discounts arranged for their agents to offer buyers and sellers. Not every Realtor is aware of this, so you might require that they check in with their corporate office and find out-or you could just work with me.
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Top Seven Tips For Home Buyers
November 16, 2010 by Financemyhome · Leave a Comment
Recently I was asked to create a list of top tips. Here is my list. I have been selling homes for over 25 years. I hope these help you make better choices and improve your real estate making decisions.
1) Before you begin to search for a home, always get prequalified FIRST. Seek out an experienced mortgage broker to arrange your financing. Even if you think you want to use a large bank, at least see what a broker has available. In fact, you may find that a broker can deliver the same mortgage to you cheaper from the “same” large bank you were considering. Generally, brokers have access to wholesale pricing as well as more products and programs than traditional large banks or in-house type lender arrangements that you find at large real estate companies. Besides pricing, you might find special grant money or unique loans that otherwise would not be made available. Also, regarding special programs, if you can identify the cities or areas you might be interested in, you may want to call the local HRA (housing redevelopment authority) and see what they offer. Today, we are seeing special programs for purchase or post purchase rehab of foreclosed and short sale properties from the cities themselves. The FHA 203K loan is a program that can be used for rehab on any home. It is not tied to any city or any property specific status. There are a couple of versions of this loan-limited and extensive rehab. FHA loans have size limits that vary based on the geographic location of the property. Not all lenders make this loan available, so seek it out if it is of interest.
2) Look at all homes for sale. Don’t exclude any specific sector of the market. Initially, you may have wanted to run away from short sales, foreclosures, and auctions. Ultimately, once you get a feel for the marketplace, you may actually decide to focus on distressed properties. When buying in the distressed segment be prepared for a more complex process. Knowing that upfront will help. Depending on the community, almost 50% of the transactions are not “traditional” sales. Distressed sales often sell for what the market will bear, whereas traditional sellers may be unable or unwilling to adjust to the realities of the market. Until job creation comes back and our economy starts growing beyond anemic levels, expect distressed home sales to be a large part of the market. Frustration may set in but don’t allow it to influence an otherwise good decision in your purchase. Don’t be put off by some dirt and light repair, analyze the structure and the location.
3) Look to your Realtor as a partner. Loyalty works both ways. An agent only gets paid upon a successful closing. We only stay in business with happy repeat clients and referrals. Most Realtors will work extremely hard for you if you work exclusively with them. Agents work on commission, so they need to know that they will eventually get paid for their time invested in helping you find the right home. If you are an investor and you approach five different agents to “call me” when you get a really good deal, you will probably never get a call. If on the other hand, you work with one agent who you assume is competent, you will get a phone call when they see something that meets your criteria.
4) If you are an investor or want to become one, seek out agent representation from someone who knows the rental property market. The rental real estate game can be rewarding but can also cost you a lot of money and aggrevation if you make a mistake. How can an agent who has never been a landlord really give you good advice on how to buy and manage rentals? Not all agents have the same level of experience. This is a recommendation not to be taken lightly. You want to be “educated” not provide someone an education at your expense.
5) Be prepared to engage technology in your search. Twenty-five years ago we used MLS books and did open houses. Today, we use virtual tours, websites, blogs and auto generated emails to deliver properties to your in box. The internet opens up information to everyone in a very user friendly way. If you are a younger buyer, you are probably engaging in texting, email, and video. The agent you choose should be embracing technology and be able to deliver the information you need in the way you want it delivered.
6) Have a home inspection upon an accepted purchase agreement. Don’t come away from the inspection and expect that everything in the home that is reviewed must be fixed at the seller’s expense. An inspection, in my opinion, is to discover hazardous items or items that would require a very large expense to change or repair that you were not initially aware of. Remember, an existing home is not a new home. This means it will have various amounts of obselecense and required repairs. An inspection report is not meant to be a renegotiation tool or checklist. I think the best home inspection is the one that makes you feel comfortable after “getting to know” your new home so you can make a purchase with “your eyes wide open”. Give your inspector permission to tell you are buying a great home. Otherwise, he or she may feel they have to manufacture some item of concern in order to justify the expense of the report.
7) Use an independent title company to do your closing. The buyer is allowed to choose their title company. The captive title companies (known as affiliated business arrangements) which are tied to the real estate or mortgage company are often not as competitively priced as outside vendors. When have you or someone you know ever directed the selection of the closing/title company? If you are like 99% of the people, the answer is never. Yet, this one simple recommendation could save you hundreds of dollars.
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Data.gov – A Cool Site With Lots Of Great Info
September 8, 2010 by Financemyhome · Leave a Comment
http://www.Data.gov I just found this site and wanted to share it. It has a ton of info and reports. If you have a project or just an “inquiring mind”, this is sure to be a hit. Check it out and get the data you need.
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Five Top Reasons to Buy a Loft Vs a Traditional Condominium
September 3, 2010 by Financemyhome · Leave a Comment
By John Mazzara
Many urban dwellers are turning to lofts instead of condos. There are some differences between the two, however. Urban living and loft purchasers are on the rise, if only for the exquisite opportunity a loft may have compared to a condo. Owners of either a loft or a condo hold the title to their unit or space and co-own along with the rest of the loft or condo community, the lobbies, garages, security system, swimming pools and other amenities. Here are the five top reasons to buy a loft:
1. Style – Lofts for sale tend to have soaring ceilings and wide open spaces. Lofts also have lots of style and more modern finishes than a condo. Floors are often hardwood and the sense of your own original space is achieved through the purchase of a loft. You will find more stainless steel and sharp modern designs in a loft.
2. Location – Most lofts for sale are in urban areas where a developer may buy an old warehouse and turn it into loft units. These old warehouses are usually well within all the amenities any urban city or town would have to offer and are nearby or within walking distance. Many lofts for sale are also designed and built from the ground up through developers and large city and town’s revitalization programs.
3. Live and Work – While condos may only offer a home unit for residential use, lofts may permit a live and work space and some lofts for sale can be found in areas zoned specifically for this purpose. Many professionals who work at home find the large loft space ideal for the separation between living areas and work areas.
4. Appreciation – In some markets, realtors have found that lofts are appreciating at twice the rate of a traditional single-family home. This alone can add value to your loft space when you sell it.
5. Loft Conversions – Many loft builders who convert buildings into loft spaces, also invite commercial businesses such as drycleaners and small grocers to abide in the buildings. These types of loft conversions make it easier to never leave your loft building area when you seek consumer items-especially since they are close at hand.
Loft living is different than condo living. While both are usually run by an association where you must pay a monthly fee and abide by the association rules, lofts tend to be quieter due to their size and do not have as many common walls as condos do. For example, a loft may be an entire floor where condos may have two to four on one floor sharing a lot of common wall space.
Major developers are being encouraged and supported by large city and town governments to covert old spaces for loft living. Not only are developers reaping the benefits of building these loft units, the owners of the lofts are happy with the security, parking, live and work opportunities, and the proximity of all the conveniences you can expect with a loft.
If you live in an urban area and are interested in purchasing a loft, ask your Realtor for more details on lofts for sale, the amenities and how loft living works.
http://www.CondosMinneapolis.net explains condos and loft living in more detail. John Mazzara is involved with financial services in the Twin Cities, MN. Officing out of Edina, Minnesota-John is centrally located within the 7 county MN metropolitan area. John owns three separate businesses-a licensed real estate broker associate selling Minnesota real estate since 1986-affiliated with RE/MAX Associates Plus http://www.MinneapolisStPaulHomes.com , an independent CFP-certified financial planner since 1989 with an independent Minnesota financial planning firm-Financial Planning Associates and the owner of a Minnesota mortgage broker firm-Venture Development Inc-specializing in residential, commercial and investment mortgages for purchases of single family homes, investment properties and commercial property. Venture brokers FHA, VA, Conventional loans and lines of credit. If you are looking for someone to help you in the areas of real estate sales/purchase, mortgages, or and/or financial planning and insurance you should call John for a free 1 hour consultation to see if he can meet your needs. 952-929-2577. RE/MAX Associates Plus and Venture Development are located at 7300 France Ave S, Suite 410, Edina, MN 55435
Article Source: http://EzineArticles.com/?expert=John_Mazzara
http://EzineArticles.com/?Five-Top-Reasons-to-Buy-a-Loft-Vs-a-Traditional-Condominium&id=2186913
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Loft Logic – Is a Loft The Right Choice for You?
September 3, 2010 by Financemyhome · Leave a Comment
By Jon West
If you’re embarking on the real estate hunt for a new home and you’re looking into the condo market, you may have encountered the term, “loft” alongside the term “condo”. Oftentimes these two terms seem interchangeable. They both refer to a single unit within a multi-unit residential building. The same rules and regulations that apply to condo strata’s and associations apply to the loft complexes as well. The key difference between a condo and a loft, is the layout. This being said, you should understand the concept behind the layout before deciding which is the better option for you.
The original type of loft unit is also known as the “hard loft”. Typically these spaces originated as an inexpensive alternative to the condo. They were old warehouses and factories converted into living spaces. Their popularity arose during the 60′s when artists in NYC’s SoHo district took to inhabiting and converting warehouse spaces. High ceilings, open spaces, exposed brick and an abundance of natural light made them the perfect creative spaces for starving artists looking for an affordable place to make their art.
These days, lofts are not necessarily the inexpensive alternative, although many architectural elements that inspired the artist’s of the 60′s create the framework for today’s loft concept. Many lofts, that are actual warehouse conversions tend to replicate or refurbish handsome warehouse features such as exposed wooden beams and brick. Other staple features that generally define a loft and separate it from a traditional condo design are high ceilings and open spaces ( many lofts do not have an enclosed bedroom).
Some lofts are constructed with a strict adherence to the original industrial look. Such lofts might include exposed plumbing, ducts and heavy timber beams, concrete flooring, masonry and/or corrugated steel walls. Many lofts built these days may not appear so raw in design. New construction constitutes much of the current loft market, and many building codes won’t always allow for such creative license in design. Nonetheless, these new lofts designs still reflect the spirit of openness and creativity that are integral to loft living.
There are some common terms associated with lofts that you should be aware of. The “hard loft”, is closest to the original loft concept with high ceilings, commercial windows, exposed columns or ductwork and no interior partitions except for the bathroom.The “raw loft” is an unfinished space, that doesn’t always include a bathroom or a sink. These are more typically sold as work/art spaces. The “soft loft”, has walls that are designed to not quite reach the height of the ceilings. Soft lofts, often have an enclosed bedroom as well as the standard enclosed bathroom. With a “moderate loft”, moderate refers to the mid priced kitchen and bathroom finishes. An “upscale loft” boasts high end kitchen and bathroom fixtures and finishes.
If you’re someone who works from home and requires an additional studio space, a loft may suit you well. Loft complexes generally have less units than many high-rise condo options. This can be a nice feature if you’re looking for a more intimate, lower density place to live. If you’re looking for the true original loft concept, you may want to find a hard loft unit. The most recent loft developments are able to offer more conventional condo-like feel, mixed in with the best elements in loft form and function. Whether or not your attracted to the key elements of openness and versatility in loft design will help you decide if a loft is the perfect choice for you, or not.
John West is a REALTOR® with expertise in the Las Vegas real estate market. For Henderson real estate listings or information on other incredible Las Vegas areas, John welcomes the opportunity to assist you.
Article Source: http://EzineArticles.com/?expert=Jon_West
http://EzineArticles.com/?Loft-Logic—Is-a-Loft-The-Right-Choice-for-You?&id=1010792
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Check Out Energy Rebates
August 22, 2010 by Financemyhome · Leave a Comment
EnergyStar.gov – Check Out Energy Rebates
This is a government site that offers lots of energy saving tips as well as explains what energy saving grants or credits might be available.
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Foreclosure Trends Newsletter
August 21, 2010 by Financemyhome · Leave a Comment
Here is the latest issue of my foreclosure trends newsletter. As you can see, the trend is not our friend, in the sense that the housing market has not recovered. Until jobs come back and people are employed and feel safe in their employment, they will tend to avoid making a committment.
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Twin Cities Foreclosure Trends-From our MLS & Realty Trac
August 4, 2010 by Financemyhome · Leave a Comment
Besides the board of realtor sites: http://theThing.mplsrealtor.com and market data posted elsewhere at http://www.MplsRealtor.com I have a subscription to Realty Trac. My subscription gives me additional data about foreclosures and trends within certain zip codes. This is in addition to my daily subscription to Finance & Commerce (a business newspaper that prints all the foreclosure information as well as very timely articles regarding the business community). If you are looking for someone who has experience and access to information about distressed sales, we need to be working together. Whether buyer or seller-I can help you understand the market we are in and the options and opportunities available to you. Give me call today.
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Real Estate Information
August 4, 2010 by Financemyhome · Leave a Comment
These are a couple of my newsletters that have a ton of valuable information. Go check them out.
Foreclosure Market Trends Newsletter
http://www.realtytrac.com/MarketTrends/NewsLetter.aspx?guid=131bd355-1b69-4bd1-99cd-2f0c9a936810
Real Estate Cyber Space Tips
http://www.REcyber.com/cybertips/r11627
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Twitter Real Estate Tips – Tweet Your Listings
July 20, 2010 by Financemyhome · Leave a Comment
By Kevin Curtis
New technologies continue to make business easier and more exciting than ever. The recent introduction of social media websites like Twitter, Facebook and LinkedIn are creating quite a buzz among the Real Estate community. It has never been easier to connect with people and share your listings.
Twitter provides a large chat room feel where Realtors may list properties and answer questions asked by interested parties. It also gives the Realtor a chance to connect with new lenders and real estate investors. At Twitter, people choose the people they wish to follow and create a tailored list of friends. They may also choose to un-follow certain people at any given time.
Be Honest
Create your Tweets with honesty in mind. Don’t mislead potential clients or trick them into visiting a home that isn’t what they’re looking for. A wasted trip may cost you a great lead. Home owners have become much more knowledgeable about the real estate business in the last couple of years. Mass foreclosures have taught home buyers what to look for and warning signs to avoid.
Be Brief
Twitter limits each message to 140 characters. As a Realtor, certain acronyms are used on a regular basis to describe a home. For instance when someone reads “4bed, 2.5 bth” it’s readily understood that the home has 4 bedrooms and 2 and one half bathrooms. Make the most of those acronyms while “Tweeting” your listings.
Create Curiosity
Provide a city name and brief description of the home. Links to photos or videos can take up valuable space and should always be shortened by using a service like TinyURL. A properly written Tweet may look similar to this: “New Listing Minneapolis. Single Fam Home 4bed, 2bth, fenced yard, great neighborhood. Starts at $98k.” Thirty-nine more characters allow you to link to the listing on your website or photos.
This example provides valuable information for home buyers and real estate investors. They know up front that the home is an affordable single family home in Minneapolis with 4 bedrooms, 2 bathrooms, a fenced yard and a great neighborhood. Encourage your Twitter followers to ask questions and answer them promptly.
Obviously the information contained within a 140 character message isn’t going to provide all of the information buyers are looking for. Engage in conversation via tweets with followers. Really get to know what they’re looking for in a home so you can effectively tweet about listings they may be interested in.
Tweet Open Houses
Any time you have an open house, Tweet about it. Let your followers know when you will be there so they can plan to attend and get information about the property. Every professional Realtor knows that getting the interested party to tour the home is incredibly important to sealing the deal.
Tweeting an open house should be done in much the same way as a new listing. When you tweet an open house, include the address. Make sure your followers know exactly where the home is. Interested followers will show up, especially if you’ve already created a relationship with them on Twitter.
Make Use of Media Sharing Websites
The Internet makes it possible for a variety of websites to communicate. Posting your message to multiple sites can be quite time consuming. Look for websites that offer the possibility to post to multiple communities simultaneously. For example, when you post a photo to FriendFeed or TwitPic you have the option to post it to Twitter in the same instant.
Use these services and others like them to your advantage. Don’t spam your followers with message after message, just share the important stuff. Keep a close eye on each community website you use and keep communication flowing freely. Buyers and investors enjoy building a relationship with their Realtor. Be the Realtor that provides them that opportunity.
Kevin Curtis is a licensed agent with RE/MAX Advantage Plus and The Minnesota Real Estate Team. The #1 Re/Max team in MN For 06, 07,08 & 09. Search for Minnesota and Minneapolis Real Estate at mn mls and get ongoing insights into the Minnesota Real Estate market at MinnesotaPropertiesOnline.com.
Article Source: http://EzineArticles.com/?expert=Kevin_Curtis
http://EzineArticles.com/?Twitter-Real-Estate-Tips—Tweet-Your-Listings&id=2395798
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Outstanding Video-An Inspiration To All-Be The Best You Can Be!
June 18, 2010 by Financemyhome · Leave a Comment
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Twin Cities Home buyer book
June 10, 2010 by Financemyhome · Leave a Comment
Thinking about buying a home but don’t know where to start? Why not start by reading the home buyer hand book that we have provided below. It is a great place to start to get the information you need. When you’re ready, we would love to help you find and finance a new home.
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Open Source Documents-Unbelievable Resources-Find YOUR topic of Interest
February 2, 2010 by Financemyhome · Leave a Comment
If you’ve never visited http://www.Archive.org, you are missing a wonderful site. From this site, you will find many resources that are out of copyright and you can download and use them as you wish. You will find all the classics and some fun things as well. Just for fun, I have the download of a book called “Little Gardens” which is a book about setting up a garden on a city lot. This is just one of the MANY fun things you’ll find. You can download and watch old music, movies, and cartoons as well. Plan to spend some time on the site should you decide to visit, as it is very cool. Click here to download the book Little Gardens
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Sell Your Home Faster-Learn The Home Selling Secrets Of Successful Sellers
December 22, 2009 by Financemyhome · Leave a Comment
Here is a special report that outlines over 450 ideas on how to sell your home faster. This report is just one of the many home buyer, home seller, and investor reports that I can make available to you. Read this report and call me to arrange a time to see how I can help. Download Now
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Extension And Expansion Of Home Buyer Credit-4/30/2010
November 18, 2009 by Financemyhome · Leave a Comment
A Big WOW!! The credit has been expanded to include homeowners who have owned their home for the past 5 years. No longer do you need to be a first time buyer. The dollar limit is $8000 for first time buyers and $6500 for move up buyers. This GREAT news. Combine this with 50 year lows in interest rates, and you’d be crazy not to consider making a move. If you feel secure in your job, think hard about buying home at this time. We can help you make the right move. Visit this site-which is from the National Association Of Home Builders http://www.federalhousingtaxcredit.com/faq2.php This site give you all the rules and regulations as they now apply.
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Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification
November 11, 2009 by Financemyhome · Leave a Comment
Have you ever wondered why a foreclosure occurs when a better solution might have been a modification? Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced? You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better. That being said, you can probably guess why-it’s about the money. It is a little more complex than that-the report is 60 pages-but is explains the incentive and disincentives that are at conflict within the mortgage market today. Once you understand how all the pieces go together, you can see that something “different” needs to be done. I am a strong free market believer, but in this case, the government needs to have a mandate and rule that is guided towards keeping people in their homes. Left to current industry solutions, the mortgage mess will continue to play out and get worse. If you click on the link below, you will find the free report from the National Consumer Law Center.
http://www.consumerlaw.org/issues/mortgage_servicing/content/Servicer-Report1009.pdf
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Home Buyer Tax Credit Information Update
November 10, 2009 by Financemyhome · Leave a Comment
It’s now official!! The tax credit has been extended and expanded. YOU NEED TO HURRY! You now have until the end of April 2010. The following summary of the credit is provided by the National Association Of Realtors. The following two documents cover the changes in the new law. Now get out there and buy a home!!
NAR FAQ: Homebuyer Tax Credit Changes
NAR Issue Brief: Homebuyer Tax Credit Changes
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Neighborhood Stabilization Program- Hennepin County Redevelopment Tool
October 20, 2009 by Financemyhome · Leave a Comment
We work within the parameters of this program. One of our lenders will accept this form of funding. READ more about it and see if it might work for you. We would love to help you find and finance a home within the areas that qualify.
http://www.hennepin.us/neighborhoodstabilizationprogram
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Down Payment Assistance Programs (DAP) Lender Approved In MN
October 20, 2009 by Financemyhome · Leave a Comment
On of our lenders has pre-approved various down payment assistance programs. These programs MAY have changed and MAY be out of money when you contact them. Things change all the time. With that being said, we can use these programs in conjunction with FHA, My Community and the Home Possible loan programs. We are a Minnesota mortgage broker and may be able use these programs for YOUR transaction. Call us to begin the loan process and we can work together to find you a combination of funding sources that would work for you. Click Here
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What is Happening in the Edina Real Estate Market?
October 15, 2009 by Financemyhome · Leave a Comment
Would you like to find out what is happening in the Edina real estate market? Look no further than http://www.mplsrealtor.com/the100.aspx All you have to do is enter the city you would like information about. You will get a one year synopsis and year to date information. There are other great statistics too-simply explore the links to the left on the Navigation bar. Compliments of the Minneapolis Board of Realtors
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First Time Home buyer Loan Programs & Other Special MN Loan Programs
October 13, 2009 by Financemyhome · Leave a Comment
Here is a matrix that is very helpful explaining just some of the mortgage programs and their guidelines. There ARE more loan options than these as well. MN loan options are constantly coming and going-guidelines change. We don’t work with all the programs, but we do work with many of them. Call us to help you navigate through the home purchase process and select the right loan for you. Look at the Matrix of programs provided. Click Here
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Minnesota Real Estate Newsletter Gives Access To Great Computer & Life Tips
October 2, 2009 by Financemyhome · Leave a Comment
I maintain a number of real estate sites, blogs, and newsletters. One newsletter that provides a number of computer tips to help you function better with a computer is http://www.REcyber.com/cybertips/r11627 The site is full of cyber space tricks and great places to visit. We have link to this site on the list of MN Real Estate links, but I wanted to highlight this particular newsletter because it different from what most agents provide. From this newsletter, you can also access all the back issues-from 2001 and beyond. It is really quite a useful resource-spend some time there if you have a chance.
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Make The Right Home Improvements & Increase Your MN Home Value
September 30, 2009 by Financemyhome · Leave a Comment
Are you ready to sell your Minnesota home for the highest dollar with the least amount of hassle? I have helped hundreds of MN homeowners get their home sold. Can I help you?
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Minnesota Home Seller Secrets
September 30, 2009 by Financemyhome · Leave a Comment
Are you ready to sell your Minnesota home for the highest dollar with the least amount of hassle? I have helped hundreds of MN homeowners get their home sold. Can I help you?
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Minnesota Home Buyer Secrets
September 30, 2009 by Financemyhome · Leave a Comment
First, read the guide and learn how to purchase a Minnesota home successfully. Then, call me to set up an appointment to begin the process.
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