Star Tribune Twin Cities Housing Article

In a recent article written by Jim Buchta of the Star Tribune titled “Twin Cities Foreclosure Crisis Subsides as Home Prices Surge” – Jim talks about what a lot of us in theTwin Cities Housing Market Updatefield are experiencing.

According to the article, Foreclosures and Short Sales made up just 12% of all home sales in June, down from 60% 3 years ago.  This is great news for both the economy and home sellers as the flood of distressed properties really decreased property values.

In the article, we hear from a first time home buyer looking under $100,000:

““I’d heard that everyone is being foreclosed on and that there are short sales all over the place, but there wasn’t a whole lot for us.”

The market has drastically shifted and homes that may have been considered a deal a few years ago are often being sold in multiple offers and/or investors paying cash.  If you are looking to compete in a seller’s market, 3 things you must do:

  1. Get pre-approved.  No seller will want to tie up their property with someone that hasn’t been pre-approved with a loan officer.
  2. Hire a full time Buyer’s Agent.  With how quickly homes are selling and in multiple offers, it is more important than ever to work with a Buyer Specialist as they are 100% dedicated to helping you find your next home – not listing homes, not following up on loose ends – helping find great homes is their #1 concern.
  3. Be ready.  You may see the perfect home the first time out, that is okay – just be ready to make an offer.  In a seller’s market, you typically do not have a night to “sleep on it.”

Our team is built with full professionals and staff looking to provide the best service possible.  We are not a team of generalists, but rather a team of specialists and we look forward to going to work for you.

To read the full article, click on the link:

http://www.startribune.com/housing/267876271.html

 

About the Author