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Market Info

There are currently 24 blog entries related to this category.

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Buyers Waiting for Improved Credit

Wednesday, May 18th, 2016 at 6:56pm. 266 Views, 0 Comments.

A lot of potential home buyers—especially first-time home buyers—are holding off on taking the mortgage plunge, in hopes they can get a better rate once they improve their credit scores.

That’s the finding of a new Experian survey about home buying and credit, which found that 34% of prospective buyers say their credit score might hurt their ability to purchase a home and that 45% have delayed a purchase to improve their credit scores.

“Your credit profile is one of the factors that can have a substantial impact on securing a home loan, because it is used by lenders as an indicator of your financial health,” said Rod Griffin, director of public education at Experian, in a press release. “Consumers planning to purchase a home…

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SW Minneapolis MLS

Wednesday, May 18th, 2016 at 6:53pm. 104 Views, 0 Comments.

Check out the latest MLS info then start your search for the perfect home!

 https://youtu.be/GaIyT6Rlpzo

mpls_1257

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Start Your MLS Search Now!

Wednesday, May 18th, 2016 at 6:45pm. 79 Views, 0 Comments.

You can set up your own account on JimBergTeam.com that lets you search every home for sale on the Multiple Listing Service (MLS). You can manage your favorites, save special searches, get matching properties emailed directly to you as they come on the market, and even forward to your favorite social media platforms.

Our web site lets you research just about every possible detail about Twin Cities real estate... the area, cities, suburbs, schools, neighborhoods, and more.

Then the fun starts! Actually touring the homes you want to see. It is a changing process and it is fun to see how it will lead you to the home that's perfect for you.

We'll help make recommendations, set up showings, give you our opinions and help provide you with information about the…

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Take Advantage of Low Interest Rates

Friday, April 17th, 2015 at 3:09pm. 1101 Views, 0 Comments.

The average 30-year fixed-rate mortgage dipped to 3.66% this week, down from 3.7% last week, and new-construction home buyers lapped up the savings.

Mortgage applications rose 17% in March from February, according to the Mortgage Bankers Association Builder Application Survey.

“Overall, applications for new-home purchases during the first quarter of 2015 increased 20% relative to the first quarter of last year,” Lynn Fisher, MBA’s vice president of research and economics, said in a statement. “Continued strength in builder applications raises the likelihood that housing starts will be strong over the next few months.”

“Housing starts” is industry lingo for when a builder actually breaks ground on a new home. It’s a good…

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Fannie Mae First-Time Buyers Assistance.

Friday, April 17th, 2015 at 3:04pm. 1025 Views, 0 Comments.

If you’re a first-time home buyer just entering the market, you’re in for a springtime treat: Fannie Mae will now pay your closing costs, up to 3% of the price of the home—provided you take the mortgage giant’s home-buyer counseling course first.

The new HomePath Ready Buyer program, announced on Wednesday, allows first-time buyers (defined as those who have not owned a home in the past three years) to take an online course, get certified, and become eligible for what could amount to significant savings. For instance, on a $150,000 home, Fannie Mae could contribute up to $4,500 toward your closing costs—which typically range from 2.5% to 3% of a home’s price—and even reimburse you for the $75 online course.

“This could actually…

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City Profile: Shorewood

Tuesday, February 24th, 2015 at 6:12pm. 399 Views, 0 Comments.

Occupying a healthy chunk of the southern Lake Minnetonka Area, Shorewood is a lovely community just west of Minneapolis. It is adjacent to Tonka Bay, Excelsior and Greenwood.

The median home price in Shorewood was $382,500, which is exactly the same as the Lake Minnetonka Area as a whole. Sales volumes have been gradually recovering since hitting a valley at the beginning of 2007. 

Shorewood sellers are yielding a higher share of their asking price relative to the rest of Lake Minnetonka. Those selling properties in the city are averaging 97.7% of their last list price versus 97.1% in the rest of the Lake Minnetonka Area.

That shouldn’t be too surprising considering Shorewood enjoys faster (lower) absorption rates compared…

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City Profile: Minnetonka

Friday, February 13th, 2015 at 1:35pm. 308 Views, 0 Comments.

From: MAAR

The word Minnetonka translates from the Dakota “mni tanka,” meaning “great water.” Nevermind the fact that the Twin Cities boasts some of the cleanest tap water in the nation, we’re talking about the vast, celebrated and grand connotations of great.

Home to Cargill—the nation’s largest privately-owned company—and United Healthcare—the state’s largest publicly owned company—Minnetonka is truly its own little economic enclave. That, along with its proximity to the unofficial yet quite desirable ‘Big Lake,’ has enabled the Minnetonka housing market to largely outperform the metro area as a whole.

Starting at the beginning of 2007, note the dramatic divergence of new construction prices compared to previously…

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City Profile: Edina

Friday, February 13th, 2015 at 1:33pm. 320 Views, 0 Comments.

Edina is so well located, boasts such great schools and weaves together such an ideal balance of residential, green space, shopping and nightlife that a segment of home buyers gladly pay $450,000 for a 1,800 square foot post-war rambler and then immediately proceed to demolish it and build a $3.5 million 4-story mansion on a postage stamp lot.

After all, that’s one of the many benefits to being a property owner.

Sure, a segment of the local residents of a changing community will always reminisce about the good ole’ days, but a community that evolves and adapts is a community that survives and thrives.  Times change.  So do consumer preferences.  First and second ring suburbs that were initially built around the automobile are now figuring out…

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2015 Market Activity

Friday, February 13th, 2015 at 1:25pm. 402 Views, 0 Comments.

The Twin Cities regional housing market started 2015 on an enthusiastic note. Both seller activity and pending buyer activity increased relative to January 2014. Sellers introduced 4,497 new listings to the marketplace, 5.9 percent more than last year. Buyers entered into 2,986 purchase agreements, 7.8 percent higher than the pending sales count at this time last year. Inventory levels were lower, down 6.3 percent to 11,926 homes currently on the market. Many in the industry are expecting more inventory as we approach the spring market—both in a month-to-month sense as well as year-over-year.

The median sales price rose 8.5 percent to $195,000, the strongest gain since last February. This increase marks 35 consecutive months of year-over-year median…

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Can You Buy a Home if I Have Bad Credit?

Thursday, January 31st, 2013 at 12:14pm. 1374 Views, 0 Comments.

Your biggest issue will be your loan options... depending on your credit score.

The FHA has their own guidelines for loans they will accept and may be your best bet. Keep in mind that FHA is not a bank; it’s a government agency that insures loans from FHA approved lenders. While the FHA will have its rules, a bank will also have its own rules as well. Most banks today are only willing to finance FHA loans with credit scores of 640 and above. The FHA however will allow loans with credit scores as low as 540 with 20% down. Additional requirements are as follows:

• 2 Years of steady employment, preferably with same employer. Last 2 years Income should be the same or increasing.
• Credit report should have less than two 30 day late payments in…

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