Sellers often believe the best time to list their home is in the spring. It’s traditionally considered the hottest time for the real estate market. Buyers are out in force looking to move in warmer (but not hot!) weather and in time to get children registered for school. When sellers think spring, they usually think May or June. However, that is not when the spring market gets rolling.
March is actually the kickoff to the spring real estate market. Buyers don’t want to rush finding a home. They want to have time to find the right house. Beginning a search in March allows them that time without house hunting in cold conditions. Those that were looking in the winter are even further along in the process. The biggest buyer pool begins in March and sellers don’t want to miss out on that.
There are a few other reasons March is the start of the spring market. Relocation clients begin to enter the market at a higher rate. Tax season creates more buyer demand. Overall people are moving from hibernation mode to do-something mode.
So, if you’re ready to sell your home now is the time to start preparing. Get your house in showing condition and call a Realtor today. You will be primed for the spring real estate market.
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In an effort to boost the real estate market, FHA has extended its 90-day seasoning waiver. What does that mean? If an investor purchases a home with plans to fix it up and then sell it, he or she does not have to wait 90 days before listing the home for sale. The purpose is to encourage more investors to get in the market and to provide more options for buyers.
There are requirements that must be met for the waiver to be allowed. For example, all transactions must be arms-length. There can be no identity of interest between the buyer, sellers, or other parties involved in the transaction. There are also rules relating to sales price, marketing, and title. The waiver applies to sales contracts executed between February 1, 2011 and December 31, 2011. The waiver can be extended or withdrawn at any time.
It is important to note that the extension of the waiver does not guarantee transactions will go smoothly. Individual underwriters may not approve loans for homes being sold in such a quick timeframe. We would recommend that sellers wait 90 days after a purchase before marketing it for sale to ensure a better transaction for all.
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Every month brings home maintenance projects to keep your home in tip-top shape. Here’s what you need to do in February to keep your home beautiful for years to come!
- Make a list of major indoor projects that need to be done. Prioritize them so you can get the most urgent out of the way before the garden and yard (and warm weather) claims your attention.
- Check and clean grout between tiles in your kitchen and bathrooms. Re-grout if necessary. Add sealer to finish.
- Check flooring and carpet. If it needs repair or replacement, take advantage of sales now.
Do you have any tips to make these home maintenance projects easier? We’d love to hear about them in the comments!
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The Minneapolis Association of REALTORS released The Monthly Skinny for January 2011. Watch and learn about the latest real estate market news of the Twin Cities. There’s always something interesting to learn about!
Monthly Skinny January 2011
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According to a National Association of REALTORS® survey released in January 2011, home owners and renters agree that home ownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy.
The American Attitudes About Homeownership survey found:
- 95% of homeowners and 72% of renters believe that over a period of years it makes sense to own a home.
- Despite the downturn in the economy, 93% of homeowners would buy a home again.
- More than half of owners (56%) are “very” or “extremely” satisfied with the overall quality of their family life, only 36% of renters report the same levels of satisfaction.
- 63% of renters say they will purchase a home sometime in the future.
- 18-24 year olds have the strongest desire for home ownership.
Even during this rough economic cycle, homeownership is still desired by most people. The benefits of owning a home just outweigh any negatives. This survey shows there will also be people looking to own a home.
~Information from the National Association of REALTORS®~
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Sellers often believe the best time to list their home is in the spring. It’s traditionally considered the hottest time for the real estate market. Buyers are out in force looking to move in warmer (but not hot!) weather and in time to get children registered for school. When sellers think spring, they usually think May or June. However, that is not when the spring market gets rolling.
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