Buying a Home 
There are currently 23 blog entries related to this category.
Razing Houses to Improve Housing Stock in the Twin Cities
Monday, October 31st, 2011 at 11:57pm. 393 Views, 1 Comments.
Quite a bit of Minnesota's housing stock is old and outdated. Though many are in decent condition, not all homes are worth saving and rehabilitating.
South St. Paul's Housing and Redevelopment Authority buys and razes these types of properties as part of a program to clear old lots for new housing. Started in 1996, the Rediscover South St. Paul program logged its 100th new home built on lots cleared of dilapidated houses.
South St. Paul went into the housing renewal business because it could not count on the private housing market to remove dilapidated homes, said Mayor Beth Baumann.
Although renewal is happening on its own in cities like Edina, where developers regularly buy small older houses, raze them and build large new homes at a profit, in South St.…
Healthier Indoor Air Radon Mitigation Standards Pushed for New Homes Constructed in Minnesota
Tuesday, September 20th, 2011 at 2:00am. 534 Views, 1 Comments.
Rules for mitigating radon gas inside homes constructed in Minnesota are some of the strictest in the nation, but the state Department of Health, concerned the rules don't go far enough, has a new request for builders.
Radon is a naturally occurring, invisible, odorless gas that can be found in soils throughout the United States, including Minnesota. Much like the name suggests, radon is also radioactive. The U.S. Environmental Protection Agency estimates that as many as 800 Minnesotans die each year from radon-induced lung cancer.
Though passive radon vents are already required by Minnesota law, the State Department of Health (MDH) is now asking builders to voluntarily install attic fans that can more actively draw out the toxic gas. So far, only a few…
August Twin Cities Home Sales Activity Offers Mixed Results
Tuesday, September 13th, 2011 at 1:39am. 492 Views, 0 Comments.
There have been noteworthy shifts for Twin Cities real estate. Buyer activity is increasing, while sellers are making fewer concessions to sell their homes. Falling supply and improving absorption rates in many communities also suggest that the market is regaining its balance.
Aaccording to the Minneapolis Area Association of Realtors, a few indicators posted improvement over August 2010. New Listings in the Twin Cities region decreased 10.7% to 6,144. Pending sales were up 46.4% to 4,358. Inventory levels shrank 21.4% to 23,502 units. The Median Sales Price decreased by 10.9% to $156,000. Days a property typically spent on the market increased 7.4% to 136 days. Absorption rates improved as supply of inventory was down 18.9% to 7.1 months.
Two other recently…
June is Home Ownership Month
Wednesday, June 22nd, 2011 at 3:58pm. 409 Views, 0 Comments.
For many citizens, owning a home is the definition of American independence. Because of how important home ownership is to Americans, June has been declared National Home Ownership Month. The theme this year is "Rural Housing/Rural Jobs."
During the kickoff of National Homeownership Month, U.S. Agriculture Secretary Tom Vilsack drew attention to the important role housing plays in creating jobs, maintaining viable communities and contributing to the economy. Since the beginning of the fiscal year, which began in October 2010, USDA Rural Development has financed about 80,000 home loans for rural residents.
"Housing drives rural economies and supports healthy rural communities," Vilsack said. "About 50 million Americans call rural areas home, and safe,…
Many believe down payments for homes are out of reach
Thursday, June 9th, 2011 at 9:01pm. 385 Views, 0 Comments.
It's a great time to buy a home - if you don't have one to sell. And you have good credit. And money for a down payment. Though mortgage experts say that loans requiring less than 20% for a down payment are available, don't expect much if you don't have some money saved. Wait, it's a great time to buy a home, but for whom?
According to the National Foundation for Credit Counseling’s (NFCC) May online survey, the dream of home ownership is out of reach for many. The NFCC asked consumers about their ability to meet current down-payment requirements for buying a home in today’s market. Of the more than 2,000 respondents, 49% admitted that they’d never be able to save enough money for a down-payment on a home.
That's nearly half! This is discouraging news for…
Downsizing Into a Smaller Home
Monday, May 2nd, 2011 at 2:04am. 724 Views, 0 Comments.
Many people want to live at home when they grow older. Often that first means moving into a smaller, more manageable home.
The "Smart House, Livable Community, Your Future"
exhibition explores the housing trend of "aging in place" through a
display "house of the future" that accommodates the special needs of the
elderly. But what about the people who are advancing in age and ready
to make a decision about housing now? Downsizing from a family home when
people hit their 50s, 60s or 70s doesn't mean they have to relocate to
an apartment, townhouse or condominium. A smaller house with only the
rooms and key features one really wants can help people remain
independent for years to come.
Here are some points to consider for downsizing:
Today's Home Buyer Trends
Thursday, February 24th, 2011 at 4:37pm. 834 Views, 0 Comments.
As signs that the economy is recovering appear, many homeowners are thinking about remodeling or upgrading to new spaces. But what does the current home buyer want? Real estate agents, builders, architects and interior designers say the answers are casual, comfortable, convenient, budget-friendly and environmentally conscious. What does that mean?
Large Kitchens: A large, open kitchen with an informal dining area is now a mainstay. People are not as inclined to pump extra money into a three- or four-car garage, but in the kitchen, people are willing to splurge. Specialized appliances like espresso machines, built-in steamers and high-end ranges also are in vogue.
Smart Rooms: Custom builders have noticed a 15% decrease in living space of newer homes, but an…
Dakota County First Time Home Buyer Program
Wednesday, January 26th, 2011 at 9:39pm. 791 Views, 0 Comments.
Missed out on the $8,000 federal tax credit for first-time home buyers? The Dakota County Community Development Agency's First-Time Homebuyer Program is available to qualified people seeking to purchase a home within the county.
The program offers up to $10,000 in down payment assistance and low-interest, fixed-rate loans to people who qualify and decide to buy within Dakota County. The amount of down payment assistance varies by income and comes in the form of a no-interest loan. For example, a two-person household could qualify for down payment assistance if their combined income is $84,000 or less and the house they are buying does not cost more than $276,683.
All participants attend classes to learn about budgeting, credit scores, mortgages and the real…
Walkability Score a High Priority for More Home Buyers
Monday, September 6th, 2010 at 5:15pm. 603 Views, 0 Comments.
According to Realtors, more and more prospective home buyers are making neighborhood walkability a priority in their search for a residence.
Along with bedrooms, bathrooms, and square footage, the "walkability" of a home's neighborhood is a hot topic among many house hunters. Real estate agents say the walkability factor has become more prominent for a variety of reasons, including increased gas prices, concern for the environment, even the convenience of having a choice to take a leisurely stroll for a gallon of milk instead of succumbing to the stress of fighting traffic and hunting for a parking spot.
Now a new free online tool called Walk Score rates a neighborhood's walkability and helps prospective home buyers determine what listings at which they…
Home Selling / Buying Season May be Unpredictable in the Twin Cities
Tuesday, May 25th, 2010 at 11:34pm. 446 Views, 0 Comments.
The real estate news in the Twin Cities is a mixed bag.
The final month of the home buyer tax credits and fewer foreclosure homes available for purchase raised home prices in April. The median sales price of a home sold in the Twin Cities metro area rose to $169,800. That is an 11% increase from April 2009. It was the fourth consecutive month of year-over-year price increases. It was also the fourth straight month of month-over-month increases, with prices up more than 8% since January.
This good news for home sellers may be short lived, though.
The $8,000 federal first time home buyer tax credit has expired, and so apparently has demand for resitential real estate. Pending home sales in the Twin Cities for the week ending May 15 were one-third lower they…
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