Rochester MN Real Estate Market Blog

In the current economic climate, foreclosure sales are increasingly common.  Frequently these properties are appealing because they are priced to sell, often well below market value.  However, there are several obstacles and pitfalls that a buyer can expect to encounter.  The savvy buyer knows that forewarned is forearmed and approaches the purchase of a foreclosure [...]

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Amid the economic upheaval, there is good news for first-time home buyers – a tax credit of up to $7,500.  Even better – the definition of first-time home buyers includes those who have not owned a principal residence in the three year period prior to purchasing a qualifying home.
The tax credit, established through the Housing [...]

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Obtaining home mortgage these days has gotten a little more involved but is still relatively easy to obtain if your income is in line with your debts and the house you want to buy is in a price range that is affordable for your budget.  The last critical element is good credit.  With good credit you’ll [...]

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The media has made much to-do about the housing crisis but is it really a crisis at all?  Yes real estate sales have been down slightly in the Rochester area for about the past 18 months but that is coming off the heels of almost 10 years of unprecedented growth.  Prices in the Rochester area [...]

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My theory throughout my career has been if you can freely offer people solid and helpful advice you’ll stand apart from crowd.
When the internet started to be used by the masses, I saw it as the perfect venue to offer buyers and sellers a resource where they could get their various real estate questions answered. [...]

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For several years low interest rates and low down-payment percentages enabled home buyers to get into increasingly larger and more expensive homes. As home prices rose, home sellers took advantage of the “equity” in their existing homes to move up to even bigger, more expensive homes. Housing prices continued to rise, bringing talk of a [...]

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Every book I have read on trying to time the stock market says don’t. Most financial advisors recommend getting in and staying in with the proper asset allocation for your particular risk tolerance. When the market is up you’re in good shape, and when it goes down you have some protection built in through your [...]

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When you bought your home, chances are pretty good that you paid a professional home inspector to check it out before you bought it. It may have been especially useful at the time in your decision regarding the home’s value. But do you know what you did with the report once the purchase negotiations were [...]

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There’s an old real estate rule of thumb that the first offer you receive is usually the best one. I’ve run into this with several listings where the seller received an offer early on, made a stiff counteroffer back to the buyer and the buyer headed for the hills. In some cases, as much as 24 months [...]

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In a competitive market with fewer buyers, more homes for sale and longer market times, you want to do everything you can to be sure your home doesn’t linger on the market. Listings which expire without selling and often without a single offer become harder to sell at the best price.
While you can’t control the [...]

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