Learn About Changes Occurring in the Mortgage Market that Could Affect Your Buying Power

Looking to buy or sell a home in Twin Cities, MN? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (651) 481-6711 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hello, welcome back to my video blog. Today I will be discussing some shifts within the mortgage market. There are two big changes and two big buzz words that I'm going to inform you about.

• One of the big changes that you will notice is a maximum of 3% in lender-charged closing costs.
• There will also be more stringent qualifications for loans, changing from 45% to 43%. For example, if your monthly income is around $8,000, then this will change your purchasing power by $30,000 with current interest rates.
• Rebuttable Presumption is a word you might start to hear more often, and it refers to a lenders requirement of not only looking at a borrower's ability to pay, but also their willingness to pay. This will force lenders to start looking at unforeseen changes in the borrower's status that would affect their ability or willingness to pay a loan, which will also require more documentation.
• Another change is that their will no longer be advertising for negative loans or interest-only loans.
• Also, government-backed loans (FHA and VA loans) will not be changing.

You can also expect home prices to continue to rise, making real estate a great investment.

That's all I have for you today, but if you have any questions or concerns please contact me at (651) 481-6711 or email at TheVannesteGroup@gmail.com

5 Key Factors to Prepare You for Market Competition

Looking to buy or sell a home in Twin Cities, MN? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (651) 481-6711 for a FREE home buying or selling consultation to answer any of your real estate questions.

An important thing to consider when selling a home is the competition that you will face in the market. Although there are many different considerations to take into account during this process, you can never underestimate the competition.

1. How updated is your home compared to others? Is your paint fresh and carpeting new and clean? How about your appliances? The more updated everything is, the better edge you will have against competing sellers.
2. You must also take into account the square footage of your home. Do you have a finished basement? If not, would you be willing to invest in one to sell it?
3. How is your curb appeal? Although this will differ from season to season, your home should look as inviting and welcoming as possible whenever you're attempting to sell it. That means plowing the driveway in the winter, raking leaves in the fall, and mowing the lawn in the summer.
4. Location is key, too. Are you near a school or a busy street? Is your home on a corner or in the middle of the block?
5. Is your home updated mechanically? Do you have a new roof or furnace? Different models will have different problems, so be sure to know the aspects of your home's hardware, as buyers will surely want to hear about it.

Buyers will be looking for these 5 features: updates, square footage, curb appeal, location, and general mechanics. These are five important aspects to consider about your competition. By sizing up your 'opponents', you can formulate a winning strategy that will bring potential buyers to your property.