Real Estate Insights
For both home sellers and home buyers. Up to date information for the Twin Cities real estate market. This includes informational videos, market trends, home buyer and seller strategies, timely articles and good old fashioned advice.
Short sales and foreclosures. Will they rear their ugly heads again in the Minneapolis Saint Paul real estate market? If you watch things that have trended over the last year there's a strong case that it could happen. There's some who are even betting on it. The larger question is to what degree?
A decade ago, when the market crashed a lot of homeowners at that point were underwater. They owed more on their home then the home was currently worth. Which led to for closures and a huge number of short sales. Essentially the difference between the two is, a foreclosure is a home that's already gone through the foreclosure process and is owned by a bank or investment group. A short sale is someone who still owns a home that's trying to allow the bank to sell them for less than what the home is currently worth. By avoiding the full-on foreclosure process, it keeps them from completely ruining their credit for the next 10 years. Having said that though, short sales are a very tricky thing and require a lot of skill, and the right agent to help you get to that point where you can purchase the home.
Once the government as remove the moratorium on rentals as well as people who are delinquent in their mortgage payments, you will start to see foreclosures pop up in some short sales. The difference this time is that many homeowners have equity in their home even if they haven't been paying a mortgage for over a year. There's a good chance if they start early in sell the home off, they can get out from under their debt and walk away with some money. The people who are going to fight it till the bitter end will be the ones who will end up losing.
The question is, will this happen? And if so, when? The only information I can offer up at this point would be a guess. Perhaps sometime in the second quarter of 2022. The other thing that will influence a lot of this is interest rates. The video below talk some more about as a home buyer, should you consider buying a short sale or a foreclosure.
The real estate market in the Minneapolis Saint Paul metro area has clearly shifted and now the general public is starting to see that. As a result like with most change, there's a lot of fear that comes along with it. I thought I would take the time to explain what's going on in the market. This will help you as a home buyer or a home seller to better understand the best way to position yourself when buying or selling a home this year.
Should I buy a home or rent? That is a question only you could answer. But I can at least share with you the benefits of owning a home. I've had friends through my life that I've always rented because they may want to move to New York City or some other location around the globe. Funny thing is, 30 years later they still live in town and never moved. At this point they're so deep into the rental trap that they'll never get out.
To me the number one reason to purchase a home is for financial freedom. Once it's paid off you've established an asset and it's one of the first steps that you can take to financial independence. Check out this video, there's more wonderful reasons.
I have created an interactive PDF for the book I wrote; First time home buyers guide, everything you need to know to buy a home. Within this PDF are highlighted phrases that lead you to videos explaining a subject in more detail. This is the introduction video to the book. It is a great tool for all home buyers. Even if you have purchased a home before and would like a refresher course on the steps to buying a home. I will follow this up with other videos in the coming week. So please stay tuned to this webpage for updates.
One common home buyer question that I receive on a regular basis is, are home property taxes and real estate taxes the same thing? The answer to that is yes, they are. But where the confusion comes from is your point of reference for the information in the first place. What I mean to say is depending on what article you read in the newspaper or blog online. Some refer to it as property taxes and others refer to it as real estate taxes.
What closing costs are associated when buying a home? And what's the difference with those versus seller paid closing costs? This is typically one of the first questions that I will answer for any potential home buyer. It is important to know ahead of time what your bottom line is. There should not be any hidden closing costs or hidden fees? But at the same time to avoid that you want to have an idea of what your costs are to begin with.
The video below will give you good idea of all the closing costs and how they differ for you in several situations. Meaning buying a single-family home versus a townhome have different costs. This tutorial will help you in 5 minutes learn more about this subject and will help you moving forward.
If you are buying a home, chances are you don't really know all the steps to purchasing one. Especially if you are a first-time home buyer. And why would you? This isn't something that you do every day and that's why you hire A licensed real estate agent. They will help you through the process by answering all of your questions.
One of the first questions most homebuyers ask is are there any hidden fees when buying a home? The obvious answer should be no but unfortunately in the world we live in there are some agents that either don't know or won't tell you the truth. This five minute video will answer this question and give you a lot of helpful information to make sure you know the answer.
Everybody has heard the horror stories about buying and selling homes. I can attest that after 18 years of being a licensed real estate agent that many of those situations could have been avoided simply by making sure you take the time to cover all of the bases. What I'm trying to say is so many agents nowadays seem to skate over the details because they're moving on to something else that some of the most basic obvious things can be completely missed.
As a home buyer or home seller, who you hire to take care of you in a transaction can make all the difference as to how everything plays out. As a licensed realtor I have a fiduciary responsibility to you that I take very seriously. I've seen some pretty bad stuff happen over the last year that I believe is misrepresentation on the part of some of the real estate agents. To protect yourself, you need to be aware of the different things that are happening in the market. Take a few minutes of your day and watch the video below. It will teach you how to protect yourself and what to look out for.
1015 Lilac Court Shakopee, MN 55379- Home For Sale. Take a tour of this lovely town home with all living on one level. It features 3 bedrooms, 3 bathrooms and over 2400 finished square feet and so much more!
Understanding the difference between a contingent off and a non-contingent offer can make all the difference for both a home buyer and home seller. This short video explains the in's and out's of contingent offers Before you buy a home or sell a home, you will want to understand this information.
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Meet Tom Sommers Top Real Estate Agent in the Minneapolis St. Paul Metro Area
Tom is great! We were first time home buyers and we could not have had a better person to guide us through. He helped us get things done when they needed to get done and kept us calm when things didn't go as planned. He was always ready with the next step
-Rachel Williams, Client
I was looking for a realtor and a house I liked popped up in my neighborhood. I called Tom and we looked at 2 homes that evening and I put offers on both homes after seeing them. Tom was very professional, punctual and gracious. When I said I wanted to buy those homes, he was wonderful and encouraging me to put in good offers for the home. He stopped over at my house …
-Jeffrey & Nelya R., Client
I had moved away from my beloved city for fifteen years. When returning, I felt compelled to look for a home in my familiar neighborhoods. Knowing the changes that had happened around town, Tom convinced me to expand my search to better suit my needs. He was right, and I have never been happier in a home. I recommend Tom Sommers highly in all aspects of your search for a …
-Jonny Clifford, Client
My selling of my town home with agent Tom Sommers of Edina Realty was a new uplifting experience. Short sales are very complicated. The whole process can be frustrating and difficult. Tom’s professionalism and excellent communication skills took center stage when dealing with the banks employees and negotiators. From the purchase agreement to the many obstacles …
-Greg P., Client
We had an amazing experience in selling and purchasing one of the biggest investments of our life thanks to Tom Sommers. We did a lot of research on reputable and successful real estate agents who had sold homes in the area of our last house. We needed an agent that was known in our area to be able to get our home sold in a down market. Tom was wonderful to work with …
-Bradley K., Client