Paige Cain\’s Blog

It is a fantastic time to buy a home because the trifecta of opportunity has come together¦We have amazingly low interest rates, abundant inventory and the $8000 tax credit.

Well, as we are sure many of you will agree, moving is never an easy decision or endeavor. When we decided that we wanted to take our business to the next level, we knew joining Counselor Realty of Rochester was the next logical step. We want to continue to grow our real estate business, and Counselor Realty of Rochester provides the training, tools and technology that will help us reach our goals.
 
Now more than ever, we have the right people in the right place to service you and prospective clients in the future.   We have team members who are even more specialized in specific areas.   From handling the details of new listings, to assisting buyers with their home search, to networking with other real estate agents to promote our represented properties.
 
If you have a friend, relative or even yourself that needs real estate solutions in the future or have any questions regarding the current real estate market we are ready and appreciate the opportunity to serve.
 
We look forward to this incredible opportunity to provide superior service.   Please do not hesitate to contact us with any of your questions or comments @ (507) 536-6296.
 
Sincerely,
 
Paige Cain, Realtor ®
Denise Haywood, Office Manager
John Westgard, Realtor ®
 
Counselor Realty of Rochester
3338 19th St NW, Suite 102
Rochester, MN 55901
P: (507) 536-6296
F: (507) 536-6297
www.PaigeCain.com
info@PaigeCain.com

Did you know that nearly 2/3 of all real estate sales in 2007 were second home or investment properties? Rochester, MN & Surrounding Area

In our new Millionaire Real Estate Investor Workshop, you will discover:

·                 How to develop the mindset of a Millionaire Real Estate Investor.

·                 Sound criteria for identifying great investment opportunities.

·                 Proven and test models to help you build your real estate investment portfolio.*

The Workshop is based on the book The Millionaire Real Estate Investor, written by Gary Keller, which collects the wisdom and experience of more than 100 individuals who built financial wealth through real estate investing. A New York Times best seller, the book reveals the investor™s proven strategies and summarizes their actions into straightforward and easy-to-follow models.

Attend the Workshop and receive a copy of The Millionaire Real Estate Investor and the most current Best Buy List.

Workshop Information

Date: Thursday, November 13, 2008

Time: 6:00-8:00 PM

Location: Keller Williams, 2765 Commerce Dr NW, Rochester, MN

Presented by: Chas Wilson, Wilson & Westgard Team

Cost: $40.00 and includes the Millionaire Real Estate Investor Book and Workbook.

For more information, please call (507) 288-3456 or visit the below website.

http://www.wilsonwestgard.com/custompages_reports/clinic.htm

Spaces are limited so please RSVP today at 507-288-3456 or by email info@wilsonwestgard.com

 *Like any other endeavor, your success as a real estate investor will depend primarily on your own effort and ability.    

In almost every case, you can save yourself time and energy by using a reputable moving company to help you move.        

Ask your sales professional, friends, and co-workers for recommendations,    most would much rather give that then help you move.   Then get estimates from several companies   and  don’t choose a mover based on price alone ” consider the reputation and professionalism of the company, too.     Work closely with the moving company to coordinate your efforts and your move will be achieved with maximum efficiency.    

If you are one of the lucky few with strong backs and friends with muscles you may find it more cost effective to go another route.   For example I offer my buyers and sellers the free use of a 14 ft moving truck.   You could line up friends and family and use the free truck.    Then for the price of a pizza, some beverages and gasoline you could have the job done.

The    real estate  professional who presents you with the results of your    Market Analysis   will provide all the data that establishes fair market value. Then, based on your own timing and marketplace variables, your real estate professional will be willing to help you establish a competitive pricing strategy. Generally speaking, the owner’s asking price ” the advertised price of a house when it goes on the market ”    should be very close to fair market value in order to be appealing to potential buyers.   You can assume that some negotiation will be necessary to reach an agreement with a buyer so you still may not get an offer for full asking price.  

The question I am asked most as a Real Estate Agent is œHow is the market? The national news tells us that the market is down. We all know you can™t believe everything you hear one TV and this is one of those things. There really isn™t anything such as a œDown Market. There are really two kinds of real estate markets, a œBuyer™s Market and a œSeller™s Market.

We are currently in a œBuyer™s Market.  I™m here to tell you that homes are being listed and sold every day in Rochester, MN and the surrounding communities. People are still moving up and downsizing depending on their personal needs. Also, a œBuyer™s Market is a great time for investors to either start or add to their portfolio. So my answer to the question œHow is the market? is: œGreat! Things are happening every day and I love what I do!

Here is some information about the “credit crisis” from  mortgage expert David Reed. To find out more about David go to www.cdreed.com.

“You™ve watched the news and read about it in the papers.  You know, the œcredit crisis and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren™t making loans anyway. So, why bother, right? Wrong!

We™re right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers.   It seems the press just can™t get enough of all the gloom and doom in the housing industry.   The fact is that mortgage money is as available today as it was a year ago and loans are being made this very moment with little or no money down. And, no, platinum credit isn™t required.   You just need to know where to look.   Who are these lenders? They™re right down the street.

Federal Housing Administration (FHA) loans are exploding onto the mortgage scene; recent estimates are that one out of five mortgages are FHA loans. FHA loans never went away, their reemergence is a result of the collapse of the sub-prime market. FHA doesn™t technically have a minimum credit score, although, in practice, lenders won™t approve an FHA loan with a credit score below 500. But that™s a far cry from the notion that an 800 score is the only thing lenders care about.

The best part?   FHA only requires 3 percent down. 3 percent. And that 3 percent can come in the form of a gift or grant.   FHA borrowers only need to have $500 in a transaction.   All the while, FHA mortgage rates are as good or better than their conventional counterparts.

Low or no down payment, extremely competitive rates and easier qualifying.   No wonder FHA is moving up the charts!”

The media would have you believe that you would have to be out of your mind to buy a house now. As any real estate expert would tell you, the truth is that now is a great time to be buying a home. Whether you are looking for your first home, looking to build your investment portfolio, or anything in between  we can help.

Foreclosures and Pre-foreclosures not for the Impatient

In this real estate market ripe with opportunity for a bargain make sure you are ready for the timeline involved.   Yes, there are a lot of homes available.   And yes, many of the best bargains are in the foreclosure, pre-foreclosure and short sale arena.   The warning you must heed is that the banks make most decisions by committee.   Committee is definitely not the fastest way to get a decision finalized.  

The main reason for this huge time commitment is there are anywhere from 2-4 times more loans in this situation today then there were just one year ago.   Depending on the bank that is holding the loan on the home you are interested in they may not have had time to hire the manpower necessary to facilitate all the offers they are receiving.  

The second reason for the delays is there are a lot of real estate agents learning this new arena as they go.    This means the few employees the bank has are frequently busy answering basic procedural questions that distract them from their other duties.

So remember, if you are looking for a bargain make sure you have the patience necessary to see this process through to the end and make sure your real estate agent knows what they are getting it to.  

Thankfully the Rochester area hasn’t seen a major decline in the market like other areas of the country. The market here has shifted enough to make sellers a little more nervous. The inventory is up and prices have come down slightly. But don’t worry, homes are still selling! According to MLS statistics of the first half of the year there were 1,091 listings that closed with an average sale price of $194,890 and an average days on market of 115 days. For the same time period in 2006, the number closed was 1,155 with an average sale price of $196,941 and an average days on market of 113 days. Not a huge change from last year. The average days on market can also be a little deceiving. There are many homes in the area that are selling under 60 days or even under 30 days. The main difference between those houses and the ones that are on the market for over 120 days is condition and price. The houses that are selling in this slower market are the ones that are in the best shape and are priced aggressively. Staging a home to show it in the best possible light has never been more important than it is now. One of the problems with being able to price a home to sell is that many people want to price it based on what they œfeel it is worth or what they œneed to get out of the sale. The problem with that is ultimately buyers control prices. A buyer doesn™t have as much of the emotional attachment to the home and bases the purchase price off of comparable homes, not what the seller œfeels the home is worth. Buyers also are not willing to pay an inflated price because the seller œneeds to sell for a certain price. If you are thinking about selling your home give us a call or send us an email and we can talk in greater detail about your specific situation.  

What a lot of people don™t realize is that now is a great time to move up to a larger home, since it is a GREAT time to buy.