Look for agents who have earned the Accredited Buyer's Representative (ABR) credential (visit http://www.rebac.net/) or who belong to the National Association of Exclusive Buyer Agents (http://www.naeba.org/), whose companies don't take listings from sellers. Interview agents for a good fit. The best ones will interview you, too, to scope out what you really want and put together a package of homes.
Submitted by Minneapolis Buyer Agent Mary Rugani.
As part of ongoing efforts to strengthen the Federal Housing Administration’s (FHA) capital reserves, FHA Commissioner David H. Stevens announced a new premium structure for FHA-insured mortgage loans increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. The upfront MIP will remain unchanged at 1.0%. This premium change was detailed in President Obama’s fiscal year 2012 budget, and will impact new loans insured by FHA on or after April 18, 2011.Why did they do this?
This premium change enables FHA to increase revenues at a time that is critical to the ongoing stability of its Mutual Mortgage Insurance (MMI) fund, which had capital reserves of approximately $3.6 billion at the end of FY 2010. The change is estimated to contribute nearly $3 billion annually to the Fund, based on current volume projections. It is vital that HUD take action to ensure that FHA will continue to serve its dual mission of providing affordable homeownership options to underserved American families and first-time home buyers while helping to stabilize the housing market during these tough times.What does this mean for homebuyers?
On average, new FHA borrowers will pay approximately $30 more per month. This marginal increase is affordable for almost all home buyers who would qualify for a new loan. Existing and HECM loans insured by FHA are not impacted by the pricing change.
Submitted by Minneapolis Realtor, Mary Rugani.
Most home buyers who claimed the federal tax credit of up to $7,500 for buying their first home in 2008 are required to start repaying the credit in 15 annualIf you took advantage of the tax credit you’ll want to read further.
installments, beginning with their 2010 tax returns.
The credit—some form of which was offered for qualified home purchases in 2008, 2009 and 2010—has different repayment rules depending on when and under what circumstances the home was purchased. As tax season approaches, this may cause confusion among home buyers who received the tax credit.
Submitted by Minneapolis Real Estate Agent, Mary Rugani.
During the [last] quarter, home values fell 12 percent in the Twin Cities metro area compared to the prior year, and Zillow said it was one of the worst quarters since it started tracking real estate trends in 1996.And estimates for improvement are not optimistic…
Estimates for a recovery in the Twin Cities metro area range from early 2011 to late 2012. Last month the local Realtors' association said Twin Cities home sales during 2010 were the worst on record. Foreclosures continue to play havoc with the market, keeping prices low and flooding the market with hard-to-sell inventory.
For more information, check out the full 2010 MAAR Twin Cities Housing Market Annual Report.Despite 2010 being one of the most tumultuous years since the 2007 recession, the worst is likely behind us. If 2010 could be described in five phrases, they would be: tax credit, no tax credit, historically low mortgage rates, record-high affordability and a sloth-like economic recovery.
It is estimated that 85% of electronics that can be recycled or donated aren’t.Do you have anything in your house that can be recycled? Locally there is a great nonprofit that will take any computers you might have on hand: PCs for People will take your computer, remove your private info, install new operating system and turn it around to sell it for a very low cost to a family in need. And they do it all with employees who are gaining workplace skills while getting off of public assistance.
Cell Phones for Soldiers is another organization you can donate your old cell phone to. They provide prepaid calling cards for U.S. troops stationed overseas with every donated cell phone they receive. Defying the groundhog's prediction of imminent spring, the Minneapolis Park and
Recreation Board has decided to extend the season for its skating rinks by two
weeks.The rinks are customarily closed around Presidents' Day when warm weather usually begins to make the ice difficult to maintain. But forecasts for continuing below-normal temperatures after this weekend prompted an extension to March 6 -- weather permitting. The extension covers 47 rinks at 23 locations.
There’s always a silver lining if you know where to look!
Submitted by Minnesota Buyers Agent, Mary Rugani
