Thursday, September 15, 2011
The low mortgage rates mean you can buy at the same rate when that rambler was built.
This September, mortgage rates dropped to the lowest point in 60 years. To give some perspective, here’s what was happening the last time rates were this low: 1) The average cost of a house was $9,000, the average family income was $3,700, a new car cost $1,500, and gas cost $.19 a gallon. 2) There were 48 states in the United States. 3) Humphrey Bogart and Katharine Hepburn took home Oscar’s best actor and actress for "The African Queen." 4) Soap operas "Search for Tomorrow" and "Love of Life" debut on TV. 5) The first direct dial telephone calls are made. 6) The term “Rock and Roll’ is first used. 7) "Come on-a My House" sung by Rosemary Clooney is a the song most played on jukeboxes. 8) The US armed forces begin racial integration. 9) …
Thursday, August 4, 2011
Five more featured home for sale.
Homeowners looking for a relatively painless way to gain equity and shorten the life of a mortgage could try the following technique: pay your lender an extra mortgage payment at the first of the year. During the first few years of a mortgage, most of the money paid is going to pay-down the interest. One extra payment every year, at the beginning of the year, will lower the amount of interest owed for that year. In the life of a 30-year loan, this extra payment can trim six years off a mortgage. Even if you plan to move away in before the end of the loan, you’ll still save money. If you think that it might be too difficult to come up with the extra dollars, especially after the holiday season, try putting the money aside for each month. …
Thursday, July 28, 2011
There are a lot of variables, but things may be looking up.
According to research by the number crunchers at Coldwell Banker, out of 45 Minnesota cities, the average price of a single-family home in Richfield, between September 2010 and March 2011 was $216,154, just above Minneapolis and just below Burnsville. Ranking 30th statewide, this put the price of Richfield homes more than $4,500 above the state average. During the previous year, the median sale price was only $170,000. Does this indicate a recovery? Part of the price rise was that many homes in Richfield were short sales or lender owned, pushing the price of all homes down. Default notices are dropping nationally, but Minnesota has one on the highest rates of bank-owned sales in the country. This was good for first-time buyers, many of …
Thursday, May 19, 2011
Richfield House Hunt features five stylish homes.
Buyers need to put money aside for expenses that will arise between making an offer and closing on their dream home. The first expense is earnest money, a good faith effort to show the seller that the offer is not frivolous. Earnest money is often one or two percent of the offering price and usually in the form of a personal check which will be cashed and put into escrow account with the listing agent’s company, where it is held until closing. At closing, it will become part of the down payment. Additionally, if the buyer balks after all the paperwork is signed by both parties and the contingencies, such as inspections, are removed, that money can be forfeited. However, there are common exceptions such as the home not appraising for the …
Thursday, May 12, 2011
Homeowners are sprucing their properties up with new paint and other upgrades to attract buyers looking for move-in ready homes.
With foreclosures and short sales exerting price pressure on the Richfield housing market, homeowners selling traditionally need to add extra incentives to attract buyers who want move-in ready homes. The answer for many has been to update or remodel their homes to compete against other updated homes on the market. New kitchens are common and often include stainless steel appliances and granite or Cambria countertops. Elsewhere in the home, sellers freshen up with new paint and carpet or newly refinished hardwood floors. Neutral beige and white is out. Many homes have the colors of the decade such as sage green, peach or sunny yellow, but others opt for dramatic and bold colors. This week's Richfield House Hunt features homes with great …
Thursday, May 5, 2011
Buyers looking to purchase in Richfield have many options.
Richfield homes are more affordable than in many other metro area suburbs. There about 145 homes for sale under $200,000, 41 between $200,00o and $300,000 and six priced over $300,000. Many of this week's featured Richfield House Hunt homes have special touches that are not typically seen in lower priced homes. Unlike some Richfield starter homes, these are homes bought by buyers who are looking to move up. Here are the details on this week's featured homes: House No. 1: 6233 14th Ave. S. Listed by Keller Williams Premier Realty Price: $210,000 Taxes: $2,317 Description: One and a half story; five bedrooms, two bath and 1,923 finished square feet. This unique looking home has hardwood floors, natural woodwork, a beautiful new kitchen and a…
Thursday, April 28, 2011
Many good homes are available in Richfield for under $150,000.
For those homebuyers looking for good deals in Richfield should have no trouble finding solid, well-built homes under $150,000. Whether you are looking for single-family homes, a condo or a senior living option, there are a lot of choices. Here are five homes at affordable list prices: House No. 1: 6615 Lake Shore Dr. S. #1116 Listed by Coldwell Banker Burnet Price: $54,000 Description: Senior citizen living; one bedroom, one bath and 745 finished square feet. This senior apartment has a screened balcony off of a formal dining room, which overlooks urban forest and is perfect for morning coffee. There is also new carpet and fresh paint. The association fee includes community, party, game and hobby rooms, a workshop and an in-building salon…
Thursday, April 14, 2011
Richfield House Hunt is back for another week with five more properties.
Looking for a home in Richfield? Well here are some things you should know: What does this mean for homebuyers and owners? Lower home insurance rates! Here are the five featured homes in this weeks Richfield House Hunt: House No. 1: 7337 Clinton Ave. S. Listed by Coldwell Banker Burnet Price: $159,900 Description: One and a half stories, three bedrooms, two baths and 1,909 finished square feet. There house features natural woodwork, a skylight, stone fireplace, bay window and hardwood and tiled floors. The home is bright and sunny short-sale, with a walkout to a deck and tree-shaded and fenced backyard. House No. 2: 6507 Bloomington Ave. Listed by Edina Realty Price: $125,000 Description: One story, two bedrooms, one bath and 724 finished …
Thursday, March 17, 2011
Patch's House Hunt profiles five homes on the market in Richfield.
More new listings are coming on the market as the weather warms up and mortgage rates are still affordable. Current interest rates are just under 5 percent for 30-year conventional loans and are at 4.75 percent for FHA. However, the rates are expected to rise soon because of both bond market fluctuations caused by the earthquake in Japan and the upcoming meeting of the Federal Reserve.