The truth about the real estate market!

5 Real Estate Myths for sellers!

Myth #1: Now’s the absolute worst time to sell.
Not necessarily. It depends upon where you live.
Many of the worst hit markets, like Las Vegas,
Phoenix or San Diego, are already beginning to
turn around. And if you’re a homeowner who wants
to trade up, the loss you’ll take on your current
home will be more than offset by the bargain
you’ll get on the next one.

Myth #2: Never respond to a low bid.
All buyers today feel obligated to put in low-ball
offers to see if the seller bites. If you respond with
a reasonable counter offer, most buyers can be
convinced to come up in price and make the deal.

Myth #3: The first offer is never the best offer.
Most sellers believe that it’s smart to hold out for
something better. But four times out of five,
the first offer is the best you’ll ever see.

Myth #4: ‘I can always reduce my price later.’
Sellers often price their home high for a few
weeks just to test the market. But buyers shop
by price bracket and if your house is in the
wrong one, you’ll just help sell everyone else’s
home while yours sits there overpriced.
Reducing your price later in small increments
puts you in the position of chasing the tide as
it goes out.

Myth #5: Before you refinance, shop around.
You can if you want, but you’ll usually get the
best deal from your current lender. And you’ll
be able to negotiate your closing costs.
Source: Barbara Corcora

If you are thinking that now may be the time to sell…give us a call. We specialize in helping sellers get their home sold!

Call us for a free market analysis on your home!

Tony Ashworth
952-997-8899

www.homesbytonyandlori.com

Thinking of buying a home? Time to get off the fence!

Buyers Shouldn’t Wait on Falling Prices. Advice for Buyers who are on the Fence.

Fear of overpaying for property is common these days, especially in places like New York where prices continue to be unstable.

If you encounter potential buyers who are frozen because they are concerned that they will pay too much, here are some factors to point out:

*Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they were first considering it, instead of continuing to pay rent.

*Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.

*Interest rates are headed up. If prices decline by another 10 percent, but interest rates increase by 1 percentage point, the monthly payment will be the same.

Source: The Wall Street Journal, Douglas Heddings (07/27/2009)

If you are thinking of buying a home in the Minneapolis / St. Paul area, give us a call. We would love to earn your business!

Tony & Lori Ashworth
952-997-8899

How to buy a short sale in MN!

Often times in this real estate market, buyers and even agents are hesitant when it comes to buying a short sale or a foreclosure.

The main reason is often times education! Many agents are afraid of dealing with a short sale because they don’t know how!

The process of writing an offer on a short sale listing can be frustrating. It often times, takes over two months to even get a response from a bank. The wait is not fun for anyone involved. The buyer is emotionally involved with the home already, but as time goes on, the emotions that we were once there, have diminished over time.

Buying a foreclosure is often an easier & faster process, however this process is also a risky option for a buyer. An “As Is Addendum” is almost always required by the bank. What does this mean to the buyer? It simply means that the “unknowns” are now the buyers responsibility after closing.

Buying any home in any market is a big step, and one that should not be taken lightly. If you are a buyer and are thinking of purchasing a home, do yourself a favor, and use a Realtor.

When choosing an agent, choose one that is reputable! Ask around! Ask for testimonials! And often times, go with your “gut feeling”.

There has never been a better time to buy a home in MN. The $8,000 tax credit for 1st time buyers is just icing on the cake!

If you are thinking of buying, and are looking for an agent to help, please give us a call.

We love helping buyers find their dream homes!

We look forward to earning your business!

Tony and Lori Ashworth
www.homesbytonyandlori.com