First Time Home Buyers

Have you been thinking about buying your first home, but don't know where to start?  I'm here to tell you how.

Step 1:  Get your finances in order. 

• Have on hand your tax returns, W2s, bank statements and pay stubs.   
• Have a little nest egg.  There are programs out there still where you only need as little as $1000 of your own money but the more you have saved, the better.

Step 2:  Make an appointment with a real estate lender. 

• If you don't know one, I'd be happy to refer you to someone I trust
• There you will get a pre-approval that tell you how much you can afford and will help you with negotiations further down the line.

Step 3:  Come see me, your trusted Realtor.

• I will walk you through the process of choosing a home and take you the rest of the way through your purchase.

If you would like a more comprehensive guide I will send you one, free of charge!  Just shoot me an email or give me a call.

Changes to the Homestead Benefits

A short while ago I was asked at a closing what had become of the Homestead Tax credit in regard to property taxes. I'm sure there are plenty of questions as to how this will effect homeowners. I will try to sum it up as best as I can and also provide a link to the MN Dept of Revenue for their explaination.

For most people there is still a benefit to homesteading your property. Homesteading means that you occupy the property as your primary residence, it's where you get your mail, and it's the address listed on your driver's license. Only the owner or qualified relative of the owner can homestead the property. The legislation that most people were aware of and the cause of the concern was when congress repealed the Homestead Credit. However most people don't know that it was replaced with the Homestead Market Value Exclusion. The extent that it effects each homeowner depends on the property tax rate in your area. So instead of a straight up credit there will now be an exclusion for a certain amount of your taxable market value. It also states that at around $414,000 there really won't be a benefit to homesteading.

Check out this link to the Dept of Revenue for more infomation:

http://taxes.state.mn.us/property/Documents/hmve-taxpayers.pdf

Feel free to contact me with any questions and I will do my best to answer them!

Today's Market

Most common question I get everyday- How's the real estate market?

My resonse- It depends!

People hate to hear that, but it is true, it really does depend. It depends who you are, a buyer or a seller, and what you are looking for. If you are a buyer, the market is great! Interest rates are at historic lows, home prices are down, there truly has never been a better time to buy. If you are a seller, it depends again. Most of the time I would say don't sell unless you have to. Just hold tight and maybe refinance into a new lower rate if possible. But sellers can also be buyers, if have a need to move and have the ability to sell, they too may by able to take advantage of the great buyers market and get a great deal on your next home.

So what is holding the market back? In my opinion it's the lack of First Time Homebuyers. First time buyers fuel the market. When they purchase a home it allows others to be move-up buyers and so on. My conundrum is what is holding them back?! With the market so primed for FTHBs, I can't believe they aren't knocking down the doors to purchase their first home! I think there are a lot of misconceptions with home financing these days. There are still programs out there for people who don't have a huge down payment, there are even ones out there that all you need is $1000 of your own money! You don't have to have "perfect" credit. But you do have to be responsible and be able to afford your monthly payments.


Today's market is volitle but there are deals to be had. And with my help, buyers can turn the american dream of home ownership into a reality.