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Kevin J. Sutton's Blog

By Kevin J. Sutton | Agent in 55125
  • Selling Your Shakopee Home In Today's Real Estate Market

    Posted Under: Market Conditions in Shakopee, Home Selling in Shakopee, Foreclosure in Shakopee  |  February 27, 2012 5:44 AM  |  555 views  |  No comments

    Selling a Shakopee Home

    If you are selling a home in Shakopee today you will find it can be quite a challenge, especially considering that nearly half of the competitive listings are short sales or foreclosures. Market values have been reduced in part because of the lower asking prices offered through banks who need to bring down their real estate owned inventory. Roughly half of the sales in today's MN real estate market has come from non-bank home sellers. Are you searching for help to sell your home listing in Shakopee?

    It has never been more important to enlist the help of a Shakopee real estate agent who studies recent trends in Twin Cities market values. When we visit your home as a Realtor to complete a market analysis, we will compare all of the features of your home to the competing homes for sale in your neighborhood. We need to look at all of the houses that have sold within recent months to analyze what the actual sales prices have been. By doing this we will be able to estimate what price a buyer might pay for your home within a reasonable period of market time.

    The challenge for many sellers today is trying to get enough for their house to pay off the current mortgage on their home. If a seller owes more on their mortgages than what the can sell it for we will either need to talk about paying the mortgages down, attempting a short sale, or listing the current home for rent and in order to move to another home. With the quickly rising rents in today's market, sellers are quite often finding that they can cover all of the investment expenses for the home through the income from the rental.

    Lenders have specific guidelines to follow for those Shakopee home sellers who have decided rent out their home in order to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.

    Once we meet to discuss the value of your old home it is critical that you go through the process of getting prequalified for a home loan. Your mortgage broker can help you decide which of the options are best whether renting or selling your current house. The process of preapproval is is usually free and contains no loan obligation. A good mortgage banker will be able to analyze all of the options available to you such as MN FHA loans, Conventional, VA, or other types of mortgage loans.

    Conveniently located south-west of the city of Minneapolis, Shakopee is a rapidly growing suburb of the Twin Cities. As the county seat of Scott County Shakopee has tripled in size since 1990. Every year Shakopee attracts tourists from all around the area with popular destinations such as the Canterbury Park horse race track, the Valley Fair amusement Park as well as the Renaissance Festival. As an outer-ring suburb many residents commute 20-30 minutes to downtown Minneapolis. Minnesota first time home buyers in this area in this area will want to look into the Scott County home buyers club for up to $4,000 in down payment assistance.

    Let's Talk!

    If you want to learn more about the process of selling your Shakopee home call me. I will create a competitive market analysis at no obligation to you. We will discuss your options based on today's market. Feel free to email or give me a quick call.

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.

 
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