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Rob Phyle's Blog

By Rob Phyle | Agent in Apple Valley, MN

Burnsville Home Sales: Meeting The Challenge


If you are selling a home in Burnsville today you will find it can be quite a challenge, especially with all the competition from nearby foreclosures and short sales. Real estate values have been declining in part because of the low sales prices offered by banks who need to unload their inventory of their real estate owned. About half of the sales in today's Minnesota real estate market has come from traditional home sellers. Are you searching for help to sell your home listing in Burnsville?

It has never been more important to enlist the help of a Burnsville real estate agent who understands recent trends in market values. When we visit your home to complete a market analysis, we will compare your home to all of the recent sales in your neighborhood. We need to look at all of the properties that have sold within the past few months to see what the actual sales prices have been. By doing so we can estimate what price a home buyer might pay for your house within a reasonable period of time.

The big challenge for many home sellers today is trying to get enough for their home to pay off the existing mortgages 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 rising rents in the market home sellers are quite often finding that they can cover all of the expenses for the home through their renter's income.

Do lenders count the rental income on my old house?

Lenders have specific guidelines for those Burnsville sellers who have made the decision to rent out their house 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.

Getting preapproved for a mortgage

Once we meet to discuss your home's current market value it is critical that you go through the process of getting preapproved for a mortgage loan. Your MN mortgage lender can help you discover which of the options are best whether selling or renting out your current home. The process of mortgage preapproval is free, and if you decide not to proceed, there is no obligation to borrow money. A good mortgage lender will be able to analyze all of the financing options available to you such as through MN FHA loans, Conventional, VA, or other types of mortgage financing.

As the sixth largest city in the Twin Cities area, Burnsville, MN is an excellent bedroom community to both Minneapolis and St. Paul. While experiencing a population explosion from 1970 through 2000 tripling in size to just over 60,000, Burnsville is now pretty much built-out and its population has stabilized over the past ten years. Large employers in Burnsville include the Burnsville School District, Fairview Ridges Hospital, and Pepsi Cola but most homeowners work in the Twin Cities. Burnsville, MN has homes for sale for both for the Minnesota first time buyer as well as the move up buyer.

The Call Is Free

If you think you want to learn more about the process of selling your Burnsville home call me. I will create a competitive market analysis for free. We will discuss all of the options available in the market today. Feel free to send me an email or give me a quick call.

Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale

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