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Home Buying in 55901 : Real Estate Advice

  • All21
  • Local Info0
  • Home Buying10
  • Home Selling4
  • Market Conditions0

Activity 10
5400weathers…, Home Buyer in Rochester, MN
Fri Apr 29, 2016
5400weatherstone asked:
Frank Hough, Real Estate Pro in Rochester, MN
Sat Nov 28, 2015
Frank Hough answered:
Yes, a single family home in Rochester MN should be a great investment. The rental market here is hot and we have seen rents increase by 30% - 40% over the past five years.

Additionally, it appears that local housing prices are going up quickly now. We can tell this from the local absorption rate which shows whether it's a buyers or sellers market. The absorption rate for Rochester is currently about 2.2 months, which shows that it's very much a seller's market. A balanced market has an absorption rate of 5 - 7 months according to the national association of realtors. A low absorption rate is an indicator that housing prices will be going up.
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Frank Hough, Real Estate Pro in Rochester, MN
Sat Nov 28, 2015
Frank Hough answered:
Great question. In the past 12 months the average sold price per finished square feet in Rochester was $159.33. This information came from our local MLS. The cost looks so high because this is only per finished square feet, and most new construction in our market has unfinished basements.
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Ajlmama, Home Buyer in Rochester, MN
Fri Aug 21, 2015
Ajlmama answered:
This website might help:
0 votes 12 answers Share Flag
Russ Douville,  in Saint Paul, MN
Tue Apr 16, 2013
Russ Douville answered:
A couple thoughts here. First 610 might be a workable score for a mortgage, but higher is better, and paying off the "one thing" may improve the score and make qualiying easier. The second thought is that there may assistance to help with down payment and/or closing costs, or even seller contributions. So you can hold on to "your" money for the down payment, or use your money to pay the "one thing", and use assistance and seller contributions to pay the down payment and closing costs.

This is really over simplified, but I just wanted to get you thinking about options. You should talk to a mortgage lender or two and have them look in more detail at your situation.
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Sherri Sherpy, Other/Just Looking in Saint Paul, MN
Wed Feb 27, 2013
Sherri Sherpy answered:
I know it was not part of your question, but just a quick note on financing (it may be worth its weight in gold):

Be sure to close on the sale of your current home before the purchase of your new home or be prepared to qualify with BOTH mortgage payments.

Best wishes to you, Erik!
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Connie Pate, Real Estate Pro in Northport, AL
Tue Oct 12, 2010
Connie Pate answered:
Hello Brook,
This is the proceess that leads to the company or bank making a decision between more than one offer. At times it could mean that they did not recieve the offers they wanted so they are coming back trying to get more for the property. You need to be working with someone you trust to be telling you the truth! That is extremely important! ... more
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Derrick Guev…, Real Estate Pro in Rochester, MN
Sun Jan 24, 2010
Derrick Guevremont answered:
Interest rates are at record lows and Rochester is still a very affordable market for homes compared to many metropolitan areas. There are good employment opportunities which keep our economy relatively stable and strong. I appreciate your interest and would look forward to helping you with anything else I can. (507) 272-8018 ... more
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