By J Harris

According to the National Association of Realtors, the flourishing condominium market is no longer an advantage for sellers. It has become a buyer’s market across the United States amidst declining sales and median prices. By year end June 2006, realtors have seen the supply of existing condos for sale increasing by almost two-thirds and sales falling by almost 15 percent across the nation. With investors making up about a third of condo ownership, it is expected that more condominiums will be put up for sale this year. According to the National Association of Home Builders, realtors also can expect an influx of new condo development over the next two years and increasing conversions of rental apartments to condos, adding to the over-availability in the condominium markets.

During the past real estate bubble, condos have appreciated at a faster rate than single-family homes, especially in high-cost metro markets with rapidly rising prices. Even last year ending June 2006, the national median price rose by nearly 14 percent. Realtors only expect an increase of three-to-four percent this year, as compared to six percent for single-family homes.

Currently, the national median price for a condo is $226,900, as compared to a single-family home at $231,500. This makes buying a condominium much more attractive, especially for empty nesters and young families. The realtor outlook for condo prices does vary by region. The Midwest is the best location with only a one-percent sales drop last year and a third of a percent drop in prices — this is within the Chicago and Minneapolis/St. Paul markets. Realtors would expect smaller Midwestern cities to be even better.

Realtors in the western part of the U.S. saw the biggest hit in the condominium market. Sales there last year were down by 21 percent, and there was an 11 percent drop in prices.

For August in the San Diego, Carlsbad and San Marcos area, the median condo price was $373,800, as compared to last year’s price during August of $387,100. Realtors saw August sales decrease by 3.4 percent, as compared to an increase of 5.5 percent last year at this time.

With the onslaught of retiring baby-boomers, the condo market may see an upswing during the next five-to-ten years. The downside for some markets is that the increasing amount of natural disasters, such as hurricanes, may change the migratory pattern towards safer weather states.

Sellers

A declining condo market does not mean an owner cannot sell at this time. Realtors advise sellers to price the unit appropriately — more affordable condos still are selling well. Make it stand out over your competition by removing clutter and staging it well. Some sellers are throwing in amenities, such flat-screen televisions and state-of-the-art audio systems. Some are offering bonuses as incentives to the realtors who make the sales, motivating an increase in the number of showings. Realtors advise sellers to be prepared to negotiate with buyers and not to automatically turn down reasonable offers.

Buyers

Realtors see this as a good time to buy if you plan to own the property for at least three-to-five years. Realtors do advise that you look for condos that will hold their value over time for a better resale value. Look for units with a great view; close to downtown or shopping areas for lower gas usage; easy access to parking, public transportation, necessities and amenities; an elevator and spacious floor plans; garage parking in cold climates; and a doorman or concierge if in a luxury market. Realtors also advise that you take your time shopping for the right condominium. Visit the units you like more than once and drive a hard bargain.

John Harris is an expert researcher and writer on real estate topics such as economics, credit improvement tips, home selling advice and home buying preparations. For more information please visit Homes for Sale in Oceanside [http://www.twtrealestate.com/oceanside-homes.html]

Article Source: http://EzineArticles.com/?expert=J_Harris
http://EzineArticles.com/?Realtors-Seeing-a-Buyers-Market-for-Condos&id=372085

By Andy Asbury

With the popularity of condos and lofts skyrocketing in recent years, especially in Minneapolis; these home choices have become a major player in the local real estate market. Condos and lofts offer a distinctly different package than a typical home: first there is the convenience of location. Typically condo and loft complexes are located within the city limits and as such provide excellent access to the business core, and the other great amenities of a major metropolitan area.

Condos and lofts also are great living options for busy professionals or people who simply cannot afford the time to take care of a traditional home and yard. That being said there are some things that you should spare some time for in a condo. Becoming an active member in your complex’s association is important as they make the decisions that affect your home and life. Condo living can be quite rewarding as they possess a close-knit community and an element of safety that is not present in a normal home.

The other main asset that condos offer is an abundance of desirable extras that are normally extremely expensive to attain in a home. Many complexes feature spas, fitness rooms, outdoor recreation facilities such as tennis courts and a number of other amenities. These things are remarkably expensive in a normal home and the upkeep is equally as daunting. Condos offer these things and the maintenance is seen to by professionals hired by the association. One of the most important aspects of the loft or condo is the fact that to purchase a basic condo is usually far cheaper then purchasing a basic house so it is an option that appeals to the wallet as well.

Minneapolis is the ideal place to find yourself a condo or loft as the real estate market here is thriving and lofts and condos are at the apex of popularity. New developments are cropping up across the city with many occupying old warehouses and factories creating a distinct loft style of living. Minneapolis is definitely a great place for a loft or condo.

For information about Minneapolis condos, visit MinnesotaLoftsAndCondos.com. There you’ll find advice from leading Minneapolis REALTORS,® as well as listings for properties in St. Paul, Minneapolis, and surrounding areas.

Article Source: http://EzineArticles.com/?expert=Andy_Asbury
http://EzineArticles.com/?Condo—Loft-Lifestyle&id=471497

EnergyStar.gov –  Check Out Energy Rebates

This is a government site that offers lots of energy saving tips as well as explains what energy saving grants or credits might be available.

Here is the latest issue of my foreclosure trends newsletter.  As you can see, the trend is not our friend, in the sense that the housing market has not recovered.  Until jobs come back and people are employed and feel safe in their employment, they will tend to avoid making a committment.

ForeclosureTrends.pdf

Besides the board of realtor sites:  http://theThing.mplsrealtor.com and market data posted elsewhere at http://www.MplsRealtor.com I have a subscription to Realty Trac.  My subscription gives me additional data about foreclosures and trends within certain zip codes.  This is in addition to my daily subscription to Finance & Commerce (a business newspaper that prints all the foreclosure information as well as very timely articles regarding the business community).  If you are looking for someone who has experience and access to information about distressed sales, we need to be working together.  Whether buyer or seller-I can help you understand the market we are in and the options and opportunities available to you.  Give me call today.

These are a couple of my newsletters that have a ton of valuable information. Go check them out.

Foreclosure Market Trends Newsletter
http://www.realtytrac.com/MarketTrends/NewsLetter.aspx?guid=131bd355-1b69-4bd1-99cd-2f0c9a936810

Real Estate Cyber Space Tips
http://www.REcyber.com/cybertips/r11627

Minneapolis Real Estate – Is the Worst Really Over?By Lisa Marie Brown

On the surface, things are looking pretty good in Minneapolis right now. Forbes recently named it the Most Affordable Place to Live Well in the United States, citing the overwhelming sense of corporate social responsibility in the Twin Cities, and the high quality of life with plenty of access to arts and leisure activities. While there is a lot of anecdotal evidence bouncing around the web that the housing crisis in Minneapolis has come and gone, in actuality many factors, such as high unemployment, and uncast option adjustable rate mortgages lend to a bleaker outlook on the Minneapolis real estate market in the coming year.

Although the federal stimulus created 14,315 jobs in Minnesota this year, unemployment remains at 7.6% statewide, and only slightly lower at 7.1% for the Minneapolis-St. Paul-Bloomington metropolitan area. Foreclosures are by no means as frequent as they are elsewhere in the country, but they remain at 6.47% in the state of Minnesota, and no doubt contributed to the 6 bank failures that occurred in 2009.

What is perhaps most disturbing is that the worst has yet to come. Option adjustable rate mortgages, or option ARMs, are mortgages in which the homeowner pays a portion of the interest each month, and the remainder compounds on the principal. Once the mortgage amount reaches a certain ceiling, the option ARM recasts, and the homeowner pays a balloon payment, which reflects the actual amount of both the interest and the principal. According to Business Week, “Stock and bond analysts estimate that as many as 1.3 million borrowers took out as much as $389 billion in option ARMs in 2004 and 2005.” What’s most frightening is that, according to the ratings agency Fitch, 88% of option ARMs (studied nationwide) have not yet been recast. This means that 88% of homeowners with option adjustable rate mortgages have not yet reached their balloon payment, and that interest is continuing to compound on the principal.

But while the coming year looks bleak as the option adjustable rate mortgages recast and more houses go into foreclosure, the end is in sight and Minneapolis’ housing market will recover strongly. The Housing Opportunity Index shows that in the third quarter of 2009, almost 84% of homes sold were affordable to those earning the area’s median income, which is $83,900. The National Association of Home Builders, which developed the index, assumes that a family can spend 28% of their income on a house payment, and this is where the term “affordable” comes into play. This means that as long as the unemployment rate steadies, these families will be unlikely to default on their mortgage payment and go into foreclosure. So while we have yet to see the option ARM mortgages, or bad loans, recast and go into default, the loans that are being made right now are being made to people who can afford to pay them for a long time.

The solution to the Minneapolis housing crisis may require more time than anyone expected. While everyone hopes that the worst is over, we may not have seen the end of it yet.

Lisa Brown is a Sales and Marketing Associate for Almost Home USA (Corporate Housing Minneapolis), a corporate housing company whose goal is to provide such excellent experiences that clients feel almost home.

Article Source: http://EzineArticles.com/?expert=Lisa_Marie_Brown
http://EzineArticles.com/?Minneapolis-Real-Estate—Is-the-Worst-Really-Over?&id=3466350

Thinking about buying a home but don’t know where to start? Why not start by reading the home buyer hand book that we have provided below. It is a great place to start to get the information you need. When you’re ready, we would love to help you find and finance a new home.

If you’ve never visited http://www.Archive.org, you are missing a wonderful site.  From this site, you will find many resources that are out of copyright and you can download and use them as you wish.  You will find all the classics and some fun things as well.  Just for fun, I have the download of a book called “Little Gardens” which is a book about setting up a garden on a city lot.  This is just one of the MANY fun things you’ll find.  You can download and watch old music, movies, and cartoons as well.  Plan to spend some time on the site should you decide to visit, as it is very cool.  Click here to download the book Little Gardens