|
Featured Listing
3101 32ND ST S Moorhead, MN
Perfect condition! Finished with 4 bedrooms, 2 full baths, fenced yard & 2 decks! Master bedroom features Hollywood bath & spacious walk-in closet. Modern colors, vaulted ceilings, large laundry/utility area with lots of storage + oversized double garage! ALL appliances included - this house is ''turn-key''! $135,900
For more Photos:
MelissaMozley.com/10-5246
| | |
|
Featured Listing
4560 44TH ST S,
Fargo, ND
LOW SPECIALS, open floorplan, 4 bedrooms, 3 baths, maintenance free deck & 3 stall garage! Storage is NO issue here... kitchen has cabinets galore & 3 bedrooms have walk-in closets. The master features a private 3/4 bath & there are recessed lights throughout! Seller offering 1 yr home warranty.
$209,900
For More Photos:
MelissaMozley.com/11-1238
| | |
|
|
|
Greetings!
A colleague of mine recently attended a conference in Florida and shared some great information! One of the presentations he shared information from was focused on the six things every buyer should know. I think this is excellent information for everyone to know, not just buyers. These six items are the reasons why the Fargo-Moorhead Market was named one of the 10 Real Estate Markets to Watch in 2011 by Inman News. |
SIX THINGS Every Buyer Needs to Know before making an offer
1) Unemployment Rate. The unemployment in the Fargo-Moorhead metro area in February 2011 was at 4.7%, while the national rate is 9.5%. Unemployment is a strong indicator of economic stability in a community. Economic stability means home ownership is attractive and viable for most everyone, not just you.
2) Housing Affordability. Trulia.com features a tool called Motivity which calculates whether it is best to rent vs. buy in particular markets. The website calculates this by dividing the median sales price by the median yearly rent. Trulia doesn't provide figures for our area, so here are our calculations. For the Fargo-Moorhead area, median sales price for Feb. 2011 = $133,500, Avg. yearly rent= $9,600/$800 per month - affordability ranking to be 13.9, which falls into the more affordable to buy category.
3) Home Sales. For 2010 in the Fargo-Moorhead market, 2,831 of the 5,660 (50%) listings taken sold. Looking back through 2005, that percentage has dropped but not all that dramatically since 2007. There is competition among buyers, just as there was three years ago but not as intense as 2005 (the boom of real estate).
4) Interest Rates. Rates are favorably low for buyers, which means more house for your money.
5) Foreclosures/Short Sales. According to FMAAR MLS information, there are 80 active foreclosure or short sale listings in our market. That comprises 5% of the market, meaning 95% of sellers are not in distress nor willing to give their homes away.
6) Vacancy Rates. Neil Eriksmoen from Appraisal Services in Fargo does a periodic survey and calculates vacancy rates. His latest report (December 2010) findings are to the right. Impact to potential buyers (renters): When interest rates rise (they are expected to go up to 6% by end 4th quarter 2011), rentals pick up, which lowers the vacancy rate. A lower vacancy rate tends to raise rental rates. Buying a home at a lower interest rate now will save you money in the long run (think equity in your home). In addition, a fixed rate mortgage can guarantee your principal & interest payment will not increase like rent.
What do these six factors ultimately mean for us? First, this demonstrates that it is a GREAT TIME to buy. Homes are affordable and interest rates are attractive. Secondly, our local market is stable. The unemployment figures are low in the FM area and we don't have a foreclosure crisis in our market. We are so fortunate to live where we do, not only are the people great - we have a robust economy to back it up!
2,831 of the 5,660 (50%) listings taken sold. Looking back through 2005, that percentage has dropped but not all that dramatically since 2007. There is competition among buyers, just as there was three years ago but not as intense as 2005 (the boom of real estate). |
|
Top Tips for Building A Home 
Know your builder. Get references from those who have worked with the builder and make sure you see their finished product.
Compare apples to apples when getting bids from more than one builder. Because two homes have similar amenities, it doesn't mean they are the same quality
Know your allowances. An allowance is the amount of money the builder sets aside for things such as appliances, light fixtures, carpet and more.
Know what is included in the price of the home. Get in writing everything that is included in the home.
Know the square footage of your current home and the size of your rooms. Some people discover that when they get into their new home, their furniture doesn't fit in the new rooms!
Keep good notes and all of your receipts for lighting, appliances, etc. Documentation is the key.
Be prepared for delays. Weather, waiting for sub-contractors, even visiting the job site too many times may also cause a delay.
Be prepared for monetary overages. If you decide to upgrade anything, it may change your mortgage payment or require you to bring more money to closing. Get all change orders in writing. Changes may cause a delay and/or an up charge from the builder.
Location, Location, Location. Choose a good location and think RESALE!
Communicate! Talk with your builder, lender regularly.
Work with a RealtorŪ to ensure a smooth transaction.
|
|
 Park Co. Realtors Cell:701-219-4196 Office:701-237-5031 |
|
|
