Selling a home in Lake Elmo today can be a challenge, especially considering that nearly half of the competitive listings are short sales or foreclosures. Home values have been coming down 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 non-bank home sellers. Are you searching for help to sell your home listing in Lake Elmo?
Use a Lake Elmo Real Estate Agent To Sell Your Home
It has never been more important to enlist the help of a Lake Elmo 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 and benefits of your property to the competing homes for sale in the area. We will need to look at all of the homes for sold within the past few months to analyze what the actual sales prices have been. By doing so we can estimate what price a home buyer might pay for your home within a reasonable period of market time.
What can I do when I owe more than the value of my home?
The big challenge for many home sellers today is trying to get enough for their house to pay off the their current mortgage. If a property seller owes more on their home loans than what we can sell it for we will either need to discuss paying down the mortgage, going through the process of a short sale, or listing the current house for rent and in order to move to another one. With rising rents in the market home 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 Lake Elmo 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 getting preapproved is free, and if you decide not to proceed, there is no obligation to borrow money. A good lender will be able to examine all of the options available to you such as MN FHA loans, VA, conventional, or other types of loans.
With just over 8,000 residents living amidst private neighborhoods and farmland, Lake Elmo has the feel of a small town despite its proximity to Saint Paul. Located within Washington County, residents in Lake Elmo have a brief commute to most of the major employers of Saint Paul, MN. Much of the city of Lake Elmo is part of the Stillwater school district. If you're looking for homes for sale in Lake Elmo, please send me an email or give me a call and I'm glad to help!
If you think you want to learn more about selling your Lake Elmo home call me. I will create a competitive market analysis for free. We will discuss all of the options based on today's market. Feel free to send me an email or call me.
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.