If you are selling a home in Bloomington today you will find it can be quite a challenge, especially considering that nearly half of the competitive listings are short sales or foreclosures. Real estate values have been declining in part because of the lower asking prices offered through banks who need to bring down their real estate owned inventory. Roughly half of the closed sales in the curret MN real estate market has come from traditional home sellers. Are you in the search for help to sell your Bloomington home?
Using a Bloomington Real Estate Agent
It's never been more important to work with a Bloomington real estate agent who studies recent trends in Twin Cities market values. When we come out and visit your property to complete a Competitive Market Analysis (CMA), we will compare all of the features and benefits of your property to the competing homes for sale in the area. We need to look at all of the properties that have sold within the past few months to analyze what the actual sales prices have been. In so doing we can estimate what type of price a home buyer might pay for your home within a reasonable period of market time.
Choices When You Owe More Than The House Is Worth
The challenge for many sellers today is trying to get enough for their house to pay off the current mortgage on their home. 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, attempting a short sale on their home, or listing it for rent and in order to move to another home. With the rapidly rising rents in today's market home sellers are often finding that they can cover all of the expenses for the home through their renter's income.
Lenders have guidelines for the Bloomington sellers who will rent out their home 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 have a chance to meet to discuss the value of your current home it is important 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 renting or selling your current house. The process of preapproval is generally free and contains no loan obligation. A good mortgage banker will be able to analyze all of the options available to you such as MN FHA loans, Conventional, VA, or other types of mortgage loans.
Bloomington MN Information
The City of Bloomington, MN is the 5th largest city in Minnesota and lies within the boundaries of Hennepin County Bloomington's residential neighborhoods include upper-tier households in the Bush Lake area as well as traditional middle-class families in its rows of single-family homes in the central to eastern portions With a stable economy, Bloomington actually has more jobs per capita than either the cities of St. Paul or Minneapolis. Major employers such as Toro, Ceridian, Donaldson Company and Health Partners are headquarted in Bloomington. With a well established Parks and Rec department there is always something to do in Bloomington, MN!
The Call Is Free
If you want to learn more about the process of selling your Bloomington home call me. I will arrange a time to come out and complete a market analysis of your home for free. We will discuss all of the options available in the market today. Feel free to email or give me a quick call.
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.