Selling a home today in Maple Grove can be a big challenge, especially with the tough competition from nearby short sales and foreclosures. Home values have been coming down in part because of the lower asking prices offered through banks who need to bring down their real estate owned inventory. About half of the sales in today's Minnesota real estate market has come from non-bank home sellers. Are you in the search for help to sell your Maple Grove home?
It has never been more important to enlist the help of a Maple Grove real estate agent who understands recent trends in 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 determine what the actual sales prices have been. By doing this we will be able to estimate what price a buyer might pay for your house within a reasonable period of time.
The challenge for many 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, attempting a short sale, or listing the current home for rent and in order to move to another home. With the quickly rising rents in today's market, sellers are quite often finding that they can cover all of the investment expenses for the home through the income from the rental.
Do lenders count the rental income on my old house?
Lenders have guidelines for the Maple Grove 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.
Getting preapproved for a mortgage
Once we meet to discuss the value of your old home it is critical that you go through the process of getting preapproved for mortgage financing on another home. Your mortgage broker can help you decide whether you should rent out or sell your current house. The process of mortgage preapproval is generally free and contains no loan obligation. A good lender will be able to examine all of the options available to you such as MN FHA loans, Conventional, VA, or other types of mortgage loans.
City of Maple Grove, MN
The City of Maple Grove is a rapidly growing suburb of the Twin Cities metro and has more than tripled its size since 1980 to now over 60,000 residents according to the 2010 census. Situated squarely in north-central Hennepin County Maple Grove, MN residents have a quick commute to employers in Minneapolis, as well as those located in western and eastern burbs. One of the largest shopping centers in the Twin Cities is located here known as The Shoppes at Arbor Lakes. A truly beautiful community, Maple Grove has over 1000 acres of parks and 35 miles of trails. If you are considering buying or selling Maple Grove real estate agent please don't hesitate to give me a call or send me an email.
If you would like to learn more about selling your Maple Grove home call me. I will work with you to complete a competitive market analysis for free. We will discuss all of the options based on today's real estate market. Feel free to send me an 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.