Minneapolis Real Estate Podcast with Erik Winegarden

Though the 2007 financial crisis was a rough period in our economic history, there were lessons to be learned from it. Here are the top three things I took away from the crisis. Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale What lessons did I learn from the 2007 financial crisis that still apply today? For those who don’t remember, back in 2007, we had some troubles with home values. We can laugh about it now, but it was a tough arena back in the day. These are my takeaways from that hard period in real estate history: Don’t buy a home that you can’t afford. Should you stretch yourself a little bit to get the home you want? Absolutely. However, when you meet with your mortgage broker for the pre-qualification process and they ask what payments you’re comfortable with, don’t exceed reality. You want to be comfortable in the house that you buy, but you want it to be a good purchase at the same time. Don’t always believe that your home will increase in value. When you’re looking to purchase a house, you’re going to be living in that home. This isn’t an investment property and you’re not renting it out to make cash flow or see the appreciation.Make sure you have adequate reserves. Spend less than you need; if something bad were to happen, you’d want to have something to fall back on. At the end of the day, make sure you’re protected.“ When you meet with your mortgage broker for the pre-qualification process and they ask what payments you’re comfortable with, don’t exceed reality. ” When you’re looking to purchase a home, we’ll walk through these tips with you as we go through the process so that you can feel more comfortable with your purchase. If you have any questions, please feel free to give me a call or send an email. We’ll help you understand what’s going on in the market and put a plan together for you.

What are the three ways that real estate investing can make you money? I’ll explain today. Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale Today, let’s talk about the three ways you can make money by investing in real estate: 1. Cash flow. This is the money over and above your mortgage, your taxes, your insurance, and other expenses associated with the property.  When we find a property that you’re interested in, we can run a quick budget with you to make sure that you’re including all the things that you need to understand happen on a monthly basis—in order to pay X, you have to make Y amount. The point is that we want to get you on the positive side of that number. 2. Appreciation. Appreciation occurs when you buy a home for a certain price and, each year, you see a certain percentage of increase in that property’s value. This can happen through the improvements that you make or just though the normal market appreciation. “ It’s always a great time to invest in real estate because there are always deals out there that can make you money. ” 3. Depreciation. Each year the property depreciates, it’ll save you money on your taxes. At the end of the day, we’re looking to take your money and make it work for you. We can help you find that property that can make you money. If you have any questions about real estate investing, please feel free to reach out and give me a call. I’d be glad to guide or help you as I can.

What’s happening in the Minneapolis real estate market? I’ll go over a few important stats and compare them to the 2015 market for you today. Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale As we come into the spring market, I want to give you a little market update. There are some interesting statistics that you should be privy to. Today, we’ll look at some of the stats from 2015 and compare them to what’s going on in our current market. First, let’s look at the monthly supply of homes. Right now, there is only a 2.2-month supply for the entire metro area. That means that if no new homes came on the market, all of the homes currently on the market would be sold in about two months. That is very low inventory compared to a normal market. In 2015, the average was a four-month supply of homes. As you can see, there are fewer homes on the market now than there were in 2015. To put it another way, there are 11,000 listings on the market now, and there were 17,000 listings on the market in 2015. That’s almost double the number of listings we have today. Although inventory is lower now than it was in 2015, the average sale price has gone up. In 2015, the average sale price was $210,000. Today, the average sale price is $249,000. How does all of this impact you? If you are a seller, there are not a lot of other choices out there for buyers, which means less competition for you. Since there aren’t that many homes on the market, you are more likely to get a good deal for your home.  “ Inventory is extremely low in our market right now, which is good news for home sellers. ” As a buyer, there are a couple of things you should know. First, you need to work with an experienced agent since you will be competing with other buyers for the limited inventory available. Second, interest rates are incredibly low. Over the term of a 30-year mortgage, you can save thousands and thousands of dollars. On a 15-year mortgage, you will save even more. If you want to have a deeper conversation about buying and selling in today’s market, just give us a call or send us an email. We will figure out a plan to get you where you want to be when you want to be there. We look forward to hearing from you!

What’s happening in the Minneapolis real estate market? I’ll go over a few important stats and compare them to the 2015 market for you today. Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale As we come into the spring market, I want to give you a little market update. There are some interesting statistics that you should be privy to. Today, we’ll look at some of the stats from 2015 and compare them to what’s going on in our current market. First, let’s look at the monthly supply of homes. Right now, there is only a 2.2-month supply for the entire metro area. That means that if no new homes came on the market, all of the homes currently on the market would be sold in about two months. That is very low inventory compared to a normal market. In 2015, the average was a four-month supply of homes. As you can see, there are fewer homes on the market now than there were in 2015. To put it another way, there are 11,000 listings on the market now, and there were 17,000 listings on the market in 2015. That’s almost double the number of listings we have today. Although inventory is lower now than it was in 2015, the average sale price has gone up. In 2015, the average sale price was $210,000. Today, the average sale price is $249,000. How does all of this impact you? If you are a seller, there are not a lot of other choices out there for buyers, which means less competition for you. Since there aren’t that many homes on the market, you are more likely to get a good deal for your home.  “ Inventory is extremely low in our market right now, which is good news for home sellers. ” As a buyer, there are a couple of things you should know. First, you need to work with an experienced agent since you will be competing with other buyers for the limited inventory available. Second, interest rates are incredibly low. Over the term of a 30-year mortgage, you can save thousands and thousands of dollars. On a 15-year mortgage, you will save even more. If you want to have a deeper conversation about buying and selling in today’s market, just give us a call or send us an email. We will figure out a plan to get you where you want to be when you want to be there. We look forward to hearing from you!

 If you’ve had an unsuccessful attempt to list your home in the past, what can you do differently when you try again? There are three points I’d like to make, today. Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale If you attempted to sell your home in 2017 but were unable to do so, you may be wondering what’s next. To determine why your home didn’t sell during your first attempt to list it and to make sure you’re successful when you try again, there are a few things to consider moving forward. The first thing to think about is the price. Unfortunately, we don’t have complete control over the price of your listing. The comparable properties in your neighborhood have already decided the price for you. On the bright side, this makes things a lot more simple for you.  “ Ask yourself if there are any small things you can change or update to improve your home.   ” When you look at the local market in relation to your home to determine the right price, you’re sure to sell quickly and for top dollar. After you’ve thought about the price of your home, there’s something else you must consider when relisting— what objections buyers had the first time you listed. Ask yourself if there are any small things you can change or update to improve your home. The third and final thing to consider is whether you were working with the right agent the first time around. The right agent will have the tools, knowledge, and experience to bring you success. Each of these three factors we’ve discussed will help you sell your home for the most money in the least time. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

 If you’ve had an unsuccessful attempt to list your home in the past, what can you do differently when you try again? There are three points I’d like to make, today. Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale If you attempted to sell your home in 2017 but were unable to do so, you may be wondering what’s next. To determine why your home didn’t sell during your first attempt to list it and to make sure you’re successful when you try again, there are a few things to consider moving forward. The first thing to think about is the price. Unfortunately, we don’t have complete control over the price of your listing. The comparable properties in your neighborhood have already decided the price for you. On the bright side, this makes things a lot more simple for you.  “ Ask yourself if there are any small things you can change or update to improve your home.   ” When you look at the local market in relation to your home to determine the right price, you’re sure to sell quickly and for top dollar. After you’ve thought about the price of your home, there’s something else you must consider when relisting— what objections buyers had the first time you listed. Ask yourself if there are any small things you can change or update to improve your home. The third and final thing to consider is whether you were working with the right agent the first time around. The right agent will have the tools, knowledge, and experience to bring you success. Each of these three factors we’ve discussed will help you sell your home for the most money in the least time. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale When it comes to the debate about whether renting a home or buying one is better, there are a few things you should know. Rents are 2.7% higher this year than they were last year. What does that mean for you as a renter? The longer you wait, the more expensive rents will be. Considering where we are right now in terms of interest rates, there is a definite advantage to homeownership. You can actually save money by purchasing a home. “ Rents are 2.7% higher this year than they were last year. ” We can help you figure out which option is better for you by assessing your situation. We’ll look at your current rent versus what you’d qualify for if you were to purchase a home, as well as what the associated expenses would be. At the end of the day, don’t fall into the trap of renting and throwing your money away. If you have any questions, feel free to give us a call or check out our website, www.teamwinegarden.com.

Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale When it comes to the debate about whether renting a home or buying one is better, there are a few things you should know. Rents are 2.7% higher this year than they were last year. What does that mean for you as a renter? The longer you wait, the more expensive rents will be. Considering where we are right now in terms of interest rates, there is a definite advantage to homeownership. You can actually save money by purchasing a home. “ Rents are 2.7% higher this year than they were last year. ” We can help you figure out which option is better for you by assessing your situation. We’ll look at your current rent versus what you’d qualify for if you were to purchase a home, as well as what the associated expenses would be. At the end of the day, don’t fall into the trap of renting and throwing your money away. If you have any questions, feel free to give us a call or check out our website, www.teamwinegarden.com.

2018 is coming up fast. Now is the time to set goals and make plans for achieving them. Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale What are your goals for 2018? The new year is just around the corner and whatever your aspirations are, now is the time to think about how you can achieve them. Setting a plan for your goals is the first step. If your goal is to buy or sell a home in the new year, for example, how can you prepare to do so?  “ Getting a plan in place now will benefit you in the future. ” If you are looking to sell your home, you might want to begin by walking through it and making a list of things to fix, update, or change. My team and I would be happy to put you in contact with people who can help you make these changes. Getting a plan in place now will benefit you in the future. If you are looking to buy a home, now is the time to start working on your financing plan. Once you’ve got a plan for your finances in order, we can help you select and look at homes that are within your budget. So, let’s work together. Let’s put a plan together to help you achieve your goals in 2018. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Selling your Minneapolis home? Check out our free home value reportBuying a Minneapolis home? Search all homes for sale I’ve been getting a lot of questions around this time of year. Many of them go like this: “I’m thinking of buying a home in 2018—what are some of the things I should do to get ready for that?” I found a complete list that I’d like to share with you today. 1. Don’t open up any new trade lines. This would be something like a new credit card or a new car. Pretty much anything that can be reported as debt on your credit report will affect your debt-to-income ratio, which affects your affordability. Until you get in that new house, just hold off. 2. Suggest a different kind of “gift.” The holidays are coming up. If you’re like me, you get a bunch of stuff that you’re very grateful for but you know is going to end up sitting in the closet or the garage. Suggest financial gifts instead. Tell them about your plan to buy a new house and ask for a gift you can use as part of a down payment. “ It’s the perfect time to get pre-approved. ”3. Get pre-approved now. Even if you aren't looking to buy for a few months, it's the perfect time to get pre-approved. This way you know what you can afford in advance and start looking at those homes right away. You'll know if you need to work on anything in your credit as well. You can get the full list of tips right here on Trulia. If you have any questions for me, don't hesitate to ask. If you have any questions about the process or need any help getting started, give us a call or send us an email. We look forward to hearing from you soon.