October 2020 ~ Real Estate Market Update

November 17, 2020

As October came to a close the real estate market showed that the need for new homes on the market is still there.  With the average selling price up in the Twin Cities area and the number of homes on the market down, now is a great time to list your home.  Even with the holidays quickly approaching, we are still very busy with active buyers looking for their next home.  If you are thinking of listing your home now, or after the holidays, give us a call today.  We’d love to begin the conversation of when the time is right for you and your family.

Take a look at the results for the areas are listed below.  Looking for information on a city you don’t see?  Let us know, we’d be happy to put together a customized report for you.

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Chelsea Knutson, Georgie Christian & Darcy Warcken

Realtors~ Better Living Group/Avenue Realty

612-208-2421

BLGHomesMN@AvenueRealtyMN.com

BLGHomesMN.com

Posted in Better Living Group team /Buying /Listing /Real Estate News, Updates & Trends /

Why the 2021 Forecast Doesn’t Call for a Foreclosure Crisis

November 13, 2020

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I was recently reading an article and feel this information, published by Keeping Current Matters, has some valuable points.

As the current forbearance mortgage relief options come to an end, many are wondering if we’ll face a foreclosure crisis next year. This is understandable, especially for those who remember the housing crisis that began in 2008. The reality is, plans have been put in place through forbearance to ensure history doesn’t repeat itself.

This year, homeowners are able to request mortgage relief through forbearance. As forbearance expires, homeowners should stay in touch with their lender, because creating a plan for the deferred payments is a critical next step to avoiding foreclosure.

There are multiple options for homeowners to pursue at this point, and with the right planning and communication with the lender, foreclosure doesn’t have to be one of them. When looking at the percentage of people in forbearance, we can also see that this number has been decreasing steadily throughout the year. Fewer people than initially expected are still in forbearance, so the number of homeowners who will need to work out alternative payment options is declining. This means there are fewer and fewer homeowners at risk of foreclosure, and many who initially applied for forbearance didn’t end up needing it.

If you’re currently in forbearance, or think you should be, because you’re concerned about being able to make your mortgage payments, reach out to your lender to discuss your options and next steps. Having a trusted and knowledgeable professional on your side to guide you is essential in this process and might be the driving factor that helps you stay in your home.

Many homeowners have enough equity in their homes today to be able to sell their houses instead of foreclosing. Selling and protecting the overall financial investment may be a very solid option for many. If you are curious about your current home value, reach out to discuss!

 

Darcy Warcken

Realtor, Buyer & Listing Specialist

952.500.3166

Darcy@AvenueRealtyMN.com

BLGHomesMN.com

Better Living Group/Avenue Realty

Posted in Better Living Group team /Real Estate News, Updates & Trends /