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 /

3 most frequently asked questions from buyers

April 28, 2014

There are many questions that buyers have when purchasing a home. All relate to the entire transaction from start to finish. As your local Real Estate Economists, we ensure all of our clients know what the process is to purchase a new home, every step of the way. We hear many of the same questions from buyers who are in the market to purchase a home and here are the answers to those frequently asked questions.
What is earnest money and where does it go? When writing an offer on a home you put down, what is called earnest money. This is to let the sellers know that you are earnest about purchasing the property. This earnest money is put into the Listing Brokers trust account within 2 business days of final acceptance and goes towards your loan at closing.
How do you (my Realtor) get paid? When working with a Licensed Realtor many clients ask how we get paid. There is typically a commission payout amount that the seller has previously agreed to pay to the listing agent, as well as the selling (buyers) agent. The buyer does not pay the commission.
Is this home worth the list price? Prior to writing an offer we do a Current Comparable Market Analysis to make sure the home you are looking to purchase is priced appropriately. There are many things that go in to this analysis. This will give us the correct price range at which the market suggests it is worth and will better prepare you for the price you choose to offer.
If you are thinking about purchasing a home and/or need to sell your home, contact us today. We go over current market trends and have fantastic lender referrals available, all who are ready and able to assist you. My team and I are licensed Realtors in MN, working in the Twin Cities and greater Metro Areas. We’re dedicated to providing the very best service to all of our clients – past, present and future.

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Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends /

Just Listed – Updated One ½ Story home in Roseville

February 6, 2014 Hurm - Porch

My Team, the Better Living Group at Keller Williams Classic Realty NW in Maple Grove, MN, has just listed this beautifully updated one ½ story home in Roseville, MN. This home includes over 1,800 sq ft of space including 4 bedrooms and 3 bathrooms, one on each level. The beautiful and original hard wood floors are sure to catch your eye!
Off the back of the home there is a beautiful 3-season porch, it stays nice and toasty when enjoying your morning cup of coffee and sitting by the fireplace! Also including a large deck with plenty of space to entertain throughout each season.
If you are interested in this property, are thinking about purchasing a home in the Roseville area and/or need to sell your home, contact us today! We know the current market trends and have some fantastic and reputable lender referrals available, all who are ready and able to assist you in purchasing your new home.
The Better Living Group are licensed Realtors in MN, working in the Twin Cities and greater Metro Areas and we’re dedicated to providing the very best service to all of our clients – past, present and future.

Hurm - Porch

Hurm - Ext Back Porch
Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Local Festivities /Open House /Real Estate News, Updates & Trends /

Update: Mortgage Interest Rates at Four Month Low

November 1, 2013

Due to the recent government shut down the mortgage industry has seen some changes, added with weak job numbers as a result of the shutdown, fixed mortgage rates are now at a four month low.

In July of this year we saw interest rates begin to rise with 30-year fixed rate mortgages go from 3.93% to 4.46%. This was the largest jump in interest rates at one given time since 1987. Now, since the shut down, we have seen rates drop from 4.28% to 4.13%. This is still quite a bit higher then last year, which was 3.41%, yet the rates are still low and affordable for many of us looking to purchase a new home.

If you are thinking about purchasing a home and/or need to sell your home, contact us today. We will go over current market trends and have some fantastic lender referrals available, all who are ready and able to assist you. My team and I are licensed Realtors in MN, working in the Twin Cities and greater Metro Areas and we’re dedicated to providing the very best service to all of our clients – past, present and future.

Chelsea Knutson and the Better Living Group

Realtor- GRI, ABR, CDPE

Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends /

Showings: Homeowner Tips & Tricks

October 9, 2013

When selling your home, many Sellers ask how they should prepare when Buyers schedule a showing to walk through their house. Do I stage it? Do I put certain things away? There are many tips that we can give you when you are in the market to sell your home. In order to make the most amount of money in the most efficient amount of time, here are a couple of things to keep in mind.

First up, simplify. When your home is filled with all of your personal pictures and memories, it makes it harder for potential home buyers to walk through and picture themselves living out their future memories. Also, if there is just a few too many pieces of furniture to maneuver around, it will make it more difficult for the Buyers to see how large and useful the space will be for them. Clearing out and simplifying your house for sale will benefit both parties – as the Seller, you’ll be halfway done with packing before the sale, which will make your move less stressful and more enjoyable.

Second, the cleanest house always wins. Buyers will make an initial judgment about a home within the first few seconds of entering. Putting away your morning dishes, wiping down the main visible areas and vacuuming will benefit their initial reaction to entering your home. A clean and clutter free house is a great start to making the best out of selling your home.

If you are thinking about selling your home, or buying a home, give us a call. The market is hot, home prices are on the rise and interest rates are still historically low. We always want the best for our Buyers and Sellers and are readily available to help with all of your Real Estate goals and dreams.

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Chelsea Knutson

Realtor- GRI, ABR, CDPE

763-496-2903

the Better Living Group

Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends /

OPEN HOUSE: Sept. 28th & 29th 12-2pm

September 26, 2013
OPEN HOUSE, September 28, Saturday 12:00 PM – 2:00 PM
13905 53rd Avenue N #10, Plymouth, MN
Get Directions Click Here
Description Features Photos Maps & Local Schools Virtual Tour
$ Click for current price
2 BEDROOMS
2 BATHROOMS (1 full, 1 half)
1580 Square Feet

Updated, upgraded & move-in ready, new appliances & major systems, fresh paint and design, private location, the perfect start to homeownership. Nearby parks, trails, shopping, entertainment & freeway access.

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Chelsea Knutson
Keller Williams Classic NW
763-496-2903
cknutson@kw.com
L2L Virtual Tours

Posted in Local Festivities /Real Estate News, Updates & Trends /

Minneapolis on The Rise: Real Estate

September 20, 2013

Every real estate market in the U.S, never stays the same. Housing is nearly always shifting with market ups and downs that certainly change the way we move forward in selling and buying a home. The good news, statistics show Minneapolis is on the upswing and on the rise!

Many factors will go into determining what the current market trends are in a particular area. The Minneapolis Area Association of Realtors has reported that pending home sales, in August 2013, rose 10.9%. With less than 4 months of supply on the market, we are currently in what some would say is a Seller’s market. This means that home prices are on the rise and with inventory this low, many buyers looking to purchase are finding there is not much to choose from – which tends to give Sellers the advantage when it comes to negotiating the sale price. Current records show, the Real Estate inventory holds 15,773 active properties for sale, which is 9.9% lower then August 2012.

With that being said, more properties are coming up for sale and interest rates are coming in at a 5 week low. So even though home prices are on the rise, homeowners are still looking to sell and Buyers are getting great interest rate opportunities to purchase, which makes this the kind of market we all should be taking part in.

On a side note, foreclosures and short sales still have a presence when it comes to real estate inventory, something to keep in mind when either selling or buying in this market. In August of 2012 foreclosures and short sales made up 35.8% of the Real Estate sales activity, that number is down to 20.7% this year. Making it so the majority of houses for sale are traditional sales, thankfully, no waiting games or crazy addendums attached.

Of course when we take in all this information, we want to remember the current market in each area has its own local statistics, something my team and I are here to provide when you’re ready to sell or buy your new home. Feel free to contact us, anytime.

Chelsea Knutson

Realtor- GRI, ABR, CDPE

763-496-2903

the Better Living Group

Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends /

JUST LISTED:: Open and Spacious Town House in Plymouth

September 12, 2013

Just listed open and spacious town house in Plymouth, MN. This is a 2-bedroom 2-bathroom townhouse with large rooms. It has an extremely open concept with updated appliances as well as newer major systems. Close freeway access and also close to shopping, parks, trails and entertainment. This is a MUST SEE!

Contact me today for a confidential showing of this wonderful townhouse! I look forward to hearing from you and helping you achieve all of your Real Estate goals!

I am a licensed Real Estate Professional in the Twin Cities Metro and Greater Minnesota Areas and strive to provide the best real estate service, with the support of my team the Better Living Group, for all of my past, present and future clients.

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Kitchen 6
Chelsea Knutson

Realtor- GRI, ABR, CDPE

763-496-2903

the Better Living Group

Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends /

Is Home Ownership better then Renting?

July 25, 2013 rent-vs-buy-a-home

Many people find the idea of purchasing a home a tough decision. They go through being a homeowner over and over in their heads, weighing the pros and cons. Some people have made the decision to purchase a home now, and yet may have student loans, high credit debt, or other factors that could affect their purchasing power. Others are unsure of what their payments may be or if they’ll be able to afford it with the current interest rates and other costs associated with a new home. These are questions that can easily be answered by speaking with your Loan Officer and local Realtor.

As a licensed Realtor in Minnesota and your local real estate economist in the Twin Cities Metro Areas, my team and I have found that if you were to rent a house in Plymouth (for example) the rental rates are typically ranging anywhere from $1,300 and up. You could also purchase a home in the $150,000’s and your average monthly payments would likely be around that very same price point (depending on the interest rate you lock in at and your specific lending needs). So by paying about the same amount being a homeowner, you would have the opportunity to gain equity and stake claim on the American dream.

All in all, if you can own a house for nearly the same monthly payments as if you were to rent, why wouldn’t you? What is stopping you from moving forward with your dreams? Putting the idea of purchasing a home on the back-burner could put off the process for longer then you may expect. So if you are renting and want to purchase, talk to a professional and find out what it takes to purchase your new home, today!

If you have any further questions on buying a new home, or selling a home, please contact me today. I am a licensed Real Estate Professional in the Twin Cities Metro and Greater Minnesota Areas and strive to provide the best real estate service, with the support of my team the Better Living Group, for all of my past, present and future clients.

rent-vs-buy-a-home

Chelsea Knutson
Realtor- GRI, ABR, CDPE
763-496-2903
the Better Living Group
Keller Williams Classic Realty NW

Posted in Community /Real Estate News, Updates & Trends / 2 Comments

Who do I meet with first, my Realtor or my Lender?

July 23, 2013

Many people are unsure of who to meet with first, a lender or a Realtor. To understand what you can get for the money, meeting with a loan officer is the first step every Buyer should take. This will give you the knowledge of what price range will work best with your budget. Getting pre-approved is an important piece of the puzzle and is a requirement in order to purchase a home. The approval letter not only gives you the power to buy, it also lets the sellers know you are approved for the amount you are offering. It’s never fun to fall in love with homes that aren’t affordable or don’t work with your specific financing.

Once you’re approved, meeting with a licensed Realtor is the next step. You may do your research via recommendations from family and friends, or search the internet for the right Licensed Realtor for you. Finding the Realtor that best fits your needs is very important when you are making, potentially, the largest purchase you will ever make in your lifetime.

Not ready to purchase your home quite yet? If you plan to purchase a home 6+ months down the road, it is still good to meet with a Realtor. An experienced and licensed Realtor will help you understand the ins and outs of a new home purchase and will likely have referrals in the lending business, if you are in need. You will learn more about the current market you will be looking in and get a professional opinion of what may work with your new home needs.

Keep in mind that the market is continuously changing. Housing prices are currently rising and mortgage rates seem to be following the trend. Of course, no one person could truly know what months down the road will hold, what we do know is that now is the time to buy AND sell.

If you have any questions about the selling market in your area or the process of a new home purchase, please leave a comment below or feel free to contact me anytime. My team and I are keeping up to date on the current and changing market trends throughout the Twin Cities Metro and greater Minnesota areas, and we’re here to assist you in all of your real estate needs.

Posted in Community /Real Estate News, Updates & Trends /