The past few years in the Real Estate market in Dakota County has been challenging to say the least. We’ve seen 23,019 foreclosed homes in Minnesota in 2009, 502 alone in Dakota County. We’ve gone from an average home price of $259,566 in 2006 to $194,619 today. Many of us who put money down on our homes 3 or even 5 years ago find ourselves in a position where some or all of that equity has eroded.
As of January, we were labeled by the nations’ largest mortgage insurers as a “Stable market” after being on a “declining” or “soft” market list for nearly 3 years. As a result, many people are electing to hunker-down and fix-up the homes they’re in rather than moving. What does that mean for you with Burnsville real estate? There are many different options to look at and consider when you’re doing a home remodel and we’re here to help you navigate through:
- How to best pay for my remodel?
- How to select a contractor?
- What improvements make sense to make?
We have market experts who want to help you to make educated decisions about the improvements you make to your home. Don’t dig a deeper hole by making improvements in hopes of achieving greater value only to find out later that had you spent the same money elsewhere, you could have achieved more.
There’s always the element of you enjoying your home and we want you to do that as well! We just want to be sure you’re educated and you understand how your decisions will impact you financially when you’re remodeling.
Don’t fall for the “interest-free deals” and end up paying 24% for those kitchen cabinets or new windows! That’s CRAZY! Meet with a mortgage lender and discuss your loan options. There are 30-year fixed rate mortgage options that allow for you to finance home improvements even if you don’t have a boat-load of equity in your home. At least explore your options before you pull the trigger. Get educated on Minnesota Housing Finance Agency Fix-up Funds, 203K’s, Home Equity Lines and straight-up cash-out refinances and find out what makes the most sense for you. I promise the hour you spend checking it out will FAR out-weigh the insane interest you will be paying on credit cards!
Know what you’re looking for in a contractor. Know their competition. Understand what you’re paying for and exactly how it all breaks out between labor and materials. Not sure where to start? With our experience with the contractors in Burnsville and Dakota County through our 203k loan programs, we can help! Allow us to arm you with the questions to ask, the resources to validate them and the knowledge to give you the confidence to select your contractor based on your individual needs. We’ve got you covered! Let us help you!
Would you like to learn more about how to qualify for a mortgage? Contact Carrie Guarrero Today!
Carrie Guarrero is producing Regional Manager and Vice President of Cornerstone Mortgage Company in Burnsville, Minnesota. If you are looking for Burnsville real estate, contact Carrie first!
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