Just Listed: Your spacious Maple Grove 5 bedroom, 4 Bath ultra contemporary townhome awaits!

 
 
 

Your spacious Maple Grove 5 bedroom, 4 Bath ultra contemporary townhome awaits!

The unit features a main floor primary bedroom with a bathroom and walk-in closet as well as 3 upper bedrooms with bathrooms and spacious closets for all. Main Floor laundry is also a plus! With several hangout areas including a combo living dining with a fireplace makes for a cozy hang next to your open kitchen. On the lower level is a giant family room in the basement with a bedroom and bath for your guests to hibernate on their own level. Outdoor decks overlook a landscaped pond and will make for great sunset hangs with guests. This is a must see and at this price will go quickly!

Listed by Sara Shaylie for West + Main Homes. Please contact Sara for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Sara Shaylie
612-387-0274
sarashaylie@westandmainmn.com


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Just Listed: 1880's charm! Spacious 3 bedroom, 2 bathroom situated on a large lot with light tree cover and wonderful sunsets!

 
 
 

1880's charm! Spacious 3 bedroom, 2 bathroom situated on a large lot with light tree cover and wonderful sunsets!

This home boasts, detailed woodwork throughout the main floor, hidden features like artful pocket doors and art deco etchings on glass. It's high ceilings & large windows in every room make this is a plant lovers dream. The massive kitchen is ready for modern upgrades that suit the new buyer. Ample space to garden, let pets run or hang with friends in this triple lot sized yard around a fire. Your extra long 2 stall garage has plenty of space for your tool room or fix it projects. Creative buyers that want something with character, bring your ideas!!

Listed by Sara Shaylie for West + Main Homes. Please contact Sara for current pricing + availability.

 
 
 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Sara Shaylie
612-387-0274
sarashaylie@westandmainmn.com


Search homes in Minnesota
 

To overcome surging mortgage rates, borrowers are turning to mom and dad

 
 

Having non-occupant co-borrowers has become a popular option for first-time homebuyers looking to qualify for a mortgage.

The loan officers that Scott Groves talks to are struggling. Really struggling. Mortgage rates are around 7.7%, the highest levels in over 20 years, and LOs across America are having to reset their strategies. It’s no longer about just outlasting a bad market for a couple of months.

“I would say a vast majority of LOs have woken up to the fact that it won’t get easier,” said Groves, a branch manager at Synergy One Lending and owner of Consolidated Coaching. 

Higher down payments and surging monthly mortgage payments are throttling borrowers’ personal finances, and prospective buyers are turning to family members to gift funds or sign up to be non-occupant co-borrowers. 

“Instead of Mary and Bob Smith buying a place, it’s Mary and Bob Smith and Bob’s mom,” said Dominic Carlucci, sales manager at CMG Home Loans. “We’re bringing her into the fold because in central New Jersey, North Jersey, it’s expensive to live here.”

Family members or friends can become a non-occupant co-borrower on a mortgage to help borrowers take out a loan if they have poor credit, limited employment history or a high debt balance. 

With an increase in the number of first-time buyers not meeting the eligible debt-to-income (DTI) ratio, a parent can be added to the mortgage loan, with his or her income and liabilities considered and ultimately be included in the combined DTI ratio. 

While having a non-occupant co-borrower on a mortgage wasn’t as common when mortgage rates were at an all-time low, times have changed. 

“You need to know what programs you can or can not have a co-signer,” said Groves. “What programs can you or can you not use room rental income from a family member? It’s about how do you have those conversations with a family member who wants to help their niece or nephew get into a house?”

The importance for loan officers being able to have more exploratory conversations with every lead has become crucial as the cost to borrow mortgages aren’t expected to get lower any time soon with the Federal Reserve expected to keep interest rates higher for longer. 

LOs told HousingWire that they were quoting borrowers in the mid-to-high 7% range for 30-year fixed-rate mortgages this week, even greater than the 7.31% figure reported by Freddie Mac on Thursday.

There’s growing concern in the mortgage industry that rates could even touch 8% before they fall below 7%.

Whether it’s more niche products like bank statement loans, construction-to-permanent loans or down payment assistance programs, LOs have been forced to sharpen their swords and master the products to get buyers into homes in a brutal marketplace. 

“You have to be able to switch hats and do all those products because if you’re not, you are not going to piece together enough units to survive in this market,” Groves said.

Read more at housingwire.com

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Home Prices Are Not Falling

 
 

During the fourth quarter of last year, some housing experts projected home prices were going to crash in 2023.

The media ran with those forecasts and put out headlines calling for doom and gloom in the housing market. All of this negative news coverage made a lot of people have doubts about the strength of the residential real estate market.

If it made you question if you should delay your own plans to move, here’s what you really need to know.

Home Prices Never Crashed

Disregard what you saw in the headlines. The actual data shows home prices were remarkably resilient and performed far better than the media would have you believe (see graph below):

 
 

This graph uses reports from three trusted sources to clearly illustrate prices have already rebounded after experiencing only slight declines nationally. That’s a far cry from the crash so many articles called for.

The declines that did happen (shown in red), weren’t drastic but were short-lived. As Nicole Friedman, a reporter at the Wall Street Journal (WSJ), says:

“Home prices aren’t falling anymore. . . The surprisingly quick recovery suggests that the residential real-estate downturn is turning out to be shorter and shallower than many housing economists expected . . .”

Even though some media coverage made a big deal about home prices pulling back, the slight correction that happened is already in the rearview mirror. Basically, this data shows you home prices aren’t falling anymore – they’re actually going back up.

What’s Next for Home Prices?

The consensus from experts is that home price growth will continue in the years ahead and is returning to normal levels for the market. That means we’ll still see home prices appreciating, just at a slower pace than the last few years – and that’s a good thing.

Some news sources will see home price growth slowing and put out stories that make you think prices are falling again. The return of misleading headlines like those is already having an impact on how homebuyers are feeling again. You can see how this affects general opinion in the Consumer Confidence Survey from Fannie Mae (see graph below):

 
 

While the percentage of Americans who think prices will fall has been slowly declining this year, the latest Consumer Confidence data indicates that’s ticked back up recently (shown in red). This change is surprising especially since the home price data shows prices are going up, not down. It tells you the impact the media still has on public opinion.

Don’t fall for the negative headlines and become part of this statistic. Remember, data from a number of sources shows home prices aren’t falling anymore.

Bottom Line

Even though the media may make things sound doom and gloom, the data shows home prices aren’t falling anymore. So, don’t let the headlines scare you or delay your plans. Lean on a real estate professional so you have a trusted resource to cut through the noise and tell you what’s really happening in your area.

Get all the details at keepingcurrentmatters.com

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Everything You Need to Know About Installing Hardwood Flooring In Your Home

 
 

Hardwood flooring is one of the most popular flooring options among homeowners.

It brings a timeless and elegant look to your home and increases your home's resale value. However, installing hardwood flooring can be a real challenge, especially if you are a DIY enthusiast.

Here's everything you need to know about installing hardwood flooring in your home.

Choose the Right Type of Hardwood Flooring
The first step in installing hardwood flooring is choosing the right type of flooring. There are two main types of hardwood flooring: solid wood flooring and engineered wood flooring. Solid wood flooring is made of solid wood planks and is best for high-traffic areas. Engineered wood flooring is made of several layers of wood and is more resistant to moisture.

You should also consider the wood species, color, and style of flooring that you want. Some popular wood species include oak, maple, and cherry. You can choose from different types of finishes, such as glossy and matte, to match your home's style.

Prepare the Subfloor
Before you can install hardwood flooring, you need to prepare the subfloor. The subfloor should be clean, flat, and dry. If your subfloor is made of concrete, you need to install a vapor barrier to prevent moisture from seeping through the concrete.

If your subfloor is uneven, you can use a leveling compound to even it out. You should also remove any old flooring or carpeting, as they can affect the hardwood flooring's durability.

Install the Hardwood Flooring
Once the subfloor is ready, you can start installing the hardwood flooring. The first step is to lay the vapor barrier if needed. Then, you can start laying the flooring planks by nailing or gluing them down.

To achieve a professional look, you should stagger the planks and leave a small gap between them for expansion. You can use a flooring nailer or stapler to secure the planks to the subfloor.

Sand and Finish the Hardwood Flooring
After installing the flooring, you need to sand and finish it. Sanding removes any rough spots or scratches on the flooring and prepares it for the finish. You can use a drum sander or a random orbital sander to sand the floor.

Once you've sanded the floor, you can apply the finish. There are different types of finishes, such as polyurethane and oil-based finishes. You should apply at least three coats of finish to protect the flooring.

Maintain the Hardwood Flooring
Maintaining hardwood flooring is crucial for its durability and longevity. You should avoid using water to clean the flooring, as it can damage the finish and the wood. Instead, use a dry mop or a vacuum to remove dirt and debris.

You should also avoid exposing the flooring to direct sunlight, as it can cause the wood to fade. Use window treatments to block the sun's rays and protect the flooring.

Installing hardwood flooring is a significant investment, but it can bring a lot of benefits to your home. By choosing the right type of flooring, preparing the subfloor, installing the flooring correctly, and maintaining it, you can enjoy the beauty and durability of hardwood flooring for years to come. Follow the steps outlined in this guide, and you'll have a professional-looking floor that you can be proud of.

Learn more at rismedia.com

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