Eden Prairie MLS Foreclosures! Real-time Instant Updates* Click Eden Prairie Foreclosures Instant Updates Click Eden Prairie Homes and Properties Schools Walk Score Go Green Market Data Remodeling Cost vs Value Contact Information RES RealtyBob Elliot 12280 Nicollet AveBurnsville MN 55337612 578 6162More Listing InformationEden Prairie ForeclosuresEmail Me 03/12/2010

Eden Prairie MN Homes $100,000 - $500,000! Instant Updates* Click Eden Prairie MN Homes Instant Updates MLS IDX No Sign-Up Contact Information RES RealtyBob Elliot 12280 Nicollet AveBurnsville MN 55337612 578 6162More Listing InformationEden Prairie HomesEmail Me 02/27/2010

Many months ago I wrote a blog about how houses can often have moisture problems when old furnaces are replaced with high efficiency furnaces. The fix that I mentioned at the end of the blog was to install a Heat Recovery Ventilator, or HRV.  The character in that blog finally got around to installing an HRV in his house, and solved all his moisture problems! For the first time since he installed his high efficiency furnace, he no longer has condensation on his windows during the winter, and he couldn't be happier about it. Today I'll share some basic information about how HRVs operate and why they're needed in today's newer, tighter houses. New Houses Don't Breathe As most people know, new houses are constructed much tighter than they used to be - they don't leak air all over the plac... 12/14/2009

Wow, just returned from watching my son's 2nd to last third grade Eden Prairie football game.  It was a brisk night with the temps hovering in the mid to upper 30's.  They were playing in the snow last Monday so I dug out a propane jet heater and propane tank and set it up on the sidelines.  The boys did not get to stand in front of it most of the time but the mom's seemed very happy.  We lost again but it was a great game.  Watching the boys start to get it and be in the right place at the right time was priceless.  I can't wait to watch the game on video when I get it downloaded.  Memories like this will last forever. 10/13/2009

Eden Prairie is a unique market.  If you look at the 11 county metro, 30% of the inventory is lender mediated.  That means it is either a short sale or a bank owned.  Eden Prairie has managed to stay well below that number with 18% of Eden Prairie Real Estate being lender mediated.  The issue is that closed sales were almost equal in the end of 2008.  Three times as many non lender homes on the market but almost the same amount of sales for each.  The market has bounced back a little and in July 180 homes were sold that were some type of Eden Prairie foreclosure or pre-foreclosure and 540 were traditional.  The average sale price during the year fell about 10% for lender mediated homes and about 9% for traditional homes.  Average time on the market crept up 6% for the Eden Prairie forec... 10/13/2009

I recently had a client call me and ask me about buying a home in BearPath which is associated with BearPath Country club and is a gated community in Eden Prairie Minnesota.  My client asked me about the difference between a normal Eden Prairie Home's value and a BearPath Country Club homes value.  I had watched homes selling in Bearpath for quite a while and based my opinion on past experience. Just off the top, it seemed that being in the Bearpath gated community that a home that would sell for 900,000 in Eden Prairie would sell for 1 million in the gated community sometimes more if staged and marketed correctly.  I also know that being in Bearpath normally makes the high end market i.e. over 1 million dollar homes sell better.  Feel free to visit my site with questions about BearPath... 10/12/2009

As a veteran in my 14th year of selling real estate I am getting asked this question more and more all the time these days. The answer is YES or NO.Here are the considerations:1. How much equity are you likely to lose from selling in a down market versus buying in a down market? You may lose $30-50K on your sale, but gain $70-100K in equity on your move up property, so it might be worth it to "take the hit" right now.2. How much is your current payment? If it is too high to get a break even, or a slight positive cash flow if you rented it out, you should refinance it, and then rent it out.3. Am I OK with a phone call or two to fix something if it breaks in my "rental house"? Or do I know someone handy that lives close by that doesn't charge an arm and a leg!  01/04/2009

Hello I am new to this blogging, so your patience is appreciated.Our company specializes in the sale and acquisition of hotel properties in the upper midwest.  Our niche is hotels bigger then the small road side "ma and pa" motels, but smaller then the massive 400 room Hiltons.  Everything in between we have for sale, or can help a serious and qualified buyer pursue through buyer representation.   If you are in the market to buy, email or call me! Ryan 04/28/2008

Eden Prairie continues to rise in spite of soft market condition elsewhere.  While the Metro area's average sales price drops, and in spite of neighboring communities doing the same, Eden Prairie posted a 12.1% rise in the average sales price for 2007.Average sales price can be a misleading statistic, but is usually gives us an idea for the over all strength of the market.  Average sale price does not accurately predict home value application due to many reasons.  For example, if an area's average sale price is $200,000 and a high number of new condos sell for around $125,000 it has an effect on the average sales price.  We see this often in real estate booms.  A bunch of new condos, or a new subdivision of homes, might bring the average up or down while actual home values are doing the... 02/19/2008

Twin City metro communities taking action against the high rate of foreclosure.   Eden Prairie MN appears to be proactive in the attempts to keep homeowners in their homes.  Eden Prairie Housing and Community Service Dept has been diligently networking with the US Department of Housing and Urban Development (HUD)  to make loans less than $10,000 per household where appropriate when home owners are struggling to stay in their home.  The monies to fund  such a program is being proposed to come from the city's allotment of close to a quarter of a million under the federal Community Development block Grant Program.  To date, HUD has implied the current rules aren't applicable. To assist such situations.  Will this change in the near future? Will it be beneficial for those distressed home ow... 02/12/2008

Understanding Different Types of Loans Today's homebuyer has more financing options than have ever been available before. From traditional mortgages to adjustable-rate and hybrid loans, there are financing packages designed to meet the needs of virtually anyone. While the different choices may seem overwhelming at first, the overall goal is really quite simple: you want to find a loan that fits both your current financial situation and your future plans. Though this article discusses some of the more common loan types, you should spend time talking with different lenders before deciding on the right loan for your situation. General categories of loansMost loans fall into three major categories: fixed-rate, adjustable-rate, and hybrid loans that combine features of both. Fixed-rate mortg... 12/14/2007

Refinancing Refinancing your home can be an excellent way to bring down your monthly mortgage payment, raise cash, or consolidate debts with high interest rates. However, you need to do your homework before deciding to refinance. One important factor is the difference between current interest rates and the rate of your original loan. You also need to take into account the amount of time it will take to recoup the costs of refinancing. When should you refinance?Some common reasons homeowners refinance include: Lower monthly mortgage payments Convert an adjustable rate mortgage (ARM) to a fixed-rate mortgage Raise funds for family expenses (i.e. college tuition) Pay off high-interest loans Home improvements The old rule of thumb is that you should refinance your home if interest rates fal... 12/14/2007

Closing Costs The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom. Buyer closing costsWhen a buyer applies for a loan, lenders are required to provide them with a good-faith estimate of their closing costs. The fees vary according to several factors, including the type of loan they applied for and the terms of the purchase agreement. Likewise, some of the closing costs, especially those associated with the loan application, are actually paid in advance. Some typical buyer closing costs include: The down payment Loan fees (points, application fee, credit report) Prepaid interest Inspection fees Appraisal Mortgage... 12/14/2007

15-Year, 30-Year, or a Biweekly Mortgage? In the past, the 30-year, fixed-rate mortgage was the standard choice for most homebuyers. Today, however, lenders offer a wide array of loan types in varying lengths--including 15, 20, 30 and even 40-year mortgages. Deciding what length is best for you should be based on several factors including: your purchasing power, your anticipated future income and how disciplined you want to be about paying off the mortgage. What are the benefits of a shorter loan term?Some homeowners choose fixed-rate loans that are less than 30 years in order to save money by paying less interest over the life of the loan. For example, a $100,000 loan at 8 percent interest comes with a monthly payment of around $734 (excluding taxes and homeowner's insurance). Over 30 ... 12/14/2007

Saving for the Down Payment Saving funds for a down payment should be part of an overall program to get your finances in order prior to shopping for a home. This includes rounding up financial records, examining your spending habits, and setting a budget you can live with. Remember, too, that the down payment is not the only up-front expense. An allowance for closing costs should also be included in your savings budget. How much is required?The down payment is usually expressed as a percentage of the overall purchase price of the home, and varies depending on the lender, the type of financing and amount of money being lent. In the past, the typical down payment was 20%, but in recent years lenders have been willing to offer conventional financing with as little as 3% down. U.S. Governme... 12/14/2007

Leveraging Your Money One of the greatest financial aspects of buying a home is the ability to leverage your money. Simply put, leverage allows you to use a small down payment and financing to purchase a larger investment. For example, if you bought a $125,000 home with 10 percent down, you leveraged the $12,500 down payment to purchase an asset worth 10 times that amount! AppreciationThe benefits of leverage really become apparent with appreciation, or the rise in value of a property. Using the above example, say you were to live in the house for 5 years, and during that time property values in your area were to rise an average of 2.5 percent a year. Your home would then be worth over $141,000. By putting only 10 percent down, you get to enjoy the appreciation for the full amount! Payi... 12/14/2007

How Mortgage Loans Work Excluding property taxes and insurance, a traditional fixed-rate mortgage payment consist of two parts: (1) interest on the loan and (2) payment towards the principal, or unpaid balance of the loan. Many people are surprised to learn, however, that the amount you pay towards interest and principal varies dramatically over time. This is because mortgage loans work in such a way that the early payments are primarily in interest, and the later payments are primarily towards the principal. In the beginning... you pay interestTo help calculate monthly payments for loans based on different interest rates, lenders long ago developed what are known as "amortization tables." These tables also make it fairly easy to calculate how much money of each payment is interest, and... 12/14/2007

When Should You Pay Points on a Loan? When it comes to comparing interest rates for a mortgage loan, homebuyers often have the option of choosing a loan with a lower interest rate by paying points. Simply put, a point is equal to 1 percent of the loan amount. For example, with a $100,000 loan, one point equals $1,000. Points are usually paid out-of-pocket by the buyer at closing. Paying points may seem attractive, because a lower interest rate means smaller monthly payments. But is paying points always a good idea? The answer generally depends on how long you plan to stay in the house. Let's look at an example: Bob and Betty Smith are shopping for loan rates on a $150,000 home. Their bank has offered them a 30 year loan at 7.5 percent with no points. This works out to a monthly payment ... 12/14/2007

All About Adjustable-Rate Mortgages Adjustable-rate mortgages (ARMs) differ from fixed-rate mortgages in that the interest rate and monthly payment can change over the life of the loan. ARMs also generally have lower introductory interest rates vs. fixed-rate mortgages. Before deciding on an ARM, key factors to consider include how long you plan to own the property, and how frequently your monthly payment may change. Why choose an adjustable-rate mortgage?The low initial interest rates offered by ARMs make them attractive during periods when interest rates are high, or when homeowners only plan to stay in their home for a relatively short period. Similarly, homebuyers may find it easier to qualify for an ARM than a traditional loan. However, ARMs are not for everyone. If you plan to sta... 12/14/2007

How Much Can You Afford? Understanding how much you can afford is one of the most important rules of home buying. Depending on your individual situation, your budget can affect everything from the neighborhoods where you look, to the size of the house, and even what type of financing you choose. Bear in mind, however, that lenders will look at more than just your income to determine the size of the loan. Likewise, you may find that there are some creative financing options that can help boost your purchasing power. Loan prequalification vs. preapprovalOne of the best ways to determine your budget is to have your real estate agent or lender prequalify you for a loan. Prequalification is different from preapproval, because it is only an estimate of what you'll be able to afford. On the ot... 12/14/2007