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Rochester, MN Real Estate News

By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
5 Things to Understand About Title Insurance 1. It protects your ownership right to your home both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person's name or an inaccurate description of the property. 2. It's a one-time cost usually based on the price of the property. 3. It's usually paid for by the sellers. 4. There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy. 5. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available. If you would like more info about...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
10 Ways to Lower Your Homeowners Insurance Costs 1. Raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower. 2. Buy your homeowners and auto policies from the same company. You'll usually qualify for a discount. But make sure that the savings really yields the lowest price. 3. Make your home less susceptible to damage. Keep roofs and drains in good repair. Retrofit your house to protect against natural disasters common to your area. 4. Keep your home safer. Install smoke detectors, burglar alarms, and dead-bolt locks. All of these will usually qualify for a discount. 5. Be sure you insure your house for the correct amount. Remember, you're covering replacement cost, not market value. 6. Ask about other discounts. For example, retirees...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
5 Things to Understand About Homeowners Insurance 1. Look for exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These coverages must be bought separately. 2. Look for dollar limitations on claims. Even if you are covered for a risk, there may a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately. 3. Understand replacement cost. If your home is destroyed you'll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you'll only receive $150,000. 4. Understand actual cash value. If you cho...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
10 Questions to Ask Your Condo Board Before you buy, contact the condo board with the following questions. In the process, you'll learn how responsive-and organized-its members are. 1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale. 2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can't rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you. 3. How much does the ass...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
Choices That Will Affect Your Loan: Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term.. A fixed rate allows you to lock in a low rate for as long as you hold the mortgage and is usually a good choice if interest rates are low. An adjustable-rate mortgage (ARM) is designed so that interest rates will rise as interest rates increase; however they usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. ARMs are a good choice when interest rates are high or when you expect your income...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
6 Creative Ways to Afford a Home If your income and savings are making homebuying a challenge, consider these options. 1. Investigate local, state, and national downpayment assistance programs. These programs give loans or grants to cover all or part of your required downpayment. National programs include the Nehemiah program (http://www.getdownpayment.com) and the American Dream Downpayment Fund from the U.S. Department of Housing and Urban Development (http://www.hud.gov). 2. Get the seller to provide financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you do a mortgage. 3. Consider a shared-appreciation, or shared equity, arrangement. Under this arrangement, your family, friends, or even ...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
10 Things a Lender Needs From You 1. W-2 forms or business tax return forms if you're self-employed for the last two or three years for every person signing the loan. 2. Copies of one or more months of pay stubs from every person signing the loan. 3. Copies of two to four months of bank or credit union statements for both checking and savings accounts. 4. Copies of personal tax forms for the last two to three years. 5. Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, e.g., a boat, RV, or stocks or bonds not held in a brokerage account. 6. Copies of your most recent 401(k) or other retirement account statement. 7. Documentation to verify additional income, such as child support, pension, etc. 8. Account numbers of all y...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
  Be sure you find a loan that fits your needs with these comprehensive questions. 1. What are the most popular mortgage loans you offer? 2. Which type of mortgage plan do you think would be best for us? Why? 3. Are your rates, terms, fees, and closing costs negotiable? 4. Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? NOTE: Private mortgage insurance usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy when you've acquired a certain amount of equity by paying down the loan. 5. Who will service the loan? Your bank or another company? 6. What escrow requirements do you have? 7. How long is your loan lock-in period (the time that the quoted interest rate will b...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
10 Things to Take the Trauma Out of Homebuying 1. Find a real estate professional who's simpathetic. Homebuying is not only a big financial commitment, but also an emotional one. It's critical that the practitioner you choose is both skilled and a good fit with your personality. 2. Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the market long. 3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision. 4. Accept that no house is ever perfect....
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
10 Tips for First-Time Homebuyers 1. Be picky, but don't be unrealistic. There is no perfect home. 2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you. 3. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs. 4. Don't wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking. 5. Don't ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion. 6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? 7. Think long-term. Are you looking for a s...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
10 Steps to Prepare for Homeownership 1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. 2. Develop a wish list of what you'd like your home to have. Then prioritize the features on your list. 3. Select three or four neighborhoods you'd like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety. 4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney's fee, and transfer fees average between 2 percent and 7 percent of the home price. 5. Get your credit in order. Obtain a copy of your credit report. 6. Determine how large a mortgage you can qualify for. Also explore different loans option...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will decide your credit score for obtaining a mortgage(real estate loan). 1) Your payment history. Whether you paid credit card obligations on time. 2) How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended and will affect your credit score. 3) The length of your credit history. In general, the longer the better. 4) How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay proptly. 5) The types of credit you use. Generally, it's desirable to have more than one type of credit-installment loans, credit cards, and a mortgage, for example.
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
With Tax season upon us here are some Home Deduction Tax Mistakes to Avoid: Schedule A is the part of Form 1040 you use to list myriad deductions, and the more moving parts, the more prone you are to misinterpretation. To save you heartache, we asked four tax experts to weigh in on the six most common Schedule A mistakes do-it-yourselfers make. Trap #1: Line 6 - real estate taxes Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.The money you send the bank may be more than what the bank pays for your taxes. That will lead you to putting the wrong number on Schedule A.Example: Your monthly payment to the lender: $2,000 for mortgage + $500 escrow for taxes Your annual property tax bill: $5,500 Now do the math: Your...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
Here are 8 ways on How to Improve Your Credit Score. If you are thinking about purchasing a home but know that your credit score won't get you the rate you want here are some ways on how to improve your credit to expedite your journey to your new home. Credit scores, along with your overall income and debt, are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for. 1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management. 2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score. 3. Don’t charge your credit cards to the maximum limit. 4. Wai...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
Here are SE(South East) Rochester MN Local Real Estate Market Statistics for January 2011. These numbers for SE Rochester MN Local Real Estate Market Statistics are a summary. If you would like to get more detailed information about SE Rochester's market statistics cantact Dan Kingsley, SE Rochester local expert, at www.TheRealEstateRanger.com. Statistic 10-Dec 9-Dec % Chg 2010 YTD 2009 YTD % Chg   Absorption Rate 8.69 5.78 50.35 8.11 N/A N/A   Average List Price 137369.1 138491.2 -0.81 137786.5 142468.5 -3.29   Median List Price 119900 124900 -4 124900 127500 -2.04   Average Sale Price 130286.6 130947.6 -0.5 128298.7 129640.3 -1.03   Median Sale Price 125000 125000 0 124500 122700 1.47   Average DOM 111 140 -20.71 121 106 14.15   Median DOM 94 76 23.68 76 64 18.75                   If ...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
 Here are SW(South West) Rochester MN Local Real Estate Market Statistics for January 2011. These numbers for SW Rochester MN Local Real Estate Market Statistics are a summary. If you would like to get more detailed information about SW Rochester's market statistics cantact Dan Kingsley, SW Rochester local expert, at www.TheRealEstateRanger.com.                 Statistic 10-Dec 9-Dec % Chg 2010 YTD 2009 YTD % Chg   Absorption Rate 8.2 7.73 6.08 10.47 N/A N/A   Average List Price 305050.9 354559 -13.96 294614.3 300907.7 -2.09   Median List Price 229900 272400 -15.6 234950 241850 -2.85   Average Sale Price 268877.7 347055.4 -22.53 240965.7 244726.7 -1.54   Median Sale Price 199950 329542.5 -39.32 203500 198550 2.49   Average DOM 168 228 -26.32 139 145 -4.14   Median DOM 174 161 8.07 105 7...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
Here are NE(North West) Rochester MN Local Real Estate Market Statistics for January 2011. These numbers for NE Rochester MN Local Real Estate Market Statistics are a summary. If you would like to get more detailed information about NW Rochester's market statistics cantact Dan Kingsley, NE Rochester local expert, at www.TheRealEstateRanger.com.               Statistic 10-Dec 9-Dec % Chg 2010 YTD 2009 YTD % Chg Absorption Rate 7.71 7.54 2.25 8.35 N/A N/A Average List Price 230443.4 248517 -7.27 220215.8 221291.1 -0.49 Median List Price 174900 209900 -16.67 179900 169950 5.85 Average Sale Price 162426.7 159012.5 2.15 197774.2 194201.2 1.84 Median Sale Price 115000 141500 -18.73 175000 154769.5 13.07 Average DOM 164 224 -26.79 131 132 -0.76 Median DOM 131 185 -29.19 82 79 3.8              ...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
Here are NW(North West) Rochester MN Local Real Estate Market Statistics for January 2011. These numbers for NW Rochester MN Local Real Estate Market Statistics are a summary. If you would like to get more detailed information about NW Rochester's market statistics cantact Dan Kingsley, NW Rochester local expert, at www.TheRealEstateRanger.com. Market Summary Report  downloaded on 1/12/2011 at 12:55 PM     Property type Residential Zip Code of '55901'.         Statistic 10-Dec 9-Dec % Chg 2010 YTD 2009 YTD % Chg Absorption Rate 6.52 5.94 9.76 7.4 N/A N/A Average List Price 167299.4 179538.5 -6.82 168509.7 175727.9 -4.11 Median List Price 149950 159900 -6.22 151900 159900 -5 Average Sale Price 157466.7 154892.9 1.66 158541.6 166017.8 -4.5 Median Sale Price 150000 153000 -1.96 149000 1565...
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By Dan Kingsley, ePRO, CDPE-RANGER - Rochester MN
(Counselor Realty of Rochester)
Rochester Minnesota boast all kinds of wonderful Local Attractions to enjoy the community. Some Rochester Minnesota summer attractions are kayaking, canoeing and peddle boating at Silver Lake. You can also enjoy bike riding, rollerblading or mini golf at Silver Lake. Rentals are available so there is no need to spend time packing up your vehicle. Some of Rochester Minnesota winter attractions are snow shoeing, cross country skiing, ice fishing, sledding, snowmobiling, and ice skating. If you are looking for sport activities Rochester has two baseball teams the Rochester Honkers and the Rochester Royals. For Football there is the Rochester Giants. The Rochester Ice Hawks is Rochester's own hockey team. At anytime you can check out the Rochester Minnesota Local Attractions Events Calander...
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Price: $165,000 FIZBER.com ID 15839567 Single Family with 4 bed, 1.8 bath, in 1502 8th ave nw Rochester, MN, 55901 http://www.fizber.com/15839567/ 1502 8th ave nw - For Sale By Owner Property Details: Type: Single Family Address: 1502 8th ave nw, Rochester, MN, 55901 Sq footage: 2376.0 Floors: n/a Bathrooms: 1.8 Bedrooms: 4 Year built: 1964 View full property details and seller's contacts. View more Minnesota homes for sale. Homes for Sale by Owner. Description: You will love coming home to your hillside walkout ranch in this friendly neighborhood situated on a quiet dead end street. Built by architect Reuben Wolfgram, this home offers exposed beams, a fireplaced dining area and a fireplaced den/rec room. Lilacs, shrubs and flowers edge the front property while mature trees and perenni...
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