Recently the City of Minneapolis expanded the city’s Rehab Support Program to include more neighborhoods in south Minneapolis. The Rehab Support program was created by the City of Minneapolis to help improve housing and boost the housing market in neighborhoods that had seen high foreclosure rates or aging housing stock. Currently 23 neighborhoods are eligible for the program, many in south Minneapolis, including, Field, Regina, Minnehaha, Bancroft, among others (for a complete list see below). The program works with the Minnesota Housing Finance Agency’s Community Fix Up Loan to provide low interest home improvement loans.
Eligible borrowers may borrow up to $30,000 at 2% interest with repayment terms up to 20 years. Funds can be used for a variety of home improvements, including, any code enforcement orders, kitchen and bath remodeling, new siding and windows, permanent landscaping features, and many more projects.
Eligible borrowers must reside in the home or duplex where the work will be performed. Borrowers must also meet certain income requirements. Borrowers income cannot exceed 115% of the area median income (AMI) which is currently $98,700. If borrowers do not qualify due to the income limit, many neighborhoods have neighborhood loan programs which may be an option.
For more information on the loan program or to see if you qualify, contact Jennifer Camacho-Schalo at firstname.lastname@example.org or 612-673-5174.
Eligible South Minneapolis neighborhoods include:
Minneapolis public schools are facing a $33 million budget deficit in the upcoming year. While administrations wrestle with the budget, much of the burden will fall on parent groups to make up the difference.
For every home bought/sold in 2018, Selling with Kids will donate $250 to the school PTA or group of your choice. Let’s help keep our Hale/Field Community strong!
What in the world is THAT?
The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.
Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand. Read full report here. Source: MAAR
Minneapolis Public Schools are facing a $33 million budget deficit in the upcoming year. While administrations wrestle with the budget, much of the burden will fall on parent groups to make up the difference.
For every home bought/sold in 2017, Selling with Kids will donate $250 to the school PTA or group of your choice. Help keep our communities strong by supporting local schools. Contact Nate for more details.
May need a fresh coat of paint.
Slim pickings put a lid on home sales in the Twin Cities metro last month, the Minneapolis Area Association of Realtors said Wednesday.
In February, 3,969 home buyers signed purchase agreements, just a half-percent gain from a year ago. Closings were flat and the median price of those closings jumped 7.6 percent to $223,000.
In many communities sellers are receiving nearly, or more than, their asking price, and houses are selling in less than a month. On average, houses sold in 82 days, 14.6 percent faster than last year. And at the current sales pace, there are enough houses on the market to last only 1.8 months, according to the association’s latest data. That was the second lowest figure on record for any month since January 2003. A five- to six-month supply is considered balanced. Read the full article here. Source:Star Tribune
Scammers have been been targeting buyers in the Twin Cities with a new scam aimed at stealing their down payment. Read more to learn how they are doing it.
Remember the only party in a transaction who would request a wire transfer is the buyer’s title company. Always confirm the wire transfer instructions and amounts with your agent and/or your closing agent.