January 2025 Newsletter

The housing market may look a lot like 2024, but potentially more buyer opportunities and moderate price appreciation. The housing market is highly dependent on jobs and interest rates. Interest rates will likely hover around 6-6.5% for a 30-year fixed-rate conventional loan. The interest rates of recent years (3-4%) were the exception if you look at historical trends, so waiting for rates to come down may not be realistic and will lead you to miss out on significant equity opportunities.

PROBATE PROCESS

Once it is determined that probate is necessary, an attorney will need to be hired to bring the estate to probate court. First, they need to get on the court’s docket. Once they have completed their appointment, the “letters” have to be published for 30 days in order to see if anyone contests the appointment of the personal representative (PR). When that is completed, the PR can, list, sell, and sign all paperwork needed. When is it Needed? If sole owner passes away or the owner who held tenants-in-common share of the property passes away. Who can sign? The PR appointed by the count. SSN or Tax ID? PR is advised to set up a tax ID number. This number should be used for the closing. Proceeds Information: Most title companies will NOT wire to an estate. The check must be in the name of the estate. There will need to be a bank account in the name of the estate for the check to be cashed.

KEY INSIGHTS FOR SELLERS

Don’t renovate everything! Not all upgrades have a high return at resale, so it’s important to make strategic updates when selling. While you want your home to stand out, you can likely get a great offer by making smart, minimal repairs. Focus on upgrades like new light fixtures, fresh
paint, replace hardware, some landscaping, etc.
The idea of “listing high” to get an offer rarely works, and it could even cause your home to sell for less than its anticipated value. Homes get more attention in the first two weeks on the market. When it is on the market too long, buyers may think something is wrong or it is listed
for too high of a price. Don’t sell on your own to avoid paying a commission to a real estate agent. In 2023, the median selling price of a FSBO (for sale by owner) home in the US was $310,000, while the median selling price of an
agent-assisted home was $405,000. A REALTOR has the expertise and know-how to help you get the most money for your property.

BUYERS- FIRST THINGS FIRST

Knowing the ingredients and preparation of a recipe to guide you through the process is no different than buying a home. There is an order in the process to save time, money, effort and disappointment.
1) Selecting the right agent in the beginning with experience can help you avoid common mistakes
2) Like ingredients, the agent finds the required team members like the lender, title company, inspector and others. The team members’ role is to make sure it is done correctly
3) Getting pre-approval from lender so that you will know exactly what price mortgage and home you will qualify for
4) Documents need to be assembled for the lender such as residence and tax returns for the last two years, pay stubs, etc.
5) Buying a home is one of the most important decisions in your life and it should be made with care and research. When all things are done in the right order, finding the “right” home is just like following a recipe.

ON THE LIGHTER SIDE

Why didn’t the two 4’s go to the cafeteria for lunch? They already 8!

I want to THANK YOU for your business this past year. Buying a home is always a great investment, usually cheaper than rent and you gain equity. Let me be the one to help YOU!

Your Real Estate Professional since 1974

ABR, CREA, CRS, SFR, Realtor
Minnesota CRS of the Year-2004
Edina Realty’s “Emmy Award”-2006
Twin Cities “Super-Agent-2023”
Business 612-790-3015
E-mail: Betty@BettyCole.com or BettyCole@EdinaRealty.com

Betty Cole