Jumbo Loans and Luxury Homes

Expensive homes come with expensive mortgages. Lenders have developed large specialized loans known as "jumbo loans" that allow borrowers to borrow more. The luxury home market is continuing to rise, so naturally, the jumbo loan market is following. According to the National Association of Realtors, sales of homes worth between $750,000 and $1 million are up 38.7% since last year. Homes selling for over $1 million has gone up 25.7%

Interest rates of these jumbo loans have been creeping closer and closer to the rates of ordinary loans, some jumbo's interest rates have been just as good as the average priced loans. This is one of the main reasons we are seeing a boom in jumbo's. The rates have been able to decrease because only the most qualified buyers are being approved for such a large amount of borrowed money.

Written by: Brad Novy

Apple Valley Market Update!

Changes in the real estate market are happening, and the recovery of the market is becoming more publicly known. Since last January, the inventory of available homes in the twin cities has gone down 32.2%! The recovering economy and low interest rates means more people are looking to buy houses, therefore, demand is rising. If you aren't sure why this is significant, it means that prices are rising! The median sales prices of homes in the twin cities has risen 14.3% since last January.

The Apple Valley real estate market is booming! The median sales price has risen 30.2% to $185,000 in the last year! Home owners are finding relief and peace of mind in this market turnaround. The average time on the market for a sale is under 100 days. This is all good news for people who are looking to sell their house. It is also good news for buyers, knowing that the market will more than likely put them in a good position for a quick gain in equity. Click here for a more detailed look into the Twin Cities market.

Stylish Eagan Townhome- New Listing

Check out our the virtual tour of our new listing at 3762 Vermilion Court South in Eagan. A sunny front patio sets the stage for the terrific interior spaces to follow. The comfortable living room has new wood laminate flooring and features a cozy gas fireplace. The adjacent dining area flows nicely into the kitchen with a handy breakfast bar, ceramic tile flooring and new stainless steel appliances. The upper level is comprised of two generous bedrooms and a loft. This impeccable townhome has quality updates throughout and is available in time for you to qualify for the first-time home-buyer tax credit. Offered at $144,900.