Burnsville Home Sellers: Meeting The Challenge of Today's Market

Selling a home today in Burnsville can be a big challenge, especially with the tough competition from nearby short sales and foreclosures. Real estate values have been declining in part because of the low sales prices offered by banks who need to unload their inventory of their real estate owned. Roughly half of the sales in today's MN real estate market has come from traditional home sellers. Are you searching for help to sell your home in Burnsville?

Using a Burnsville Real Estate Agent

It's never been more important to work with a Burnsville real estate agent who studies recent trends in Twin Cities market values. When we visit your home to complete a market analysis, we will compare all of the features of your home to the competing homes for sale in your neighborhood. We need to look at all of the houses that have sold within recent months to analyze what the actual sales prices have been. By doing so we can estimate what price a home buyer might pay for your house within a reasonable period of time.

Choices When You Owe More Than The House Is Worth

The challenge for many sellers today is trying to get enough for their home to pay off the existing mortgages on their home. If a home seller owes more on the mortgages for their home than what we can sell it for we will either need to discuss paying the mortgages down, going through the process of a short sale, or listing the current house for rent and in order to move to another one. With the rapidly rising rents in today's market home sellers are often finding that they can cover all of the resulting expenses for the house through their renter's income.

Lenders have specific guidelines for those Burnsville sellers who will rent out their home to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.

Get preapproved right away

Once we have a chance to meet to discuss the value of your current home it is important that you go through the process of getting preapproved for a mortgage loan. Your MN mortgage lender can help you discover which of the options are best whether selling or renting out your current home. The process of preapproval is free, and if you decide not to proceed, there is no obligation to borrow money. A good mortgage banker will be able to analyze all of the options available to you such as through MN FHA loans, Conventional, VA, or other types of mortgage financing.

As the sixth largest city in the Twin Cities metropolitan area, Burnsville is a popular bedroom community to both St. Paul, Minneapolis, and neighboring suburbs. While going through a rapid population expansion from 1970 through 2000 and tripling in size to just over sixty-thousand residents, Burnsville is now pretty much built-out and its population has stabilized over the past ten years. Large employers in the city include Independent School District 191, Fairview Ridges Hospital, and Pepsi Cola but many residents find employment in the Minneapolis, St. Paul or surrounding suburbs. Burnsville, MN has homes for sale for both for the Minnesota first time buyer as well as the move up buyer.

Are You Ready To Talk?

If you would like to learn more about selling your Burnsville home call or email me. I will work with you to complete a competitive market analysis at no obligation to you. We will discuss your options available in the market today. Feel free to email or give me a quick call.




Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale