Jeff Kendall, Realtor

06/08/2022

First Time Home Buyers:
WHAT ARE THE BEST OPTIONS FOR TODAY’S FIRST-TIME HOMEBUYERS?

If you’re looking to buy your first home, you’re likely balancing several factors. Because both mortgage rates and home prices have risen this year, it costs more to buy a home than it did even just a few months ago. But that doesn’t mean you have to put your plans on hold.
If you partner with a trusted real estate advisor like myself and hone your strategy, you can navigate today’s market and find the home you’re looking for. Here are two tips to help you get started.
Work with a Professional To Prioritize Your Wish List!
If you’re having trouble finding a home in your budget that checks all the boxes, it may be worth taking another look at your lists of what you want and what you really need. According to the latest First-Time Homebuyer Metro Affordability Report from NerdWallet, your wish list can have as much impact on your search as your finances:
“Your budget isn’t all that you need to be concerned about; your wish list and desired location may carry just as much weight.”
It’s all about prioritization. If you’re serious about purchasing your first home soon, be flexible in what you’re looking for to open up your pool of options. Partner with a local real estate professional like myself to better understand what’s available in today’s market and reprioritize your wish list. Remember, making a concession now doesn’t mean you’ll never have everything on your list. After you’ve moved in, you can always add certain features to make the home your own.
Increase Your Search Radius To Consider More Locations
Some areas may have more homes within your target price range than others, but it may require you to be flexible on your location. For example, if you’re a remote worker, you may be able to expand your search radius. As Fannie Mae explains:
“. . . continued remote work flexibility is likely giving many the ability to live farther away in more affordable areas.”
The decision to search in places with a lower cost of living could help you find a home that fits your budget and checks the most boxes off your wish list.
Bottom Line
If you’re serious about purchasing your first home this year, revisiting your wish list and the desired location can help. Contact me to explore all the options in your local market – and beyond – so you can achieve your homeownership dreams.

05/23/2022

Ask me about this Outstanding listing in Golden Valley!!

For Sale in Golden Valley: 1 Story single family built in 1956 with 4 beds, 2 baths, and 2384 sqft on 0.25 acres. 4421 Culver Road, Golden Valley, MN 55422. MLS # 6193723. View 24 photos and MLS listing details at TheMLSonline.com.

12/24/2021

Wishing you a Very Merry Christmas and an awesome 2022

08/04/2021

With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here are four reasons why that won’t happen.

Distressed Properties, Foreclosures, Housing Market Updates, Pricing, Short Sales
4 Reasons Why the End of Forbearance Will Not Lead to a Wave of Foreclosures

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With forbearance plans about to come to an end, many are concerned the housing market will experience a wave of foreclosures like what happened after the housing bubble 15 years ago. Here are four reasons why that won’t happen.
1. There are fewer homeowners in trouble this time
After the last housing crash, about 9.3 million households lost their home to a foreclosure, short sale, or because they simply gave it back to the bank.
As stay-at-home orders were issued early last year, the overwhelming fear was the pandemic would decimate the housing industry in a similar way. Many experts projected 30% of all mortgage holders would enter the forbearance program. Only 8.5% actually did, and that number is now down to 3.5%.
As of last Friday, the total number of mortgages still in forbearance stood at 1,863,000. That’s definitely a large number, but nowhere near 9.3 million.
2. Most of the 1.86M in forbearance have enough equity to sell their home
Of the 1.86 million homeowners currently in forbearance, 87% have at least 10% equity in their homes. The 10% equity number is important because it enables homeowners to sell their houses and pay the related expenses instead of facing the hit on their credit that a foreclosure or short sale would create.
The remaining 13% might not all have the option to sell, so if the entire 13% of the 1.86M homes went into foreclosure, that would total 241,800 mortgages. To give that number context, here are the annual foreclosure numbers of the three years leading up to the pandemic:
• 2017: 314,220
• 2018: 279,040
• 2019: 277,520
The probable number of foreclosures coming out of the forbearance program is nowhere near the number of foreclosures coming out of the housing crash 15 years ago. The number does, however, draw a similar comparison to the three years prior to the pandemic.
3. The current market can absorb any listings coming to the market
When foreclosures hit the market in 2008, there was an excess supply of homes for sale. The situation is exactly the opposite today. In 2008, there was a 9-month supply of listings for sale. Today, that number stands at less than 3 months of inventory on the market.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains when addressing potential foreclosures emerging from the forbearance program:
“Any foreclosure increases will likely be quickly absorbed by the market. It will not lead to any price declines.”
4. Those in power will do whatever is necessary to prevent a wave of foreclosures
Just last Friday, the White House released a fact sheet explaining how homeowners with government-backed mortgages will be given further options to enable them to keep their homes when exiting forbearance. Here are two examples mentioned in the release:
• “For homeowners who can resume their pre-pandemic monthly mortgage payment and where agencies have the authority, agencies will continue requiring mortgage servicers to offer options that allow borrowers to move missed payments to the end of the mortgage at no additional cost to the borrower.”
• “The new steps the Department of Housing and Urban Development (HUD), Department of Agriculture (USDA), and Department of Veterans Affairs (VA) are announcing will aim to provide homeowners with a roughly 25% reduction in borrowers’ monthly principal and interest (P&I) payments to ensure they can afford to remain in their homes and build equity long-term. This brings options for homeowners with mortgages backed by HUD, USDA, and VA closer in alignment with options for homeowners with mortgages backed by Fannie Mae and Freddie Mac.”
When evaluating the four reasons above, it’s clear there won’t be a flood of foreclosures coming to the market as the forbearance program winds down.
Bottom Line
As Ivy Zelman, founder of the major housing market analytical firm Zelman & Associates, notes:
“The likelihood of us having a foreclosure crisis again is about zero percent.”

01/05/2021

Check out the value of your home. click below

What's your home worth? For most sellers, this is the most important question you will have before putting your home on the market. An experienced agent can prepare a comparative market analysis (CMA) to determine how your home stacks up to similar homes that have sold recently in your area. From th...

03/11/2020

What is happening in NY, NY

It’s still too early to tell what the long-term impacts of the novel coronavirus will be on New York’s real estate market

03/11/2020

What's happening in NY, NY Real Estate?

It’s still too early to tell what the long-term impacts of the novel coronavirus will be on New York’s real estate market

01/28/2020

Check this out

If you dream of owning a home that looks like it was taken straight out of a Norman Rockwell painting, you’re not alone. 

10/23/2019

WOW!! Would you like a cash offer on your home, no fixes and close in just a few weeks...Interested?? click here. Thank you Jeff Kendall
http://jkendall.themlsonline.com/minnesota-real-estate/services/selling-a-home

10/22/2019

Simple Feature That Boosts Your Home Value

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New bathroom caulk
An unattractive bathroom will reduce your home’s value. The caulk around your shower and bathtub protects your bathroom walls from leaks. When caulk becomes moldy and cracked, it’s a turnoff for guests and potential home buyers. Replacing it will create a noticeable improvement in your bathroom’s appearance.
“Given that the cost is minimal, it makes sense to do this.
Caulk is relatively easy to replace. It takes patience, but no special skills. You can use a caulking gun for larger jobs, but caulk is available in squeezable plastic tubes for smaller projects. Just note that before you can apply new caulk, you’ll need to remove the old material.