This announcement was made by HUD yesterday is their gift to some homeowners and renters:
“The Federal Housing Administration (FHA) announced a two-month extension of its foreclosure and eviction moratorium through August 31, 2020, for homeowners with FHA-insured Single Family mortgages. This extension provides additional security and peace of mind to homeowners that they will not lose their homes while they are trying to recover financially.
The pandemic and recession are sure to affect homeownership rates in a negative way just like the last recession did.
It is wonderful to understand the history but it would be even better if we could do something now so that more people could own homes and so that we could one day get all the way up to the 63.9% US homeownership average by increasing homeownership among people of color. It isn’t going to be easy because there is also the pay gap and the wage gap that has to be overcome.
For now all I got it a link to some resources for down payment assistance. I have had the link on this site for years and I have had clients use it and get downpayment assistance and that assistance helped them become homeowners.
Those former clients are still homeowners. Some of them have college degrees and others do not. Most of them were single when they purchased the home and most were women.
Here are the latest national housing numbers from the National Association of Realtors:
Single-family home sales sat at a seasonally-adjusted annual rate of 3.94 million in April, down 16.9% from 4.74 million in March, and down 15.5% from one year ago. The median existing single-family home price was $288,700 in April, up 7.3% from April 2019.
Minnesota gets lumped in with the Midwest as part of a housing region:
Existing-home sales decreased 12.0% in the Midwest to an annual rate of 1.10 million, down 8.3% from a year ago. The median price in the Midwest was $229,200, a 9.3% increase from April 2019.
Homes are still selling quickly in the metro area.
Homebuyers are waiting for prices to go down. They are likely to continue to rise this year due to high demand and low supply. Next week I’ll have some numbers for home sales in St. Paul.
Clean often becomes an issue for home buyers. They want to move into a clean house but when they do the final walkthrough they discover the house isn’t clean.
The word clean doesn’t mean the same thing to everyone. During our current pandemic clean has taken on a whole new meaning. REALTORS do not agree on the meaning of clean.
At the very least belongings should be removed from the home and the floors swept for the new owners. The refrigerator, stove, and microwave should be cleaned inside and out. Toilets, tubs, sinks, and showers should be cleaned too.
We often assume that because someone owns a home that they know how to clean it. I haven’t found that to be true.
Sometimes the sellers say they cleaned the house and the buyer says they didn’t and they are both right.
Buyers can ask for a specific level of cleaning in the purchase agreement. They can ask to have carpets shampooed and can ask to have a professional cleaning service to perform a “move out cleaning”.
That doesn’t mean that the house will be clean enough. Your best bet is to ask to have it cleaned and then plan on having the home professionally cleaned before you move in or plan on cleaning it yourself.
I have never moved into a house or apartment without cleaning it first.
If I were to sell my home I would clean it or have it cleaned. I know from experience that if a home is clean buyers are less likely to want to go to court if there is a problem with the house shortly have they move in.
Stay at home orders have been in effect in Minnesota for almost two months yet home sales have remained strong. Homes on the market are getting fewer private showings but they are still selling quickly and prices are still rising.
Median home sale prices have risen more in St. Paul than they have in the rest of the Twin Cities metro area. The data used in the graph is from the NorthstarMLS which is deemed reliable but not guaranteed.