New Interchange in the Works for Hwy 169 & I-494
The Hwy 169/I-494 interchange is a headache for many Edina, Eden Prairie and Bloomington commuters. The design and stoplights create bottlenecks in much of the area’s freeway system. But improvement is on the horizon. A proposed plan will use a phased approach to develop a better interchange, eliminate stop lights, and save as much as $40 million in immediate construction costs.
A study has shown that portions of the interchange are not currently a problem, and the new plan will fix only the portions that are.
The most important issue, safety, is a top priority in the project. New ramps will bypass the need for stoplights along this section of Highway 169 and eliminate the danger of intersection accidents.
An added benefit of the new ramps will be a steadier flow of traffic, reduction in commuting time, and increased gas mileage of drivers on this stretch of road.
Maintaining the interchange portions that currently have a good performance rating reduces the cost of building an entirely new interchange by $30 to $40 million. This money can be used in other needed areas, saving Mn/DOT and the metro area millions.
An information open house will be held from 4-7 pm Thursday, February 11 in the Braemar Room at Braemar Gold Course, 6364 John Harris Drive, Edina.
According to the news release, any interested individuals, including business owners, residents and officials, are invited to attend. Expect to see “information about the project, including proposed design layouts and right of way and noise and air data.”
Minnesota Department of Transportation, Edina, Eden Prairie, and Bloomington representatives will be present to answer questions and gather public input on the project.
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If you would like help buying or selling a home in Chaska, Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
What Your Credit Says About Your Income
Have you ever wondered how those instantly approved credit cards are processed? Just what does the computer look at so quickly to tell the clerk “Yep, this is a good one!”
One thing they look at, of course, if your FICO score. That’s pretty much a given. But there is a new number being tossed around in the world of credit…and it just might surprise you.
The number is your estimated income, and it’s generated by a new tool that many lenders are now using.
Basically these “income estimators” look at your credit limits, available credit, FICO score, and total debt to determine what your income “probably” is. And it’s accurate 75-80% of the time!
Those who are more frugal with their debt might find themselves not getting instantly approved for anything though, because someone not using credit equal to their income level will appear to have a lower income.
No worries though, if you find yourself in that situation you should still be able to prove what your income really is with either pay stubs or tax returns…it just won’t be instant.
These new income estimator tools are in response to the credit law that goes into effect February 22. The law requires lenders to consider the borrower’s income and other debts and whether or not the borrower will be able to pay the new debt before approving a credit card application or increase.
So how will this work for you when you are standing in line with your purchases and want that 10% discount “if you open a new line of credit”? Well, if the store or card issuer has decided to instantly approve anyone with an income above $50,000 and the income estimator thinks you make $70,000 then you are approved. If it looks at your debt and thinks you only make $30,000 a year…well…you are going to have some paperwork to complete if you still want that discount.
Unfortunately there is not, at this time, any way for you to discover what your estimated income is, or to correct it if it is drastically wrong. If your income is $200,000 a year and you prefer to pay in cash for just about everything, keeping very little debt and even have a paid off mortgage, that estimator may think you are rather poor. It would be nice if this number could be checked and errors like this corrected.
Of course you won’t have to worry about instant credit and income estimators when you are applying for a mortgage for that perfect Eden Prairie home…you will have to provide the lender with sufficient proof of income no matter how much it is! So if you are planning to enter the home buying market, you better get your paperwork together before you head to the bank.
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If you would like help buying or selling a home in Chaska, Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
New Filing Rules for Home Buyer Tax Credit
If you recently purchased a home, and qualify for either the older First Time Home Buyer Tax Credit or the newer expanded Homebuyer Credit, you might be in for a shock when you head to your tax preparation office.
Due to a high level of tax fraud in the early months of the Home Buyer Credit, the IRS is now requiring all new and amended tax returns that include this credit to be paper filed. This means your return will have to be snail-mailed to the IRS, along with proof of your home purchase.
If you were anticipating walking out of the tax prep office with an instant refund of $8000, you will be disappointed. In order to obtain an instant or rapid refund, known as a refund anticipation loan, your return must qualify for electronic filing (or e-file). Paper-filed returns can take a few months to process and to have a refund issued, especially during the busy tax season.
There are a few ways to handle this. If you’re waiting to file your 2009 return until your new home purchase closes, don’t wait. Go ahead and file with your W2s and 1099s, then once your purchase is complete you can file an amended return.
Another option to ask your tax preparer about is the option to amend your 2008 tax return. This may work better for you if your home was purchased before December 1, 2009. This could be done in the same office visit as your 2009 return, and would eliminate the wait for your 2009 tax refund, if any.
Everyone’s situation is different. Sit down with a knowledgeable tax preparer or accountant and look at the different scenarios you might qualify for. Not only would the speed of your refund be a consideration, but the amount could vary as well based upon income, amount of tax due, withholdings and any other credits you may qualify for.
This advice is not intended to be a substitute for professional tax advice.
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If you would like help buying or selling a home in Chaska, Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
Get a Glimpse of Spring at the Intense Beauty Photography Show
If the view from your window has you longing for a glimpse of spring, here’s a warm idea. The Arboretum in Chaska is hosting a photography show and sale of beautiful images of plants. “Intense Beauty: Plants Up Close” features 34 images of nature from an up-close point of view.
Maybe it’s just me, but even the thought of “dew-covered rose petals” and “dancing leaf shadows” makes spring seem a bit closer! You can even bring spring into your home by purchasing one or more of these breathtaking photographs.
The show is open through February 7 in the Oswald Visitor Center. There is no additional cost for the show after arboretum gate admission.
If the photographs inspire you to create some nature pictures of your own, even of snow and ice, there will be free drop-in photo clinics on Saturdays and Sundays from noon to 3 pm during the exhibition. Bring your camera, your photos, or just your questions. All skill levels and type of cameras are welcome.
If you have some outstanding nature photos and would like to share, I’d be more than happy to post them in my blog and give you full credit for them, of course. Has anything caught your eye?
Visit the Arboretum website for more information on the show, a sampling of the photos, and a list of the winners.
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If you would like help buying or selling a home in Chaska, Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
Clean Sells for More
Part 4 of a series: Guide to Getting Your House Ready for Sale
Nothing turns a potential buyer away faster than a dirty house. We all know that. But just what do I mean by “dirty”?
If you have watched Hoarders on A&E, then you no doubt know that it would be nearly impossible to sell a house in that type of condition. And sadly, a few do try.
But what about the grime that almost every house has? You know, the kind that you may not even notice. Like the grout around the tub. The grease splatters behind the stove. The leaves in the gutter.
Some people are on top of stuff to the point that minor issues are not a problem. If so, hey, that’s wonderful! You are one step ahead of most home-sellers!
But if you are like most, then a little (or a lot) of elbow grease may be in your future. If you want to sell your house, quickly, and for more money, that is.
Here are some things you shouldn’t miss:
- Windows, inside and out
- Sidewalks & Driveways
- Exterior siding
- Caulk, if it won’t come clean then re-caulk it!
- Polish chrome surfaces
- Interior and exterior, front, back, top and bottom of the refrigerator
- Vacuum every day
- Wax floors, if applicable
- Dust furniture, around books and appliances, ceiling fans, and light fixtures
- Replace or remove dingy area rugs
- Fresh towels daily
- Keep the laundry caught up
- “Febreeze” carpets, curtains and upholstery.
Consider hiring a professional cleaning service to come in after you have done your best. Or hire them to do it all for you and then just maintain what they have done. It might not be unreasonable to hire them to come in twice a week after the first big deep cleaning.
If you have already moved out of your home, or are in the process, be sure to clean up any left-over clutter. An amazing number of home sellers move out and leave accumulations of “trash” where sofas, beds and other large pieces of furniture used to be.
Remember, the real goals of staging your home, is to sell your house fast and for more money. Following the things I have suggested in this series will not guarantee your home will sell, but they will increase the probability of it.
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If you would like help buying or selling a home in Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
Neutral Appeals to More…Even If It Doesn’t Appeal To You
Part 3 of a series: Guide to Getting Your House Ready for Sale
Perhaps you love red and perhaps your living room is painted in a delicious shade of red. A shade that makes you feel like someone is giving you a big hug. A shade that sets your heart to thumping when you look at it. A shade that you, well, love! Wouldn’t everyone else?
Unfortunately, no.
I will admit, there will be some people who also adore that same shade of red and have plans of slapping it up exactly like you did when they get the keys to their new home. And when they see your house has it already beautifully painted on the walls, they just might say “SOLD!” But the majority of home buyers will look at your lovely red walls and run.
Many see red as a difficult color to cover up with light paint. But what if your walls aren’t red, or black, or dark brown, or some other difficult to cover-up color. What if they are bright sunny yellow? Or baby blue? Well even those might not appeal, but the painting over issue isn’t always the main problem.
Bright or dark colors can make a home seem smaller, can make a home owner who dislikes the color dislike the whole house, and means that, more-than-likely, the new homeowner will have to paint just to match his or her furnishings. A neutral color will not only create a sense of spaciousness, it will also go with nearly every color scheme. And this means that even if Joe Smith wants to paint his living room a dark blue to “match” his yellow leather sofa, chances are he can wait a while without living in a clashing jumble of color.
So take some good pictures of your wonderful color, make sure you know what the paint number was so you can paint your new home with the same shade, and then head to your favorite paint store for a few gallons of something like “Bleeker Beige” or “Silken Pine.” The selling price of your home will be your reward.
Next week…Clean sells for more!
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If you would like help buying or selling a home in Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
“Less is More” When Selling Your Home
Part 2 of a series: Guide to Getting Your House Ready for Sale
You have decorated your home to suit your needs, which may have a cozy, homey feeling with lots of family pictures and knickknacks. While these appeal to you and make your house a home, it can seem cluttered to potential buyers and may even make them feel like they won’t be able to fit their things in.
This is when the adage “less is more” shows itself to be true.
Unless your home is sitting empty because you have already moved out, chances are you could thin out your décor and personal belongings. You are going to be moving anyway (especially if you do this process right!), so now is a great time to start packing up some of those knick-knacks and family photos. It’s ok to store them neatly in the garage, but it’s better to rent a storage unit away from your home.
Are there things you won’t want to move? It’s a bit cold this time of year for a garage sale, but consider posting the stuff you don’t want on Craigslist or eBay or, if you have enough, perhaps you could rent a booth at an indoor flea market or try a consignment shop. If you try selling the online way, small items could be sold together as “lots” to bring a faster sale. This works for nice unwanted clothing as well.
If you don’t need the extra cash and don’t want to bother with selling, or if you have leftovers after a month or so, consider donating the items. Freecycle is a great choice and you can probably give it all away in one lump group or break it up. Another option is to contact a local charity thrift store. Some of them may be willing to come and pick it all up and you will know the proceeds of the sale will go to a good cause. Make sure you get a receipt for your donations since it can be used as a tax deduction.
You will, of course, end up with things that are simply just plain old trash. Whether they are broken or otherwise not usable, please consider finding an option other than simply filling a trash bag and setting them on the curb. Items like this don’t necessarily have to end up in a landfill. Recycle what you can. Think about any other alternatives that someone could do with them. Again, Freecylers can be amazingly resourceful!
Once you have gotten rid of the stuff you don’t want and packed up the things you can temporarily live without, it’s time to take another look at your house through a home buyer’s eyes. How’s the paint? Does it need toned down? Find out next week in “Neutral Appeals to More.”
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If you would like help buying or selling a home in Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
Guide to Getting Your House Ready for Sale
Paint is one of the simplest ways to improve the appearance of your home.
With the new home buyer tax credit creating an incentive to get your house spruced up and on the market, I figured it was important to pass along some advice on a necessary part of getting the best price for your home: Staging.
Staging is basically interior design and exterior landscaping in a manner that is not intended for your own preferences or lifestyle, but rather to appeal to a large proportion of home buyers.
There are several aspects to staging your home for sale, but basically just remember “more”…in most cases less is more, neutral appeals to more, and a clean house needing no repairs sells for more!
As pretty as this is, it would overwhelm your on-the-market house. Save it for next year.
Staging is a relatively simple process that just about anyone can do. If you want to step it up to the top level, you can hire a professional stager of course. Stagers are professionally trained in interior design and know exactly what sells a house and how to make your house stand apart from the other houses in your local price range. If you are interested in finding a stager, give me a call and I’ll help you get in touch with one.
But don’t worry, you can probably handle the majority of staging yourself. It just takes some diligence, a small amount of cash, and a great deal of elbow grease. Over the next few weeks, I’ll be giving you detailed information about different aspects of staging your home. Following each of these steps will help your home sell faster and hopefully for a higher price.
Let me just say one thing now about holiday decorations. This time of year many people choose to decorate their homes for one or another holiday. If you are among them and your home is on the market, please consider keeping your holiday decorations to the minimum and, above all else, keep them tasteful. You don’t want to sell the decorations; you want to sell the house.
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If you would like help buying or selling a home in Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
Want to sell your home and buy a new one? Here are some tips
Selling your home is never an easy task, especially in a buyer’s market. But maybe that house of yours is just not what you need now. Whether you are wanting bigger, smaller or just different, it’s time to move. And the Home Buyer Tax Credit sure looks good too.
Before you can buy a new home and take advantage of the credit, you have to figure out what to do with your current home. Should you sell it? Should you rent it out? Should you just leave it on the market whether it sells or not? Should you turn it into a vacation home?
Assuming your finances are in order, you owe little or nothing on your current home, and you have the funds to do necessary repairs, any of these could be a valid option for you. But which one will work for you and how?
Sell Your Home–Quickly
Wouldn’t it be great if you could list your house and have an offer in hand tomorrow? Sometimes this happens, but more often than not it can take a few weeks or months, or even longer. There are some things you can do to speed up the selling process.
- Find a Realtor who will market your home effectively. (That would be me!)
- Get a professional inspection.
- Repair problems that come up on the inspection and things that have been bugging you for a while.
- Clean up your yard, landscape as appropriate for the season.
- Keep any holiday decorations at a tasteful level.
- Reduce clutter—begin packing stuff that isn’t essential.
- Rent a storage unit and move boxes and extra furniture into it until moving day.
- Brighten up your walls with a fresh coat of neutral paint.
- Wash windows, inside and out.
- Replace burned out light bulbs.
- Replace old or worn flooring with something new and modern; refinish hardwood floors if needed.
Become a Landlord
This may be a good option if you have been considering getting into this business anyway, or if you have had your home on the market for a long time with few bites. If your long-term goal is to sell your home, perhaps you will have success with a lease-purchase option. Either way, you should still perform needed repairs on your home.
Leave it on the market
Many people find themselves moving into their new home without selling or renting the old one. While this could make it easier to sell, especially if you have pets or young children, it can be a risky gamble. If you go with this option, be sure to fix problems and stage your home well. If you have extra good-looking furniture you can leave for now, do so. Consider renting some furniture to use for staging. Empty rooms are harder to sell.
Turn it into a vacation home
Current interpretation indicates this option is available for the home buyer tax credit also. Perhaps your home is in the woods or on a lake and ideal for weekend getaways or long summer vacations, but the commute to work is a bit too far for your tastes. Turning it into a vacation home could be ideal.
Give me a call today and we can review your options, both for selling and for purchasing your next home. For the alternatives to selling your home, consult your tax specialist before making a final decision.
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If you would like help buying or selling a home in Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
The Time is Right to Sell your Home
Many financially stable home owners have wanted to sell their homes for various reasons over the past year but have either had no luck or just decided to wait. If you are one of these homeowners you should seriously consider putting your home on the market now. Why? There are a variety of reasons:
- Lower inventory. Everyone knows that the housing market has been flooded with short sales and foreclosed properties, but the first time home buyer tax credit had a significant impact in the number of houses on the market. Just about every first time home buyer who qualified for the credit and was able to purchase a home has done so. This has helped to lower the number of available properties, making it more likely that your house will sell.
Extended tax credit. Most of the first-time home buyers who were going to buy have already done so. But some haven’t. The tax credit has been extended until April which may be just enough time for those who weren’t quite ready to be so.
- Expanded tax credit. The credit was not only extended, but expanded to include first-time home buyers with higher incomes and current home owners. This opens up a whole new group of people who will jump at the chance to buy a home and cash in on the tax credit.
- Low prices. Perhaps you have been concerned about selling your home for less than it is worth. This is a valid concern and has kept many financially stable home owners from listing their home. But consider this: your new home will cost you less as well. It’s quite possible that you may be able to find a home in your price range that you will not be able to afford when its value increases.
- Expanded tax credit. (Again) The expanded tax credit might include you! If you were to purchase a new home before April, then you will qualify for the $6500 tax credit, if you meet the requirements. This just might help to offset any loss you could incur based upon lower property values. Add it to your down payment and you could afford a more expensive house.
- You probably have the funds to correct problems. Home buyers hoping to find a house ready to move into with little more than a change of paint color, have been rather dismayed by the condition of many foreclosed homes. Even homes qualifying for short sales could be in need of major TLC simply because a distressed home owner does not have the funds to make repairs. This makes buying a house from a financially secure home-owner a much more attractive to most buyers.
- You have more flexibility than a bank. Another problem that home buyers have found when trying to buy a distressed property is the time it takes for a bank to respond to an offer. You may find a home-buyer who needs to close in two weeks, or one who low-balls an offer and needs several back and forth offers to agree on a reasonable price. You have the flexibility to handle this situation, whereas a bank may not be able to meet their needs.
Now tell me, can you think of a good reason not to list your home? Give me a call and we will get things started.
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If you would like help buying or selling a home in Eden Prairie or elsewhere in the Minneapolis area, contact me, Brace Helgeson, by email or at 952-974-3466.
Begin your home search at BraceHelgeson.com.
