Weekends are busy for real estate agents and there isn’t much time for anything but showing and selling homes. As we begin a new work week, I’ve been trying to catch up on the news and there’s lots of it from St. Louis Park. Let’s take a look at some of what’s happening in our fair city.
Knollwood Mall Attracts a Buyer
All it took was a little freshening up to attract a buyer for the Knollwood Mall. There’s a lesson here for homeowners who are thinking of selling their St. Louis Park home – cosmetics DO matter.
The buyer is a “real estate management investment firm” from Chicago, according to Kristen Leigh Painter of the Star Tribune. The price tag is $106.7 million.
The Nightmare on Hwy 100 is about to get Worse
I didn’t think it could get worse but rush hour traffic on Hwy 100 is about to reach nightmare proportions.
In April MDOT plans on finishing up the work they started in the fall, working on that portion of the highway south of I-394 to 36th Street. It will take them until sometime in 2016 to complete the work.
When it’s finished, traffic should move quicker, but until then, we’ll have to leave for work earlier than usual.
It Pays to Comparison Shop
Last month, the Consumer Financial Protection Bureau released the findings of a study that shows that only 47 percent of Americans comparison shop for a mortgage.
A half-percentage point may not seem like a lot to a real estate consumer, but the Star Tribune’s Jim Buchta illustrates just how much that small of a bump in a mortgage rate can affect your monthly budget.
“The difference, for example, between a 4.0 percent and 4.5 percent interest rate translates into a savings of about $60 per month. Over the first five years of the mortgage, that saves about $3,500 in mortgage payments.”
He goes on to say that at 4.0 as opposed to 4.5 percent, you’d pay off an additional $1,400 in principal in the first five years of the loan.
It pays to compare not just the interest rates on various mortgage offers but terms as well. The Consumer Financial Protection Bureau has more information on how to shop for a mortgage on its website.
Image License: CC0 Public Domain