Do you have questions about the Rondo Neighborhood Inheritance Fund Proposal?

Read our quick blog regarding some of the details! If you're ready to start touring houses, contact us today!

• 1. Introduction
• 2. Background on the Rondo Neighborhood
• 3.The Inheritance Fund Proposal
• 4. Benefits of the Inheritance Fund
• 5. Potential Challenges and Solutions
• 6. Conclusion

1. Introduction

The Rondo neighborhood in Saint Paul, MN has a rich history and culture, but also faces challenges such as poverty and lack of access to resources. In order to address these issues and promote community wealth building, a new proposal has been put forward: The Inheritance Fund.

2. Background on the Rondo Neighborhood

• Rondo was a predominantly African American neighborhood before it was destroyed to make way for the construction of I-94 in the 1950s.
• Many residents were displaced, and those who remained have struggled with poverty and lack of resources.
• Despite these challenges, the community has remained resilient and continues to celebrate its culture and history through events such as the Rondo Days Festival.

3. The Inheritance Fund Proposal

The Inheritance Fund is a community-led initiative that aims to address the systemic issues facing the Rondo neighborhood. The proposal involves creating a fund that would be controlled and managed by a board of community members. The fund would be capitalized through a variety of sources, including philanthropic donations, government grants, and potentially a portion of the city's budget. The funds would be used for a variety of community-led initiatives, including:

• Affordable housing development
• Small business development and support
• Job training and career development programs
• Youth programs and education initiatives
• Health and wellness programs
• Community beautification and green space projects
• Cultural and historical preservation initiatives

4. Benefits of the Inheritance Fund

• The Inheritance Fund would provide a sustainable source of funding for community-led initiatives that address the systemic issues facing the Rondo neighborhood.
• By giving control of the fund to a board of community members, the proposal ensures that the initiatives are tailored to the specific needs and priorities of the community.
• The fund would not only address immediate needs, but also promote long-term community wealth building.
• The fund would also provide opportunities for community members to take leadership roles and play a significant role in shaping the future of their neighborhood.

5. Potential Challenges and Solutions

• One potential challenge is securing sufficient funding to capitalize the fund.
  • Solution: This can be addressed through a combination of philanthropic donations, government grants, and potentially a portion of the city's budget. Additionally, the community can work on building partnerships with other organizations, foundations and philanthropists that could support the fund.
• Another potential challenge is ensuring effective and transparent management of the fund.
  • Solution: This can be addressed by establishing clear guidelines and procedures for decision-making, as well as regular reporting and transparency to the community. An independent auditing firm could be hired to ensure the fund is being used as intended.
• Ensuring that the fund is being used for the benefit of the whole community and not just a select few is another potential challenge.
  • Solution: This can be addressed by involving a diverse group of community members in the decision-making process, and regularly consulting with the community to ensure that the initiatives being funded align with the community's priorities and needs.

6. Conclusion

The Inheritance Fund Proposal is a promising initiative that has the potential to address the systemic issues facing the Rondo neighborhood, and promote community wealth building. By providing a sustainable source of funding for community-led initiatives, and giving control of the fund to a board of community members, the proposal ensures that the initiatives are tailored to the specific needs and priorities of the community.

While there may be challenges to implementing the proposal, solutions such as securing funding through a combination of sources, establishing clear guidelines and procedures for decision-making, and involving a diverse group of community members in the decision-making process, can help to address those challenges.

Overall, the Inheritance Fund Proposal is an important step in addressing the needs of the Rondo neighborhood and promoting community wealth building. It is a powerful tool that empowers the community to take control of their own future and create a more just and equitable neighborhood for all.

Questions about becoming a home owner? Read our blogs about Twin Cities Residential Real Estate Investing and Advice for First-Time Homeowners.

Connect with us today. One of our experienced agents will be in touch as soon as possible. Our office is located at the corner of Snelling and Selby in Saint Paul, and we'd love to chat about real estate over cappuccinos! 

Do you have questions about the upcoming Twin Cities Real Estate Market of 2023?

The Twin Cities real estate market is a dynamic and diverse market, with a wide range of properties available. Whether you’re a first-time homebuyer, a seasoned investor, or simply looking for a new place to call home, the Twin Cities has something to offer. In this week's blog we cover what to expect as the Twin Cities' spring real estate market approaches in 2023.

If you have any questions about buying or selling a home, contact us today!

• 1. Current Twin Cities Real Estate Market
• 2. Housing Trends in the Twin Cities
• 3. Tips for Buying a Home
• 4. Tips for Selling a Home

1. Current Twin Cities Real Estate Market

With the new year underway, buyers and sellers are wondering where the 2023 real estate market will lead. In the Twin Cities metro area, the spring market typically starts to heat up after Super Bowl weekend. Even though Minnesota residents are still bundled up in winter coats and mittens, buyers and sellers are anxious to start their next adventure and be settled in time for the beautiful, warm weather of summer. Sellers have taken advantage of the colder months to prepare their homes for sale, and they are ready to reap the rewards of their hard work. The graphs below detail the current real estate market statistics in the Twin Cities region.

2. Housing Trends in the Twin Cities - Millennials 

Millennials are making a splash in the Twin Cities real estate market, and are now the largest group of homebuyers in the United States. This demographic shift has been driven in part by rising rents, low unemployment rates and the desire for more space and stability as millennials start families. Some obstacles facing millennials are high home prices, student debt, and the steep hike in interest rates over the last 12 months. 

Home prices in the Twin Cities can vary widely depending on the location, type of home, and other factors. Buyers can find everything from affordable starter homes to high-end luxury properties in the Twin Cities. Visit our webpage about Buying a House in the Twin Cities to explore many of the different areas.

3. Tips for Buying a Home

Don't be fooled by the snow covered sidewalks, now is the perfect time to start preparing to buy a home. Begin the process by finding a trusted, local realtor and mortgage broker. Use this time to start building a relationship with your realtor and getting pre-approved with your lender. As we get to know you, we can fine-tune your home buying experience and ensure it's catered to your unique wishlist.

It's also a great time to start touring the current inventory for sale. As you begin your search, make mental notes on what features of each home pique your interest (or the opposite!).

Starting the process early will leave you better prepared for the start of spring market, giving you the opportunity to pounce when you find your dream home!

4. Tips for Selling a Home

Many people hoping to sell their home during the spring market will use the winter months to prepare their home for sale to ensure it is marketed in the best possible way.

Knowing how to showcase and accentuate the best features of your home, without incurring unnecessary expense, is at the core of what we do. As we tour your home, we take the time to learn about it, address your questions and needs, provide more information about our marketing strategies, share market insights, and decide next steps for selling your home. Visit our blog on preparing your home for sale for quick tips on how to get your home ready for spring market.

Let us know if you have any questions about buying or selling a home in the Twin Cities. One of our experienced realtors will be in touch as soon as possible. 

Visit our blogs about FAQS for Buying a House or First Time Homeowner FAQs.

Finding the right mortgage can be a daunting task, especially for first-time homebuyers. With so many different options available, it can be hard to know which mortgage is best for your needs. Here are a few tips to help you find the right mortgage.

If you have any questions about the process of buying or selling a home, contact us today!

• 1. Determine Your Budget
• 2. Know Your Credit Score
• 3. Shop Around
• 4. Choose the Right Type of Mortgage
• 5. Understand the Terms
• 6. Get Pre-Approved
• 7. Work with a Mortgage Broker
• 8. Consider Mortgage Insurance
• 9. Be Prepared for Closing Costs

1. Determine Your Budget

Before you start shopping for a mortgage, it’s important to know how much you can afford to borrow. Consider your income, debts, and other financial obligations to determine how much you can comfortably afford to pay each month.

2. Know Your Credit Score

Your credit score plays a big role in the mortgage process, as it reflects your creditworthiness and helps lenders determine the risk of lending you money. Make sure you know your credit score before you start shopping for a mortgage, as this will help you understand what options are available to you.

3. Shop Around

Don’t just go with the first mortgage offer you receive. Take the time to shop around and compare offers from multiple lenders to ensure you’re getting the best deal. Consider factors like interest rates, fees, and terms when comparing different mortgage options.

4. Choose the Right Type of Mortgage

There are several different types of mortgages to choose from, including fixed-rate mortgages, adjustable-rate mortgages, and government-backed loans. Consider your financial situation and long-term goals to determine which type of mortgage is best for you.

5. Understand the Terms

Make sure you fully understand the terms of your mortgage before you sign on the dotted line. This includes the interest rate, fees, and any prepayment penalties. Don’t be afraid to ask questions and seek clarification if something doesn’t make sense to you.

6. Get Pre-Approved

A mortgage pre-approval can give you a stronger negotiating position when it comes time to make an offer on a home. It can also help you understand how much you can afford to borrow and can make the mortgage process go more smoothly once you’ve found the home you want to buy.

7. Work with a Mortgage Broker

A mortgage broker is a professional who can help you navigate the mortgage process and find the best loan for your needs. They can help you compare offers from multiple lenders and work with you to find a mortgage that meets your financial goals.

8. Consider Mortgage Insurance

If you’re putting less than 20% down on a home, you may be required to purchase mortgage insurance to protect the lender in case you default on your loan. This can add to your monthly payment, so be sure to factor it into your budget.

9. Be Prepared for Closing Costs

In addition to the down payment, you’ll also need to budget for closing costs when buying a home. These costs can include things like appraisals, title insurance, and legal fees.

By following these tips, you can increase your chances of finding the right mortgage and getting the best deal possible. Don’t be afraid to ask questions and do your research – buying a home is a big financial decision, and it’s important to make sure you’re well-informed before you take the plunge.

Let us know  if you have any questions about buying or selling a home in the Twin Cities. One of our experienced realtors will be in touch as soon as possible. 

Visit our blogs about FAQS for Buying a House or First Time Homeowner FAQs.

Congratulations on becoming a first-time homeowner!

This is a big step in your life and one that comes with many new responsibilities. As a homeowner, you are now responsible for the upkeep and maintenance of your home, as well as making sure that it is a safe and comfortable place to live.

In this blog post, we will provide some tips and advice for first-time homeowners. From creating a budget to finding the right neighborhood and securing home insurance, we will cover all of the important topics that you need to know about as a new homeowner.

If you have any questions about homeownership, contact us today!

• 1. The Benefits of Being a Homeowner
• 2. The Importance of Creating a Budget
• 3. Home Maintenance Tips for First-Time Homeowners
• 4. Tips for Finding the Right Neighborhood
• 5. The Importance of Home Insurance

1. The Benefits of Being a Homeowner

Being a homeowner has many benefits. For one, it allows you to have more control over your living space. You can make changes and improvements to your home without having to ask permission from a landlord. Additionally, homeownership can be a good investment, as the value of your home is likely to appreciate over time.

Another benefit of homeownership is the sense of stability and security it provides. When you rent a home, you are at the mercy of your landlord and may have to move if they decide to sell the property or increase the rent. As a homeowner, you have the ability to stay in your home for as long as you like.

2. The Importance of Creating a Budget

As a first-time homeowner, it is important to create a budget to ensure that you can afford the costs associated with owning a home. This includes things like mortgage payments, property taxes, insurance, and home maintenance.

To create a budget, start by listing all of your monthly expenses, including your mortgage payment, utilities, and any other regular bills. Next, factor in the costs of home maintenance and repairs, as well as any anticipated expenses such as replacing appliances or making improvements to your home.

Once you have a complete list of your expenses, compare it to your monthly income to see if you can afford to cover all of your costs. If not, you may need to make some changes to your budget in order to free up some extra money. This could include reducing your spending in other areas, finding ways to save on your monthly bills, or finding a way to increase your income.

3. Home Maintenance Tips for First-Time Homeowners

As a first-time homeowner, it is important to understand the importance of regular home maintenance. This will not only help to keep your home in good condition, but it can also save you money in the long run by preventing costly repairs.

Here are some maintenance tips for first-time homeowners:

• Regularly inspect your home for any issues or damage, and address them as soon as possible.
• Clean gutters and downspouts to prevent water damage.
• Check your home's HVAC system and replace the air filters on a regular basis.
• Inspect your roof and make any necessary repairs to prevent leaks.
• Test your home's smoke and carbon monoxide detectors and replace the batteries as needed.
• Check for any signs of pests, such as mice or termites, and take steps to prevent infestations.

By following these maintenance tips, you can help to keep your home in good condition and avoid costly repairs in the future.

4. Tips for Finding the Right Neighborhood

When looking for a home, it is important to consider not only the property itself, but also the neighborhood it is located in. The neighborhood can have a big impact on your quality of life, so it is important to take the time to research and find one that is right for you.

Here are some tips for finding the right neighborhood:

• Consider your priorities. What is most important to you in a neighborhood? Do you want to be close to schools, parks, or public transportation? Make a list of your priorities and use it to guide your search.
• Research the area. Look for information about the crime rates, schools, and other important factors in the neighborhoods you are considering. You can also talk to people who live in the area to get their insights and opinions.
• Take a tour. Once you have narrowed down your options, take the time to visit the neighborhoods in person. This will give you a sense of the atmosphere and the people who live there.
• Look for red flags. As you tour the neighborhoods, be on the lookout for any signs that the area may not be a good fit for you. This could include things like abandoned houses, loud noises, or other potential problems.

By following these tips, you can help to ensure that you find a neighborhood that is right for you and your family.

5. The Importance of Home Insurance

As a homeowner, it is important to have home insurance to protect your property in case of damage or loss. Home insurance can cover a wide range of potential issues, including damage from fires, storms, or other natural disasters, as well as theft and other types of loss.

Before purchasing a home insurance policy, it is important to do your research and compare different options. Look for a policy that provides the right level of coverage for your needs and budget, and be sure to ask about any exclusions or limitations.

Being a first-time homeowner can be both exciting and overwhelming. By following the tips and advice in this blog post, you can help to ensure that you are prepared for the challenges and responsibilities of homeownership. From creating a budget and maintaining your home to finding the right neighborhood and securing home insurance, there is a lot to consider. But with the right knowledge and preparation, you can successfully navigate the challenges of being a first-time homeowner.

Let us know  if you have any questions about buying or selling a home in the Twin Cities. One of our experienced realtors will be in touch as soon as possible. 

Visit our blogs about FAQS for Buying a House or First Time Homeowner FAQs.

What is the Minnesota Homestead Tax Credit? If you've purchased a home, you may have heard about the Minnesota Homestead Tax Credit, but what exactly is it? Read our blog to learn how you may qualify!

 Contact us if you have any questions!

Minnesota's Homestead Tax application is a valuable tool for homeowners looking to save on their property taxes. The application is available to homeowners who meet certain eligibility requirements, including owning and living in the property as their primary residence. Homeowner's must also be a resident of Minnesota.

To apply for the Homestead Tax, homeowners must first complete and submit a Homestead Application Form, which is available on the Minnesota Department of Revenue's website. The form must be submitted along with proof of ownership and residency, such as a copy of the homeowner's driver's license and a utility bill.

Once a homeowner has applied and been deemed eligible for the tax credit by their county assessor's office, they do not need to reapply. 

In addition to the Homestead Credit, Minnesota also offers other property tax relief programs for eligible homeowners. These include the Property Tax Refund, which provides a refund for a portion of the property taxes paid by eligible homeowners, and the Property Tax Deferral, which allows eligible seniors and disabled homeowners to defer their property taxes until the property is sold or the homeowner passes away.

Overall, the Minnesota Homestead Tax application is a valuable resource for eligible homeowners looking to save on their property taxes. By applying for the Homestead Credit and taking advantage of other property tax relief programs, homeowners can significantly reduce their tax burden and keep more money in their pockets.

Let us know  if you have any questions about buying or selling a home in the Twin Cities. One of our experienced realtors will be in touch as soon as possible. 

Here are the top 6 reasons people are selling homes now instead of waiting for spring 2023. If any of these reasons resonate with you, contact us to navigate this market and sell your home in an efficient manner.

• 1. You're Ready to Upgrade to a Bigger, Better Home
• 2. Twin Cities Housing Inventory Remains Low
• 3. Opportunities to Increase Buyer Interest
• 4. Home Appreciation
• 5. Your Housing Needs Have Changed
• 6. Should I Sell My House Now or Wait Until Spring Market 2023?

1. You’re Ready to Upgrade to a Bigger, Better Home

While interest rates have risen rapidly in the last few months, they aren't wildly out of hand compared to historical data. Now could be the perfect time to start your next adventure before the chaos of the spring market ensues. The buying experience has almost returned to the thoughtful process it once was, compared to the chaotic buying experiences you've heard horror stories about since 2020. Buyers are able to contemplate every option, obtain an inspection, and make the best decision for their situation.

2. Twin Cities Housing Inventory Remains Low

Inventory of homes for sale is still extraordinarily low, which means demand for housing is high. The latest report by the Saint Paul Area Association of Realtors shows approximately 9,000 homes for sale throughout the 12 Twin Cities metro area counties, outlined in the graph below. Housing inventory would need to double to create a balanced market. This particular market creates the perfect opportunity to sell your house, and buy a new one without getting stuck in the bidding wars anticipated in the spring 2023 market.

3. Opportunities to Increase Buyer Interest

Until the initial shock of the interest rate increase wears off, sellers have a few options to increase visibility while on the market. One of the most popular ways is to offer a 2/1 Buydown.

How does a 2/1 Buydown work? It’s simple. The seller pays for 2%-3% of the buyer’s closing costs, and the lender uses it to buy down the interest rate. This option is designed to cushion the buyer’s first two years of mortgage payments.

4. Home Appreciation

Sellers can use the rapid appreciation from the past few years to cash in on their equity and make a move to their dream home. Homes have appreciated at record highs over the past two years, an average of $17,000 in equity according to data from CoreLogic. The Twin Cities is a unique place that likely won't see drastic housing price changes due to the influx of out-of-state buyers.

5. Your Housing Needs Have Changed

Whether it's working from home, getting engaged, or having a baby—our lives are always changing, and sometimes a new house is the best way to welcome new adventures. Many people are spending more time at home than they ever have before and are starting to see their needs have changed. Perhaps you’ve found yourself daydreaming about more bedrooms or a kitchen built for entertaining. Now is the perfect time to find the home of your dreams, and find it before the high demand spring market hits.

6. Should I Sell My House Now or Wait Until Spring Market 2023?

There's no denying the rapid increase of interest rates had buyers stunned for a moment there. The reality is that an increasing number of buyers are coming to the Twin Cities metro area from other states, looking for a greener, cleaner environment, and having just cashed in on a monumental sale from a city like San Francisco or Seattle. With the steady stream of out-of-state buyers looking to Minnesota for its healthy living standards, it might just be the perfect time to strike on your dream home.

Let us know  if you have any questions about selling a home in the Twin Cities. One of our experienced realtors will be in touch as soon as possible. 

We can start the process today!

Visit our blogs about Selling Your Home or Selling Your Multi-family Investment Property.

You're invited to Toast for Toys 2022! Invite your friends & family, too!

Each year we collaborate with local school counselors and PTA's to identify families in need of a little extra cheer!

Purchase a gift from our list of needs and bring it to Sociable Cider Werks on December 3rd from 1pm-4pm.

We'll buy your drinks and celebrate the holiday season together!

Sign up here!

Can't make it? Contact us if you would like to participate in another way such as Venmo donations, cash donations, gift drop off on a different day, etc.

Last year was so fun, we couldn't resist another party!

Read our latest blog about buying a house and get all your questions answered!

The realtors at The HIVE have experience helping people buy homes throughout the Twin Cities and surrounding communities. 

If you have additional questions, or are ready to start the journey of finding your perfect home, contact us today.

1. What is the process of buying a home?

2. Why is getting pre-approved for a loan important before touring houses?

3. How do we start searching for a house to buy?

4. When can we tour houses?

5. Why is it important to hire a trusted realtor?

6. How do we write an offer to buy a house?

7. What happens once our offer is accepted?

8. What costs are associated with buying a house?

1. What is the process of buying a home?

1. Contact a lender to start the mortgage pre-approval process.
2. Your realtor will create a custom search on the Multiple Listing Service (MLS) platform which provides accurate information about the houses for sale that fit your criteria.
3. Start touring houses for sale with your realtor.
4. Once you've found the perfect house, you'll work with your realtor to write an offer.
5. Upon offer acceptance, you'll schedule a home inspection and continue the mortgage approval process with your lender.
6. You will take a final walk through the house prior to closing to ensure the house is in the same condition.
7. On closing day, you'll sign documents at a title company and receive the keys to your new house!

2. Why is getting pre-approved for a loan important before touring houses?

Getting a pre-approval from a lender is the foundation of the entire process to buy a house.

• It helps you know what you can afford before starting to tour houses.
• It saves you time and energy.
• It gives you the opportunity to find the best program for your needs.

3. How do we start searching for a house to buy?

Your realtor will set up a search on the MLS that fits your criteria for a house. The biggest factors are location, price range, and bed, bath & garage counts.

• Location Considerations
  • Long term plans
  • Proximity to lifestyle and family favorite activities
  • Schools
  • Distance to jobs, family and friends
• Price Range
  
  • Determine the range that works best for your situation.
  • The maximum price a lender approves you for, may not necessarily be how much you can afford to spend.
  • Set a monthly mortgage budget and decide a range you will be comfortable with each month.
• Bed, Bath & Garage Counts
  • The MLS has data fields to fit your needs. Is an attached garage a "must-have"?
  • The search is interactive and helps your realtor know the homes that you want to tour.

4. When can we tour houses?

Whenever you're ready and have been pre-approved with a trusted lender!

• Communicate with your realtor - make sure they know the homes you want to see and your preferred schedule.
• Consider setting aside time to tour houses for sale ahead of time. House hunting can be time consuming.
• Buyers with flexible schedules tend to see faster success.
• Be prepared to take notes and observe the things you like or dislike.
• Be honest with your feedback.

5. Why is it important to hire a trusted realtor?

Hiring a trusted realtor is important because buying a house is likely one of the largest purchases you will make in your entire life. It is important to find a realtor you enjoy spending time with and can have open and honest communication. Here are some characteristics you will find valuable in a realtor: 

• Knowledgable about the current real estate market
• Trustworthy
• Dependable
• Flexible
• Strong Work Ethic
• Attention to Detail
• Excellent Negotiation Skills

Hiring a realtor within a large brokerage, such as Coldwell Banker Realty, can also be a quality asset. Coldwell Banker Realty is one of the top-performing brokerages in the Twin Cities, currently ranked #1 in Ramsey and Hennepin County for leading brokerage by total sales volume for 2022.

6. How do we write an offer to buy a house?

Almost everything is done electronically! You will work with your realtor to create a competitive offer using the following:

1. Get a pre-approval letter from your lender. Your realtor will submit this with your offer to show you are qualified for the loan.
2. Decide on your purchase price.
3. Set a closing date - Typically within about 30-45 days.
4. Earnest Money - An amount of money, similar to a deposit, offered to show your dedication to purchasing the house. This is typically 1%-2% of the purchase price and will show as a credit to you on closing day.
5. Home Inspection - Is the purchase contingent on inspection? How many days would you like for the inspection period? A typical inspection period is 5-10 calendar days. Read our Top 6 Reasons to Get a Home Inspection.

7. What happens once our offer is accepted? 

This is called the escrow period. Here is what you can expect between offer acceptance and closing day:

1. Your loan goes through underwriting and is finalized.
2. The lender orders an appraisal to determine the value of the house.
3. The title company will examine the house's title to ensure it is clear for your ownership.
4. You will take a final walk through the house prior to closing.

8. What costs are associated with buying a house?

• Earnest Money - An amount of money, similar to a deposit, offered to show your dedication to purchasing the house. This is typically 1%-2% of the purchase price and will show as a credit to you on closing day.
• Closing Costs - Fees due for services such as title commitments and mortgage origination, typically 2-3% of the purchase price.
• Down Payment - Down payments can be as low as 3% for a conventional loan or 3.5% for a FHA loan.

Let us know if you have any questions about buying a home.

One of our experienced realtors will be in touch as soon as possible. 

We can start the process today!

9th Annual Ice Cream, Peanut Butter & Jam!

Merriam Park

2000 Saint Anthony Ave, Saint Paul, MN 55104

Saturday, September 17th, 2022

12:00am to 4:00pm

We will be tabling this year at the 9th Annual Ice Cream, Peanut Butter, and Jam hosted by the Union Park District Council!

This event is FREE to the public and offers tons of fun activities such as free ice cream, bouncy houses, face painting and great local musicians. The Union Park District Council will be collecting peanut butter donations for the local food shelves.