Don’t be fooled by talk of a bursting housing bubble! According to Carolyn Olson, President of the Greater Metropolitan Housing Corporation (GMHC), the market is “going back to normal.” Interest rates are still relatively low and there is continuing demand in making Camden area neighborhoods a great place to live.
Rising energy prices is but one factor that makes our area’s homes attractive. Lower square footage can translate into lower utility bills. And living in the city, less than 20 minutes from downtown Minneapolis and most western suburbs, can mean a cheaper and faster commute.
It isn’t just people from outside Camden who are investing in Camden area homes; our current homeowners are doing what they can with the resources available to them, to make their homes fit their lifestyles and needs. One such resource available to all residents is the North Housing and Home Improvement Fair on Saturday, February 18.
The event will be held at North High School, 1500 James Avenue North from 10 a.m. until 3 p.m. and is expected to have 80 exhibitors, including the Housing Resource Center, a program of GMHC.
Olson noted that the biggest issue when a homeowner seeks to hire a contractor is finding someone they trust, who will be able to perform the work and is reputable. The Housing Fair is one opportunity to narrow down the list of potential contractors to just a few when planning for home improvement.
One benefit that the Housing Resource Center offers is free construction assistance. A construction manager will visit with the homeowner and develop the scope of work needed, as well as offer advice and suggestions that can impact the feasibility of the project. Over 7,000 individuals in the 17 GMHC service communities (one of which is North Minneapolis), took advantage of this free service last year through November 2005.
The Housing Resource Center isn’t solely for individuals that already own a home. They offer services to homebuyers, with some services tailored to first time homebuyers. For individuals buying a home, there are many challenges, from knowing what you can afford to finding a reputable mortgage broker.
In addition, some people don’t believe they can qualify for FHA or conventional loans, either through not having enough information about available programs and funding sources, or because less reputable mortgage brokers may try to steer individuals to certain mortgage types that may have higher fees or disadvantageous interest rate terms.
Ultimately, well informed homeowners and homebuyers can make the best of their resources and as Olson indicated, residents can “do better and do more” if they have the information.
In addition to the Housing Resource Center, located at 44th Avenue and Penn Avenue North, there are other Northside agencies that perform similar services such as Neighborhood Housing Services at 1501 Dupont Avenue North and the Center for Energy and Environment at 212 Third Avenue North, Suite 560. These agencies will also be present at the Housing Fair to share their resources and knowledge with attendees.