Ask a Realtor

Today's Market Ready post on NYTimes.com is all about trying to sell a house with a less-than-desirable layout. Should you remodel it first, or leave it for the buyer? Their advice is spot-on, and is even something Metamorphosis has done before: get some plans drawn up to show potential buyers the possibilities.

A pilot program by Bank of America called "Mortgage to Lease" is being introduced to select mortgage holders this week. The program will offer homeowners facing a foreclosure the opportunity to stay in their home and rent it from the bank rather than being forced out. The intention of the program is to stabilize housing prices by cutting down on the number of distressed and vacant properties on the market, and to ease the transition from owning to renting for struggling families. More info here.

Sam's at it again - she'll be hosting two FREE educational classes in March and April at Natural Built Home in Minneapolis. Learn about selling your green home in today's market, or the pros and cons of remodeling your basement or attic. More info on our Event page.

Green Real Estate - March 22, 2012, 6:30-7:30pm, at Natural Built Home (4020 Minnehaha Ave, Mpls).

Your Green Remodel: Basements and Attics - April 19, 2012, 6:30-7:30pm, at Natural Built Home (4020 Minnehaha Ave, Mpls).

Here's a neat infographic from Mint.com on How to Sell a Home, including pros and cons of renting it out versus selling, the importance of good marketing, and negotiating options. Click to view larger.

Provided by Mint.com

What can we expect from the real estate market in 2012? Trulia's Chief Economist, Jed Kolko, wrote about his top 5 housing predictions for the upcoming year on Trulia's blog. Here they are, in a nutshell:

1. Even though fewer people will have trouble paying their mortgages, 2012 will show an increase in foreclosures. This will be because a lot of delinquent borrowers in the last couple years haven't finished going through the foreclosure process yet. So it might seem like the housing market will still be tanking, even though in reality it will just be leveling off.

2. Vacancies will go down, and rent prices will go up, which will only hurt the job market even more if folks already in a tough spot can't afford rent anymore.

3. Mortgage rates will go up - but don't worry, they'll still be pretty low, and in reality this is a sign of a strengthening economy. A blessing in disguise.

4. The government won't be passing any new housing reforms in 2012, since in an election year politicians are more hesitant to rock the boat. And since the economy is slowly improving, there's not a real 'crisis' to demand their attention anymore.

5. The cities that will have booming housing markets will be those that also push job growth. No big surprise here, but watch for the locations with high-skill, high-education job markets to pull the housing market back on its feet.

Read the full post here.

Thinking about buying a house or condo? While this is a great time to start thinking about investing in property, it's a good idea to weigh your options first. This handy calculator from SmartMoney.com shows you a breakdown of the potential costs and returns of both buying and renting.

Still have questions? Ask a Realtor!