Signs that say "for sale" are a common sight around the Twin Cities, but a few of the available homes in Brooklyn Park have an interesting back story.
"What we try to do is we rehab it using some rehab standards," said Adeyinka Badewa, a realtor and developer based out of Brooklyn Park.
Badewa is a realtor and developer who works with the City of Brooklyn Park to rehabilitate vacant homes and bank-owned properties
"And then we sell it to first–time home buyers at reduced or discounted prices," Badewa said.
One home on Douglas Drive used to be an abandoned property, then Badewa came in and replaced the roof, siding and driveway.
Finding a seller for the home became a non-issue.
"It was actually sold before construction was completed," he said. "The buyer came in when we were under construction and they liked it and it was sold."
Several other homes around Brooklyn Park are undergoing similar rehab work. It's a program that Badewa says has helped contribute to the housing market recovery.
According to figures released this week by the Minneapolis Association of Realtors, home sales in the Twin Cities are up so far this year by more than 17 percent, the median price meanwhile is up 11 percent, while the average home is on the market for 113 days, that's compared to an average of 145 days last year.
So, realtors say that if you're a seller, things are looking up.
"It's a seller's market right now because we don't have too much inventory," Badewa said. "And we have multiple referrals on every one of our houses.
Falling inventory is just one reason -- industry experts say low mortgage rates and a decline in foreclosure sales are other contributing factors to the housing market recovery.
That leaves sellers, and realtors, breathing a sigh of relief.
"Yes, it gives us employment, gives other people a lot of employment too, compared to about two years ago when we had this recession going on," Badewa said.
July 13, 2012