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<br />are currently not affected by this declining or oversupply designation on appraisals or <br />underwriting results. <br /> <br />Although investor loans aren't quite as easy to obtain and no 100% programs are available for <br />non-owner occupied homes at the present time, investors looking to buy rental property (or <br />purchase to sell to someone on a contract-for-deed) are starting to buy properties again. Many of <br />the new construction town home units do not allow renters currently (buyers sign as part of the <br />closing documents that they will occupy the unit), while other completed communities may <br />allow up to 25% rental. This rental cap could become an issue in the near future due to the <br />decline in market values, as well as owners of newer construction units needing to sell for <br />significantly lower than what they paid for the property a couple years ago. <br /> <br />Longer term, the City of Ramsey may consider grants for down payment assistance for <br />properties to be purchased within the city, funds in the form of a reduced rate loan for <br />remodeling of existing homes (in conjunction with maintenance and/or remodeling seminars?), <br />etc. to provide additional support to residents. Unfortunately, these options typically take a year <br />or two to coordinate all of the details. Now is the time to set things up to be proactive and spark <br />housing activity in the interim. <br /> <br />That said, the quickest and cheapest way to generate short term interest in housing opportunities <br />in Ramsey seems to be holding First Time Home Buyer Seminars that discuss topics including: <br />. Benefits ofliving in Ramsey (amenities, Town Center, community programs, etc.) <br />. Benefits of home ownership <br />. Steps in the buying process and terms to know <br />. Housing inventory currently available in Ramsey <br />. Opportunities for building equity as a homeowner <br /> <br />Since the majority of Ramsey buyers are coming from Anoka and Hennepin County (see data to <br />follow), advertising in area publications would reach the most target buyers and have the best <br />return on investment. Food tends to be a good incentive to attract people to seminars, so <br />involving local businesses for food, discounts, drawings, etc. would create a win-win situation <br />for all involved. <br /> <br />I've included some Ramsey housing statistics in the pages to follow for your reference. If there is <br />any other information that would be helpful, please contact me. RaeAnne Ospina, Mortgage <br />Consultant, and I are available to speak to the City Council or related committees about these <br />issues and suggestions in more detail as well. <br /> <br />Best regards, <br /> <br />Amy Peterson, CRS, OR! <br />Edina Realty, Inc. <br />763-242-6741 <br />Amy@Realtor-Amy.com <br /> <br />13 <br />