Thinking of buying or selling a home? Here are some random bits of real estate wisdom…
- Location is so important because you can’t change it
- Going on a home tour? Wear shoes that are easy to slip on and off
- Get pre-approved for financing as soon as you start thinking seriously about buying so if you find the home of your dreams when you are not expecting it you are ready to make an offer
- Expect multiple offers in this market… make your best offer what the property is worth to YOU, high enough so you aren’t sorry you didn’t offer more if your offer is rejected and low enough so you won’t regret it if you offer is accepted
- Credit score is important is securing a mortgage with the lowest interest rate
- Home buyers usually search with their heads and buy with their hearts
- Most of today’s buyers have high expectations and want move-in ready
- Sellers have about 4 seconds to make a first impression
- You can’t lock in your interest rate until after you have a signed purchase agreement
- Rule of thumb… you can afford to buy a home that is about 2 1/2 times your annual salary
- In a housing coop you don’t actually own any real estate… you own a share of a corporation that owns a piece of real estate
- You can’t use FHA or VA financing to buy a condo unless the complex is approved for FHA or VA financing
- Rule of thumb… average move up is about 50% increase in size and price
- Don’t buy a new car, boat, houseful of furniture (or any big credit purchase) until after you close on your new home
- If you tackle a fixer-upper, will you like living there when you are finished?
- Empty rooms look smaller than rooms with furniture
- You sign an offer electronically, but you must sign in ink for closing
- Most earnest money is now submitted electronically
- Dealing with your stuff is often the most difficult part of a move, especially when downsizing
- Want to learn more about a neighborhood? Get out and walk and explore and talk to the people you encounter
Contact us to learn more about the buying and selling process… and discuss if this is the right time for you to make a move. We’re great listeners!
Sharlene Hensrud, RE/MAX Results – 612-419-0560 – shensrud@homesmsp.com
