Find a Home That Feels Like You: Tips for Buying + Selling in MN
BY EMMA GEARY - JUNE 2, 2023
Photo Credit: Great North Drones
It’s finally summer in Minneapolis, which is arguably the three most glorious months of the year in our state. For many, it’s also the ideal time to move spaces or buy and sell a home. No matter your age or stage of life, moving is a big deal! So, how can you make the process smooth and stress-free? We asked a few experts (and Collective members!) to share a few tips for buying and selling your home this summer.
Pre-Approval is Key!
“As we head into the summer months, we are expecting homebuyer demand to resemble more of a “spring market” atmosphere, with more buyers entering the market as rates come down. Rates remained above average in Q1 and Q2, causing buyers to wait on the sidelines. However, we expect rates to start sliding down throughout the rest of 2023, which will increase demand for homes. Once that happens, those folks that waited might end up paying more for the house they wanted due to higher demand and more competition.
My biggest message right now is - don’t wait. We are offering a Rate Protection Program right now where if you buy before Aug 31st, you can refinance free of charge within the next 5 years. Don’t let higher rates stop you from buying today!
Another thing to keep in mind is that if you are thinking about purchasing this summer, or even in the next 6-9 months, it is essential to get pre-approved as a first step. This process is simple and quick (not to mention free!), and it really helps you figure out your budget and financing options. The last thing you want is to find your dream home and miss out because you haven’t gotten pre-approved yet!”
Allison and her team believe in creating an environment where people feel comfortable asking questions and expressing their housing goals, which is how she’s able to cater her methods to each unique individual. Click here to set up a meeting with Allison today!
“Manage Expectations and Get an Inspection!”
“The market is quite competitive right now for buyers, and sellers are often seeing multiple offers on a property - sometimes twenty or more! I’ve been working with clients from St. Paul to Kingfield to St. Anthony, and what I’d recommend right away is to make sure you’re keeping your expectations in check as you go through the buying process.
Cash offers are very popular right now, and hard to compete with. Like Allison, I’d recommend making sure you’re pre-approved for a mortgage so you can act quickly when you find a home you love. It is crucial to work with someone local who understands our market. It will make all the difference when you’re ready to make the move.
While the market is competitive, I would highly encourage you to have the home inspected before purchasing. While you might not be able to make the purchase contingent upon inspection, it’s a highly valuable step that will ensure you’re informed about what the condition of your home is before purchasing, as this could drastically affect the total cost of the purchase depending on how many hidden costs are found in the inspection.
Something many people don’t know is that sellers have the right to decline to see the results of the inspection because once they are aware that there is a problem with the home, they are required to disclose it upon selling. Sometimes, you’ll be able to make your purchase contingent upon the inspection, but this is something that is good to know to temper your expectations during the inspection process.
Third, I always advise people to work with an agent who is a clear communicator. There are so many steps between getting your offer accepted and the final closing day, so you want to be sure you’re working alongside someone who can effectively walk you through every small detail of the process to bring this dream to life.
Finally, my tip for sellers is to consider staging your home before listing. I can see a visible shift in buyers as they interact with a space when there are towels in a bathroom and a comforter on the bed - the more they are able to envision themselves in the home, the better the listing will show and sell. The difference is so substantial that it’s my number-one recommendation for sellers to get the best and most competitive offer on their homes.”
Brandyn Negri is a realtor specializing in the Minneapolis Lakes market whose goal is to empower her clients through home ownership while keeping their best interests in mind. Whatever your goal is for your new home, she is here to bring your vision to life.
“Visit in person!”
“Looking at homes online is like online dating... you can be catfished! Listing photographs are a big part of marketing a home and are often stunning. Unfortunately, homes aren’t always that sparkling. It’s bound to happen - as you tour homes, you’ll notice what angles work best for a good photo.
On the flip side, bad pictures can hide a promising property. There are hidden gems on the market for longer just because they've been overlooked, so don’t let low-quality pictures stop you from visiting a home that fits your parameters.
When you’re touring, remember that many homes have video doorbells and home security systems like Nest and Ring installed. Even though Minnesota bars the recording, interception, use, or disclosure of any in-person communication without the consent of at least one party to the conversation, this is not widely known. Properties that have video doorbells and security systems may be recording buyers (intentionally or not) - so keep your thoughts to yourself until you’re fully off of the property. Don’t give sellers extra leverage by chatting about your budget right in front of them!
It might seem like a small detail, but sometimes tours are planned with tight timelines. Wear shoes that are easy to get on and off so you can spend more time exploring properties, and less time lingering in busy houses lacing up your boots.”
Deborah specializes in working with first-time homebuyers who want to understand what exactly they are signing up for. She breaks down the complex processes, regulations, and scenarios to make the home-buying experience one of confidence, understanding, and agency for her clients.
Are you buying or selling your home this summer? We’d love to hear more tips from you! Leave your advice for first-timers in the comments!
Emma Geary
Emma is a writer living in Minneapolis. When she's not checking out a new brewery with friends or blasting Taylor Swift in her car, you can find her dreaming up ideas as the Brand + Editorial Manager at LAB.
