If you’re gearing up to buy soon you’ve probably been perusing new listings and hitting a few weekend open houses. Smart moves. The faster-paced Minnesota spring market will be here before we know it so it’s good to get a sense of what’s out there.
Looking at houses the fun part (for most!) If you find your dream home though, and haven’t done this one critical first step (unless you’re paying cash) there’s a good chance you’ll miss out. What’s the number one move? Getting pre-approved for a loan.
Low inventory throughout the Twin Cities has increased competition among buyers, especially for those looking in the lower price ranges. Sales with multiple offers were typical last spring and summer, and the 2020 selling seasons will most likely be repeats. If you want to compete in the spring market start working with a lender asap, if you haven’t already. Buyers who cannot demonstrate their ability to finance a purchase with not be taken seriously. If you’re in position to buy soon, get a pre-approval letter in hand (or in email) before you set your sights on a home. Sellers will not want to view your offer without one.
GET HELP
A trusted loan officer ought to be a valuable support in the potentially daunting process, so should a good Realtor. The agency relationship you establish as a home-buying client in Minnesota is meant to benefit and protect you. Serious home buyers would be wise to put this additional important step at the top of their lists.
Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.
Photo by Tierra Mallorca on Unsplash