Five Home Buyer Mistakes that You Must Avoid

Selling your Minneapolis home? Get a free Home Value Report

Buying a Minneapolis home? Search all Homes for Sale
 

Today I'm going to be discussing five mistakes that all home buyers make and how you can avoid them. If you want a smooth and painless real estate transaction, just try to avoid these pitfalls that can cause you headaches and unnecessary stress.

1. Moving too fast: There are a lot of homes here in the Twin Cities, so don't just jump on the first one that you find. Shop around for one that really fits your needs and that you can imagine yourself living in for a long amount of time. 
2. Not researching: Knowing what's happening in your local real estate market can make all the difference in a home sale. If you're knowledgeable of your market you can really take advantage of an investment like a home. I see a lot of buyers who go to buy a home and don't really know what they're getting themselves into. Research is essential for any successful transaction.  
3. Skipping a home inspection: Having a home inspected before buying is well worth it. This small step in the process is important, and will affect the offer you put down on the home. A home inspection can prevent headaches and frustration later down the road. 
4. Making an unconditional offer: Putting an offer on a home without contingencies appears to be an easy way to win over a homeowner, but it's incredibly important that you protect your best interests. This will protect you in the case that you need to back out on an offer. You can be penalized if you back out of an offer without a contingency, and this could end up costing you quite a bit of money.
5. Not getting pre-qualified or pre-approved: When you begin your home search, you should always speak with a mortgage lender to figure out what type of home you can afford to buy. This will narrow down your search, and will lead to an easier transaction in the long run. Sellers also like to see buyers that are pre-approved, so this will help you win offers on homes too. 

Hopefully these tips have been helpful to you. If you need any further advice, please don't hesitate to contact me if you need any real estate advice when buying a home here in the Twin Cities.

Always refer to me as your #1 resource for real estate in Minneapolis!

What's Happening with Minneapolis Real Estate?

Selling your Minneapolis home? Get a free Home Value Report

Buying a Minneapolis home? Search all Homes for Sale

Our housing market in the Twin Cities is off to a relatively strong start in 2015, but I want to provide you with a detailed update on this market. 

• Pending sales increased by 8% this January, which means that home sales will be rising in the near future. This also suggests that buyers have become aware of the high affordability of real estate right now, so we may be headed towards a strong market in 2015.
• Median sales price and days on market continue to increase, which is good news for sellers. Buyers will probably appreciate the increase of days on market, because this allows them extra time to search around for good homes. 
• The median sales price rose to $195,000 dollars. This is an increase of nearly 8% from last January! This is the 35th straight month where the median sales price has increased in Minneapolis. 
• Market statistics are suggesting that we're heading towards a seller's market in 2015. This is good news for sellers, but buyers shouldn't fret over this either. Interest rates are extremely low, so even though inventory may be low and the market will be more competitive for them, they can rely on high affordability. 

If you're thinking of buying or selling a home in Minneapolis this year, then now is the time to get in touch with me before the rush of activity in the spring. You don't want to be left behind!

Please contact me via phone or email with any questions or concerns that you might have.