Buying a home and moving into a new community is an exciting endeavor with plenty of unknowns. While anticipation runs high leading up to closing, several activities and processes must take place before buyers move into their new space.
Often, it is easy for buyers to get caught up in the big picture and not think about the small details — the home inspections, negotiations, and actual closing can seem mundane and tedious compared to purchasing a shiny new home.
However, homebuyers must attend to all details carefully to advance through the buying process. As a buyer, you should know what you’re getting into before starting this journey. Doing thorough research, paying close attention to the details, and working closely with a real estate expert can simplify drawn-out processes and lead to a quicker and more successful home purchase.
Preparation is especially vital In Minneapolis.
The Twin Cities are growing and diversifying, making the region attractive to buyers. Minneapolis is also well known for the desirable lifestyle it provides residents — with scenic surroundings, plenty of cultural landmarks, and an expanding social scene, now is an excellent time to move to Minneapolis.
With an awareness of what’s required at different stages of the buying process, homebuyers can easily navigate the Minneapolis real estate scene and lock down the home of their dreams.
Wondering what buyers need to know before seeking a home in Minneapolis? Read on for the ultimate buying guide and several tips to consider throughout the process.
1. Find a trusted real estate agent
The best first step potential buyers can take is to find a trusted and knowledgeable real estate agent. The best agent will be with you through every step of the process. They can help you identify a potential home, join you on a tour of the space, help you weigh the pros and cons, negotiate an offer, and celebrate with you when you secure the home of your dreams.
These licensed professionals should have years of experience and valuable professional networks. Many individuals do not frequently go through the homebuying process — in 2018, for instance,
the median duration of homeownership in the U.S. was 13 years. Real estate agents, however, go through this process frequently. They have the knowledge, skills, and market expertise to help buyers navigate an increasingly-complicated housing market.
In Minneapolis specifically, plenty of knowledgeable agents have extensive knowledge of the many communities in the city. These agents have tons of experience in helping buyers navigate in and around the Minneapolis area, which means they can help people new to the area explore each neighborhood and find the best community for their lifestyle.
2. Narrow down requirements for a home
Before exploring the options in the area, buyers should sit with their real estate agent and determine what they need and want in a home. They should be clear on what type of location is preferred, what home style or size is preferred, and any other non-negotiables.
By being proactive and discussing these at the start of the process, buyers can help their agents help them. When agents are given this info, they can better narrow down the area's options and more quickly help potential buyers find the home that best fits their preferences and lifestyle.
3. Ensure all finances are in order
When purchasing a home, it is easy to get excited about the prospect of making a major investment for yourself and your future. Many people forget, though, that a home is one of the most significant financial commitments a person can make. Financing a home is a necessary part of the buying process, and buyers must have all of their finances to appeal to sellers as high-quality buying candidates.
Many people get pre-approved for a mortgage to stand out from other buyers. A
pre-approval note details how much a financial institution is willing to lend you to purchase a home and a mortgage. That amount is based on various factors, such as income, credit score, debt-to-income ratio, etc. Buyers should also know that they can shop around and apply for pre-approvals with multiple lenders, so there is a chance of finding a better deal than others. However, this typically involves a hard credit check, which can impact your credit score.
The pre-approval process can be a breeze if buyers have their finances in order. When finances are organized, buyers typically have a solid idea of what they can afford and expect to pay a lender when financing, even before applying for a pre-approval note. Buyers can set realistic expectations for themselves as they work through the pre-approval and homebuying process.
Potential Minneapolis buyers can have the upper hand, as being pre-approved can put buyers ahead of other competitive candidates. Being solid financially proves that you are serious about making a significant purchase. Pre-approvals inspire confidence in sellers, who typically want to ensure that the closing deal does not fall through due to finances.
4. Start exploring different homes
This is the most exciting part of the process! Exploring the different homes that a real estate agent identifies is fun, and it helps buyers start to picture what their new life and home will look like.
When exploring different homes, buyers must keep track of all the properties they see. Many buyers choose to take notes, as this can help keep all of the properties straight. By doing this, individuals can list all the pros and cons of a property, such as the home style, home size, any issues or concerns, what they like or don’t like, and more. Ultimately, you want to weigh all your options, and when your observations are organized, it’s easier to have that conversation.
In the Minneapolis market, organization is crucial. Many properties are available for sale here, and buyers must keep track of the factors that vary between properties. By keeping all of these details orderly, buyers and agents can easily discuss properties and determine the best home to proceed with in the buying process.
5. Cooperate with the seller to lock down the right property
When a buyer has finally found the right property, it can feel like the stars have aligned and everything is right in the world. But before officially claiming the property, buyers must go through tons of tedious paperwork, continuous communication, and negotiations with the seller.
Thankfully, real estate agents can easily guide buyers through this process. They can identify what documents buyers must complete, what the sellers must disclose, and what additional paperwork must be completed before selling a home. This allows a simplified process for buyers — rather than figuring out what must be done and when, they only need to focus on the documents passed onto them from their agent, thus preventing confusion, avoiding complications, and ultimately leading to a quicker closing.
Additionally, collaborating and maintaining clear communication with the sellers is critical. Buyers should be as responsive as possible, which can help ease the process and make it less complex for all parties involved. Being communicative and organized also helps show that buyers are serious about securing the home quickly and smoothly.
Summary
Buying a home can be intimidating at first. With the right tips and tricks, buyers can easily navigate the Minneapolis real estate scene and secure the home of their dreams. Working with an experienced real estate professional is the basis of this, and buyers should keep this in mind as they embark on this journey. A seasoned agent can help expedite the process, benefiting both the buyer and seller.
Working with a trusted real estate agent is key. In this market specifically,
John Brekken is a seasoned and knowledgeable agent who has helped several buyers locate and purchase exceptional properties. With years of successful experience, extensive knowledge of Minneapolis luxury homes, and dedication to unparalleled customer service, John is with buyers every step of the way.
*Header photo courtesy of Shutterstock
