1.  Hire a Realtor who is a local expert and has a trustworthy reputation.
 
This important step should not be overlooked.  Doing this early on will make you feel ready, willing & able to put your best foot forward when your dream home hits the market!   All too often I have had after the fact conversations with perplexed buyers, who wonder, where did things go wrong?  What Buyers fail to understand is that while the click of a ‘do you need an agent’ button might be a path to instant gratification, it neglects to fully vet the realtor as someone worthy of assisting with such a monumental decision.  Be a savvy buyer.  Take control of your experience.
 
2. Know where you stand financially.
 
Prior to starting your home search, you need to do a financial audit.  Know your income & expenses and what your comfort level is regarding payment amounts.  This all too important step also includes speaking to a lender and getting pre-approved for a home loan.  No house tours should happen prior to being pre-approved.  We have some great local options if you are unsure where to start.
 
3. Fix Financial Flaws & Building Savings
 
At the advice of your lender you may need to clean up your finances.  This is why we advise clients 6-12 months before they are ready to purchase to seek advice from a lender.  When adjustments do need to take place prior to a pre-approval being issued, having advanced notice is key to keeping with your timeline.  Adjustments could include paying down debt, opening a credit line or adding yourself to certain bills.  You will also want to continue saving for a down payment and/or closing costs.  Looking towards the counsel of a trusted loan officer is critical.
 
4. Distinguish your “Needs from “Wants”.
 
I like to pose this question to all my early on in the home search.  And at times it requires more reflection than anticipated to sort through what is a valid ‘Need’ and what is just a preference.  The earlier you can determine this, the more efficient your home search will become.  Examples of this would include property attributes, search location, price range, etc.
 
5.  Establish Your Long Term Plan
 
Change is part of life, so it goes without saying that nothing can be certain.  However, creating a plan helps guide your decisions as best as you’re able.  Deciding how long you intend to be in your home will set you up for a more successful purchase process and give your team better parameters for offering advice.
 
As we enter the start of the spring market, we hope these pointers will offer clarity, start you on your path to an enjoyable and successful home buying experience.


Leah Prahl
leah@premierchoicerealtymn.com
507-351-1324
Like and Follow our socials to stay up to date with our newest listings
https://www.facebook.com/premierchoicerealtymn/
https://www.instagram.com/premierchoicerealty/?hl=en
 

2024 is here and I’ve been reflecting on predictions of what the Real Estate Market will do this year.  The longer I am in the industry, the more I realize that trying to guess what the market will do is exactly that.  A guess.  Time and again I’ve seen unexpected factors at play.  Like a rollercoaster, our team at Premier Choice Realty prepares for the ups and downs, and tries to keep our eyes wide open. 🙃  2024…we’re ready for the ride!  Here are a few things we’ve noticed.

In the past few years, our local market has seen a fair amount of volatility.  The ups being higher than imaginable and the lows coming as a surprise to all.  I’ve walked away from more than one transaction absolutely flabbergasted by the outcome.  It is predicted that the year will bring more seasonal stability.  Price spikes will level off, yet low supply will keep prices from falling significantly.  

Interest rates will continue to be a top factor in 2024.  In 2023, we saw how market access for Buyers was directly affected by the increased rates.  Buyers were priced out of markets due to changing rates.  We noticed a trend of buyers having to shift their home searches to lower priced real estate that was further from their desired location.  This was a result of interest rate changes affecting affordability and their buying power.  Predictions of stabilizing rates will ease this some, but it will also likely increase the buyer pool and heighten competition when the market is already tight on inventory. 

A low supply situation throughout Minnesota is still what we are seeing.  Thus, homes priced appropriately will continue to sell quickly.  Predictions of more sellers entering the marketplace would help to move us closer to a balanced market. 

In 2023 we saw seller concessions making a comeback.  This of course has been another sign of our changing market dynamics.  We believe this trend will continue throughout 2024 as buyers get creative on mitigating interest rates with rate buydowns, seller paid closing costs, etc.

 Our team has hit the ground running, and is prepared to offer our clients counsel while we adapt to all the curves the real estate industry sends our way.  Real Estate is our passion and we are dedicated to sharing it with our community in a way that exemplifies integrity, knowledge and inspiration.  Thank you for your continued trust in us.

Best Wishes,

Leah

Thanks!

Please fill out the form below and we will be contacting you shortly
with information about your home.

Personal Info
Home Address
Message