All that noise in the housing market?
It’s opportunity knocking.

The housing market has been making a lot of noise lately: conflicting opinions, contradictory facts, and plenty of negative hyperbole. The truth is, housing market conditions vary greatly by region. This site shares the other side of the story from local perspectives in real estate, personal finance, and economic forecasting, about what’s really happening in the Minneapolis-St. Paul housing market. You can also see what other recent homebuyers – and lookers - are saying on our blog and video posts. If you’re thinking of buying in Minneapolis-St. Paul, we invite you to participate, and get information to make the right choice for you.


Tips for Buying a Home

For anyone buying a home, the whole process can seem complicated. Take things step-by-step, and you will soon be holding the keys to your own home!
  1. Before you start house-hunting, figure out how much you can afford. It's tempting to just make an offer on a home you've fallen in love with, but can you afford it? A number of factors are considered in this calculation, including your income, credit rating, current monthly expenses, down payment and the interest rate. Meet with a financial advisor to determine how much house you can buy, and if there are any home-buying programs you're eligible to participate in.

    When budgeting a monthly payment, be sure to ask whether the payment amount includes real estate taxes and insurance, or if those costs are billed separately. If you already know which city or county you're going to be living in, research the tax trends to get an idea of how much taxes increase from year to year.
  2. Shop for a loan. There are many different loans out there to choose from – fixed rate, adjustable, balloon – it's important to understand the different terms. The type of loan can affect your monthly payment obligations both now and in the future. You can save a lot of money by doing a little homework; talk to several lenders, compare costs and interest rates, and don't hesitate to negotiate for a better deal.
  3. Get pre-approved for a loan. Different from pre-qualifying, a pre-approval is less of a “guesstimate.” Even though pre-qualifying costs less and gives you a quick idea of a price range you can afford, it can be inaccurate sometimes. Pre-approval not only helps make the purchasing process smoother, but also gives you greater bargaining power when you find the home you want – the seller will have no questions about your ability to close the deal.
  4. Find the right representation. Whether you want the services of an attorney to review contracts for you, or a real estate agent to guide you through the process, find the right professional who will help you find the home that's right for you, at a fair purchase price.
  5. Start shopping! But before you do, take time to think about what features are most important – from location to size to style – which will help you narrow the field of available homes to choose from.
  6. When you've found the right home, make an offer. Create a proposal that you feel is your best offer; if it's an existing home, also think about what you're willing to negotiate, if the seller counters your offer.
  7. Make your offer contingent on a home inspection. This simple step can help you learn more about the condition of the home, and can help you avoid buying a home that needs major repairs.

Assemble a Reputable Home Buying Team
The home buying process is complex and by taking the time to do your homework, you'll ensure that all the key players on your home buying team – realtor, lender, builder, insurer and moving company – are up for the challenge and ready to make your homeownership dreams come true.

Download the Home Buying Team Guideline >> (PDF)

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