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Home Buyer Tips | Sandy Erickson Real Estate Team Blog

Thursday, May 5, 2022   /   by Brittany Aspenson

Where To Find a Less Competitive Market

A few markets where buyers will face less competition for homes.

Many buyers are either uncomfortable or unable to compete in the many multiple-offer situations throughout our Twin Cities market. Today I wanted to talk about some of the less-competitive markets where you may have more time to make a decision and less pressure to offer so much over asking price. 

The first market to look at is the downtown condo market of Minneapolis and St. Paul. Minneapolis has 3.5 months of inventory, and St. Paul has 2.5 months, which is quite a bit more than most markets. The suburbs of these areas are more competitive, with just 0.9 months of inventory. Given that there’s more supply to choose from, you’ll have more time to consider your decision and make the best choice.
The prices in this market are good, too. The list-to-sales price ratio in Minneapolis is 99%, St. Paul’s is 100%, and it’s 102% in the outer suburbs. That means you won’t have to bid as ...

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  buyer's, home buyer tips, buyer questions, finding the right home

Monday, April 18, 2022   /   by Brittany Aspenson

When Does It Make Sense To Buy?

Three things to consider when deciding whether to buy or rent.

Today I am pleased to be joined by a great realtor from my team, Gary Raeker. We’re addressing the question, “When does it make sense to buy?” Right now, a lot of people seem stuck; home prices are increasing, but so is rent. Today we will discuss three factors to consider before buying a property:
1. Your finances. For most people, buying a home is the largest purchase they’ll make in their lifetimes. It’s a big cost upfront, but once you buy, you can build equity, increase your net worth, take advantage of tax breaks, and more. Plus, you’ll have a defined monthly payment that won’t rise with the cost of living as rent does.

“Real estate transactions are always emotional.”
2. Market conditions. Depending on interest rates and home prices, your monthly mortgage could increase or decrease. Interest rates may be going up, but they are still historically low. If y ...

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  home buyer tips, buyer questions

Monday, April 11, 2022   /   by Brittany Aspenson

5 Things Buyers Are Doing to Win Against Multiple Offers

Gary Raeker joined me to discuss how he’s helping buyers win in this market.

One of our team’s top agents, Gary Raeker, specializes in helping our home-buying clients. He joined me recently to share the top five things that buyers are doing in this market to ensure their offers get accepted.
 
Feel free to watch the full video, or use these timestamps to browse specific topics at your leisure:
 
0:00 — Introducing today’s topic
 
1:10 — No. 1: Price
 
1:35 — No. 2: Inspection contingency
 
2:09 — No. 3: Closing date
 
3:02 — No. 4: A strong pre-approval letter
 
4:31 — No. 5: Purchase agreement presentation
 
5:33 — Final thoughts
 
Thanks so much to Gary for joining me to explore each of these factors in detail. Each homebuyer and situation is different, but these are five helpful strategies that buyers are using to make their offers stand out.
If you have. ...

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  buyer's, home buyer tips

Tuesday, March 1, 2022   /   by Brittany Aspenson

Questions To Ask When House-Hunting With Pets In Mind

Just how much do we love our pets? Several surveys showed how much pets are affecting the homebuying process. Pets influence many buyers on the types of homes and neighborhoods they search for, becoming the biggest reason their favorite humans decide to become homeowners.

A 2021 homes.com survey of 1,600 homeowners who are also pet owners showed that 68 percent of respondents who weren't already living in a pet-friendly home said they have moved for the sole purpose of accommodating their pets.

Another joint survey from Rover and Zillow found that 62 percent of pet parents consider moving to a new home to accommodate their dog. Likewise, listings that mentioned dog-friendly features such as fenced backyards, dog runs, and dog houses sold faster.


Thursday, February 24, 2022   /   by Brittany Aspenson

How Do I Make a Non-Contingent Offer When I Need to Sell?

Here are some options for making an offer while you have a home to sell.

Many people think they have to list their home and sell it to make an offer on a new one. It can be overwhelming and scary, especially in this low-inventory market. However, there are ways you can make a non-contingent offer on a home even if you still have a house to sell.
The first option is to go to a bank and see if you can qualify for two mortgages at once. The money from the down payment can come from equity, via a bridge loan or HELOC or savings. Often, clients are concerned that they may not have access to their full down payment, and that’s ok. The loan can be recast at a later date to include all the equity that’s there.
The second option is for those who don’t qualify for two mortgages. For the properties that qualify, an instant cash offer from an iBuyer or our home swap program can provide you with the executed purchase agreement on your current property, which is necessary t ...

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  buyer's, home selling, home buyer tips, buyer questions

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