Preparing to buy a house probably isn't at the top of your holiday things-to-do list. However, if you're thinking of buying a home in 2022, it's not too early to start preparing.
The supply of houses in Minnesota is low and will continue to lag behind demand in the coming year. The number of buyers, however, will no doubt be increasing once the new year gets rolling. With that in mind, it's a good idea to get a couple steps ahead of other buyers before things heat up. The more buyers there are, the more competition there will be when it's time to make an offer.
Let me suggest a few things you can do right now to be prepared to purchase a home in 2022.
1. Let's set up a time to talk about your needs, your timing, and your preparation. There's no pressure for you to do anything before it makes good sense for you to do it. The goal is to help you think through your strategy, make sound decisions, and figure out if and when you're ready to move forward. I will always keep your needs and best interests in first place.
2. Let me help you connect with a loan officer. You will want an experienced professional proven to be good at helping clients succeed. Your loan officer will help you determine your credit score, figure out your debt to income situation, establish your budget, explain your financing options, and get you pre-approved for a mortgage.
3. You should also take care to manage your credit and finances in ways that set the stage for buying a home. Your loan officer will have good advice for maintaining or improving your credit rating and your assets until the purchase process is completed. It's important to be ready with the funds you will need for earnest money, down payment, and closing expenses.
4. Let the search begin! Once we've been able to get a handle on your budget and your timing, we can start looking at houses. We'll begin by getting a good sense of what is available: price range, types of homes, neighborhoods, and more. Then we will refine and narrow our search until we find the home that suits you best.
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While the holidays provide us with lots of ways to enjoy our homes, they can also present some risks if we don't exercise care. Fun can turn into disaster if we aren't thoughtful about candles, decorations, ladders, lights, extension cords, Christmas trees, fireplaces, and space heaters. Here are twelve tips for keeping your family and home safe, and your holidays happy.
As a Realtor®, one of my core values is to generously support initiatives to help those who are in need of affordable housing opportunities. One of the organizations I support is Urban Homeworks. I will be sending them a special gift this December and I'm pleased to learn that gift will be matched. If you would like to learn more about Urban Homeworks or join me in making a contribution, CLICK HERE.
A generous donor has pledged to match new donations and increased gifts from past donors up to $50,000 from now through December 31st. That means you can double your impact by donating to innovative community development today! With holidays approaching, we celebrate the generosity of so many of you who continually choose to share your abundance with the broader community. Thank you for perpetuating the hope! CLICK HERE TO LEARN MORE
Once again, I'd like to start with a big thank-you for all my wonderful clients. It's a pleasure to serve you. CLICK HERE FOR RECENT PICS & TESTIMONIALS
It's never too early to start working out your housing goals for the coming year. I'd be very glad to talk with you and help you sort out your timeframe and strategy. Let's set up a time to talk. As always, your referrals to friends and family are always appreciated.
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Check out these 12 Practical Tips.
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Take care, my friends! Have a great Thanksgiving!
The supply of homes continues to be very low. This is causing the median sales price to increase and lowers the number of days a house is on the market. According to AXIOS NEWS, as of November 12, the number of days houses are on the market is now the lowest it has been since 1989.
What does this mean for sellers? Your house is likely to sell fairly quickly and you should get a good price for the property you're selling. With current low mortgage interest rates and a low supply of homes, this is a great time to sell.
What does this mean for buyers? Expect to compete with other offers. Understand that purchase offers will need to be very strong (competitive purchase price and reduced contingencies/demands). Prepare yourself for making several offers before you get once accepted.
There are pros and cons to every market, but with the caring help and expert advice of a good Realtor® and brokerage, you can still make the move and find the house you need. I'm ready to help you, and with me you also get the professional support and expertise of the entire Anderson Realty team.
Let's set up a time to talk about your plans, answer your questions, and get thing rolling for your situation.
October closed sales dropped 16.2% compared to the previous October, marking a return to a more typical seasonal decline. This was reflected in the number of homes for sale, which shrank 18.6% over last year, with just 11,696 properties on the market statewide.
New listings sank 10.2% to 8,428. Overall, there was only 1.5 months of inventory available, down 21.1% from a year ago.
Buyers who remained active continued to compete aggressively for homes, pushing the median sales price up 8.2% to $308,500. On average, sellers were receiving 99.7% of their asking price, an increase of 0.4% above last October.
The heated summer sales season is showing signs of cooling, as closed sales of residential homes in Minnesota declined 3.0% compared to August 2020.
Despite shrinking inventory, buyers scrambled to purchase homes, competing with multiple offers that drove the median sales price up 11.3% to $316,000. The number of homes for sale declined 25.0%, leaving a 1.5-month supply of properties for sale.
Read the full report: https://bit.ly/MNR_Aug21HousingReport
“Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.” [emphasis added]
CLICK THE ICON BELOW TO VIEW OR DOWNLOAD THE ONE-PAGE REPORT
When buying or selling a home, it's important to understand the market and gain helpful insights to help you achieve the best results.