The 5 things you need to start your house hunt

One of the biggest investments in your life will be a home purchase. Whether you are a first time home buyer, an investor, or you're looking for a vacation home there are five things you need in order to be prepared for a successful home search!

Click here to see homes available in the Twin Cities south metro area.

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 1. A timeline for your move
There are many different variables to consider when you are thinking about a move. Many of these variables are tied to a significant life event such as a job relocation, a wedding, a baby, or retirement. It is so important to time your move so that you can maximize your home search and get the right home to suit your needs.

2. A Real Estate Agent
Do you know the proper steps to secure a home? Are you familiar with the legal forms? Do you have good relationships with title companies, home inspectors, and other brokers? A great agent is one that will take the time to listen to your needs and will represent you in negotiations. They will guide you on your home search to keep you focused on purchasing the right home for you. A real estate agent should be able to tell you what the market conditions are, inform you of each step of the purchase, and should provide excellent service. Your agent should be someone that you will want to refer all your friends, family, and co-workers to!

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3. Pre-approval from a lender
Are you looking to spend $1,000 per month or $4,000? What is your household income compared to your expenses? It's imperative to know your numbers. If you don't know a loan officer personally, I would recommend reaching out to friends or family for their recommendations.

I have been working with Marketplace Home Mortgage and I have been very pleased. They have a 5 day commitment which means that once you fill out an application and provide the necessary documents, they will underwrite your loan in 5 business days to determine if you qualify for a loan based on your income, credit, and assets. This is a huge advantage as a home buyer and can help address any issues that could surface prior to closing.

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4. Money
We all know money makes the world go round and it certainly helps to have money saved when you are purchasing a home. The two things buyers pay for are a home inspection and earnest money.  A home inspection is something I recommend doing as the inspector will tell you about the age of the appliances and mechanicals. The inspection will also go into further detail about the home and will show any items that may need attention.

Earnest money is something you submit with your written offer to show the sellers that you are interested in the home and that you intend to purchase it. Earnest money shows that you have "skin in the game." This is not the same as a down payment. A down payment is money that you bring to the closing table in order to close on the home. The earnest money you provide with your offer will be deposited into an account and credited to you at closing.

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5. Open Mind
The most common things that are important to people are the location and the details in the home such as the number of bedrooms, baths, finished square footage, and style of home. Based on the location, interior details, and price, you may not get everything you asked for. A home is a place where you can feel relaxed and safe. It may not have the granite counter tops you were hoping for or the perfectly landscaped yard, but those are things you can add yourself to make it yours! While shopping for a home is a serious task, you should also have fun with it.

To find your dream home or investment property, please contact me!

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Homes near High Schools in Lakeville

Lakeville is one of the fastest growing suburbs south of the Twin Cities. The population is estimated to be just shy of 60,000 people. Lakeville is located about 30 minutes south of Minneapolis off of Interstate 35. This up-and-coming suburb is very desirable due to it's excellent schools and was named as one of the best places to live in 2012 by Money Magazine!

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There are two public high schools that currently service the City of Lakeville. There is Lakeville North High School and Lakeville South High School.

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Lakeville North High School is located at 19600 Ipava Avenue in Lakeville and was established in 1906. The current school was built in 1993 and added on to in 1998 to accommodate more students. The current student population is roughly 1,800 students who are in grades 9-12.

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Lakeville South High School is located at 21135 Jacquard Avenue in Lakeville and was built in 2005 after the city experienced significant growth and development. They currently serve about 1,800 students.

Lakeville North and Lakeville South are affiliated with the Minnesota State High School League and members of the South Suburban Conference. These schools offer a broad array of sports available including; Alpine Skiing, Baseball, Basketball, Cheerleading, Cross Country running, Dance Team, Hockey, Golf, Lacrosse, Nordic Skiing, Soccer, Softball, Swimming and Diving, Tennis, Track & Field, Volleyball, and Wrestling.

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Lakeville North and Lakeville South offer a number of AP classes and co-curricular activities that students engage in. Not only do they offer AP classes, they average about 50-60 percent enrollment! The Lakeville North Marching Band has participated in a number of parades including the Tournament of Roses parade as well as the second inauguration of George W Bush.

When you think about your children attending top rated high schools in Minnesota, Lakeville North and Lakeville South have proven track records for strong academics and athletics.

Find all homes for sale in Lakeville.  Just click here to contact me! I would be happy to help you find a home nearest to your favorite Lakeville high school.

4 Steps to Buying a Home - Step 2: Finding the Right Home

Hiring the right real estate agent will make all the difference in a smooth purchase! Find all for sale homes in the Twin Cities South Metro to start your home buying experience.

Once you chose an agent, you can setup a consultation to discuss your criteria. It is important to have good idea of what you need versus what you want.

Make a list of needs you desire in a home such as:

• Location
• Number of Bedrooms
• Number of Bathrooms
• Style of home (ie: Two Story, Split Level, Rambler)
• Price 

A majority of today's buyers start their search online. Click here to start searching homes in your area! There are several websites out there with information on homes, but it is best to have a reliable source that only shows homes that are available today!

Time to Tour!
Work with your agent to chose your favorite 4-5 homes and the agent can request the showings. Some homes will be occupied and others may be vacant - a big factor for short notice showings. Most showings have to be approved with the homeowners so they can leave the home while you view it. This will give you an opportunity to openly talk about the pros and cons of the home.
 
Buyers "just know" within the first 30 seconds when they walk into a home. 

At each showing or open house, you will get a tour of each room, including kitchen, main living areas, bedrooms and bathrooms. You can ask as many questions as you'd like to make an informed decision.

 The buyers agent may relay feedback to the listing agent to help them gauge interest and things that can be improved upon.

After you have toured a few homes and find "The ONE," it's time to go all in and make an offer.

4 Steps to Buying a Home: Step 1 - Secure Financing

Let me know when I can help you find your dream home!

4 Steps to Buying a Home - Step 1: Secure Financing

There are 4 steps to buying a home, the first is to secure financing. Buying your first home should be exciting and fun, but it is important to be realistic with your income first.

The majority of people buying their first home will not be paying cash, so they will need to get financing through a mortgage lender. It's a good idea to talk to a trusted lender in order to see what you are comfortable spending each month.

The mortgage lender will collect:

• Pay stubs
• W-2's
• A mortgage application

The lender is there to guide you through the process and recommend the best loan programs available to you. The lender will also run your credit report to find out how much debt you already have and how this will affect your availability for monthly payments.

Once they crunch the numbers, they can issue you a pre-approval letter based on a suitable loan amount. Marketplace Home Mortgage can even provide you with an approval letter to avoid any glitches at closing.

Conventional Loans: a loan in which you put at least 5% down and finance the other 95%. Conventional financing has a maximum loan amount of $417,000, anything above that amount would be considered a Jumbo loan. This type of loan is usually a fixed rate loan that has a 30 year term and can be obtained from almost any bank or mortgage lender.

FHA Loans: a loan backed by the Federal Housing Authority and has to meet specific conditions. It is the least expensive way to get into a home because you are only required to put 3.5% down. The maximum loan amount for FHA is $318,550 for a single family home.

Some counties offer down payment assistance, which also helps with the out of pocket expenses. Be sure to check with your lender to see what counties offer these programs. Contact me today for an appointment to discuss financing and buying your next home!
 

Find all for sale homes in the Twin Cities South Metro to start your home buying experience. Once you have secured your financing, it's time to look at buying a home!