You have likely heard conflicting reports when it comes to the current state of the housing market. Talk of falling property values and the current "housing crisis" may raise concerns about this being a good time to buy Minnesota properties. Interest rates are at historical lows and the housing market is filled with properties at reasonable prices. This is one of the best times in recent history to buy a new home.
A record number of homes are for sale. This opens many options for buyers. Whether you are interested in new construction or an older home, you have an array of choices. Sellers know you have plenty of homes available to choose from; making them much more likely to offer you a great deal. Motivated sellers are ready and willing to negotiate with prospective buyers.
Today's interest rates are at historical lows. That means a new home buyer may lock in rock bottom rates for the duration of their home loan. This saves thousands of dollars in interest costs if you buy while rates are low. It's important to pre-qualify for a mortgage loan from a lender before you shop for your new home. This provides you with additional bargaining leverage.
Know exactly how much money you qualify to borrow to buy your new home. The bank looks at income, credit score and down payment to determine how much they will lend you. It's much better to know that "magic number" before you make an offer on a home you can't afford to buy. Why waste time viewing homes out of your price range?
Will housing rates continue to fall? Some experts say yes while others say no; it depends on who you ask. It's anybody's guess in reality. More often than not, the bottom of a housing market is seen in the rearview mirror: after interest rates and prices begin to rise again.
A Minneapolis real estate agent will guide you through the process of buying a Minnesota home in an uncertain market. They know the value of local real estate and will be glad to advise you. Often, Realtors know about the best buys before the general public learns of them.
Even when considering buying a home at a foreclosure auction or a bank-owned property, it's in your best interests to seek the advice of a licensed Minnesota real estate agent. When bidding, they will advise if it is too high or too low. Often bidders get swept in the excitement of an auction and end up overpaying. A Minneapolis real estate agent will put the property's price into proper context before hand.
Don't let the negativity in the press prevent you from getting a great deal on a new home. Many Minnesota properties are available on the market at great prices. There is often room for negotiating with the seller further still. Contact a Minnesota real estate agent today to talk more about what today's housing market has to offer you.
Kevin Curtis is a licensed agent with RE/MAX Advantage Plus. He is The Minnesota Real Estate Team's 2007 Agent of the Year. Kevin and his team provide great service and ongoing insights into the Minnesota Real Estate market at
MinnesotaPropertiesOnline.com. - Get more articles at Read Articles.com
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