Tips for Finding the Saint Paul Home of Your Dreams
There has probably never been a better time in Minnesota to buy a home. Interest rates are below 4% for owner occupants, which we have not seen in the last 40 years. Housing prices have been steadily declining and are now 25-50% below their 2004 peak prices. If you have ability to buy a home, now is the time. If you miss this opportunity, you will regret it.
So how do you get started? What do you do first? Here are some tips to finding that Saint Paul dream home:
- The Saint Paul real estate market is vast and diverse. The homes in Lowertown are drastically different than the ones in Phalen. The neighborhood around Summit Avenue is much different than around Frogtown. I recommend that first ask around and talk to people that live in Saint Paul. Get their recommendations on what areas they like and why. Then get out and drive around those areas. Stop in a local restaurant and have lunch. Does this neighborhood feel comfortable to you? Can you see yourself eating lunch here often? Drive around and look at the houses. Saint Paul houses have over 100 years between the oldest and newest. Which do you like? You must figure out where you want to live (and this may be 2-3 places you like), before you proceed.
- Once you find a couple areas that you like, you need to find a Saint Paul Realtor that specializes in these areas. Since many agents specialize in just one area, you may need to interview several to find the one that you like the best. Remember that typically a buyer’s agent is paid by the seller of the home. You are getting this agent’s help for free. Make sure you trust him or her and that you want to spend time with them. The agent should be very knowledgeable about all parts of Saint Paul and be able to give you the differences off the top of her head.
- If you are looking at purchasing a foreclosure, you should be aware of the different requirements and regulations that St. Paul imposes on vacant houses. They have various vacant building categories that will have varying levels of code compliance that must be done to bring a home back up to livable condition. If you have concerns about this process, find a contractor that works in Saint Paul that can help you navigate this process and give you a bid to get the work done. You do not want to take on some of these Category 2 houses with their code compliance as a weekend project or your first home. They require too much experience to navigate all the inspections and code issues.
- Have your Realtor build a MLS search for you that will send your emails when a property falls into your criteria. This will be an invaluable way for you to keep track of the changes in the market as well as spotting those great house deals that go fast. Discipline yourself to check this email as soon as you receive it so that you can jump on any opportunities that may have just hit the real estate market.
- Once you find a home and have an accepted offer, it is important to get a home inspection done. Most buyers and real estate agents are not housing experts. They are also not typically crawling in the attic and poking holes in the foundation. Most inspectors have a certification from training they have taken. They will spend 2-3 hours combing through a house to find any issues that exist or could develop. While this inspection is not meant to scare you away, it will identify an issues that are larger than you are prepared to undertake once you own the house.
Finding your Saint Paul dream home can be a fun and exciting process if you do your homework up front.
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