HERE ARE THINGS YOU SHOULD DO NOW!
Set your mortgage budget
Before you start viewing homes, you’ll want to determine your payment budget. Start by getting pre-qualified. Pre-qualification is a quick process where you supply your financial information to a lender, and they offer an estimate for the mortgage in which you would qualify.
In this fast-paced market, it is recommended to take this process to the next level and become pre-approved. Pre-approval is a more thorough process where you provide a detailed financial history to the lender and they provide a pre-approval letter. This states your assumed mortgage loan approval amount, plus an estimate of your expected interest rate. Buyers who are pre-approved may be taken more seriously in negotiations and throughout the buying process.
Start researching locations
Once your budget is established, the fun begins! Create a few saved searches on edinarealty.com or Edina Realty’s mobile app. Begin by setting your anticipated budget and the city, neighborhood or hand-drawn custom search where you want to live. Save your favorite properties so you can return to them instantly.
Play around with the variables in your saved searches to see how far your dollars can stretch. You can also set up automated hourly or daily alerts as your search becomes more serious.
Worried about daily traffic? Save addresses for work, school, daycare and more in the Edina Realty app and our integrated INRIX Drive time feature will estimate your daily commute times for each location.
Interview and hire a REALTOR®
Get a leg up on other buyers by hiring a Realtor before you are ready to tour homes and make an offer. That way, you’ll have developed a trusted relationship and communication standards you can employ in your search and purchase.
There are many questions you can ask your Realtor when buying, but you’ll especially want to confirm that they:
• Intimately understand the city or neighborhood where you hope to buy
• Have deep insights about the local market and how it will impact your purchase
• Have past client references they are willing to share with you, or mentor-ships if there are new to the business
• Have the time and desire to work with you, regardless of your time line or budget.
Need help getting started?
Whether you need assistance finding a lender, real estate agent or just want to learn more about the buying process, we can help. Reach out to your local Edina Realty office. We are happy to help!
Key Insights from February 2020
Median Sale Price: $197,900 +8.2%
New Listings: +2.5%
Pending Sales: +2.3%
Aver. Days on Market: 72 -1.4%
Number of homes for sale: 646 -4.2%
Key Insights for homes over $300K
Median Sale Price: $368,073 -0.5%
New Listings: +13.7%
Pending Sales: +18.7%
Average Days on Market: 119 0.0%
Number of homes for sale: 215 -2.7%