5 Common Mistakes To Avoid As A First-Time Home Buyer

Front Door to a Home

Some first-time homebuyers do not find it easy, considering how complex the entire home buying process can be. However, navigating the whole process will be easier when you have the right information and guidance.

First Time Homebuyers

This post highlighted the five most common mistakes we have seen first-time home buyers made over time. Read on to know these mistakes and how to avoid them.

  1. Inadequate research.

The first step is to assess your financial capability, as well as your assets and liabilities. Know where you stand before seeking a mortgage. After you’ve mortgage pre-approved, proceed to start viewing properties in your locations of interest. Adequate research is necessary to ensure you are investing in a neighborhood with adequate amenities, including transport facilities, schools, healthcare, and others.

2.   Choosing the wrong mortgage.

There are different mortgage finance products out there, each with different specifics and propositions. Take time to examine each mortgage loan product option. As a first-timer, this may be slightly difficult. We recommend that discuss the mortgage process & products with a loan officer to help you through the entire process.

Mortgage Lender

3.   Wrong timing.

When it comes to real estate deals, the right timing is relative. But it is easy to miss the right timing if you are waiting for the prices to come down. The laws of demand and supply will always be in play. So, playing a long-term strategy may not always be the right move.

4.  Exceeding your budget.

You should set a budget and stand by it. You will always find tempting homes that will most likely be beyond your budget. You might want to avoid houses that are beyond your range, no matter who recommends them or how attractive they are. Always stay within the limits of your budget to avoid financial troubles.

Home

5.  Giving in to emotions.

‘Love at first sight’ exists pertaining to locating a new home. You just see a great house and you immediately like everything about it. While there are good chances that you will like a property, you must learn to keep emotions in check.

No matter how great the love is, ensure that you try not to beyond your budget limit. If the property costs more than you can afford, it is simply not for you.

Finally, avoiding the mistakes above will make your home buying process seamless, despite being a first-time homebuyer.

RE/MAX Results
Shannon Lindstrom, Realtor
Direct: 612-616-9714
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info

How to Make the Dream of Homeownership in the Twin Cities a Reality This Year

In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where we can grow and flourish.

Shannon Lindstrom Realtor

If you’re dreaming of buying a home in Minneapolis, St. Paul, or the surrounding suburbs this year, start by connecting with a local real estate professional like RE/MAX Results – Shannon Lindstrom, Realtor to understand what goes into the process. With a trusted advisor at your side, Shannon can then begin to answer the questions below to help you achieve your goal for homebuying success.

1. How Can I Better Understand the Process, and How Much Can I Afford?

The process of buying a home is not one to enter into lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.

Keep in mind, before you start the process to purchase a home, you’ll also need to apply for a mortgage (if you’re not paying cash). Mortgage lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. If your financial situation has changed recently, be sure to discuss that with your lender as well. Most agents have a resource list of loan officers they trust and per request they will provide it to you.

Make It Happen

According to ConsumerReports.org:

“Financial planners recommend limiting the amount you spend on housing to 25 percent of your monthly budget.”

2. How Much Do I Need for a Down Payment?

In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a downtown-payment is another critical step. Thankfully, there are many different options and resources in the market to potentially reduce the amount you may think you need to put down.

If you’re concerned about saving for a down payment, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org says:

“Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.”

Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process.

3. Saving Takes Time: Practice Living on a Budget

As tempting as it is to pass the extra time you may be spending at home these days with a little retail therapy, putting that extra money toward your down payment will help accelerate your path to homeownership. It’s the little things that count, so start trying to live on a slightly tighter budget if you aren’t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score.

Save for Down Payment

survey of millennial spending shows, “68% reported that shelter in place orders helped them save for their down payment.” Danielle Hale, Chief Economist at realtor.com, also notes:

“If there is any silver lining to the current economic landscape, it’s that mortgage rates are hanging around record lows…Additionally, shelter-in-place orders helped many who were fortunate enough to keep their jobs save for a down payment — one of the largest hurdles of buying a home. The combination of low rates and the opportunity to save is enabling many millennials to move up their home buying timeline.”

While you don’t need to cut all of the extras out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference.

If homeownership is on your dream list this year, take a good look at what you can prioritize to help you get there. To determine the steps you should take to start the process, let’s connect today.

If you’re looking to buy a home in Minneapolis, Saint Paul, or the surrounding suburbs, please feel free to contact RE/MAX Results – Shannon Lindstrom, Realtor @ 612-616-9714 or visit www.ShannonLindstromRealtor.com today. I can help you achieve your goal of homeownership!

Twin Cites Home

The 5 Healthiest Restaurants in Minneapolis

Minneapolis Organic Restaurants

Minneapolis uptown condo living residents take their health very seriously. This is probably why there are so many health restaurants in the vicinity of Minneapolis uptown condo living neighborhoods. Here is the best of the best:

1. Whole Sum Kitchen

This laid-back café serves up vegan-friendly, acai bowls, grain bowls and artisan coffee, all in a hip, comfortable café at 824 West 50thStreet.

2. French Meadow Bakery & Café

This award-winning organic, farm to table café is unassuming, simple and elegant, all at once. With two locations, one at 2610 Lyndale Ave. S in Minneapolis and the other at 1662 Grand Avenue in Saint Paul, you’ll still need reservations if you want to be guaranteed a table.

3. Crisp & Green

Just as you’d expect, Crisp & Green is your Minneapolis uptown condo living destination for fresh, organic salads in all possible forms. Choose from the Chef’s Curry concoction, Fiesta Bowl, or the No Prob Cobb, among many others. Visit the Minneapolis location at 428 North Washington Avenue.

4. Common Roots Café

The Common Roots Café at 2558 Lyndale Ave. S in Minneapolis offers indoor and sunny outdoor seating while you enjoy hand-crafted delights such as avocado toast, grilled watermelon and succotash hash.

5. Tao Organic Café & Herbery

This local gem, located on 2200 Hennepin Ave. in Minneapolis, is both a natural foods store and food café. Menu offerings include organic beef bone broth, mushroom broth, raw superfood crunch, coconut curry bowl and sweet potato burrito.

As you can see, Minneapolis uptown condo living entails a rich selection of home-grown food restaurants owned and operated by people who value quality of life as much as you do! If you’re looking for uptown Minneapolis condos for sale, please don’t hesitate to contact us!

RE/MAX Results
Shannon Lindstrom, Realtor
Direct: 612-616-9714
Shannon@ShannonLindstromRealtor.com
www.ShannonLindstromRealtor.com

city bakery

Minneapolis Master Plan Update: Parks and Trails Along Minnehaha Creek

South Minneapolis Home

One reason people love looking at condo & single-family homes in Minneapolis is to feel at home in the natural beauty surrounding Minnehaha Creek.

And the future of your Minneapolis condo or loft surroundings is unfolding today.

Check out Minneapolis Parks and Recreation’s Regional Trail Master Plan, focusing on Minnehaha Regional Park out to western Minneapolis.

Over the coming three decades, watch for new paddling and tubing launch areas, additional wading pools, play sets and exercise courses, bike parks, and even an urban arboretum.

Minneapolis trails and parks are major attractions for home buyers.

Many condo and home buyers tell us that they want to live within a few blocks of the wonderful urban trail network that runs through the city and along the Minneapolis waterside.

Now, residents will enjoy dedicated running and biking trails. Intersections will provide enhanced safety, too.

Funding for the evolving project comes from the city’s Parks and Trails Legacy Fund. Minneapolis residents voted in 2008 to fund the protection of the natural landmarks, parks and trails that make this city such a splendid example of urban living.

The plan will incorporate both natural vistas and public art installations.

Our famous Parkway stretches through a watershed that encompasses not only Minnehaha Creek and Minnehaha Falls, but also Lake Minnetonka and the entire Minneapolis Chain of Lakes, with 129 lakes and eight large creeks. 

Condo & Homeowners love the sense of being in the forest in urban Minneapolis. Local residents asked Parks and Recreation not to overdevelop the meandering trails and scenic waterside parklands. Art works will be in keeping with the spectacular wetlands surrounding the Mississippi River.

Stay updated.

We’ll have more on this site about the parks and trails of Minneapolis. The beauty of the Minnehaha Creek Watershed District is unique and special to our city.

Biking

RE/MAX Results
Shannon Lindstrom, Realtor®, AHWD, GREEN, NCS
7373 Kirkwood Court North, Ste. 300
Maple Grove, MN 55369
Direct: 612-616-9714
Lindstrom_S@msn.com
Shannon@ShannonLindstromRealtor.com
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info

Minnehaha Creek Master Plan: New Boardwalk for Minneapolis

Minneapolis Walking Trails

If you own a condo or a single-family home along the Minnehaha Creek, you’ve seen the signs and alerts along the trails.

It’s all about helping to guide people around the trail construction work area.

As part of its Master Plan, Minneapolis is renovating the Minnehaha Parkway Trail.

The Buzz Around the Lyndale Avenue Bridge

Phase One of this work finished in 2016. That work widened pedestrian asphalt trail, starting from west of Bryant Avenue and winding up at the Lyndale Avenue Bridge. Phase One also provided much-needed upgrades to the Lyndale Avenue trail intersection.

Phase Two is the trail work’s current phase. Workers are removing the existing wooden boardwalk. In its place, people who love to ride bikes and walk will enjoy a new boardwalk 12 feet wide.

In summer 2019, when workers complete this project, the trail will accommodate cyclists and pedestrians through the Lyndale Avenue Bridge underpass.

Minnehaha Creek Master Plan

The two-phase Minnehaha Parkway Trail Improvement project received the Park and Recreation board approval in 2015. 

The trail renovation includes a gentler slope, in compliance with the Americans With Disabilities Act standards. The banks of the Minnehaha Creek will also undergo restoration work conducted in collaboration with the Minnehaha Creek Watershed District.

Visit the project page for the Minnehaha Parkway Regional Trail Master Plan, with future concepts for trail and park enhancements. 

Looking for a Hennepin County Condo or Single-Family Home?

You’ll be glad to know the city is investing deeply in its natural spaces. 

At Minnehaha Creek Park, canoers, kayakers, and gentle meanderers all enjoy nature in urban residential Minneapolis. If you’d like to join them, call your Minneapolis condo and loft real estate expert. Find the home that’s waiting just for you.

RE/MAX Results
Shannon Lindstrom, Realtor®, AHWD, GREEN, NCS
13784 83rd Way No, Ste. 200
Maple Grove, MN 55369
Direct: 612-616-9714
Lindstrom_S@msn.com
Shannon@ShannonLindstromRealtor.com
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info