Minneapolis – St. Paul Condo and Loft Homebuyer’s Guide

Minneapolis St Paul Urban Loft

If you’re looking for an urban home in Minneapolis or St. Paul that features attractive interior & exterior design, modern amenities and a low-maintenance lifestyle in the Twin Cities, a condo or loft may be the right choice for you.

A condo is referred to as an individual unit in a low to high rise building. You can find anywhere from traditional to modern condo developments.  Also, the shared amenities (amusement/party room, roof top deck, and exercise room) can vary from building to building.

The Homeowners Association (HOA) manages and governs the condo community, collect the monthly association dues and maintains the common areas.

Lofts are usually located in converted old factory or warehouses in the city. Lofts is a nice alternative for individuals who enjoy the benefits of urban living. The lofts floor plans tend to be more open space, higher ceilings, brick or concrete walls, etc.

Minneapolis St Paul Lofts

If you’re considering buying a condo or loft, follow the steps listed below:

Step 1: Weigh the Advantages and disadvantages.

The condo lifestyle can be an attractive choice for most potential buyers,

Some of the advantages of living in a Condo or Loft buildings are listed below:

  1. Low maintenance
  2. Sustainability. You will find some condo developments have eco-friendly features.
  3. Some condo developments have resort-like amenities, such as pools, fitness facilities, roof deck with views, and valet service.

Step 2: Find a Minneapolis- St Paul Urban Realtor Who Knows the Market

Some individuals who are looking to buy a condo or loft are entry-level buyers. These new first time buyers should consider finding a real estate agent who has local experience with selling condos & lofts and who can explain the buying process

A knowledgeable local Real Estate Agent like RE/MAX Results – Shannon Lindstrom can help in your property search, whether you’re a first-time homebuyer or experienced. Shannon can help you achieve your goal of homeownership!

Step 3: Know What to Look For

Be a smart shopper. Some of the questions you should ask your Realtor once you’ve narrowed your search are listed below.

How many units are owner-occupied?

If a high percentage of units are rentals, it might affect the property’s value or difficult to obtain certain mortgage loan products.  

How is the building maintained?

When you buy or own a condo, you have vested interest in the common areas. You should view the common areas to make sure they are well maintained by the Homeowners Association management. If the hallways are dirty than it might be a red flag the management company is not running the building as well as it should.

Step 4: Get to Know the HOA

Homeowners Association (HOA) is an association or group established by the project developer The HOA is also responsible for collecting monthly association fees. And maintaining the common areas.

In addition to these financial responsibilities, the Homeowners Association (HOA) can easily change the rules governing the property, like the operating hours of the pool or fitness center and the size or number of dog and/or cats that you can have. 

Step 5: Consider Insurance

You find majority of the condo & loft developments in Minneapolis and St. Paul have hazard insurance, which covers the exterior of building and also for the common areas. The insurance fee is usually included with your monthly association fee.

Even though the building is insured, condo and loft owners should consider buying an insurance policy (HO6) to cover their belongings inside their unit. A HO6 Policy is a separate homeowner policy to ensure the contents of the home, similar to renter’s insurance. You find some associations require a condo or loft owner to purchase a HO6 policy. It’s important for the buyer and/or owners to read the association rules & regulations, covenants and declarations for the development to find what is required.

If you’re looking to buy or sell a condo or loft in Minneapolis or St Paul, please feel free to contact RE/MAX Results – Shannon Lindstrom, Urban Real Estate Agent @ 612-616-9714 or visit www.ShannonLindstromRealtor.com today.

Consider Upgrading Your Twin Cities Condo or Home before You List

Kitchen

Most people have wandered through new condo or single-family home developments in the Twin Cities & surrounding suburbs and wished their own home looked as modern and chic. Model homes showcase the latest upgrades and decorating trends; for home sellers these homes are their competition, and it can feel daunting to offer an older floorplan and design.

While it might seem like a smart idea to simply offer a buyer credit and list, there are downsides to this plan, and taking the time to update on your own first could possible mean thousands of dollars in your pocket.

White Kitchen


Here are a few reasons why offering a credit might not be the best strategy:

Buyer Impression – A dated home looks old and not all buyers can see the potential.
Lower Offers – Offering a credit for repairs or updates could be viewed as high seller motivation, resulting in lower offers.
Value Differences – You and your buyer might disagree on the value of needed upgrades. For example, you might feel $2,500 is a fair cost for a new countertop whereas your buyers might expect considerably more; this can lead to more negotiations and lower sales price.
Home Condition – A property that shows its age can prompt the buyer to worry about the overall condition.
Loan Approval – Lenders are wary of buyer credits; in fact, upgrade or repair credits can be an issue. You might have a buyer unable to take advantage of the credit at all.

Home design trends change quickly. If you’re ready to sell, it could be tempting just to list your home in its current condition. Before you just add a credit to the listing, consider some simple updating so your buyers can see the value of your home.

Is This the Year to Sell Your Twin Cities Condo or Home?

Twin Cites Home

If one of the questions you’re asking yourself is, “Should I sell my condo or home this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a condo or home.

Condo Kitchen

Here’s why.

According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:

“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”

As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a condo or a home.

Why is now a good time to sell?

There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.

With so few condos or homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:

“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.”

However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.commore choices for buyers are on the not-too-distant horizon:

“The bright spot for buyers is that more condo & homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”

If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Let’s connect today to determine the best next step when it comes to selling your house this year.

Twin Cities Sellers Contact

3 Must-Do’s When Selling Your Condo or Home This Year

Welcome Home !

It’s exciting to put a condo or a home on the market and to think about making new memories in new spaces. However, despite the anticipation of what’s to come, we can still have deep sentimental attachments to the home we’re leaving behind. Growing emotions can help or hinder a sale depending on how we manage them.

Welcome Home !

When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes when it’s time to move. Being mindful and prepared for the process can help you stay on the right track when selling your house this year.

1. Price Your Home Right

When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Don’t forget that the buyer’s mortgage lender will send an appraiser to determine the fair value for your house. The bank will not lend more than what the house is worth, so be aware that you might need to renegotiate the price after the appraisal. A real estate professional like RE/MAX Results – Shannon Lindstrom, Realtor can help you with determining an estimate value of your home.

Home Purchase Closing Costs

2. Keep Your Emotions in Check

Today, homeowners are living in their condo or home for a longer period of time. Since 1985, the average tenure, or the time a homeowner has owned their home, has increased from 5 to 10 years (as shown in the graph below):This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your Home Properly

We’re generally quite proud of our décor and how we’ve customized our condo or home to make them our own unique homes, but not all buyers will feel the same way about your design. That’s why it’s so important to make sure you stage your house with the buyer in mind.

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage and declutter so they can visualize their own dreams as they walk down the hall. A real estate professional like RE/MAX Results – Shannon Lindstrom, Realtor @ 612-616-9714 can help you with tips to get your home ready to stage and sell.

Today’s sellers’ market might be your best chance to make a move. If you’re considering selling your house, let’s connect so you have the help need to navigate through the process while prioritizing these must-do’s.

Why It’s Important to Price Your House Right

Sell Twin Cities Home

Even in today’s sellers’ market, setting the right price for your condo or home in the Twin Cities and the surrounding areas is one of the most valuable things you can do. According to the U.S. Economic Outlook by the National Association of Realtors (NAR), existing home prices nationwide are forecasted to increase by 4.5% in 2021. This means experts anticipate home values will continue climbing next year. Danielle Hale, Chief Economist for realtor.com, notes:

“We expect price gains to ease somewhat in 2021 and end 5.7% above 2020 levels, decelerating steadily through the spring and summer, and then gradually reaccelerating toward the end of the year.”

Twin Cities Estimate Home Value
https://sell.results.net/ShannonLindstrom

How to Price Your House

When it comes to setting the right price for your condo or home, the goal is to increase visibility and drive more buyers your way. Instead of trying to win the negotiation with one buyer, you should price your house so that demand is maximized and more buyers want to take a look.

As a seller in today’s market, you might be thinking about pricing your house on the high end while so many of today’s buyers are searching harder than ever just to find a home to purchase. But here’s the thing – a high price tag does not mean you’re going to cash in big on the sale. It’s actually more likely to deter buyers.

Twin Cities Homebuyers

Right now, even when there are so fewer homes for sale, your house is more likely to sit on the market longer or require a price drop that can send buyers running if it isn’t priced just right from the very beginning. It’s important to make sure your condo or home is priced correctly by working with a trusted real estate professional (such as RE/MAX Results – Shannon Lindstrom, Realtor @ 612-616-9714) throughout the process. When you price it competitively from the start, you might be negotiating with one buyer. Instead, you’ll likely have multiple buyers competing for your condo or home, potentially increasing the final sale price.

House Key

The key is to make sure your condo or home is priced to sell immediately. This way, it will be seen by the greatest number of buyers. More than one of them may be interested, and it will be more likely to sell at a competitive price.

Let’s connect to discuss the selling process and also price your house correctly from the start so you can maximize your exposure and your return.

RE/MAX Results
Shannon Lindstrom, Realtor
Direct: 612-616-9714
Lindstrom_S@msn.com
Shannon.lindstrom@results.net
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info