The First-Time Home Buying Process

Are you a Twin Cities first-time home buyer looking to purchase a single-family home, townhome, or a condo in the very near future?

Please find below a few first-time home buyer steps to assist in the home-buying process.

1. Meet with a mortgage lender. When you meet with a mortgage loan officer, ask questions about the mortgage loan process and also what loan product you are pre-approved for. The questions you may want to ask is: what is my down-payment and the closing cost percentages? What is my monthly payment with taxes and insurance? You need to determine what your comfort level is pertaining to price range for the purpose of not wasting time looking at properties you can’t afford. You may be mortgage approved up to a specific amount, but you need to determine what you feel comfortable with in regards to your monthly payment and also maximum price range that you are willing spend.

2.  Real Estate Buyer Agent. When you start shopping for a local real estate buyer agent, it is important to ask the Twin Cities Real Estate Buyer Agent questions. For example; How long have your been an agent? Are you a full time or part time real estate agent? What is your showing availability?

 3.  Determine the location where you want to live. You need to decide what is important to you in regards to locating a community where you would like to reside. Do you find city living within a walking neighborhood appealing? If so, do you want to reside in Minneapolis or St. Paul? Or do you wish to live in the surrounding suburbs? You may want to take a drive to different neighborhood locations to help you narrow down your search. Do your research. You can find city schools information and also crime report statistics online.

4.  Dwelling Type & Style. What type of property are you looking for? Single-family home, townhome or condo? One, two story or a split-level home? Or a condo/loft with basic or full amenities? The number of bedrooms and baths needed? What is your desired floor plan?

5.  Shopping for a new home. You can search online to various property websites and/or you can ask your Realtor to help you with locating property listings. You may want to ask your buyer agent to set-up an automatic MLS property search for you. When a property is posted as a new listing or another has received a price reduction via the MLS, you will automatically email with the property listing information.

6.  Price Comparison. When you are shopping for a new home, it is important to compare property prices. A buyer agent has the tool to email you a Realist Report, Competitive Market Analysis, and/or a RPR with near-by property listings. When you are looking at submitting an offer for a property, the above property analysis reports can be helpful when determining an asking price.

If you’re looking to purchase a home in Minneapolis, St Paul or the surrounding areas, please feel free to contact RE/MAX Results-Shannon Lindstrom, Realtor @ 612-616-9714 at your earliest convenience.


MN Homebuyers

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