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Email: Scott.Swennes@results.net
Cell: 763.331.4775

Friday, October 28, 2016

Tips for Finding the Right Home for Your Family

Tips for Finding the Right Home for Your Family

When beginning the process of finding a new home, it is often difficult to know where to begin. Before researching the market or analyzing housing options, you may want to start by prioritizing your  family's needs, determining what are "must-haves" and the  "nice-to-haves." Below are some suggestions to consider as you begin your new home search:


  • Location:  When you begin searching for the right home for your family, you may first want to determine what would be the best location. One of the best ways to find a home location that suits your family is to assess your needs and determine how much your family can compromise. For instance, do you have small children or pets that require a large backyard to play in? Or would you be equally happy taking your kids and dog to the local park? Do you need quiet surroundings, like a dead-end street, or do you prefer the hustle and bustle of metropolitan areas? These are the types of general assessments which may help you determine an ideal location for your family.



    • Neighborhood: Once you have zoned in on which location features, such as nearby parks, etc. you need, you will want to further examine the neighborhoods to find out their walk score, the proximity to your work place, and, if you have children, the quality of the schools.  A neighborhood's walk score represents the ease with which one is able to access things like resturants and shopping centers on foot.  consider how much extra time will be added or taken away from your daily commute.  Look at the activities you and your family are currently involved with, and ask yourself how accessible these activities will be from the prospective neighborhood.



      • 'Visualize' Your Ideal Home: After you have a chance to look at a few homes and research various neighborhoods, try to visualize the best home for your family. Though you have probably already thought about how many bedrooms and bathrooms your family needs, consider keeping a list of desired amenities – both essential and those that you could live without – as you continue the home buying process. You may also want to consider what type of home construction your family needs, from a standard single-family home to a condominium or even a multi-family home. Upon viewing particular homes, you may realize that your family needs a certain amount of storage space or more overall square footage than you realized. Add and subtract from this list as you look at more homes, always keeping track of where your family can compromise. 



        • Keep An Open MindIf you find a home that meets all of your family's needs but has a smaller than desired garage, you could still be faced with an opportunity that is too good to pass up. Furthermore, you might find the perfect home in a neighborhood you never thought to consider, or in a specific type of construction that was initially ruled out of your search. Quite simply, try not to limit your family's options too much and remain open-minded throughout the home buying process. You might even find a great home with special features you never thought your family could afford – like a pool, a spa or an extra fireplace.

          When trying to find the best home for your family, be sure you keep your priorities straight. After finding some homes that meet your family's needs, focus on each home's perks. By making a simple list and assessing your family's needs throughout the home buying process, you will be surprised at how quickly you find the home of your dreams.


          If you want a smooth home buying process while being informed from day one.  Contact me today, and I will walk you through each step on how to get started!  
          Email: Scott.Swennes@results.net  
          Phone: 763-331-4775



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          Text ScottSold to 763-280-5777 to download my home search app!

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          Cell: 763.331.4775

          Thursday, October 27, 2016

          First Steps To Buying a Home

          What can you afford? The first thing you need to decide is how much you can afford. Determining this early in the buying process will save you a lot of time and frustration. You will know what is in your price range and what is not. 



          Get Pre-approved for a mortgage – Once you have your credit scores in the best shape possible, and with your down payment securely settled in your savings account, gather your earnings statements and get pre-approved for a mortgage. Not only will this give you a reality check on exactly how much house you can afford, but the pre-approval also gives you a strong platform for negotiating the best price. Sellers want to know you are serious. The pre-approval proves that you are serious, from day one.

          My recommended and trusted Lender is Kristi Thompson with American Mortgage & Equity Consultants, she is a broker that can shop rates at 40+ banks to ensure clients they are receiving the lowest rate.  
          Contact Info:
          Phone: 763-323-3266

          Conducting The Search
          Using your home-search priorities as a guide, start looking for houses you can afford in the neighborhoods that best suit your needs.
          Multiple Listing Service – Be sure to view the details on all listings that meet your search criteria, and keep a log of the houses you are interested in. This will help you stay organized and remember what you’ve seen. Once you’ve found a house that looks promising, you will want to research the price parameters of recently sold, similar houses. This will ensure that you are making an offer consistent with recently completed sales – and it increases the chance that your offer will be confirmed by the appraiser your lender will assign to confirm the validity of the deal.  

          I have a log through my MLS Portal where you can keep track of homes you like, dislike or considering all in one spot!


          Making an Offer

          As you go through this buying process, remember that everything is negotiable, and everything should be in writing. You should be very specific when you prepare your purchase offer, and the sellers should be equally specific when they issue their counter offer. A market analysis report lists the recent sale information of nearby homes, including how long each home stayed on the market, how close the asking price was to the actual sale price and other factors. It then compares the information regarding these houses with the one in question, your Realtor will prepare this for you.

          Don’t make a verbal offer, and don't offer full price unless the home is a real steal or in a multiple offer situation. You need room to negotiate.

          Include a home inspection contingency. This enables you to cancel the deal if you inspector unearths major problems that can’t be fixed efficiently or economically.

          Secure financing before making an offer, if possible.

          Earnest money proves to house sellers that you’re serious. After all, they’re going to take their home off the market on your behalf. Earnest money is typically between 1% -5% of the purchase price. The money should be held by an attorney or title company in escrow. Never give the money directly to the house seller. Such a deposit does not mean you’re bound to the contract. Your full deposit is credited toward the down payment and closing costs.
          Once your offer is accepted, it becomes a binding contract, so be sure to include the necessary contingencies. 
          Contingencies are clauses that, if not met, will render the contract null and void. Common contingencies are the sale being subject to approved financing, the sale of an existing home and/or a satisfactory home inspection.

          Home Inspections
          You’ve made your offer. Now you need to have an expert verify exactly what you are purchasing. A formal inspection determines if anything needs to be repaired or replaced. Be sure the purchase contract spells out who pays for the inspection and how you will work out with the seller who covers any necessary repairs. The contract should also include a contingency in case the inspection reveals flaws that cannot be resolved with the seller.

          Escrow and Closing
          When the closing is schedule, you are getting close to the finish line. At the closing, your seller officially signs over the title to the house. Your lender releases the purchase funds to the buyer, and of course, you sign reams of documents pledging to pay back your lender.
          The escrow agent conducts the closing and is often affiliated with the title insurance company. Their job is to ensure the buyer obtains a clean title, the lender obtains a good mortgage, that the costs of the transaction are paid, that the seller’s mortgage is paid off, and that the seller receives their proceeds.
          The escrow agent prepares a closing statement that outlines what the required funds are, who’s paying and where the funds are to be deposited. The agent will not disburse funds until they can guarantee that the above noted items have been taken care of.


          If you want a smooth home buying process while being informed from day 1.  Contact me today, and I will walk you through each step on how to get started!

          Text ScottSold to 763-280-5777 to download my home search app!

          Email: Scott.Swennes@results.net  

          Phone: 763-331-4775

          Like my Facebook page here.

          Click here for current Minnesota Homes For Sale.

          Contact Me:
          Cell: 763.331.4775

          Saturday, October 22, 2016

          Minnesota's Wealthiest Zip Codes

          The top 20 most wealthy zip codes in Minnesota using average adjusted gross income from IRS tax return data.
          *According to ZipData


                        Zip Code                            Avg Adjusted Gross Income                  Homes for Sale
          1.      55402- Minneapolis
          $521,022
          2.      55391- Wayzata
          $346,487
          3.      55356- Orono/Medina
          $274,434
          4.      55424- Edina      
          $260,632
          5.      55436- Edina
          $220,286
          6.      55439- Edina
          $206,298
          7.      55331- Tonka Bay
          $197,776
          8.      55340- Medina/Corcoran
          $188,617
          9.      55347- Eden Prairie
          $172,819
          10.  55001- Afton
          $146,389
          11.  55042- Lake Elmo
          $131,610
          12.  55127- North Oaks
          $130,592
          13.  55359- Maple Plain
          $128,118
          14.  55317- Chanhassen
          $125,507
          15.  55386- Victoria
          $125,094
          16.  55364- Mound/Minnetrista
          $123,331
          17.  55446- Plymouth
          $120,425

          18.  55410- Minneapolis
          $118,204
          19.  55415- Minneapolis
          $115,977
          20.  55129- Woodbury
          113,918



          If you're thinking about selling your current home, and want to know what your home can sell for, I will send you a FREE market analysis!  If you are starting to look for your new home, be sure to Text ScottSold to 763-280-5777 to download my free home search app! (Better and more up to date than Zillow or Trulia)


          Like my Facebook page here.

          Click here for current Homes For Sale.


          Contact Me:
          Cell: 763.331.4775
          Email: Scott.Swennes@results.net

          Wednesday, October 19, 2016

          Stress-Reducing Tips During the Home Buying Process



                   Buying a home can be an extremely stressful process, but there are many things you can do to help reduce the stress beforehand.  Being prepared and educated yourself as well as working with a knowledgeable expert can help ease away any of the stress.


          Knowing Your Time-frame

          Buying a house can take a lot of time.  Even after you find your new home, allow a couple days or even a week of negotiations. Escrow, Inspections and closing procedures may take over a month after the price is settled upon.

          If today is October 1st and you need to be out of your current place by December 31.  It's best to start the process today.  You will need to find an agent that you will be working with for the next couple months.  The agent you choose should be able to recommend you to multiple lenders so you can get pre-approved.  Next for the buyer, is to start narrowing down where he/she would like to live, and figuring out how much he/she would like to spend on the mortgage each month.  

          The buying process should be started about 3 months before you would like to move, to help reduce the stress.

          Start Packing Early

          Once you find THAT house and make an offer on it, you will find yourself very busy with the buying process.  There will be an inspection, document signings, phone calls with your lender, meetings with your real estate agent and many more minor details.  You will find that you don't have much time for packing, this is why packing early can relieve some stress.

          Get an Inspection

          Entering into a contract with your eyes closed can be a very scary thing, this is why an inspection is highly recommended.  

          Home inspectors check most systems in the house for defects, but they may not check all systems.  If a home inspector does find defects, you are able to cancel the contract.  In most cases the defects are negotiated and fixed by the seller.

          To ensure that the house you buy is a sound investment, hire experts to inspect the parts of the house that the home inspector may not inspect.  For example, the home inspector you hire may not inspect a private well or a septic system.  

          Picking a Good Real Estate Agent

          Picking a good real estate agent for you is the most important factor in reducing the amount a stress you feel.  You want someone there to answer any questions you have, in a timely manner.  You want an agent in your corner throughout the transaction, someone there to negotiate the for you, advise you, present solutions to any potential problems that may arise, and act in your best interest throughout.


          If you want a smooth home buying process while being informed from day 1.  Contact me today, and I will walk you through each step on how to get started!  
          Email: Scott.Swennes@results.net  Phone: 763-331-4775



          Like my Facebook page here.

          Click here for current Homes For Sale.

          Text ScottSold to 763-280-5777 to download my home search app!

          Contact Me:
          Cell: 763.331.4775

          Friday, October 14, 2016

          Renting vs. Buying: Which is a better Financial Decision?


          Is renting or buying a home a better financial bet?  




          Statistics show that buying is still significantly cheaper, than it is to rent. Not only in Minneapolis/St. Paul but also the surrounding suburbs. That will remain true as mortgage rates stay low, and rental rates continue to climb to record levels.  

          Minneapolis-St. Paul Rental Stats for 2016: (Jan-Mid October) 

          1-2 Bedrooms $1,742/Month
          3 Bedrooms    $1,940/Month
          4+ Bedrooms  $2,495/Month

          Signs are pointing towards rates to keep rising throughout the end of the year into 2017.  

          Minneapolis-St. Paul Home Buying Stats:

          *All mortgage amounts based off of a 3.625% Interest Rate, a 3.5% Down Payment. Including Principle, Interest, Taxes, Insurance & PMI. (No information is guaranteed as taxes/insurance vary widely)

          1-2 Bedroom Homes: Median price $160,500 - $950/Month
          3 Bedroom Homes: Median price $215,000 - $1,300/Month
          4+ Bedroom Homes: Median price $301,050 - $1,725/Month


          Renting

          Pros

          • Renting allows to you move around frequently (No long-term commitment)
          • Establish credit, or repair damaged credit
          • No mortgage worries if your income isn't stable
          Cons

          • Paying a landlord instead of yourself (Building Equity)
          • No control over rent fluctuations
          • Inability to make any changes to the house without the landlords consent
          • Trouble with children, source of damage to the standpoint of landlords
          • May not allow pets
          • No guarantee that the lease will be renewed when it expires
          • More Expensive 

          Buying

          Pros

          • Allows wealth creation as you build equity
          • The value of a home will appreciate over time
          • When you buy a home you have greater freedom of its use, rather than being restricted by a landlord
          • Saving money over the long term with tax deductions
          • Option to refinance if rates were to change in your favor, or to withdraw a large amount of money for a large purchase
          Cons
          • Huge financial responsibility 
          • Additional costs, such as repairs, taxes & Insurance 
          • Less mobility (Having to sell your home before you can move)


          There are certainly many pros and cons for either side.  Hopefully this will help you prepare you for one of the largest financial decisions of your life!


          If you have any other questions about the buying/selling process, or would like a recommendation on a couple Mortgage Lenders to help you find out what you can afford feel free to contact me.  I would be happy to help answer any questions you may have.  Email: Scott.Swennes@results.net  Call/Text: 763-331-4775.  




          Like my Facebook page here.

          Click here for current Homes For Sale.

          Text ScottSold to 763-280-5777 to download my home search app!

          Contact Me:
          Cell: 763.331.4775