Ramsey County Real Estate
Predominantly urban, Ramsey County contains about 10 percent of Minnesota’s residents within its 170 square miles. It spans from the state’s capital, Saint Paul, to Maplewood, Roseville, Shoreview, and White Bear Lake. With a variety of programs and services provided to its residents, Ramsey County makes for an attractive, diverse, and opportune place to live.
Advice from The Snyder Team as you prepare for the move:
1. Should I buy or sell my home first?
This is one of the most common questions we get asked and the answer is that it depends on your situation. In many cases it makes sense to sell your home first. The main problem with doing it this way is that you may not find what you’re looking to buy right away so you may need to acquire a “swing” rental or live with family until you find what you want which means moving twice. If you were triggered to consider selling your home because of another home you fell in love with an wanted to buy – we recommend if you’re financially able to do so purchase the home you love and extend the closing date out as far as possible in the negotiation process. In the end, it really is a matter of how financially able you are and how well the local area market if performing because if you have a mortgage on your current home and you’re going to need a mortgage for the next home there may be a period of time in which you are paying two mortgages.
2. What do I need to do before I choose to Sell or Buy First?
The best thing you can do prior to making this choice it to talk to a local Realtor – specifically a Realtor that is very active in the market that is selling at least 50 homes a year. This will be your best resource to assist you in this important decision. They will be able to share with you how long it will take to sell your house and develop a strategy moving forward. Also, you will need to talk with a mortgage professional to determine if you’re able to qualify to purchase a home without needing to sell your home. We specifically recommend talking with a mortgage broker versus a large bank or if you are a member of a credit union or a member of a smaller community bank talk with them about your situation. If would like to referrals to these type of resources many times a Realtor you talk with can assist you with this.
3. What are my options for managing a sale and a purchase?
Now that you have worked through steps 1 & 2 above, it’s time to enter the real estate process with a plan. Let’s look at the options available to you and quickly summarize the pro’s and con’s of the option once again.
● Buying First (Non-Contingent on Home Sale): You have hired your Realtor and talked with a mortgage professional and you have decided to buy a home prior to selling your existing home. This provides you more leverage on negotiation specifically with price and closing date and allows you to get the house you really wanted. We recommend extending the closing date out as far as possible to best eliminate the possibility of having two mortgage payments.
● Buyer First (Contingent on Home Sale): We don’t usually recommend purchasing a home contingent on a home sale because you lose negotiation leverage and you can be “bumped” to a secondary position if a buyer purchasing non-contingent on a home sale submits an acceptable offer to the Seller.
● Selling First: If you decide this is the best and/or only option for you we recommend you research temporary housing options, many times your Realtor should be able to assist with this. Also, another option in this scenario if the Buyer of your home is open to this you could sell your house and rent it back from the buyer until you find the right house to purchase.
4. How much is my home worth?
To get a better picture of what could have financially (when you sell your house), check how much your home is worth. Once again you should talk to a local real estate agent that does significant business in the area about estimates and get a feel about the local area market. Or, you can use our free Home Valuation tool to get a figure right now. Again, keep in mind these are just estimates and they are factored by market statistics. Negotiations and your home’s condition could change your home’s value and selling price.
5. What is the best time to sell my home?
The truth is you can sell your home anytime – it really depends on your specific situation. Many families considering a sale will wait until February or March to list in hopes of closing shortly after the school year ends. Others without children really can list and sell the house at any time. Often times we will list and sell properties during the Holiday market and winter season because there is a lack of inventory for the current buyer demand.
6. What can I do to sell my home quickly?
The best thing you can do once again is hire an experienced Realtor in your market place as they have the winning formula to sell your house no matter what the market. Listen to the advice your Realtor is giving you because it is going include a combination of preparation, marketing and pricing specific to your property. The reality is many times Seller’s are getting bad advice from family, friends, neighbors and Realtor’s with limited experience. Not every house needs to be staged, many times fixtures don’t need to be changed or rooms painted. The experienced real estate agent will tell you what needs to be done with as little investment as possible.