Business Magazine

Random Tidbits of Real Estate Wisdom

By Homesmsp @HomesMSP
  • J0396181 Going on a home tour? Wear shoes that are easy to slip on and off
  • Get pre-approved for financing, so if you find a home you love you are in a position to make an offer
  • Multiple offers happen in any market
  • Credit score is more important than ever in securing a mortgage
  • Location is so important because you can't change it
  • Home buyers usually search with their heads but buy with their hearts
  • Mortgage rates are the lowest they have been in history (over 100 years)
  • You may need a credit score of at least 720-740 to get the best interest rates
  • Don't buy a new car, boat, houseful of furniture (or any big credit purchase) until AFTER you close on your new home
  • If you tackle a fixer-upper, will it be the right home for you when you are finished?
  • Empty rooms look smaller than rooms with furniture
  • Writing an offer? Don't forget to bring a check blank for your earnest money
  • You can't lock in your interest rate until after you sign a purchase agreement
  • Don't buy (or not buy) a home because of the paint colors
  • Rule of thumb... you can afford to buy a home that is about 2 1/2 times your annual salary
  • In a housing coop you don't actually own any real estate... you own a share of a corporation that owns a piece of real estate
  • You can't use FHA financing to buy a condo unless the whole complex is FHA approved

Sharlene Hensrud, RE/MAX Results - Email - Twin Cities Realtor

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