We get attached to the places where we live. Whether it’s the bricks and mortar of the home or the people that surround us – moving on is sometimes hard to do!
It’s an easy-to-understand human emotion. Almost everyone who has ever moved away from a family home has experienced a sense of loss or sadness. But that’s only one of the emotional connections that come into play where real estate is involved.
As agents, sometimes we’re guilty thinking of such important decisions – like buying and selling Saint Paul real estate – in more hard-headed terms, when the reality is a host of complicated human factors can play an important role.
One of them is becoming more prominent—and is likely to grow more so as we advance into Saint Paul’s peak spring and summer real estate selling season. It’s the hard-to-pin-down factor of general well-being: the nebulous—but real—sense of optimism or pessimism that is shared by the public at large.
It’s undeniable that when people feel good about the way things are going, they’re also more likely to feel confident in what the future will bring. Confidence breeds courage, security, self-assurance. When things seem to be going our way, we’re more likely to strike out in new directions.
The key word is “confident.” Social scientists do their best to get a handle on this murky shared human phenomenon by measuring “consumer confidence”—which seems to be an economic measure, but which has to be also aligned with the “right direction/wrong direction” polling that politicos track. In any event, when confidence rises, we’d expect that Saint Paul real estate prospects will improve along with it.
The idea that emotion is a measurable part of real estate is confirmed by the quasi-governmental statisticians at Fannie Mae, who have institutionalized the idea with their Home Purchase Sentiment Index. (If “sentiment” isn’t an emotional measurement, what is?). And it’s up—way up! Last February, the share of Americans who think it’s a good time to buy a house rose 11% to 40%—its highest point ever. And by the end of March, Bloomberg was reporting “consumer confidence” at its highest since 2000. The University of Michigan agreed, placing their “Current Economic Conditions” component at its highest since the same year.
As one who deals in the Saint Paul real estate market every day, I can verify that when the general outlook turns positive, both buyers and sellers perk up—it’s palpable. It’s also true that the emotional component of real estate is a lot wider than consumer poll numbers measure. For example, there’s the feeling I get when I’m there to watch a client turn the front door key of their new Saint Paul home!
I hope you’ll call as soon as your own Saint Paul real estate plans begin to take shape. The market is heating up and I’m easy to reach at email@example.com or (651) 251-4898!
Are you ready to make the leap from living at home or renting – to owning a home of your own? When it comes to moving into the ever-so-adult-territory of home ownership, everyone moves at their own pace. Some young adults feel the pull of a mortgage payment the moment they collect their first paycheck, while others are comfortable leaving the maintenance and responsibility to a landlord as they enjoy the carefree roof over their head!
What about you? Have you taken a moment to consider taking the leap? Let’s take a look at some of the reasons you can use to justify your decision.
Are You Sticking Around?
If you plan on moving soon for a job or think that you won’t be in town much longer, it may be better to rent. However, if you are thinking about living in the same town or within the same county for years to come, it is time to put down roots (honestly, after 3 weeks of sub-zero weather why would you want to leave?). Home ownership can bring stability to your life (if that’s what you desire), and there’s something to be said for knowing you’ll be making a mortgage payment that contributes to a firm financial future, rather than your payment doing the same for someone else (your landlord).
Do You Have a Steady Job?
Those who have a steady job and know that they have a stable salary may want to make the move to home ownership. As long as there aren’t any other major debts eating into your income, you can probably handle a mortgage and other costs associated with home ownership. The equity that you build in your home can help you build wealth for the future, and set you up to climb the ladder of properties.
Do you spend your Sunday’s watching home renovation and home buying television shows?
I don’t know about you. but that beach property I see every weekend looks pretty darn good right about now (despite the recent thaw)! How about the beautiful renovation condensed into a clean half hour of production? The skeptic in me wants to tell the novice home buyer that the rules of reno aren’t accurately portrayed on the tube. As much as I want you to be enthusiastic about buying a home and building equity – you need to know that the road to completion is rocky. That said, the finished product can make the journey worthwhile – you can channel your inner-Bob Vila and create something beautiful and functional that increases the homes value and appeal.
Are you ready to make the leap?
There are more questions you need to ask (or be asked), buying your first home is a HUGE step – and you want to be ready to take it. My suggestion – find a good real estate agent (I know a GREAT guy) that loves working with first time home buyers. You’ll get the tough questions – and the right answers – and be ready for the keys!
Contact me today at (651) 251-4898 or firstname.lastname@example.org if you’re interested in taking the first steps to home ownership in 2018!
With age comes wisdom – at least that’s how things are supposed to work. I don’t know that I’ll ever be classified as being “wise”, but I sure do know a GREAT first time home buying opportunity when I see one…and I see one on my roster of listings this morning!
I made the short drive to St. Michael a couple of months ago to lay eyes on the property at 116 1st Street NE, and was immediately struck by how quickly that community is growing. All along the I-95 corridor, small towns are evolving into these really cool communities that are vibrant and growing – yet still retaining the character and charm of rural America. A neat little downtown area/main street, large lots and quiet streets, and I even got stuck behind a convoy of pre-teens on their bikes rolling towards the Holiday station in search of a giant fountain glass of Mt. Dew – it could have been 1982 in Cambridge and I was on the bike – some things about small towns never change!
The home on 1st street fits perfectly into that setting. I was pleasantly surprised to find a property so close to so many important assets – schools, churches, shopping, a couple of restaurants – yet I saw very little traffic and the block was quiet.
As excited as I am about the location of this home, I’m even more excited about the opportunity it presents for the first time home buyer. 3 bedrooms on the main floor, new carpet recently installed, low maintenance exterior, an oversized shed in the oversized backyard and even a HUGE screened porch to enjoy during the non-arctic months! So many great turn-key features, but the best part is what’s to come….in the basement.
That basement – clean, dry, and unfinished – is ready for a home buyer that wants to build equity and has the vision to turn it into the perfect family space! High ceilings, brick foundation, a smooth concrete floor AND a 3/4 bath already in place and ready to be updated. This is a spectacular first time home buying opportunity that reminds me of my first home – a property that I used to build equity and create the cash needed to move onward and upward into my next home.
So if you – or someone you know – wants to listen to the advice of a “wise” old man and make a smart home buying decision in a GREAT location – give me a call today at (651) 251-4898 or email me at email@example.com to set up a showing.
Buying your first home is an exciting and terrifying time in your life. As an agent I take extra care to make sure these buyers are informed and comfortable every step of the way. We work together during the exciting search process. I try to keep them calm as we offer and negotiate – and eventually agree – on a purchase. As we roll through the inspection and appraisal I try to provide wise counsel to ensure they purchase a home in good condition at the right price and don’t spend more than the property is worth. It’s not uncommon to have some bumps along the way, but more often than not we get to the final stages of the purchase in good shape.
And then the parents show up and it’s time for The Dad Inspection (sorry Moms, it’s ALWAYS Dad that brings his tape measure and flashlight).
I know why…I get it…I did the same thing when I bought my first home (more on that later) and will provide support when my kids take that step.
After all, you’re excited to be buying a home in Saint Paul or the surrounding area. Your parents are probably excited about your home purchase too, and as a parent I can attest they want the best for you—what parent wouldn’t want to offer their best wisdom and counsel on just about any topic, especially a purchase as large as a home?
Unfortunately, it’s entirely possible for that very same best advice to cause a good home choice to slip away. So with all due respect to the parents out there reading this post, here are some common pitfalls to avoid at the time of the Dad Inspection:
- Parents want to see you land your home for the least amount of money—sometimes resulting in advice to start with a lower than necessary offer. That may be what they did when they last bought a house—and it might have worked then but it will not work in this seller’s market. Make your offer based on the comparable neighborhood sales, the property’s condition, and your Realtor’s® advice (that’s me!).
- Mom and Dad may advise different “deal points” than are standard in the today’s market. Recall that each state and area has different customs, disclosures, and laws—and they can evolve. What may be common in the parent’s area might not be common in ours.
- Parents may attempt to talk you out of a particular house or neighborhood. Although they may have valid insights based on their experiences, if your house hunt leads you to a specific home that’s workable for you and your budget now, trust your gut instincts.
- Parents sometimes have very specific ideas about the condition of a house. That can lead to some really alarmist reactions – which is where the dreaded “Dad Inspection” occurs. I can still remember the phone call from the agent on my first home purchase, asking if my Father was crazy enough to be “lurking around the home at 5:30 in the morning.” The answer was yes – and he had a particular obsession with wood rot, so he was actually poking around the siding of the home with a large screwdriver looking for soft spots. I’m not making that up….so keep in mind that different areas have different building types, weather patterns, and housing components—and that repair and upgrade costs may differ significantly from one area to another. Listen to the folks, but do your own research. And listen to the advice of your Saint Paul inspector (and me, too).
A common denominator is to listen to everyone, but do your own research—and include what your own hand-picked Realtor brings you. If you and I are proactive about the issues the house hunt turns up, your parents’ feelings won’t be hurt. There will be peace in your family, and a much more successful transaction…all of which can start when you give me a call at (651) 251-4898 or email me at firstname.lastname@example.org
Across the U.S., first-time home buyers have been staging a disappearing act for a worrisome long time. The causes were pretty universal across much of the country: a sluggish economic recovery and tight labor market contributed to the national phenomenon. Rises in Saint Paul residential prices haven’t helped those seeking to become new homeowners locally.
For Saint Paul homeowners who follow such things, the phenomenon was slowly becoming a worrisome fact—one that didn’t look like it was going away anytime soon. When you own a home, its value as collateral and at sale depends on a healthy real estate market—one that supports sustainable activity.
That means that new buyers should appear in numbers at least equal to those who seek to sell and move on. If fewer and fewer new buyers appear…well, that can’t be good over the long haul. The fact that the percentage of first-time home buyers had been dwindling for three straight years was the statistical equivalent of fingernails on a blackboard.
The new edition of the National Association of Realtors’ 2016 Profile of Home Buyers and Sellers is the annual compilation of activity across the nation. The Profile has been a yearly fixture since 1981, making it the longest-running continuous series of measurements of who is buying and selling residences in the United States. If you are taking a reading of the market, it’s one of the most valuable gauges out there. But even before the recent reports of returning economic optimism, it’s now clear that a reversal had been underway for a while. This latest Profile marks a turnaround in first-timer activity: they’re back.
Saint Paul real estate watchers were already well aware of the continuing gradual rise in U.S. home prices, but the new information shows a bounce back toward a more normal market makeup. A second move in that direction also surfaced: the proportion of single female buyers, which also had been on the decline, showed a return toward normal. According to this year’s report, their numbers increased to about 17% of total purchases (not including investment and vacation home purchases). That is slightly more than twice the number of single male buyers—which is close to what is normally expected.
For first-time home buyers as well as others in all categories, the majority given for choosing homeownership was a traditional one: the appeal of owning a place of their own. Also frequently cited was “renter fatigue”—a phenomenon that surfaces whenever homeowners are seeing their equity on the rise.
This all comes as cheering news as we head toward the new year. If 2017 looks to be a year when your own Saint Paul real estate plans come into focus, I hope you’ll consider giving me a call to discuss how I can help turn those plans into reality!