Minneapolis Real Estate
Explore the Minneapolis real estate market, the Minneapolis suburbs, Minneapolis area schools, the Minneapolis lifestyle and the process of BUYING Minneapolis Real Estate or SELLING Minneapolis Real Estate. When you're ready to enlist the services of a real estate agent, call or send an e-mail. RE/MAX Results and I will be happy to help. Our market is correcting, but there is no need to be spooked!!! Careful guideance can help buyers and investors identify bargains and sellers overcome challenging market conditions.
Step 1: Buying Minneapolis Real Estate
Understand your financial readiness to buy a home by visiting with a mortgage lender to qualify you for a real estate loan known as a home mortgage. Your credit score is now more important than ever as the key to getting a good interest rate on a mortgage. Scores below 720 could result in a higher rate, which can mean thousands of additional dollars paid over the life of the mortgage. Here are five easy things you can do to protect your credit score.
1. Pay all bills on time.
2. Don't let your balance owed exceed 33% of your available credit.
3. Stick with a credit card for 5 years or longer to show a payment history rather than moving your balance from card to card.
4. Review your credit report annually for errors.
5. Think twice about co-siging a loan for anyone. Their payment history will be reflected in your credit score.
Ask your mortgage lender about the different types of loans available to finance a home. Set your budget for a new home and select a loan that is most suitable to you. (Try some test loan calculations with the loan calculator. Use a sample interest rate from the chart below.)
The days of zero down mortgage loans are over. In today's market, you'll need a down payment - typically about 3.5 - 5% of the purchase price. To avoid mortgage insurance boosting your monthy payment, you'll need 20% or more down. If you don't have the amount you'll need in savings, here are my top 25 ideas to help you gather the funds you'll need:
1. Set up an automatic savings plan at your bank or credit union and pay yourself first.
2. Use a "gift" from parents, grandparents, other relatives or friends.
3. Sell a car, boat, motorcycle, collectibles or other assets.
4. Liquidate stocks, mutual funds, savings bonds or other investments.
5. Allocate your income tax refund or renter's credit.
6. Get a loan from your 401(k) or withdraw your contributions to a Roth IRA.
7. First time home buyers can take a distribution from either a regular IRA or a Roth IRA of up to $10,000 for the purchase of a home.
8. Collect on a loan that you made to someone else.
9. Use a bonus from your employer or save the new raise.
10. Explore homebuyer programs for public servants, if you qualify.
11. Apply for a state or local government homebuyer down payment assistance program.
12. Boost your savings with a second job or hobby income.
13. Drop the land line and go VOIP or cellular only and while you are at it,
review all phone, internet and cable services to search for ways to reduce your bill.
14. Hold a garage sale or sell unneeded items on ebay or craigslist.
15. Deposit the change you've been gathering in a jar on your dresser into a savings account.
16. Sell your broken gold or silver jewlery or earings that have lost their mate.
17. Use public transportation or ride share and save the gas and parking fees.
18. Brown bag your lunch and/or make dinner for yourself more often.
19. Skip the espresso, latte or bottled water and drink the office coffee and tap water.
20. Cancel the newspaper and magazine subcriptions you never have time to read.
21. Drop the gym membership and find no cost fitness alternatives.
22. Take advantage of the First Time Home Buyer Tax Credit early! If you plan to buy before 12/1/09, adjust your withholding allowances to reflect the credit you expect to receive on your 2009 tax return.
23. Get a cash rebate from your credit card company instead of using the miles for travel.
24. Use online bill pay, automatic payments and only "in network" ATMs to save postage, check printing and banking fees.
25. Pay off high interest loan and credit card balances and save the interest cost.
Step 2: Buying Minneapolis Real Estate
Understand real estate agency in Minnesota and decide what type of agency representation you want. Not all real estate agents are REALTORS. REALTORS are real estate agents who are members of the National Association of REALTORS and they subscribe to a strict code of ethics. A REALTOR may have other designations and certifications from the National Association of REALTORS that indicate their commitment and advanced training in their profession. These include the ABR (Accredited Buyer Representative), CRS (Certified Residential Specialist), GRI (Graduate REALTOR Institute) and the ePRO (Certified Internet Professional). Brokerages vary in their service offerings. RE/MAX Results is a full service brokerage. Select a real estate agent who is a REALTOR, is a full time agent, has advanced training and is affiliated with a broker that offers the services you want.
Enter into a buyer representation agreement with your real estate agent. Discuss the time frame for your move to a new home and when to get started looking at the homes for sale.
Step 3: Buying Minneapolis Real Estate
Think through your requirements for a home and the style of home you prefer. Do single family homes, condos or town homes best fit your needs and budget? Do you want to build a home, buy a newer home or buy a vintage home?
What are your requirements for rooms, square footage, garages, acreage, luxury amenities, neighborhood, schools, proximity to work, etc.?
What is your location/lifestyle preference? Examples are:
URBAN: Minneapolis
FIRST Ring Suburbs: Edina, Golden Valley, St. Louis Park, St. Anthony, Richfield, Hopkins, Columbia Heights, Brooklyn Center, Robbinsdale, Crystal, New Hope, Fridley
SECOND Ring Suburbs: Plymouth, Eden Prairie, Brooklyn Park, Maple Grove, Bloomington, Chanhassen, Minnetonka, Shoreview, Coon Rapids, Champlin, Burnsville, Blaine, Wayzata
DEVELOPING Suburbs: St. Michael, Chaska, Lakeville, Andover, Victoria, Savage, Shakopee, Prior Lake, Otsego, Ramsey, Dayton, Minnetrista, Carver, Waconia, Rogers, Independence, Farmington, Elk River, Albertville, Rockord, Delano.
 See Minneapolis Area Average Home Sale Prices by Community.
Minneapolis Schools 
 Find links to public schools with maps of school district boundaries and attendence areas for individual schools plus links to private schools and post-secondary education institutions on my Minneapolis Area Schools page.
Minneapolis Lake Homes
Few things compare to the beauty of sunlight sparkling on water and this makes waterfront property the most highly valued real estate In Minnesota. In addition, the recreation opportunities for boating, sailing, jet skiing, snow mobiling, fishing and enjoying the romance of going out to dinner by boat or watching fireworks over a lake can't be beat. In Minnesota, if bodies of water can accommodate a motorized boat, we generally refer to them as a lake. If not, they will more often be called a pond, marsh or wetland. Lake Minnetonka Real Estate and homes around and near the Minneapolis Lakes are among the most prestigious and most expensive homes in the Minneapolis area. Lake homes on smaller lakes also command premiums, but owners often see a lake home as an investment that may offset purchasing a second vacation home. Minneapolis is called the "City of Lakes", and Minnesota is called "The Land of 10,000 Lakes". There are many small lakes and wetlands that offer lovely views and tranquil settings. There are about 900 lake front homes in the 7 county metropolitan area currently on the market at an average list price of just over $1 million.
Some of the larger lakes with residential neighborhoods on their shores and public boat launches are listed below:
Yacht and Sailing clubs are listed on my Minneapolis Sports page.
Lake Minnetonka has shoreline in the communities of Wayzata, Deephaven, Excelsior, Shorewood, Victoria, Mound, Orono, Tonka Bay, Minnetonka, & Spring Park.
Medicine Lake, with 3 public parks and a trail system around the lake is located in Plymouth along with Bass Lake.
Prior Lake is in Prior Lake.
The Minneapolis Lakes of Lake Calhoun, Lake Harriet, Cedar Lake, Wirth Lake and Lake of the Isles are not open to power boats, but they are linked by a system of trails for walking, jogging, rollerblading and biking. Lake Calhoun and Lake Harriet have launches for sail boats, canoes and paddle boats.
Fish Lake, Eagle Lake and Weaver Lake are in Maple Grove.
Staring Lake, Mitchell Lake, Red Rock Lake, Lake Riley and Bryant Lake are located in Eden Prairie.
Lake Bavaria is in Chaska.
Lotus Lake, Lake Ann, Lake Riley, Lake Lucy and Lake Minnewashta and are located in Chanhassen.
Victoria boasts Lake Virginia, Schutz Lake, Lake Auburn, Lake Wassermann and Steiger Lake.
Bush Lake, Mount Normandale Lake and Hyland Lakes are located in Bloomington.
Lake Waconia is in Waconia.
Sweeney is a private lake in Golden Valley.
We also have Riverfront and Creekside homes. There are about 130 river front homes in the seven county metropolitan area currently on the market with an average list price of about $640,000.
Mississippi River
Minnesota River
Crow River
Rum River
Minnehaha Creek
Bassett Creek
See the DNR Website for Minnesota Lake Water Quality Information
If a lakefront or riverfront home is not in the budget, perhaps a home with an in-ground heated swimming pool will entice you! We have over 1700 on the market at an average list price of about $465,000.
Minneapolis Golf Course Homes
If golf is your passion, a golf course home or a town home on or near one of the Minneapolis area golf courses, golf communities or country clubs may be for you. Did you know that Minnesota has more golf courses per capita than just about any place in the country? There are about 250 golf course frontage homes currently for sale in the seven county metropolitan area at an average list price of about $560,000. Let me find one that is just right for you!
 My Minneapolis Area Sports page has more information about specific golf courses and country clubs as well as other sports and recreation opportunities in the Minneapolis area. For youth sports, see school and community park board sites.
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Once you've determined what you want in your next home, look at the homes for sale that match your criteria with your real estate agent. You may wish to select them yourself using Internet tools to search the Multiple Listing Service (MLS) inventory of homes for sale. You may save time and frustration by relying on the expertise of full service REMAX real estate agents who have advanced computer skills and can perform a more sophisticated search and analysis than is available with public search tools. The more information you can share with your agent, the more closely they will be able to find properties of interest to you. The graph below shows the number of homes for sale a typical buyer tours before making a selection:
Source: National Association of REALTORS® Research
Step 4: Buying Minneapolis Real Estate
Once you've found the home you want to buy, full service RE/MAX Results real estate agents can research the value of similar homes recently sold in the area using the Multiple Listing Service (MLS) database to advise you on a negotiating strategy and what is customary in Minnesota purchase agreements. A discount broker may not provide this service. Work with full service RE/MAX Results real estate agents to write your offer, negotiate the terms of sale, have the home inspected, negotiate any needed repairs, prepare to move and close on the sale.
 Selling a Home
Step 1: Selling Minneapolis Real Estate
Understand real estate agency in Minnesota and decide on the type of agency representation you want. Not all real estate agents are REALTORS. REALTORS are real estate agents who are members of the National Association of REALTORS and they subscribe to a code of ethics. A REALTOR may have other designations and certifications from the National Association of REALTORS that indicate their commitment and advanced training in their profession. These include the ABR (Accredited Buyer Representative), CRS (Certified Residential Specialist), GRI (Graduate REALTOR Institute) and the ePRO (Certified Internet Professional). Not all brokerages offer the same level of service. RE/MAX Results is a full service brokerage. Select a real estate agent who is a REALTOR, is a full time agent, has advanced training and who is affiliated with a brokerage that offers the services you want.
Enter into a listing agreement. Ask full service RE/MAX Results real estate agents for advice on preparing your home for market. Discount brokers may not provide this service. Set the list price for your home by reviewing recent market trends, sales of similar homes in your area and homes for sale with whom you will be competing for buyers. Full service RE/MAX Results real estate agents can provide you with this information from the Multiple Listing Service (MLS). A discount broker may not provide this service.
 Get more information on my Pricing your Home to Sell page.
Finalize the plan for marketing your home, procedures for showing your home and any special needs for the coordination of your move to a new home. Full service RE/MAX Results real estate agents will have a comprehensive Internet strategy as well as a strategy for print ads, open house and special promotions. Your agent will provide excellent wide-angle photography and copy writing for your home promotion and will ensure listing appointments are handled professionally, a discount broker may not provide all of these services.
Step 2: Selling Minneapolis Real Estate
Complete the Minnesota Resale Transfer Disclosure or waiver request. Schedule a Time of Sale compliance inspection if required by your municipality, (Bloomington, Brooklyn Park, Crystal, Golden Valley, Hopkins, Maplewood, Minneapolis, New Hope, Osseo, Richfield, Robbinsdale, St. Louis Park, St. Paul and South St. Paul) and respond to any work orders. Full service RE/MAX Results real estate agents can help you find contractors or service providers to gain compliance, a discount broker may not provide this service. If your home is part of an association, locate the association documents you were given when you purchased your property (Declaration, Articles of Incorporation, By-Laws, Rules & Regulations). If you can't find them, you'll need to order them from your management company along with a current Insurance Certificate, Resale Disclosure Certificate & Financial Statements. If your property has a well or septic system, was built prior to 1978, is located near an airport or has a history of methamphetamine contamination, additional disclosures or certifications may be required. Cities that require Truth in Housing disclosures require that they be available at the property BEFORE it is shown to the public. Full service RE/MAX Results real estate agents will assist you in all regulatory compliance issues. A discount broker may not provide these services.
Step 3: Selling Minneapolis Real Estate
Prepare your home for market by cleaning, de-cluttering, repairing and staging it as needed -- Full service RE/MAX Results real estate agents can provide you with guidance on style and market trends, how to obtain the best return on fix-up investments, and what preparations will help sell your home more quickly and for top dollar. Discount brokerages may not provide this service.
 See general guidelines on my Preparing a Home for Market page.
Owners of older homes may wish to have a pre-inspection to identify issues that could become barriers to a sale, or offer a home warranty available from full service RE/MAX Results real estate agents. This service may not be available from a discount brokerage. Locate an extra key or have one made for the lock box. Discuss placement of the lawn sign with your real estate agent. Full service RE/MAX Results real estate agents will provide a professional "For Sale" sign with contact information and a brochure box that meets the sign ordinance of your community, a discount brokerage may not provide this service. Full service RE/MAX Results real estate agents will also provide a programmable lock box with electronic log and night lock out features to help ensure your security while your home is on the market. A discount brokerage may not provide this service. When everything is ready, your real estate agent will put your home on the market by entering information about it to the Minneapolis Area Multiple Listing System (MLS) with expanded internet exposure to thousands of real estate web sites. Full service RE/MAX Results real estate agents will also have a full program of other marketing activities and promotion programs that may not be offered by a discount broker.
Step 4: Selling Minneapolis Real Estate
Full service RE/MAX Results real estate agents have professional appointment staff to schedule and confirm appointments promptly. With a discount brokerage, you may be on your own and may miss opportunities to show your home if you are not able to answer the phone or accomodate a showing request promptly.
Buyers need privacy to come to a decision on which home to buy. It is very uncomfortable for most buyers to look at a home with the owner present, and owners may find it difficult to resist the temptation to "over-sell" their home or may make statements that may be miss-construed as warranties to buyers. To best facilitate the sale of your home and to minimize conflict, it's best to stay at arm's length and not be home during showings. Full service RE/MAX Results real estate agents are trained to respond to questions honestly and appropriately to minimize the possibility for misunderstanding and to keep a transaction from ending up in court. With a discount brokerage, you may have to show your own home, which may be limited by your work schedule or intrude on your privacy and social life.
Full service RE/MAX Results real estate agents will obtain feedback from showings for you. If feedback indicates changes in the marketing program would be desirable, work with your agent to adapt the marketing plan in terms of price, presentation of the property or the promotion program. Full service RE/MAX Results real estate agents will help you to negotiate offers to reach terms acceptable to both you and the buyer,understand what is customary in the Minnesota market, complete the sales contract, and respond to the buyer's inspection and appraisal. A discount brokerage may not provide these services.
Once a contract is signed, you will prepare to move and prepare for closing the sale of your Minneapolis area home. Full service RE/MAX Results real estate agents will continue to monitor your transaction through and beyond the closing to ensure any bumps encountered along the way do not derail your sale. There may be no post-contract services with a discount brokerage.
Still Have Questions? eMail Me!
or call
763-559-6642 Home Office
800-878-2901 Business Office (Toll Free)
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