Home Buying in Maple Grove>Question Details

Liz, Home Buyer in Maple Grove, MN

I'm looking to buy my first home in Maple Grove this fall. what is the market like for buyers with a budget of 220k?

Asked by Liz, Maple Grove, MN Tue May 1, 2012

Just wondering what demand is looking like for single family homes in this area? Husband and I are looking for a 3 bed/2 bath home. Also we are not interested in townhomes or condos. Any insight would be helpful!

Thanks!

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You should not have an issue with that budget. In fact, you should also be able to find something remodeled for that price. I have one coming on the market that might work for you if you are interested in seeing it?
0 votes Thank Flag Link Fri Aug 31, 2012
A search of the market today brings up 64 houses with 3+ bedrooms / 2+ bathroom under the $220k price point. It looks like about half of those homes are foreclosures, or lender owned, which does not always mean that they are beat up and in need of serious re-hab. There should be plenty of options out there for you to find you perfect home. We are always here to help you find your next home.

Erik Laine
RealtyConnect
(612) 234-1439
erik@realtyconnectmn.com
0 votes Thank Flag Link Sun Jul 22, 2012
220K is lesser than expected to buy a single family home in maple grove - you might get a foreclosed or an older one but it may need some work which basically adds to your cost of home ownership. You can try buying a split, but it is same as buying a corner town-home.
It might take longer for you to search and when the opportunity comes there will be a lot of people trying to get such a home- in the mean time you might also want to add robbinsdale, plymouth etc in your radar too.
0 votes Thank Flag Link Tue May 22, 2012
There are properties that come up here and there in this price range. I do a lot of lending in Maple Grove and I have lived here for 20 years as well. I see a lot of transactions. The price range you are looking at will get you a decent split entry with a two car garage.

I can give you more specifics anytime, from a lender's perspective.

Paul Basil
Prime Mortgage, division of The Business Bank, FDIC
6900 Wedgwood Rd #100
Maple Grove, MN 55311
0 votes Thank Flag Link Sat May 5, 2012
This real estate market is fickle and inexplicable. in all areas and price ranges. Do what you always need in any market: set your price point, get a good realtor, check neighborhoods for the amenities you want and need and begin you home finding activities. If you have a specific date by which you want to move into your new home, tell your agent. He or she will get you started looking and deciding at the right time to make that happen. Liz, 612-986-4105

PS remember, price is only one piece. Let your agent help you define your buiying power!
0 votes Thank Flag Link Wed May 2, 2012
Maple Grove is still falling a bit in home values at that price point. You can buy a much nicer SPLIT at 220k then you could 2 years ago.

And that is mainly what you will find at that price point are Splits with the possibilities of some Mod's coming into play.

How about a 4 bed 2bath or 4bed 3bath? That will not be an issue.

Depending on your goals a lot of buyers decide to go up 94 to Rogers where you can buy 2-stories at the same price point and get a lot for your money. I think this is partly the reason why demand is weak in Maple Grove, but at the same time there are advantageous there that people specifically look for.

You should start shoring up the financing right now so all your bases are covered once Fall hits. Lending is very tight these days, and if there is something that needs to be fixed you would rather know now then 4 months down the road. I can refer a loan officer to you if need be.

2nd, interview a couple Realtors to ensure they fit your goals as much as possible.

And Happy House Hunting!
0 votes Thank Flag Link Wed May 2, 2012
First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Tue May 1, 2012
Hello Liz!
Thank you for your question! My name is Jason Lange and I am an agent with RE/MAX Results. I'd love to meet with you and your husband to go over your options! There are some really nice homes in the Maple Grove area that will meet your search criteria. Single family homes in this area go fast. So if you want to get into a home in that price range you will have to be very pro-active. As soon as a home hits the market, be the 1st person to look at it and have the option of making an offer before other people can. I just had clients looking in that area and that is what they said about working with me... I literally just received this review today...

."Jason Lange was the perfect balance of professional and personal in my opinion. He’s extremely knowledgeable in his industry but he doesn’t overdo it. I’ve worked with agents in the past who seemed more concerned with flaunting their knowledge and abilities than actually listening to what I want and what’s important to me. Jason was very concerned with my wife’s and my wants and needs. He spent a lot of time with us to help us find the right home. I liked how he would sort of stay back during viewings and let us look around, take our time, and create our own opinions; but he would answer any questions or point out anything that we, as less experienced individuals, would probably overlook. He knew when to be aggressive and persistent when it came to contacting other parties on our behalf, but we always felt comfortable and in control while working with him. Jason is very prompt with his replies and thorough in his research, not to mention extremely accommodating. We have a 3 year old and Jason came equipped with movies in his car and emergency fruit roll-ups for our little guy to make a long day much more enjoyable for him. Our son still mentions quite often that he wants to ride in Jason’s car. Overall, I couldn’t have been happier with Jason as our Realtor. When you work with him it’s obvious he loves what he does and despite the tough economy over the last few years, he’s still successful because he’s very good at what he does. I would recommend Jason to anyone and everyone looking to buy or sell..."

I'd love to meet with you and your husband and go through your options! Please call or email me at your earliest convenience! Have a great night Liz!!!

Warmest Regards,
Jason T. Lange
Realtor / CDPE (Certified Distressed Property Expert)
Licensed in MN / WI
612-247-7593 |Jason.lange@results.net |
RE/MAX Results
Web Reference: http://www.langehomes.net
0 votes Thank Flag Link Tue May 1, 2012
Hi, Liz!
You're timing couldn't be better!!!! All of the market indicators are changing with the pluses and minuses in the right places! What that means is that prices are just at the beginning of climbing (as are interest rates) and inventory is declining. So, you're going to be among the buyers that are able to purchase in the "sweet spot", before prices start to climb to a great degree and before interest rates impact your purchasing power.

If you can purchase before rates go up, you're housing dollars will go MUCH farther than they will, let's say, a year from now!!

Let me know if you want me to send you the charts showing what the numbers are doing. They're updated every month.

Good luck!! Let me know if you'd like to have a coffee meeting to ask your questions and discuss how the process works. My specialty is first time home buyers!! Been in the business 18 years~
0 votes Thank Flag Link Tue May 1, 2012
There are plenty of opportunities within your price range in the city of Maple Grove. As a resident of Maple Grove myself, I would love to be able to help you find your first home and can share with you many of the area's "hidden gems". Buying your first home is a great thrill and it helps to have someone familiar with the area to be your guide. First time buyers are my specialty, so feel free to contact me and I can help you get the ball rolling. Hope to speak to you soon!
0 votes Thank Flag Link Tue May 1, 2012
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