Home Buying in Blaine>Question Details

Cemblem, Home Buyer in Blaine, MN

Whats the average time a home is on the market before selling in Blaine, MN? What's the outlook for Blaine?

Asked by Cemblem, Blaine, MN Thu Oct 14, 2010

Relocating to Blaine, MN and I am torn between renting or buying. I have a short term view in mind (2-3 years) but can afford to buy a new townhome. From what I have seen though, the housing market in Blaine has taken a big hit. Am I wise to buy or should I rent?

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There are a lot of variables involved before I could recommend whether or not you should buy a town home or now or whether renting is a better idea. You are right, the market has taken a huge hit in Blaine. The average market time in the last six months for sold town homes in Blaine is 134 days. Whether you buy now or later, make sure you see a lot of homes and have an exclusive buyers agent to help you analyze and negotiate on the best deals in Blaine. If you get a good enough deal now, even if the market continues to go backwards you will still be ahead of the game if you should decide to sell. I'd be more than happy to discuss this further with you further with you. My contact information is in my profile
Web Reference: http://homesbyhoughton.com
1 vote Thank Flag Link Thu Oct 14, 2010
I tried to send you an e mail at the address indicated in the e mail you sent me, but it wouldn't go through. Any suggestions? Thanks! :D
0 votes Thank Flag Link Wed Oct 20, 2010
You can go to "stats and trends" at the top of this page on trulia to get all the info you need for your location...
0 votes Thank Flag Link Tue Oct 19, 2010
Cemblem, just curious if you would consider other areas. I mean, there are other areas of the Twin Cities that have remained robust in terms of their property values. Are there any alternatives that would keep you from renting?
0 votes Thank Flag Link Tue Oct 19, 2010
I have been watching the stats on Blaine for the past several years. Below is a link to my latest post on the Blaine market. I have been breaking out townhomes from single family homes in the stats.Though Blaine sells better than other areas of the Twin Cities homes are still staying on the market and townhomes take longer to sell than single family homes do. I believe builders will still be selling townhomes in Blaine in 2-3 years so buying a new home now will mean you are competing to sell against builders and their incentives. The best deals in this market are on resold homes....townhomes too. But it could be very difficult to recoup your investment in such a short time period. If you have specific questions about Blaine, please feel free to contact me directly.
0 votes Thank Flag Link Thu Oct 14, 2010
You are definitely looking at the scenario intelligently and asking the right questions. Here are some additional thoughts that may help you. One of the considerations would be features you need/want in your townhome, and then what the price is to rent vs. buy. Because of the affordability of housing to purchase in this area, many people have found it's cheaper to buy than rent. Another consideration may be financing if required. For example, the interest rates for 5/1 adjustable rate mortgages (ARM) have been in the 2.75%-3% range lately. That would fit extremely well with your ownership objectives and save money each month over a fixed rate loan at current market rates. If the numbers seem to make more sense to purchase, we can discuss features to make the property more attractive for resale, strategies to purchase the right style/price/terms/condition/location with resale in mind, etc. As a Blaine resident, I am very familiar with the area and would be happy to discuss your questions in more detail.
Web Reference: http://www.Realtor-Amy.com
0 votes Thank Flag Link Thu Oct 14, 2010
This is a great time to buy a home. If you have to move on in 2-3 years, you could sell, or rent your home depending on your situation. I am a property manager, along with being a Realtor, and I can tell you the rental market is a lot more active than the other market. Let me know if you have any questions.
0 votes Thank Flag Link Thu Oct 14, 2010
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