Craig LaMar here from Huntsville, AL. Some comments about your inquiry on
"2857 Dakota Ave South in Saint Louis Park; 4 bedroom, 2 bath at $234,900;
It is very updated and nice, but it is a brand new listing (should I wait until it has more days on the market?)"
1. In my market area, if you wait on a property that is competitively priced, very updated and nice, and in a desirable location then you will be in competition with other buyers if you wait for more days on market. The best homes sell first; the rest are somebody else's leftovers. So the only reason to wait is if you need to obtain a preapproval letter, or if you have to sell another property before you could purchase this one.
2. Every real estate market is local; and there can be disparity between micro-markets within your regional area market which could impact the offer you make, the terms of that offer and when you make that offer. (A micro-market could be homes in a certain school zone, or in a certain community, or in a certain location near downtown, or near a research park, or in a certain price range). For example, in my market area there are certain micro-markets that have inventory issues: if no more homes came on the market in some of those micro-markets, then there are enough homes available to last for 6 - 8 months. That situation creates what I call a "buyers" market and will affect what I counsel my client to offer. Then there are other micro-markets that have very few homes on the market. There are inventory levels of less than 90 days which creates competition among qualified buyers for the few nice and updated homes available. Again, that affects what I counsel my buyer client to offer for the property and how quickly to make that offer.
"I do not want to work with the listing agent on this house.....but I do not know the next step."
1. You need qualified representation from an experienced local broker/REALTOR who knows the market and can provide you counsel on the the next steps. If you do not have a local counselor, there are a couple of options for you a) talk with family/friends to refer someone that can help you, b) contact me firstname.lastname@example.org and I can refer you to brokers I know in your market area that could provide a counseling session.
2. Whomever you decide to hire to represent you, be certain that a) they are a REALTOR, b) that they have at least 5 years experience (you will need experienced representation to obtain the best counsel); b) that they have obtained the CRS designation (Certified Residential Specialist) which evidences they are committed to maintain certain professional standards; c) that they have obtained the ePro certification which certifies they are internet proficient; d) that you feel comfortable with them and confident in their counsel.
If I can assist in anyway, you can reach me at email@example.com
With the lower rates we have today (and no one knows how long that will be), this is an excellent window of opportunity if you are going to be buying a home. See my Trulia blog: "Interest Rates Are Falling".
Much Success and Stay In Touch,
Coldwell Banker Premier
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