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Asked by roger_thelen, Farmington, MN Sat Jan 19, 2013

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Answers

5
Matt Christe…, , Prior Lake, MN
Mon Jan 21, 2013
Riger_thelen,

You should start by having a conversation with a mortgage professional. You will be able to determine if you are able to buy and at what price range. There are a lot of factors that can come into play on this so I recommend having a conversation with the person so you can have a dialogue about the qualification process.

Even though rates are up a little on mortgages, you still should be able to get more home buying rather than renting for the same money. Do yourself the favor of getting pre qualified so you can know if this is an option for you. The most they should charge you if anything is paying for the credit report for this process.

Let me know if you have any other questions, I am happy to help.

good luck,

-Matt
0 votes
Donald James, Agent, Edina, MN
Sun Jan 20, 2013
Hi Roger,
If you are looking for a town home there are several for you to choose from. Single family homes are about 15% higher in the Farmington area. If you are a first-time buyer there may be some down payment assistance programs who still have some money for you. In the long run it may be cheaper to own then rent depending on your circumstances, mostly tax itemization. A professional Realtor and a well qualified mortgage professional should be able to answer your questions and guide your search.
Web Reference:  http://www.mywra.net
0 votes
Chris Block, , Saint Paul, MN
Sun Jan 20, 2013
Is there any particular reason why you are looking to rent or buy? with current interest rates a $150,000 home runs you about $1,000/month, but in the end I would think any decent loan officer can run you the tables to show payments at different ranges.

I only bring it up because you are at a price break in the market for Farmington. I ran a MLS search and there are 6 properties currently active at 150k and below, but mostly you will run into TH's at this price.

When I bumped up the purchase price to $175,000 the number doubles (100% increase for the simple math people like me) and you get mostly single family homes then. I can't be for certain, but I think the $1200/month you said for rent equates to this price range just fine.

I just had a convo with another buyer from Trulia moments ago on this topic. You can search these websites all you want but they miss 20% of all listings, and because they never switch over status changes buyers are getting unrealistic expectations of the market.

Just some things to think about. The market is pretty hot right now with regards to being in a seller's market, so price appreciation will stay steady and be real for the near future. I have one buyer where she looked at TH's with me last year, and now she is realizing there was a 10-12k difference current from last year. It is quite possible in another year you will only be able to purchase TH's at your price range.

The process is always the same; Get pre-approved for financing with a loan officer. Either use a realtor for a referral (we tend to have the best contacts if we work with buyers) or do it yourself. From there let a realtor help you analyze the market for Farmington and get you on the correct property search (our MLS). There is no commitment to do this with a realtor.

This way you the buyer has knowledge and thus can make informed decisions. If you want to further discuss just contact me directly through Trulia.

Otherwise good luck and happy house hunting!

~Chris
0 votes
Joe Houghton, Agent, Plymouth, MN
Sat Jan 19, 2013
give me a call 763 300 2702 when you get a chance and I'll give you the entire run down on homes in that area. I'm free tomorrow and most of the week to show you as many homes as you would like to see
0 votes
Chase Lenz, Agent, Minneapolis, MN
Sat Jan 19, 2013
Give a call or email. I'll set up a search for you with that criteria and help you get pre qualified with a loan officer.

Chase Lenz
Chase@sp-realestate.com
612-819-4474
0 votes
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