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Home Buying in Shoreview : Real Estate Advice

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  • Home Buying4
  • Home Selling0
  • Market Conditions1

Activity 4
Thu Jan 21, 2016
Christopher Block answered:
Hey Peggy!

When we talk about rent versus buy as a Realtor I need to know your budget. If you are only paying $1100/month in rent but want to buy a home for $2500/month we are kinda comparing apples to oranges right? If you are looking at homes though where you monthly payment is even (or sometimes less) than rent it becomes a no brainer in my mind.

Shoreview is tough for condos (mostly Townhouses), but White Bear Lake for example has condos that are still very cheap and comparable to rents.

There is a lot more I could speak with you over the phone for 2016, but personally I do believe it would be wiser to buy right now. Interest rates are still low, but the Fed has begun raising interest rates so in 2017 buyers most likely will be paying a lot more than today. Home values raised almost 10% in 2015, and we are anticipating moderate increases of 3 to 5% this year.

You get a fixed monthly payment for the next 30 years (taxes and insurance can obviously fluctuate along with the association dues). Rental rates as I am sure you know have been rising pretty steady in the twin cities over the past few years.

The tax benefits still mean something owning a home. You can deduct your property taxes and mortgage interest, which can be huge savings compared to renting where you get very little to nothing.

It still all comes down to your budget, and can we find you a home that makes sense. I would love to speak more with you about it Peggy just get in contact with me! I lived in Vadnais Heights for 15 years and know Shoreview area very well.

~Christopher Block
Realtor St. Paul Suburbs
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Sun Jun 23, 2013
Christopher Block answered:
Which property? Need to know which development you are talking about.

~ Chris
Realtor North/NE Suburbs
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Thu Feb 17, 2011
Susan Hofflander answered:
Hi Lisa!
I KNOW!!! I feel you pain. It becomes very frustrating to deal with this process, isn't it?? If your purchase is in MN, you may have signed a Short Sale Contingency Addendum as part of your purchase agreement. If so, it clearly states in there that if you should decide to walk away prior to the bank approval, you will receive your earnest money back, no harm, no foul.

What does your agent say?? Your agent should be able to advise you about these delicate matters. It's also important to make sure your expectations are realistic about how short sales go. Depending on the seller's lender, they can take a REALLY long time. I always advise buyers who are purchasing short sales to make their peace with the fact that it's going to be tough to hang in there.

Good luck~
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Tue Feb 15, 2011
Debby White answered:
The short sale process can take months so be patient. Your patience could pay off in dollars if you were able to get a good price on the house.
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