For many of us buying a home will be one of the largest purchases we make. Since it is such an important investment there are some key points we should consider so we can get the most home for our money. As a Grand Forks Realtor, I can help you navigate the home search and look out for the things that could turn a good deal into a bad one. The great news about the Grand Forks housing market is that there’s a bunch of tremendous deals that can be found!
If you’ve never owned a home before, the first thing that you’re probably asking yourself is whether owning or renting is the best option for you. Owning a home brings a whole new set of responsibilities to the table such as a mortgage, property taxes, and repairs.
With that said, financial advisers and homeowners agree that while there are many additional responsibilities to owning a home in Grand Forks, the investment is well worth it. Owning a home can be a great investment through increased value of your home over time as well as increased value from updates and remodeling projects you’ve completed. It’s not just the financial benefits that you get from home ownership, but also the intangible benefits such as your pride in knowing that the home belongs to you and that you have the freedom to express your individual tastes in its design.
Some things to think about when deciding to purchase Grand Forks Real Estate:
- Owning a home isn’t just a smart financial investment, but it can also bring your family a higher quality of life. Are you tired of your neighbor tenants making noise or leaving behind a mess in your shared back yard? As a homeowner, you’ll have complete control of your space and how it looks.
- Homeowners also experience tax benefits that are not available to renters. Each year you can deduct a portion of your mortgage interest and property taxes from your income tax, which leaves more money in your pocket.
- While there have been national market fluctuations in recent years, the Grand Forks real estate market has been consistently solid. The theme around here is low and slow. This means you might not see dramatic skyrocketing gains in a short period of time, but the odds are very good that you won’t get stuck upside down in your property either. Properties in Grand Forks tend to appreciate nice and slow over time. I know that this is something that sure helps me sleep well at night.
- How much have you paid in rent over the years to landlords? Stop and think about this. If you’ve been renting for even 5 years with a $650/month rent in Grand Forks, you’ll have put close to $40,000.00 right into your landlord’s pocketbook. That money could have been used to significantly increase the amount of equity in your own home.
Now that you’ve thought about some of the benefits and responsibilities that go along with home ownership, it’s likely that you want to know where to start the whole process. The most logical place where I always recommend my clients begin is to get prequalified from a bank or mortgage company.
Do I qualify to purchase a home in Grand Forks?
There’s only one way we’ll find out. Stop into your local Grand Forks bank or lending institution and have them take a look at your credit and evaluate your financial situation.
For many people this seems like an intimidating thing to do. I know I didn’t know quite what to expect when I walked into the bank to get qualified the first time. Let me assure you, the loan officers and brokers in Grand Forks are great. They’ll make you feel right at home and explain the different things you’ll need to bring into them. Typically it’s a few recent pay stubs and identification.
The benefits of getting prequalified are that you’ll know exactly the price range that you qualify for and helps you narrow down your search to targeted properties in your comfort zone. Also, many sellers want to see an offer from someone that has been prequalified and knows they could qualify for the purchase of their home. Many deals are lost because sellers give preference to buyers that make offers after getting prequalified. I don’t want you to miss out on any great deals because we haven’t taken this step yet.
What many renters don’t realize is that they qualify for a home right now. In the Grand Forks market, many house payments end up being the same or even less than what you are paying to rent!
Is it a good time to purchase a home in Grand Forks?
As we discussed earlier, the Grand Forks real estate market is stable and home values have generally increased over time. Here’s some great reasons why you might want to take action on purchasing a home soon:
- Grand Forks homes are affordable and there are many different price ranges to choose from.
- Mortgage rates are unbelievably low! Historically speaking there has never been a better time to lock in a mortgage with these low rates. Lower rates mean that your monthly mortgage payment is substantially less now than it has ever been for the same amount of money in the past.
- There are many homes to choose from. Simply plug some numbers into the quick home search box to the right or click here to see what you can get for the price range you are looking for.
Are you ready to start looking for a Grand Forks Home?
The reality is that if you’re renting right now and want to own a home sometime in the future, you very well could qualify right now! It’s an amazing time to be in the market for a Grand Forks home and I’d love to help you find your dream home. If you’ve never used a realtor before, I’ll walk side by side with you through the prequalification process, searching for the homes you’re interested in, and explain all of the things to consider when buying a home, and negotiate the best deal to get you in your home, all for no expense to you. I’m your buyer’s agent and partner in the home buying process and the seller reimburses the agent for the work done.
I hope this short post has given you something to think about and consider if you’ve been on the fence for becoming a homeowner. Or maybe that little nudge in the right direction to get you excited for what’s to come. Please feel free to contact me with any questions you have no matter how big or small. I’m very easy to talk to and there’s nothing I enjoy more than helping people get into their ideal dream home in Grand Forks. If you find some homes you’re interested in while searching on this site, simply write down the MLS numbers and I’d be happy to schedule a walk-through so you can get a better look.