Antonio & Maura Mena - Hummingbird Realty Group

  Move-Up Buyer's Guide: When and How to Sell Your Starter Home in the Twin Cities The move-up decision is the most emotionally loaded real estate transaction most families make. The first home purchase is driven by excitement. The move-up is driven by a collision of gratitude for what you have and honest acknowledgment that it is no longer enough. That combination is harder to navigate than most people expect. Here is the practical guide to making the move-up decision clearly, timing the sale and purchase intelligently, and arriving at your next right home without leaving money on the table or making a move you regret. Are You Really Ready to Move Up? The question of readiness for a move-up has two layers that need honest answers before the process begins. The financial readiness question is the easier one. How much equity has your current home accumulated? What does the current market say about what your home would sell for? After paying off your mortgage, covering closing c...

 Most buyers in the Minneapolis West Metro area focus on the down payment and forget about closing costs until two weeks before closing. That is when the surprise hits. We would rather you know the full picture now, before you fall in love with a house, so your budget reflects reality from the beginning. Closing costs in Hennepin County typically run between 2% and 4% of the purchase price. On a $350,000 home, that is $7,000 to $14,000 in addition to your down payment. Here is exactly what you are paying for and why. The Three Categories of Closing Costs Closing costs fall into three buckets: lender fees, third-party fees, and prepaid items. Understanding each category helps you evaluate your loan estimate when your lender sends it and know what to ask about. Lender fees are what your bank or mortgage company charges to process and approve your loan. The origination fee, underwriting fee, and application fee are all lender fees. These are the fees most negotiable at the sta...