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ST. CLOUD So you want a new home.
Whether you re buying or building, there s some anxiety going around about prices as the pandemic continues. Here are some tips from local real estate agents and representatives of the Central Minnesota Builders Association to help you think through your own plans to buy, sell or build.
Tips for buying a home
Get pre-approved by your lender. That way, St. Cloud Area Association of Realtors President and Premier Real Estate Services realtor Nancy Costanzo said, you re one step ahead.
Stick to your budget. Run your options for how much money you can put down and what price point you meet, Costanzo said. Don t overstretch your boundaries just because of a quote unquote panic mode, she said. . You still gotta pay the mortgage.
ST. CLOUD It s more of the same in the Central Minnesota housing market, with inventory continuing to tighten and sales prices increasing. But if you re hoping to wait to buy or build new, industry insiders have news for you: They re not expecting that trend to change any time soon.
According to market updates from the Minnesota Realtors, year-to-date new listings are down in Central Minnesota by 10.5% in 2021 compared to the same time frame (January through March) in 2020.
Premier Real Estate Services realtor and St. Cloud Area Association of Realtors Nancy Costanzo said while the decline in inventory has been going on for years now, the current inventory squeeze is the worst she s seen in her career.