FAQS: Your Guide to the Northern Minnesota Real Estate Market

Whether you're a first-time homebuyer, an experienced seller, or simply curious about the real estate process, this FAQ page is your go-to resource. Our team at Next Door Realty has compiled the most common questions we receive about the northern Minnesota real estate market, along with expert insights to provide clarity and guidance every step of the way.

Home Buying FAQs

  • GREAT QUESTION! And we’re glad you are asking! One of the biggest reasons is that we handle all the complexities of the selling process, from marketing your home to negotiating offers and navigating legal requirements. We give you somewhere to go with all your questions, saving you time, stress, and helping you feel like you aren’t in it alone!

    At Next Door Realty, we have extensive knowledge of the local market, including recent sales and current trends, which can help you accurately price your home for maximum return. We have access to a wide network of potential buyers, increasing the likelihood of finding the right buyer quickly. We pride ourselves on solid communication and support from the first contact with you as a potential client until long after the process is complete!

  • It all starts with a call to Next Door Realty! We are here to guide you through the process and remove any stumbling blocks. Our “can do” attitude, high levels of support, and excellent communication help keep the process moving along with as little stress as possible!

  • First impressions, especially in real estate. Anyone walking through a house or touring it virtually will be looking for ways to pass or negotiate down on the price. We often use the phrase “Less is More” - declutter as much as possible (but don’t let it be a stumbling block to getting the property listed!) and make sure potential buyers are able to see that the HVAC, plumbing, and electrical system all work properly.

  • This is where we wish we had a crystal ball!

    Once the house is formally on the market, it may take anywhere from four to six weeks to sell. If the market is fairly hot a house may quickly garner interest and have offers come in. On the flip side, if there is a lull in the market or issues arise such as negotiation, lack of exposure, or house conditions (not to worry - Next Door Realty agents will be there to help you through every step of the way) then the property can be on the market longer.

  • The selling price of a house depends on multiple factors including location, what similar-sized houses are currently selling for, age and condition of the home, whether there are major repairs needed, and market conditions. Your real estate agents at Next Door Realty are skilled in balancing these factors to get you the best price possible.

  • The public tax assessor gives the assessed value for a property for taxation purposes while the fair market value is an agreed-upon price between a willing buyer and seller. There is usually a difference between the assessed value and market value.

Home Selling FAQs

  • It starts with an agent you trust (like us at Next Door Realty), and getting pre-approved with a local lender - a process we at Next Door Realty can guide you through

  • The answer is different for each situation and depends on your funds and ability to find temporary housing if needed. If you need more equity to purchase a new home or meet a mortgage plan, then it is best to sell before buying. You have many options that will depend on your circumstances; you can trust the Realtor experts at Next Door Realty to explain, guide, and support you through the process.

  • Homes.com and Realtor.com are excellent places to start looking; both platforms will help you create search parameters, allow you to adjust the parameters to explore more options, and notify you when a new listing that fits your parameters comes on the market in real time.

  • Earnest money is similar to a deposit when renting a place. It is made in good faith to demonstrate to the seller that the buyer’s offer is legitimate. Generally done in the form of a check or cash, earnest money is held in a designated account at the brokerage firm and goes toward the purchase price of the property. The amount is negotiable, outlined on the purchase agreement and essentially takes the property off the market.

  • In Minnesota, the responsibility for paying real estate closing costs can vary depending on the terms negotiated between the buyer and seller - yet another task your trusted Realtor at Next Door Realty will help you with! Typically, both parties contribute to various closing costs, which may include fees for title searches, inspections, appraisals, and attorney services, among others. Buyers commonly cover expenses such as loan origination fees, property taxes, homeowner's insurance, and prepaid interest. Sellers typically cover costs like real estate agent commissions, transfer taxes, and any outstanding liens or judgments against the property.

  • A final walk-through is not required but highly recommended. Final walk-throughs give you a chance to make sure nothing has changed since your initial inspection or previous visits. Also, if repairs were requested as part of the sale offer then a follow-up visit ensures all repairs are done according to the agreement and contract.

General FAQs

  • Look for a Realtor that listens to you, communicates well, is prompt and responsive, and who knows the market well. You can do this by asking friends and family who have bought or sold property recently who they used, whether they liked them, and if any issues came up how they were handled. You can also check reviews on any of the home buying/selling platforms like Zillow, Homes.com, and Realtor.com.

  • Red doors have always held a special meaning for Norma Jean, so much so that she painted the ones on her house and office building red. They exude warmth, friendliness, and a touch of whimsy, making guests feel instantly welcomed. Throughout history, red doors have served as more than just decorative elements; they've been beacons of hospitality, providing weary travelers and those seeking refuge during the Civil War with a sense of safety and respite.

Didn't find the answer you were looking for?

Our knowledgeable realtors are just a phone call or email away. Reach out to our team today, and let's have a conversation about your unique real estate needs in northern Minnesota. We're here to make your dreams of buying, selling, or investing a reality.

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