The spring real estate market is heating up in Minnesota, and many homebuyers are spending their weekends touring open houses and putting offers in on their dream homes.
But not all buyers are sharing the home buying experience with a spouse or partner. An increasing number of buyers are single men and women. According to NAR’s Profile of Home Buyers: In 2018, single men represented 9 percent of homebuyers in the United States. Single women represented 18 percent of all buyers. Increasingly, first-time homebuyers are more likely to be single women. Contrary, too much of the media’s attention use of a Realtor, was also at a record 87%.
Whether you’re a young buyer, single parent, or a recently divorced man or woman looking for a home to call your own, here are six tips for making the home buying experience work for you.
1. Do Your Research
Before you take the plunge into homeownership, do some research on the benefits of renting versus buying. Several online calculators can help you get an idea of whether it’s better for your budget to shop for your own home or continue renting. Often, you’ll find that though it may be a stretch to come up with a down payment, owning a home is an investment that will pay off in the long run.
The home buying process is complex and requires the help of several different professionals, including a Realtor®, mortgage consultant, home inspector, title company, an insurance agent. Get recommendations from family and friends on whom to work with. We also know some of the best in the industry.