Advice for a Home Buyer in Rochester’s Seller’s Market

"Be prepared to have to compete for your next home. Ask your agent for an escalating clause in your offer. It gives the sellers your preferred price, while beating out other offers, up to a limit you set"

"It comes down to a buyer confiding and hiring a realtor right out of the gate, meaning they have sat down with that realtor and gone through the process of buying a home before they begin looking at homes. The realtor is going to get the buyer prepared and take them through the steps, and will also have advice on what to do when competing with other buyers in the marketplace -- but this won't happen unless the buyer takes the advice and direction of their realtor."

"Be prepared! Have all your 'ducks in a row.' Work with your realtor and loan officer to make sure you have your loan pre-approved so when you do find your dream house, you're ready to buy!"

"Start the process by getting pre-approved. Homes in our local market are selling really fast -- in many cases the first day on the market -- and for over the list price. If you wait until you find the perfect home to start the process there is a good chance the home will be sold. It is a very different market here locally than it was 4 or 5 years ago. There is a lack of inventory and a lot more buyers than there are sellers."

“Secure a full-time realtor to work on your behalf to look every day, many times a day for new inventory that comes on the market.

Once you find a home that you want to put an offer on, you must outsmart your competition, and you will have competition! You cannot wait and ponder your decision, because the home will sell right away and you will not have a chance to put in a bid! Listen to your realtor. They are going to tell you the truth, as they are bound by a code of ethics!

Always go into any negotiations with an ‘If it’s meant to be, it will be’ attitude. Make the very best bid that you possibly can, given your financial situation! Never offer more than what you believe you can afford.”

A new report from the U.S. Census shows the population of the City of Rochester grew by almost 900 people last year.

Minnesota’s economy gained 15,600 jobs in April, the state’s highest monthly gain since September 2013.

And 2,600 of those jobs were gained in Rochester alone!