Smart Home Buying during Fargo’s Real Estate Boom

Aside from the movie Fargo and the spring flood, Fargo has become well-known for its low mortgage rates, low unemployment, current population growth and robust economy. Officials say that it is these same factors that have caused the city’s recent housing boom.

Real estate booms can be a confusing time for prospective home buyers. After all, it may be one of the biggest purchases you will make in your lifetime. It is important to get all of the information you can, and consider meeting with a real estate attorney for advice before committing to purchasing a home.

Kevin Fisher, a real estate agent with Fargo’s Park Co. Realtors and the current Fargo-Moorhead Realtor’s Association president says “Our market is really crazy right now. This compares back to when I first started eight, nine years ago where a new listing would come out and if it’s in good condition and priced correctly, you might have three offers in the first two days.”

You may be thinking you’ve hit the jackpot once you finally find a home you love, but this calls for your very best decision-making skills. Here is what you should consider when making decisions about buying a home.

You should know every in-and-out of the home.

Gather all of the potentially damaging information you can, everything from whether or not the foundation is sturdy to the present or past environmental hazards. Have the house completely inspected and require repairs be made by professionals before closing. This will save you trouble and money in the future.

You should know how you will pay for the home.

Research how to make an offer and how much your offer should be.  Take a look at your finances and seriously consider whether or not the home is realistic considering your present and future financial situation. Protect yourself before you sign any final documents and make sure you ask a lot of questions, such as whether or not your mortgage will change over time.

Get all of the information you possibly can.

Owners can protect themselves from  real estate issues by taking the time to research all the information about buying a home and discussing any potential problems with a real estate lawyer. You will especially want to talk to a professional if you don’t understand some of the terms or paperwork; they will offer you unbiased answers and will have your best interests in mind.

The real estate attorneys at O’Keeffe O’Brien Lyson Foss have been voted some of the very best in the Midwest and can help answer any questions you might have. Our specialty areas include: real estate litigation, residential sales and purchases, reviewing and clearing of titles, condominium developments and document preparation.

Get to know our real estate gurus, Bob Stroup and Dean Rindy. They will make your home-buying or selling experience as easy as possible. If you are considering buying a home or just want some real estate advice, contact us at (701) 235-8000, we are here to answer any legal questions you have.

Photo Courtesy of Ethan K/Flickr