Nikolina Lecic, broker/owner of Exclusive Buyers Real Estate LLC, lists the top three tips on how to find a home despite low inventory.
“As a buyer’s broker, we are 100 percent loyal and committed to homebuyers 100 percent of the time,” said Lecic, of Exclusive Buyers Real Estate LLC, the only real estate agency in Rochester, MN, and surrounding area that represents only homebuyers in a real estate transaction. “Since we do not list homes for sale and never represent sellers, there is no conflict of interest and no dual agency, as with traditional real estate brokers.”
Exclusive Buyers Real Estate LLC does not charge homebuyers any money for their service (there is no broker administrative fee). The sellers’ broker is sharing a portion of the listing commission with a buyer’s agent.
To help homebuyers in Rochester and the surrounding area, Lecic, who also teaches classes about the home-buying process, shares the following three tips on how to stand above the competition in the tight housing market.
No. 1: Get finances in order (pre-approval letter) from a reputable local lender. “Many people lose out in the competitive market because their lender isn’t responsive or the listing agent and/or seller didn’t feel confident that they could get a loan completed,” noted Lecic. “Some lenders are getting their clients through the whole underwriting process so that they can close quicker, which can be attractive to the sellers.”
No. 2: Be available to look for housing on a short notice and be willing to compete with other buyers. In the last few years the spring market, March through May, has been very competitive. The buyers had to be ready and available to schedule a showing as soon as the house hits the market in order to stay competitive with other buyers. “All decision-makers had to be present in order to make a decision on the spot,” added Lecic. “In a competitive market, I like to remind the buyers if they ‘have to sleep on it, they may not sleep in it.’ The fall/winter market in Rochester is much slower, and could be a great opportunity for homebuyers who are considering a purchase in the near future.”
No. 3: Find a Realtor you can trust that will work for your best interest. Make sure you have your own buyer’s representation, preferably exclusive buyer’s agent, on your side. “I try to put myself in the ‘buyer’s shoes’ by asking them questions to better understand their position, motivation, fears and the whole process they are going through, so I can help them better,” stated Lecic. “I do my best as if I’m buying a house for my own family.”
Furthermore, Lecic shares that new listings in Southeast Minnesota were up 5.2 percent to 683 in September, and that pending sales increased 2.6 percent to 521. “Inventory shrank 4.3 percent to 1,568 units, and prices moved higher as the median sales price was up 6.2 percent to $204,985,” concluded Lecic. “Rochester was up 4.4 percent to $245,130, and days on the market increased 13.3 percent to 51 days. Months supply of inventory was down 6.3 percent to 3.0 months. In Rochester, months supply of inventory was 2.1 in September.”
About Nikolina Lecic, Exclusive Buyers Real Estate LLC
Nikolina Lecic provides a full-service exclusively for homebuyers, from finding the right house, negotiating the best price and terms and scheduling the closing time and location. She holds a Master’s Degree in Business Administration and a Bachelor’s Degree in Finance. Many buyers also consult with Nikolina regarding the loan they are getting as she worked as a loan officer with Home Federal Savings Bank in Rochester and understands the loan process very well. For more information, please call/text (507) 358-3683, or visit https://exclusivebuyersrealestate.com/ or https://rochestermnhomefinder.com.
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