Have you always dreamed of having a home on Lake Minnetonka? You are not alone. The water has an allure that is easy to understand. Maybe this is why houses can be so expensive on the lake. Fortunately, there has never been a better time to buy a Lake Minnetonka home. With property prices down by 25% and interest rates at all time lows, you can find that dream home.
So where do you start?
- I think an important starting point is to simply drive around the lake exploring. Because Lake Minnetonka is so large, it has many different towns around it. Each of those towns has different things to offer and different personalities. Wayzata on the east side is very different than Mound on the west side. Excelsior is a sleepy place, except on summer weekend nights when Lord Fletchers is open. Driving around and checking out the areas will help you first hone in on what part of the lake you are interested in. You should also review the distance from your work and family. While Wayzata is close to the city, Excelsior is 15 minutes further west.
- While the property prices are much lower and interest rates are at rock bottom, the process for securing a mortgage has gotten much more difficult that years past. Your second step should be to research and find a mortgage broker that you trust, enjoy, and will able to get your loan completed and closed on time. Lately many house deals are not getting closed because the financing blows up at the 11th hour. Make sure you have a dependable mortgage person that you can trust. If you don’t get that feeling with the first person you meet, find another until you do.
- Researching Lake Minnetonka homes for sale requires some special skills. Many of these homes are very different from each other. They have dock rights, lake frontage, deeded access, etc. You need to find and work with a real estate agent that has expertise in Lake Minnetonka houses. When you are driving around, write down names of agents that have a lot of signs out there. Also stop in the local real estate office in the town your are interested in and ask the manager who their top buyer’s agent is. Call these and meet them for coffee. Find out which one really does know the area. Find out which one sells a lot of homes in the area. Probably as important, find out which one you enjoy and want to work with. You will be spending some considerable time with this agent, you want like them.
- Use your newly found real estate agent to teach you more about the communities around the lake. Confirm that your exploration has helped you make a decision on which town to concentrate your search on.
- Have your Realtor set up a search in the MLS for you with the criteria of the homes that you are looking for. Make sure that this search automatically sends you an email whenever a house hits the market that meets your parameters. This way you will be on top of the ever changing market and can make a quick decision to put in an offer on something or not without wasting time.
- Lastly, be engaged in the process. Partner with your real estate agent to become a team and find that home you have always wanted. When you do, make an offer and ride the excitement.
Buying Lake Minnetonka homes is not difficult, but doing some work ahead of time to be sure that you are ready, will make the process go smoother and will be more enjoyable.
Tags: Lake Minnetonka Homes, Lake Minnetonka Homes for Sale, lake minnetonka houses, mound, Wayzata
Great tips Scott! Buying on Lake Minnetonka has never looked better! With the housing inventory available for purchase at lower prices than seen in decades, and interest rates so low that it is almost like free money, home buyers are certain to make get some great deals on the perfect lake home!
Scott, your first tip above of encouraging buyers to simply drive around is so important. I always ecourage the students in my St. Paul Community Ed classes to do exactly this as their 1st step. Take some time to simply get a feel for various neighborhoods, amenities, etc. Be sure to drive around on both weekdays and weekends!