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TIPS FOR BUYING YOUR DREAM HOME

What to expect in the buying process and how to move forward quickly

BY MOLLY MILROY

Purchasing a home can be a daunting experience and the current sellers housing market adds additional hurdles.

“I haven’t seen a market like this in 49 years,” said Frank Messina with Real Living Messina & Associates.

Multiple offers are being given within 24 to 48 hours of house listings. If you want to purchase a home, you must be ready.

“It’s not uncommon for a home to have six to eight offers on it and sell for $5,000 to $10,000 over the asking price,” Messina said.

Here are some tips and strategies to help you be ready to move forward quickly on purchasing a home.

The first thing one should do is to meet with a trusted realtor.

“You need someone who will take you through it

step by step and explain the pluses and minuses of everything you are doing,” Messina said.

Having a realtor can make the home buying process less stressful and typically the realtor is paid from the seller’s commission, so you don’t need to consider that cost. Realtors also often know of properties coming on the market before the general public.

Next, have your finances in order. Work with a lender to get prequalified for a mortgage.

“Ask your real estate agent who will be the strongest lender,” Messina recommended. “Putting in an offer with a letter from a strong lender will make a difference.”

Becoming pre-qualified will also help you to determine your budget and help you decide if you may be able to put an offer in for more than the asking price.

ON THE COVER

Lastly, be sure a home inspection is in the contract. You don’t want to purchase your dream home only to find out there are major issues after moving in. However, Messina explains that many buyers are putting in offers without asking for a home inspection and these offers are being accepted over conventional ones.

“This can be dangerous and it’s not recommended,” Messina said, even if it means not getting the house.

Although homes are selling quickly, finding the right realtor, one who can help you through the process, can make all of the difference. Meet with several to find the right fit for you. If you put an offer in and it gets rejected, don’t give up, because the home of your dreams could be around the next corner. The market today is exciting, dynamic, and fluid.

Molly Milroy is a Duluth freelance writer.

An ornate copper door opens to an Italian-style wine cellar in the home at 702 Cedar Gate Circle, Duluth. The $1.4 million home is for sale with Edina Realty. See more on pages 6-7.

The current housing market is in a unique state, and if you want to purchase a home, you must be prepared.

CONSIDERING HOME OWNERSHIP? THESE ARE YOUR NEXT STEPS

BY MEMBERS COOPERATIVE

CREDIT UNION

The prospect of buying a home can seem overwhelming, especially when you’re a first-time homebuyer, but it doesn’t have to be. Learning what to expect can make it feel less nerve-racking and will help you prepare so you’re ready to buy when the right house comes along. Here’s a look at the typical mortgage loan process to help you start turning your homeownership dreams into reality.

Step one: Contact a mortgage expert

Three Generations Serving YOU

The Sathers JS Realty team has the experience and expertise to help you navigate any real estate transaction quickly and easily. Whether you’re thinking of selling or buying, let us put our 90 years of combined experience to work for you!

make sure everything goes as smoothly as possible.

Security tip: Make sure that any mortgage professional or financial services company you work with is licensed in your state. You can verify this quickly and easily via NMLS Consumer Access, a free service available online at nmlsconsumeraccess.org.

Step two: Explore your loan options

loan application, but you can get a head start by gathering some basic financial records, including your recent tax documents, bank statements, and pay stubs.

Step four: Get preapproved… and start your search!

A mortgage loan originator acts as your main point of contact with the lending institution as you are setting up your loan. He or she will work to understand your homeownership goals, help you evaluate your financing options, and guide you through the mortgage loan process to

There are a wide variety of real estate loan products available, and finding the right fit is key. MCCU’s First Step Home Loan was created with first-time buyers in mind and may be a good choice if you’re buying your first home in Minnesota or Wisconsin.

Step three: Gather your documents

As you might expect, there is a lot of paperwork involved in just about every step of buying a home, and the mortgage loan process is no exception. Your mortgage originator will let you know what documents to provide for your specific

Once you’ve completed your application and supplied all necessary documentation, you’ll find out how much you’re qualified to borrow. This step, known as “prequalification” or “preapproval,” lets you zero in more specifically on a price range so you know where to focus your housing search. It also helps ensure you have everything in order so your loan can be processed quickly when you’re ready to make an offer.

What’s next? After all that preparation, it’s finally time for the fun stuff: searching for your perfect home. Good luck, and happy house-hunting!

STRIKING NATURAL BEAUTY IN LUXURIOUS FAMILY NEIGHBORHOOD

BY MOLLY OVENDEN

Entertain friends with luxury hygge factor? Raise a family in Northland woods?

You can do both in this striking $1.4 million home for sale in Duluth.

At first glance, this flat-roofed stucco house looks out of place: something commercial or from the West Coast.

Inspired by work he did on the Tech Village in downtown Duluth, the late Rob Link, former president of Jamar Roofing Company, with Lee Anderson’s backing, built his home in 1997, and it’s now on the market through Edina Realty.

The luxury residence at 702 Cedar Gate Circle is a home you must experience in person.

Tom Rauscher’s architectural partnership with Link ensured ingenious design with an open-plan kitchen, wet

bar, media room with grand living room and overhead catwalk connecting the master wing to the rest of the house.

Simultaneously offering conventions of business and entertainment, partial enclosures of living areas allow private conversation while staying near the fun.

Floor-to-ceiling windows bring the outside in, flooding the entryway with natural light. Moderate tree coverage affords privacy without being isolated. You can’t help but feel peaceful when you’re there.

There’s tranquility amid the modern design without feeling stark.

“It’s small enough, too, that you feel real comfy,” said owner Diane Link-Morley.

Naturally secluded, it’s centrally located in Duluth. A couple minutes off Arrowhead Road and en route to

Hermantown, it’s easy for guests to find and convenient for airport travel. Situated at the end of a family neighborhood culde-sac, this 5,400 square foot, 5-bedroom, 6-bathroom, 5-car garage home sprawls across three lots.

Birds chirp, announcing spring. LinkMorley has seen moose, otters, and even “a mama bear with her three little cubs,” she said.

It is “totally a Northern Minnesotan house,” Link-Morley said.

Light wood in the kitchen and bathrooms echo Scandinavia. Local carpenters were used to build this home. While the floors feature dark, Brazilian hardwood, the countertops boast of locally-sourced granite.

Behind the mysterious turquoise copper door is an Italian style,

temperature-controlled wine cellar next to a two-stall garage, perfect for an avid car collector. It’s perfect after a day of snowmobiling to hop in the sauna. A spacious guest apartment with separate stairway entrance sits above.

“He wanted people to have fun,” LinkMorley said of her late husband.

Two golden retrievers “ruled the land,” Link-Morley said, roaming the invisible fenced yard or cozily kennelled at the back.

You can tell a lot about a property by how it feels inside. This one is special. It is light, airy and “feels happy,” said Edina Realty agent Madeline Dusek.

Contact Dusek at 218-390-3839 about the listing, or visit www.edinarealty.com/ homes-for-sale/702-cedar-gate-circleduluth-mn-55811-5734230#%2F.

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The luxury home offers safe, cul-de-sac family living with wide open spaces to rest and play

◄ This Duluth home on Cedar Gate Circle is for sale through Edina Realty for $1.4 million

▲ The kitchen is made for entertaining with a large island and easy access to the wet bar and living-dining areas

▲ The wine cellar echoes with laughter from cocktails and dinner parties

Opposite the master wing, the theater area offers with views of green space on all sides

▲ The wall of windows in the living room and vaulted ceilings convey luxury and comfort

BUYING OR SELLING? TIME TO UPDATE YOUR ESTATE PLAN

BY YVONNE NOVAK MICHAUD

Selling a home is one of the most popular options for aging adults looking to finance senior living. In fact, people older than 55 accounted for more than half of all home sellers in 2019, according to a report from the National Association of Realtors.

Many seniors have lived in their homes for 25 or more years. The thought of a sale is frightening because the whole process is unknown. Seniors don’t know what it’s going to be like in their new housing, living away from the home that carries their memories. In addition, they may have questions regarding how to fund the new housing situation.

Making a big move like this should trigger a review of your estate planning documents. At a minimum, updating addresses should be done and it is probably a good time to evaluate if your assets are structured the way that you want them to be.

With an updated estate plan, you can accomplish the following:

► Minimize estate taxes.

► Ensure your family is taken care of.

► Make contributions to charity.

► Leave a legacy.

► Coordinate with retirement and pension plans.

► Nominate a guardian for minor children.

► Nominate an individual to handle estate administration and financial affairs.

► Give your family the health care directives and other legal documents required for medical decisions to be made on your behalf.

► Create postnuptial and antenuptial agreements as they apply to your estate plan.

Estate planning identifies all of these hurdles and minimizes their affect. For example, if it is determined that substantially all of your assets would be subject to a lengthy and costly probate proceeding at death, we may recommend utilizing various “trusts” and other planning techniques to eliminate the need for probate court

intervention at death. In addition, we will typically assist you in devising plans empowering your trusted family members to seamlessly retain control of and continue the operation of unique assets — like businesses, farming operations, or even “legacy property” (like the family cabin).

Having an updated estate plan in place is important for you and for your family. By planning ahead, you are making sure that your family has fewer technicalities to deal with in the event of your death.

The information in this article is for general information purposes only. Nothing in this article should be taken as legal advice for any individual case or situation.

Yvonne Michaud Novak is a member of the American Academy of Estate Planning Attorneys which is an exclusive national organization of estate planning attorneys. She has worked with estate planning clients since 2003 and is licensed in Minnesota and Wisconsin.

TOP TIPS TO GET THE RIGHT INSURANCE FOR YOUR HOME

BY MOLLY OVENDEN

Why do I need home insurance? “You’re creating a blanket of coverage” to protect your assets, said Sarah Rautell of Reliable Insurance Agency in Cloquet.

Purchasing home insurance can be overwhelming. The right agent can find the best coverage and pricing options available. They will partner with you to customize provision for your individual lifestyle requirements. A replacement cost estimate, used to determine your home insurance premiums, considers costs for labor, construction and lumber for individual structures and personal property. Rates are higher in today’s market due to the increased building materials costs.

TOP TIPS

1. Call a local agent. Ask friends about theirs. Whether they’re independent, representing several companies, or they sell one company’s products, local agents

know local markets. Building a relationship with your agent brings peace of mind when handling future claims, questions, or changes in your coverage needs.

2. Know your home. What year was it built? Square footage? When were the electrical, plumbing and heating systems and roof last updated? Type of siding? Are the walls drywall or plaster? How many bathrooms? Is the kitchen DIY store grade or mill work? What percentage of your floors are which material? Do you have a deck or detached garage? Knowledgeable conversations with your agent will help you get the right coverage.

3. Know your coverage. Don’t be afraid to ask questions, especially if you’re a new buyer. With so many options, if you aren’t sure what coverage you have or what’s relevant to your situation, ask your agent to explain it. They can search for premiumsaving options, like policy bundling, to ensure all your property, structures

and personal property (e.g. ATV, sound system, jewelry) is covered.

4. When a claim arises... call your agent. They can advise you about what coverage is available on your policy and the procedure to process repairs. Loss of use from flood or fire is coverage that could be used for a hotel or rent while your home is rebuilt. Loss of use likely covers a percentage of replacement costs, too. Your agent will know what’s your responsibility and what your policy covers.

5. Notify your agent when your situation changes . Purchasing a dog, trampoline or installing a pool likely requires an increase in liability coverage. Updating utilities or roof? Adding a pole barn or extension? Any changes can impact your insurance coverage and premiums. Selecting coverage today “doesn’t mean we can’t make any changes” later, said Rautell.

Molly Ovenden is a Duluth freelance writer.

APARTMENT COMMUNITIES ON THE RISE

Why choose apartment/condo living vs. buying a home?

We sat down with Jaime Scheerz, chief operating officer at Summit Management in Duluth, to discuss the pros and cons of apartment/condo living. Summit Management owns and operates several properties throughout Minnesota, including BlueStone Flats, BlueStone Lofts, Boulder Ridge, Campus Park, and Summit Ridge in the Duluth area.

Q: What are some of the benefits to apartment/condo living?

Living in an apartment community provides a safe home with a prime location, while also delivering top tier amenities. Residents are not responsible for the maintenance and upkeep and can travel at any time. Apartments also provide a great network of people and social opportunities to participate in.

Q: Why choose an apartment/condo in the Northland?

The Northland has an innumerous number of places to explore, all year round no matter personal interests. Living in an urban part of Duluth gives people access to public transit and events, along with the opportunity to adventure outside the city. Additionally, living within an apartment community eliminates any seasonal maintenance, whether it be lawn care or snow removal.

Q: Reasons people move into apartment living vs home buying

The perfect home can be very difficult to find, and they require a long-term commitment, normally with a loan attached. Apartment living offers no outstanding “weight” on your shoulders. There is also no responsibility on the resident to fix or improve the apartment, unlike a house. Living in an apartment also eliminates the time and effort it takes to tend a yard

REALTY

or remove snow.

Q: What are some advantages and disadvantages of apartment living?

Advantages include overall security and safety, creation of a community, using the amenities that would not be available in a standard home (pool, hot tub, gym, fitness room, carwash, pet spa, and great room). Disadvantages can include limited space, making rent payments, and submitting work orders. That said, BlueStone offers garage spaces for residents who want more storage. To effectively and easily communicate announcements, conduct rent payments, and maintenance requests we use a resident portal called “ActiveBuilding,” which is similar to a social media platform.

APARTMENT: Page 11

Guiding You Home

Rural Duluth

2760 Lindahl Rd $995,000

This stunning 4+ bedroom home sits nestled behind Spirit Mountain on 29 private acres complete with pond, trails and creek. Main floor of this home is magnificent with it’s open living room, dining room and state-ofthe-art kitchen. Lots of windows, beautiful built-ins and stunning fireplace Main floor master suite area includes two walk-in closets, separate tub room, huge shower area, dressing room, work-out room and laundry. Main floor office as well. Every bedroom in this home has its own bathroom. Huge family/game room. 2 car attached garage and two car detached with studio. Come see this elegant, yet comfortable home!

*For any additional information contact a listing agent*

Directions: I-35 to Boundary Avenue, Right on Mountain Drive, Left onto Lindahl Road MLS: 6092666

Listed with Greg Kamp (218) 343-8030

APARTMENT

From Page 10

Q: If someone is on the fence about apartment living, what would you suggest to them?

They should consider what they value in a home? Are there any perks or specific things they “need” versus “want”? Talk to a leasing specialist and explain your desires in detail. They can help offer potential solutions and community information.

Q: What is the demand for apartment/condo units in the community?

HOW TO SELL YOUR HOME, FROM PREPARATION TO CLOSING

BY MOLLY MILROY

Have you been thinking about selling your home?

If you are, this is an excellent time to do it as the housing market currently favors the seller.

Julie Sathers of Sathers

JS Realty LLC said, “It’s a very good time to sell. If there was ever a good time to maximize your equity, now is the time.”

She explained that because there is a shortage of inventory on the market and a lot of buyers are looking, along with low interest rates, this is an excellent time to sell. To maximize presentation for the best offers, consider the following.

Decluttering your home will make your house picture-perfect ready.

“The biggest thing is to declutter and minimize, and to do a deep clean,” Sathers said. “When we take photos, if there’s a lot of stuff, it clutters the pictures and that’s the first thing buyers look at. That’s what gets them in the door: the pictures online.”

Since you’re going to be moving anyway, pack your items up in boxes and stack them in a storage room or the garage.

Working with a real estate agent will be beneficial in multiple ways.

“Listing with a real estate agent gets it in

front of the most buyers possible in the shortest period of time,” Sathers said. “The market is very busy right now. Most buyers are already under a contract with a real estate agent and the places they are looking for those homes is through the MLS (Multiple Listing System).”

Be prepared for multiple offers, but the highest price doesn’t necessarily mean the best offer.

“There are so many other terms in a purchase agreement that may be beneficial to the buyer or the seller, that a seller really needs a professional to navigate through that,” Sathers said.

Some of the factors to

consider are the type of financing that a buyer has, how much money they are putting down, home inspection, closing costs, and the closing date.

“You want a professional looking out for your interests and walking you through the pros and the cons of each of those offers,” Sather said.

It’s currently a very busy housing market and it certainly favors sellers, so if you are even considering selling your home, meet with a real estate agent and then start packing those boxes, because as Sathers asserts, “If there ever was a time to sell, now is the time.”

Molly Milroy is a Duluth freelance writer.

1. What are my current thoughts or ideas of what apartment living consists of? And am I open to change my mindset?

2. Have I done my research on the apartment communities I am interested in? What about a community draws me to it?

3. What are my priorities when thinking about housing? For example, size, price, location, amenities, style, community.

4. Do I have any “make or break” characteristics about an apartment? For example, pet friendly, available parking, public transit access, ADA accessible.

5. When is my “goal” move-in date, and my “must” move-in date?

In terms of demand for apartment living, people in Duluth are looking for a place to live that gives them the comfort and feeling of home, while also delivering an effortless and luxurious experience. In addition to providing great amenities and customer service, prime location is one of the top things people consider when looking for housing.

Q: What demographic is most commonly seen in apartment living; do you have national statistics you can share?

Our demographic varies depending on the community location and the design concept we create. That said, there is currently an upward trend in apartment living, as it provides access to a more urban lifestyle and is evolving to be more community oriented.

Q: If someone is looking to move into an apartment, what are 5 things they should ask themselves before making that decision?

Q: What are 5 things someone should know about when wanting to move into an apartment?

1. Be open to the new experiences and new friends who come with a community.

2. Apartment searching can be a daunting experience to undergo alone, so bring someone along if you wish.

3. Don’t hesitate to turn to our staff if you have a question or need help, they are here to support you.

4. Apartments can lease quickly, so don’t hesitate to sign if you feel like it is the right fit for you. Leases are not based on who tours or applies for the apartment first, they are dependent on who signs the lease document.

5. Apartments are no longer dimly lit buildings that offer limited resident benefits. They are a flourishing and busy place for people to live, socialize, grow and, most of all, enjoy!

Information provided by Summit Management.