Buying a Home in Excelsior

Excelsior is Latin for “elevated.” That is an apt description of living in Excelsior, Minnesota. The downtown area is a historic preservation site with the feel of a New England town. Yet, it is filled with shopping and dining amenities that reflect modernity intermingled with an old-town vibe.

The residential area has gorgeous homes, many of them Victorian styles, which dot the charming, leafy streets. The locals are a friendly, welcoming set who take care of their homes and yards. With verdant views and a picturesque backdrop of Lake Minnetonka, living in Excelsior is a dream.

Two reasons why Excelsior is the perfect place to call home

Small-town charm

Excelsior is designated as a city, but it has sustained its small-town appeal. With its close-knit community of people who welcome visitors and new residents, anyone new to the city would believe they had come upon the ultimate quaint town or village.

Healthy living

Living in an environment abundant with trees and fresh water is priceless. Excelsior has scored high in air and water quality in the Dwellics safety report. With air being healthy 92% of the time and water quality being at a healthy level 100% of the time, locals enjoy their time in the outdoors.

The three best neighborhoods in Excelsior

Baycliffe & Bayshore

Snuggled up to the shore of Lake Minnetonka, Baycliffe & Bayshore residents enjoy clean living near the woods and water. Walking, biking, and cycling are the favorite pastimes of locals. It is an eclectic group of people interested in hobbies such as horseback riding, books, bird-watching, and hearing the amazing live music offered throughout the year.

Minnetonka Country Club

Minnetonka Country Club is a beautiful, clean community with grand architecture and verdant parks. Residents enjoy walking, wine tasting, and listening to live music.

Smithtown Bay

The cordial locals of this neighborhood relish the secluded location near the lake. They fish, swim, sail, and hunt. It is a family-friendly area with year-round activities for everyone.

Exploring Excelsior's Local Culture

Excelsior Commons Park is a vibrant community space that offers exquisite views of Lake Minnetonka during all four seasons. The park features a public beach, picnic areas, and playground swings for kids. It also hosts various events like the Concerts in the Common series during summer and Lake Minnetonka Oktoberfest in the fall. This park is a perfect spot to relax and enjoy the local culture of Excelsior.

Enjoy Live Music at the Old Log Theatre

The Old Log Theatre is Minnesota's oldest professional theater, located in Excelsior. It hosts a variety of shows and concerts, including the popular 'Million Dollar Quartet' performance. The theater also features the Excelsior Bay Concert Series with tribute bands that dazzle audiences with beloved music. Visitors can enjoy dinner at the attached Cast and Cru Restaurant, making it a great date spot.

Discover Local Artisans at Water Street Boutiques

Water Street in Excelsior is lined with charming boutiques that offer unique shopping experiences. You can find jewelry, home decor, blankets, upscale clothing, and Minnesota-themed items like t-shirts and hats. Some of the favorite boutiques include Primp, Ooh La La Boutique, Lake Effect Nautical Gifts, and Faribault Mill. These shops showcase the local artisans' talents and add to the town's eclectic charm.

Savor Local Cuisine at Maynard’s

Maynard’s is a popular restaurant in Excelsior known for its lakefront location and outdoor patio. It offers a variety of dishes, including the crispy walleye sandwich, which is a must-try for any visitor. Other great restaurants in the area include Lago Tacos, Bull & Wren, and Coalition. These eateries provide a taste of the local cuisine that Excelsior is famous for.

Finding your dream home in Excelsior

New construction

Excelsior is a perfect blend of historic charm and modern chic. Some newer homes have amenities like Wolf/Subzero appliances and quartz countertops.

Historic homes

Excelsior exudes historical charm in many of its buildings and residences. The Kalorama Cottage, built in 1882, is one fine example of this type of home. It is recorded as number 12 on the Historic Preservation Commission’s list. You can buy a piece of history with this beautiful home.

Townhouses

Stately row homes grace the village of Excelsior. Custom cabinetry, updated appliances, and gorgeous views create superb living spaces. Located on a nature trail you can access simply by walking out your glass doors to your patio, these homes exude luxury and sophistication.

Calculating your housing costs

Before finding a home for sale in Excelsior, it is essential to sit down and plan all the costs that will be incurred before, during, and at the closing of the sale. The first step is to contact a qualified Excelsior realtor, such as those at Ulrich Real Estate.

Median house price

According to the Minnesota Association of Realtors, the median house price for Hennepin County, which includes Excelsior, is $375,000. This, of course, is merely an average. Several factors determine the price of a home:

• Size of the house, including square footage and acreage of the property

• Year built; newer homes with modern amenities may cost more, and historic homes may also command a higher price.

• Condition of the home and property

• Negotiations with the advocacy of an experienced realtor

Closing costs

Before any home sale is complete, there are closing costs to consider. The seller pays some of the costs, while the buyer has their own costs to cover. Closing costs include service charges for the mortgage application and property-related fees.

• Home appraisals

• Home inspections

• Title search

• Title insurance

Property taxes

Property taxes are the value of the home multiplied by the applicable tax rate. These taxes are annual and should be considered when purchasing a new home. The median property tax in Hennepin County is $6,600, which is based on a home assessment of $500,000.

Money-saving tips for buying a home

There are several ways to save money when purchasing your new home. Saving in as many ways possible can add up to a hefty sum of money in your pocket or savings account. Here are some great ways to save money:

Find the best mortgage rate

It is crucial to shop around for the best mortgage rate. Aside from banks, there are other types of lenders to consider. There are credit unions, private mortgage lenders, and USDA lenders.

Get pre-qualified

Based on your credit, debt, income, and assets, a mortgage pre-qualification determines how much home you can afford. Pre-qualification estimates are derived using these inputs. Pre-qualification is an optional process that can help determine your financial readiness, which is a step toward homeownership.

Consider a bigger down payment to keep monthly payments low

Putting a bigger down payment on your home will make your monthly payments smaller. You may have to save for a while, but the smaller payments will be worth it.

Maximize your credit score

Your credit score is a significant element in obtaining a mortgage. One of the best moves to improve this score is to pay down existing debts. Paying credit card debt off is a great way to improve your score. Though it may take a little time, it will pay off.

Work with a real estate agent

Finding an experienced real estate agent is essential to finding the best home for your money. Real estate groups like Ulrich Real Estate will help you find the home of your dreams without breaking the bank.

Getting the keys to your new home in Excelsior