Twin Cities Home Sellers Doing the Happy Dance
Market snapshot: This is a very difficult market for buyers, especially in the lower price tiers as the theme of low inventory coupled with high demand endures. As inventory levels continue to shrink, it is becoming really tough to buy a home, especially for first-time buyers and downsizing boomers. Nevertheless, they persist.
So far, buyers, even faced with the shortage of available homes, rising prices and increased mortgage interest rates have not been deterred. Heading into spring, which is the strongest real estate season of the year, begs the question of how much inventory will we see in the market and will the increased cost of buying a home temper buyer demand. As long as job numbers and economic factors remain strong, buyer confidence should remain high and continue to fuel the demand for housing.
For the week ending March 11th and 18th, we see a decline in inventory and a decline in pending sales. This may be a signal that buyers are dropping out of the market but based on those 2 weeks statistics it is too early to say. We are seeing a decline in the gap of new listings compared to last year as the month progresses so it may just be indicative of a more traditional onset of the spring market whereas last year it was acting like spring even though we were still slogging through...
That All Important First Impression
It’s well established that a first introduction is vitally important. That initial handshake can either lead to a meeting of the minds, or to no deal. “I hope I make a bad first impression,” said no one ever! In real estate, we see this play out again and again.
When you are selling, the first personal impression when a buyer tours your home is like the handshake. If they don’t like what they see pulling up to the curb, walking into the lobby, or opening the front door, the cash register is going to ring up “no sale”.
Although a good first impression of your home may not always end up in making a deal, it is always the first step into getting to that important offer to purchase. Here are 10 ways to make a great first impression on prospective buyers.
1. Get Buyers To See Your Home
Today, most real estate transactions are born on the internet. The first interaction a prospective buyer has with your house is online. If there is no connection with them in those first photos, it’s extremely unlikely to go to the next step with a private showing. Make sure you have an agent that takes quality photos of your property, preferably professional ones.
With April just around the corner, our thoughts turn to spring. For many, spring not only signals the onset of warm weather, flowers, and birdsong but heralds the time to sweep out the winter detritus from hearth and home, otherwise known as Spring Cleaning. The first logical step in the process is removing all that stuff you really don’t want, don’t need, or never use, your clutter.
For those of you preparing to sell your home this spring, an absolute must for you is to take your cluttered chaos and turn it into organized harmony , but even if you are staying put, what better way to start the new season than with a home free of extra stuff to get in the way of your feng shui. Now that you are sold on the idea of paring down and organizing, there are a couple ways to approach the process of organizing your home.
- the intense weekend (or two) decluttering boot camp
- the series of multiple shorter de-junking sessions
Personally, since I am not a fan of pain and suffering, I prefer the “take-it-in-smaller-bites” process. Keep in mind, regardless of whether you opt for the intense program or the low impact version, you still need...
The 5 Reasons Twin Cities Home Sellers Should List Now
Even though March is still very much a winter month in the Twin Cities, we had a few days of spring-like weather in February. Those days may have been a teaser but I will tell what is no joke – the spring home buying season started in January! Buyers are eagerly snatching up properties with wild abandon. If you are planning to sell your house this year, the earlier in the year you get your house on the market, the better. This phenomenal seller's market is not going to last forever but right now it’s all about you and the question on my mind today is, what are you waiting for?
1. Tenacious Buyers Will Not Be Here Forever
To say there are many eager buyers in the market watching the posting of new listings with a keen eye is an understatement. Many have not just been anticipating home ownership for weeks, a great number of buyers have been looking for months. With so much competition for so little inventory, a large number of these buyers have attempted to secure a deal on a home only to lose out to another eager buyer. They are not giving up anytime soon but market conditions such as rising interest rates may force them out. This sense of urgency is inspiring them to make great offers, very often above...
Brand New Year and Same Old Story
January may be the first month of a new year but for the Twin Cities Housing Market the story is old and has been told over and over again, not enough homes for sale to satisfy buyer demand. How much this will change depends on seller listing activity, interest rates, and rising home prices.
What was up over the same time last year? Pending sales, percent of original list price received, median list and sale price with new listings up slightly by 3.1 percent. What was down? Days on the market before sale was down by 7.1 % at 79 days. The really big change was the inventory of homes for sale, which was 25.4% lower than last year resulting in 1.6 months to sell out the supply of homes. That figure was down a whopping 30.4% over January 2016.
Twin Cities Market Outlook Short Term
This situation of incredibly low supply is causing a great deal of frustration for those eager to purchase a home, especially in the first time buyer category. It is the norm for desirable properties having accepted offers in less than a week of hitting the market with sellers enjoying multiple offer situations. Good news for them and not so good news for buyers.
Employment is strong and steady and even with decreasing...
Attention Home Buyers and Sellers | Twin Cities Real Estate Market is Hot
If you have been looking for a home to buy or thinking about selling your current home you already know what I am about to tell you. The one extraordinary factor that describes the Minneapolis-St. Paul real estate market is that due to historically low levels of inventory, it favors the seller in a really big way.
How big? The latest data from the Minneapolis Association of Realtors shows us the end of 2016 inventory levels down 26.3 percent while months’ supply of homes was 1.8 in the single-family category, 1.4 for condos, and townhomes a mere 1.1 months of inventory. Looking at this from a perspective of the price range, anything below $350,001 is at 1.3 months’ supply or less. When you take into account that 5-6 months of supply is considered balanced, and the current supply is at an all-time low when we compare it to data going back to 2006, this is clearly an extraordinary situation.
How to Buy New Home in the Twin Cities
The Twin Cities Real Estate Market is Filled With Stories
Real estate is the story about homes and about the people and the families that live and love in them. It is also about the real estate professional helping a family sell or buy a home and whether it is their first home or their last, the agent has a golden opportunity to become a hero in their narrative. Here at the Minnesota Property Group, we have a few heroes! Talking about them, even bragging a little bit, is the favorite part of my job as the content creator.
Five uniquely talented professionals came together as a team with one common goal; providing the best service by treating each client like a member of your family. (This paid off in July 2016 with being recognized as "America's Best Real Estate Agents" by Real Trends, a designation given to less than 1% of agents and teams nationally.) We already heard from Joe Houghton, the RE/MAX Results agent that leads this team. He is the one prominent reason this group is the best. It is his vision and plan that moves the team forward and inspires them to grow and reach their full potential not only as individual agents but as part of the team. The four other reasons this team...
The Minnesota Property Group Team
Real estate is about stories. Each seller, each buyer, every home, and every agent has a tale to tell. Real estate is certainly a challenging and competitive business. It’s also exciting and rewarding. The one thing most agents agree on is that it takes, dedication, grit and hard work to break into the business and to become successful. Being part of a strong, supportive team can often make the difference between a story with a happy ending and the other kind.
One of the key elements to any successful group, is a strong, supportive and talented leader, like veteran RE/MAX Results agent, Joe Houghton. As leader of the Minnesota Property Group, he brought together five like-minded and talented agents and one content and marketing professional to form his team. For me personally, as Marketing Director for the group, Joe has been an inspiration which led me to challenge myself and go where I had never gone before professionally. We connected 3 years ago when I had been booted from corporate America and he wanted someone to create content for his blog and website.
That tentative story that began on a cold January afternoon in 2014 has become a successful narrative that is still unfolding. I have never regretted that decision even once. Joe has a talent for connecting with people to help them live up to their potential. If there is a harder worker than Joe I haven’t met him yet. If there is a leader more willing than Joe to try something new or to make improvements...
Twin Cities Housing Market Statistics December 2016
Finally, here we are wrapping up the year for the Twin Cities Housing Market. As stories go this is one we have been retelling throughout 2016. It is a tale of a market dramatically in favor of sellers with more buyers chasing fewer properties as the year progressed.
Prices of homes continued an upward trend over December while days on market from list to close declined. Completed sales were up, pending sales and inventory were both down, and with the end of year months inventory of homes at 1.6, it was a true tale of woe for buyers heading into the new year.
How the Minneapolis-St. Paul Market Looks Short Term
Unemployment continues to be at all-time lows and job creation has remained steady and strong since August 2015. Moving forward, the perspective for the housing market remains unclear and depends a great deal on the new administration and the effects it will have on housing in the coming months. We do know that ...
2017 Twin Cities Real Estate Market Outlook
The 2016 Housing Market reached an all-time high nationally with a housing stock value $29.6 trillion, regaining all it lost in the last recession. When we look at the numbers for the Twin Cities, they tell the story of a market that strongly favored sellers with fewer and fewer homes for sale spending less time on the market and selling for higher prices. In spite of inventory levels being down 26.3%, we saw the year close out with pending sales up 4.7%, closed sales up 6.7%, with an overall medium sales price up 5.5% to $232,000. The single family market segment earned the highest gains in price topping out at $251,000 up 5.7%.
For buyers lucky and quick enough to close a deal for a home, their journey had a happy ending. For others it was a tale of frustration and disappointment, especially as the year closed with interest rates spiking up from 3.375% to 4.5% Still, buyers remain undeterred and with interest rates that have leveled off at about 4.125% many begin the new year with the hope they will be moving into their own home by spring. For sellers the past year can be likened to one continuous ode to joy with days on market in decline and, median sale price rising and percentage of asking price received topping 97.5%.
With sellers in the Twin Cities still playing hard-to-get, the big question is will the threat of rising interest rates inspire them to finally make their move? If we do see an increase in...
Twin Cities Real Estate Market Review by Top Remax Results Team
It’s that time again, the brand new year that marks the start of 365 days of new opportunities as well as new challenges. It is a psychological line of demarcation between what past and what will happen in the next 12 months. Some factors we can control and others we can’t but still, it is a fresh start. An opportunity to review and evaluate, amend and renew as we head into the new year.
This is the time I look back and celebrate the accomplishments of the Minnesota Property Group of RE/MAX Results as a team, and mine personally as the team leader. While I celebrate the successful outcomes, the resolve to do better for my clients, my team, my community and my family is the cornerstone on which I will build my priorities for 2017.
It Was A Great Year in Real Estate for The Twin Cities Top Realtors
The Minnesota Property Group, like the 2016 housing market, had a very successful year in local Real Estate. As the team leader, it has been profoundly gratifying for me to oversee the professional growth and...
Great Reasons to Relocate to the Twin Cities
Recently someone asked me why I loved living in Minnesota. It’s a question I ask myself every winter, and last night as the snow gently fell outside my window, I sat nestled in front of the fire and counted the reasons I feel lucky I live here.
A good read if you are considering relocating to the Twin Cities
Minnesota is healthy
US News Money rated St. Paul the #1 city for healthcare in American. Kaiser Health News said Twin City area residents are enjoying the best bargains in insurance premiums. Forbes awarded Minneapolis top honors as the healthiest city in the nation. According to Forbes, “If you live in Minneapolis-St. Paul, you and your neighbors are less likely to have cardiovascular disease, diabetes, and asthma and are more likely to be in excellent or very good health.”
Minnesotans Are Fit
We have acres of open spaces and miles of trails so you see people walking and biking everywhere. In the Twin Cities metro area, a high percentage of area is parkland, featuring ball fields, tennis courts, playgrounds, dog parks, golf courses and recreation centers. During our notoriously cold winters, area citizens maintain their commitment to fitness and exercise by skiing, ice-skating, and snowshoeing. Is it any wonder...
Buying vs Renting in Mpls and St. Paul, MN
Are you currently a renter in the Twin Cities who is thinking about buying a home but still apprehensive about making that move? A home is the single largest purchase you will probably make in your life and I applaud you for your careful consideration, that’s a good thing. In addition, maintaining a house is a large responsibility and you need to determine if you are ready to take that on. If cutting the lawn and cleaning the gutters is more than you want to deal with, perhaps a condo or townhouse is a good option for you. Let's take a look at a few good reasons which might make you decide to turn you the renter, into you the proud home owner!
Downside of Renting in The Twin Cities, MN
Experience has taught me that the quality of your rental experience is largely based on your neighbors above, below and on either side of you. If they are inconsiderate and unmindful that they are living in a community where loud music, unruly children, slammed doors, and late night parties will have a detrimental effect on the peace and sanity of their fellow tenants then you are in for an experience resembling the Mad Hatter’s Tea Party. You may be unlucky and rent from an apathetic landlord who is slow to respond to maintenance requests or perhaps one only interested in temporary fixes while you, the tenant deal with recurring plumbing issues...
Buying a Home in Wayzata, MN
In 2012 I bought and renovated a home in the Far Hill Neighborhood of Wayzata Minnesota and it was the best decision I ever made. My family and I moved from Southwest Minneapolis and after 5 years of enjoying the small town feel of Wayzata we are looking forward to 50 more. Wayzata has everything we want in a City and more. Although it is challenging to find a home for sale in Wayzata MN it is worth the effort.
The City of Wayzata
Wayzata is a jewel, a charming lakeside village located on the northeast tip of Lake Minnetonka, overlooking the sparkling blue waters of Wayzata Bay. The land mass is 3.08 square miles and water covers a .08 square mile area, population according to the 2000 census is 4113, median home price as of January 2014 is 449,700 up 8.1% from the previous year according to Zillow.
1. Access to the Metro
Want to see a play at the Guthrie or catch a game at Target Field just hop on Interstate 394 and head west 12 miles to downtown Minneapolis. Perhaps the latest art exhibit at the Walker Institute is on the docket or a concert at the Lake Harriet Band Shell. No problem because it is a 12-mile ride to Uptown as well.
2. Local Shopping
Wayzata boasts excellent local shopping with a thriving retail center featuring dozens of high-quality retail shops featuring fashions, art, and antiques. Need groceries? There is a Lunds on Wayzata Boulevard, a Trader Joe’s in nearby Minnetonka, and Cub in nearby Plymouth. Ridgedale Shopping Center is a mere 2-mile jaunt offering a plethora of quality shops and services.
Twin Cities Housing Market Statistics November 2016
Here we are almost at year’s end and wrapping up on the Twin Cities Housing Market that tells one consistent story. It’s about fewer and fewer homes for sale spending a shorter time on the market and selling for higher prices. A market that favors the seller has been the dominant theme throughout this year. A deeper dive into the numbers for November give us a clear picture of the market trend.
Prices of homes continue on an upward trajectory with a 5.8% increase in the median sales price over last year. Closed sales topped out at a 25.2% increase and inventory dropped a whopping 22.8%. Due to volatility in financial markets responding to the results of the presidential election, the long awaited increase in interest rates happened before the expected Fed increase of last week, which boosted the mortgage interest rate in the Twin Cities to 4.25% with the expectation that rates will continue their upward climb in 2017.
While employment numbers and job creation have remained strong since August 2015, the long-term indicators of what effect the new administration will have on the housing market remain someone cloudy. With a raise in rates, we might very likely see a decrease in first time home buyers that will be able to purchase a home, which may result in a more balanced market in the coming year.
Buying A Home In Minnetonka, MN
Minnetonka is a dynamic city located on the eastern tip of Lake Minnetonka. The land mass is 26.93 square miles, water covers a 1.29 square mile area, population according to the 2010 census is 49,734, median home price as of April 2015 is $306,100 and expected to rise 0.9% within the next year according to Zillow. It is a great place to live, work and raise a family. Here are my top 9 reasons to consider buying a home in Minnetonka.
Minnetonka Homes Have Great Metro Access
A location 8 miles west of Minneapolis makes commuting to the city for work or play a snap. Whether your intent is to explore the uptown or downtown options, less than 20 minutes finds you there! Families relocating to Minnesota often find themselves being encouraged by their Realtor, Co-Workers, and Relocation Director, to look at homes for sale in Minnetonka.
Minnetonka Neighborhoods Have Tons of Shopping
North, south, east or west, there is a profusion of shopping options available to suit your wants and needs. Shop till you drop at the Ridgedale Center where you can browse through 2 levels featuring 140 retail stores which include Macy's, Sears and JC Penney. ...
Twin Cities Metro Housing Statistics September 2016
Summer is yesterday and we are immersed in the second best season for real estate, fall. The theme of the story is pretty much the same: Ardent buyers with sellers still playing it coy. Let’s take a look at the numbers for September and see how they shook out here in the Twin Cities metro.
Market snapshot in one sentence: Job and wage growth coupled with rising rents and attractive interest rates are doing more to inspire buyers than rising property values and shorter time on the market seem to be doing to inspire sellers as the market continues to struggle with inadequate inventory.
Let’s take a deeper dive into the month of September 2016 real estate market statistics in comparison to the same time last year. *
Quick Twin Cities Housing Stats for September
It's October and Fall is Happening
Fall is in the air and summer is now officially a memory. For those of you still in mourning about the transition, deal with it. For those of you that love the sights, sounds and smells of autumn, it’s your time. The Twin Cities right now is about football and homecoming celebrations. Food blogs are featuring soups, stews, and slow cooker recipes. Desserts are apple and pumpkin everything!
Temperatures are definitely cooler. The pools are closed down for the season, the trees are turning beautiful shades of gold and orange, and flip flops and shorts have been abandoned for jeans and sweaters. The sun seems to leave a bronze glow on everything it touches and the chill in the morning air lingers through the afternoon and gets downright cold by sundown.
I'm sure you have planned some of your leisure hours, but in case you have some openings on your calendar for this month, let’s take a look at what is noteworthy in the Twin Cities Metro for October.
For a Spooktacular Halloween
Selling Homes in the Twin Cities Area of Minnesota
The spring and summer housing market is behind us, but as we look in the rearview mirror and wave good-bye, we should also look ahead and say hello to the second best season for home sales, fall. If you thought about putting your house on the market but somehow didn’t manage to pull it all together as yet, here is your second chance as a seller to take advantage of this market leaning so heavily in your favor here in the Twin Cities.
Generally speaking under normal conditions the seasonal adjustment of the cooler months and inventory, prices and market activity seem to follow the downward trend of the temperatures. This may not be the case this year. While inventory levels, days on market, and pending sales are declining, median sale prices are continuing to rise.
Twin Cities Metro Market Data Still Strongly Favors Sellers
The Minneapolis Association of Realtors report for the week ending September ...
This Maple Grove Home Will be Sold Quickly
Take a 3D Tour
This chic contemporary home is light, bright and airy and brings to mind casual elegance. Coupled with the open floorplan is an abundance of warmth and charm, which promises years of comfort and enjoyment for the family who will live here. With 2013 square feet, three bedrooms and three baths on two levels of living space, this stylish home has most of the amenities you would expect to find in this price range, plus a couple of lovely surprises!
The home is well situated on a corner lot in the desirable Shadow Creek neighborhood of Maple Grove. Close to shopping, convenient to highways, and surrounded by lakes and recreation you will love the lifestyle available in this outstanding location. Did I mention great schools and a 30-minute commute to downtown Minneapolis?
Let’s take a closer look as I show you the 7 characteristics I love about this house and I think you will too....