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...
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...
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?...
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...
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....
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...
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...
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...
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....
September – the Twin Cities in Seasonal Transition
September is the month with an identity crisis. Football season has begun, but we are still watching baseball. Food bloggers are pushing soups and stews while we are still throwing brats on the grill. Some people in the Twin Cities think of it as fall and others summer. The autumnal equinox on the 22nd officially welcomes fall, but I think the weather has the last word.
Generally, the temperatures are pleasantly moderate creating perfect opportunities to enjoy your favorite outdoor sport or pastime. Yet we can’t help but notice the chill that creeps into the evening air and lingers into dawn. The clouds tend to be high and scattered and the sky a different shade of blue than it was in midsummer. Yesterday I noted little pops of gold and orange among the still lush green of the trees which serves as a reminder that the inevitability of autumn’s arrival cannot be denied.
Why not allow September to surprise us every day and enjoy these last weeks of summer sporting...
The difference between a Condo, Single Family, and Townhome in Mpls, MN
You, the first time home buyer have now been through the preapproval process and know how much the lender is willing to give you for a mortgage and at what rate. You also know how much of a down payment you need and your approximate closing costs. You know how you will pay for your home. Check!
You, the first time home buyer know the current Twin Cities real estate market favors the seller and competition for homes is keen at your price range. Knowledge is power and you feel confident that you will move quickly when you find “the one” because you have done the work and are fully prepared. You know how to maneuver through the Twin Cities real estate market. Check!
You the first time home buyer feel confident and prepared because you have a real estate professional at your side for each important step of the home buying journey and will use his experience and knowledge to...
Catching the Last Waves of a Twin Cities Summer
In the Twin Cities in August, the weather can be hot and the nights balmy, but not always. Weather is unpredictable here but that’s all right because we Minnesotans have been trained to be complacent about the weather. Cone flowers and all varieties of daisies are headlining in the flower beds and sunflowers are standing tall in the fields.
There is a collective and audible sigh of relief from parents with the beginning of the school year in sight. Their kids are contemplating their return to the class rooms as well. Some are reluctant to see the end of summer vacation, while others are excited with anticipation of what is ahead for them in the new school year.
We are in the final weeks of the season, somewhere just beyond midsummer glory and before its swan song. These days are lush and bountiful. We savor them with the knowledge that all too quickly they will come to an end. Let’s make the most of these final weeks as we countdown to fall. Whether you chose to spend the time feeling idle and blessed soaking up the warmth of the sun, or want to turn these last weeks into a full-scale celebration here are some ideas that will help you squeeze every drop of joy out of these last days of summer.
15 Ways to Celebrate the Month of August in the Twin Cities
- Make time for your...
Local RE/MAX Agents Named Among “America’s Best”
The Minnesota Property Group Earned Ranking for 2015 Home Sales
Plymouth, Minnesota July 26, 2016 – The Minnesota Property Group led by Joe Houghton with RE/MAX is among the 2,691 RE/MAX agents and teams featured in the 2016 REAL Trends “America’s Best Real Estate Agents” survey. The agents included in the survey represent less than 1 percent of all real estate professionals in the United States.
On learning the news, team leader Joe Houghton said, “Our team focus is treating our clients like members of our own family to provide them with the best possible home selling or buying experience on the planet. To have our team recognized alongside of so many hard working, dedicated real estate professionals is an accomplishment and we are honored to be named ‘America’s Best’. I’m so proud of my awesome team!
“America’s Best” is the industry’s largest ranking of agents based on homes sold in 2015. The survey is open to individual agents who closed at least 50 transaction sides or $20 million in sales volume and teams who had at least 75 sides...
Buying Your First Home in MN | How to buy a Home in the Twin Cities
After reading our first post in this series, The First Time Home Buyers Journey – The First Step Begins with 3 Questions, you have answered all of these in the affirmative and are anxious to buy that home! Congratulations on your decision! The enthusiasm is great! Everyone should be excited about buying their first home but let’s take a deep breath and think about the next 3 steps – knowing the market, getting lender approval and selecting a Real Estate Professional.
The Twin Cities Metro Housing Market
First, let me say that as a first time home buyer I have good news for you. Second let me say, I also have some bad news. Let’s start with the good news. Interest rates are the lowest they have been in the last 3 years. Right now, with excellent credit, it is possible to get a rate as low as 3.5 percent. Want to hear more good stuff? You do not have to have a 20 percent down payment. As a matter of fact, with good credit, you may be able to get a conventional mortgage with only 3 percent down. Credit not so good or you still need down payment assistance? FHA might be the way to go. So now for the not as good news.
For anyone purchasing a home under $500,000, the twin cities is a seller’s market. The dynamic causing this is basically far more demand than supply, and the lower the price range the less inventory of housing you will find. According to data published by the ...
Ahh June - the portal to Summer! Step into June and the entire glorious season of warmth and sunshine is beneath our feet, stretching out before us. June is weddings, kids out of school, family vacations, cooking on the grill and baseball. June is bright blossoms exploding with bursts of color from the flower beds and strawberries melting with sweetness on the vine. I love that June is comfortable, warm but not hot and we are beckoned to the golf course, tennis courts, and favorite biking and walking trails.
Summer in the Twin Cities is all that and more. Summer inspires us to celebrate with great music, art, food, drink, festivals and fairs. After a long winter are we ever ready! So without further fanfare (because I could go on for pages extolling the virtues of June) let’s take a look at what is happening on the sidewalks of Minneapolis-St. Paul this month.
Celebrate June – Celebrate Art
The 50th Annual Edina Art Fair
Friday June 3 through Sunday June 5, 50th and France, Edina Minnesota