Selling Your Twin Cities Home
Although the spring and summer months are traditionally considered the optimum time to buy and sell a home, did you know that the second-best season to Sell your Twin Cities home is the fall? Historically, if we assume normal market conditions, like the air on a crisp fall day, both prices and buyer activity tend to cool off. But as we know by now, this is not a balanced housing market but rather a red-hot housing situation that favors sellers in a big way. Inventory of homes for sale and days on the market continue their downward descent while on the other side of the coin median sale prices continue their climb to new heights.
Let’s explore the current market conditions which support a strong fall housing market for the Twin Cities which make a good argument for selling now.
Twin Cities Real Estate Data
According to the Minneapolis Association of Realtors, the week ending September 9th found inventory decreased 16.5% to 12,587 units for sale with new listings down 3.1% as well. However, pending sales were higher than the same ...
Twin Cities Housing Market
The Twin Cities housing market story for July in Minneapolis-St. Paul is much the same as it has been month over month for a couple of years. For sellers, it’s celebration and uncorking the champagne bottle and for buyers, it is a test of fortitude and commitment to home ownership. The Twin Cities is following a national trend of the past two years where inventory continues to shrink and median sale price continues to increase. How long this market is sustainable, is anyone’s guess but with unemployment holding at 4.3 percent the demand to purchase a home remains high.
A look at the numbers for July has available homes for sale at 12,407 which is a drop of 18.3% from July of 2016. The month's supply of inventory sits at 2.5 compared to 3.1 last year same time, a 19.4% decline. Buyers in the Twin Cities closed on 6,020 homes, 2.6% less than July 2016 at 6,128. Declining inventory, pending sales, closed sales and days on market was half the story, the other half being an increase in median sale price, of $254,000 up 5.9% over last year, the percentage of list price received at 99.2 representing a gain of 0.8% over July of last year.
Maybe you remember the old children’s game of musical chairs that...
Top Realtors Discuss Uptown Minneapolis
The Uptown Minneapolis Lifestyle is Ideal for First Time Homebuyers
Uptown isn't an official neighborhood of Minneapolis and its borders are subject to individual interpretation. Generall, it is bounded by Lake Calhoun to the west, Bryant Avenue to the east, 24th Street to the north and 32nd Street is said to be the southern boundary. However for many, "Uptown" can also refer to a much larger area expanded by several blocks in all directions. So I suppose we can agree that at least geographically speaking, it is an area not clearly defined on the map, but as a lifestyle, most decidedly so.
Talk about Uptown with residents of the Metro and most will describe it as fashionable, trendy, chic and artistic. Sitting alongside Lake Calhoun and Lake of the Isles, uptown offers its residents an exciting urban experience that is unique in the Twin Cities Metro. Here you will find a high concentration of fashionable homes, charming brownstones, restaurants, and bars.
Uptown Residents enjoy shopping at unique small shops featuring the chic and trendy in fashion, antiques. and art. Food and entertain options abound! Dining choices include cozy coffee shops to gourmet restaurants and everything in between. After dinner, take in a movie at the Lagoon. Enjoy the nightlife, meet some friends and listen...
Twin Cities Activities
It seemed like just a couple of weeks ago that the whole splendor of summer lay spread out before us. Now, here we are past the half way mark of August. Hot days and balmy nights seem to be already behind us for this year. The cooler temps probably make it easier for the kids to return to the halls of learning but still, that bittersweet feeling that we have lost something is all too familiar for many of us. In my opinion, the worse characteristic of our summer is that it’s simply not long enough.
Given the fact that the glorious days of my favorite season are so limited, I try to squeeze every drop of joy and pleasure from every blessed day right to the end. At this time, every year, I remind myself that summer is not over, it is just, like me, in its golden days and has much to offer and should be appreciated.
So then, what do you plan to do with your last few precious weeks before the leaves begin to turn? There are so many activities, events, and destinations in the Twin Cities Metro that are tailor made for days in the seventies with low humidity. Need some inspiration?
Art + Mini-Golf = Sculpture Garden at the Walker
If you haven't checked out the mini golf course...
This Golden Valley Home Has It All
2150 Brunswick Avenue N, Golden Valley, MN 55422 – offered at $364,900
If you are looking for a home with a prime metro location, close to downtown, highways, and recreation we can help. Our latest listing, a 4 bedroom, 2 bath, 2496 square foot split level home may be just perfect for your family. This property has been well maintained and tastefully updated with modern surfaces and amenities sure to please.
A great floor plan, bright and airy spaces, beautiful hardwood flooring creates a home filled with warmth and charm, which promises years of comfort and enjoyment for the lucky family who will live here. With 4 bedrooms and 2 baths on three levels, this stylish home offers lots of space for your family to spread out and coupled with some very stylish updates, this property offers a great value at this price range.
The home is well situated on a corner lot in a desirable Golden Valley location....
June Housing - Different Month, Same Story
The Minneapolis-St. Paul Housing Market story for June continues with a theme that we know well. Even though available homes for sale fell 16.5% compared to June 2016, closed sales rose 2.2%, reaching a record high of 7,430 units sold. Home prices also continue their upward trend with the median sales price also reaching a new high of $259,000, 7% over same time last year.
The only factor keeping this market from breaking out is the low inventory levels. Short supply has kept some wanna-be buyers sitting on the sidelines and those actively engaged in the hunt and search for a home are being seriously challenged by the amount of competition for properties. Multiple offers for desirable properties are the norm with days on market at 47 down 16.1%. Percentage of list price received is 99.5 over 98.7 last June, an increase of 0.8%.
Twin Cities Metro Housing Quick Stats
- Exceptional demand and restrained inventory...
17266 69th Avenue N, Maple Grove, MN 55311
Offered at $629,900
If you are looking for an elegant newer home in a family friendly neighborhood we have one in Maple Grove that will impress you. This elegant 5 bedroom, 5 bath residence, built by NIH in 2014 has many upgrades and features that make it a fabulous value in this neighborhood. Prepare to be wowed by classic style with undertones of warmth and contemporary elegance. From the outside to the inside this home has dramatic visual presence thanks to thoughtful architectural details on the exterior to tasteful interior designs, colors, and materials. This house made us sit up and take notice and here are 7 reasons we think you will too!
1. The Cedarcrest Neighborhood of Maple Grove
Imagine living in a modern, planned neighborhood that offers...
How Do I Sell My Home
The best real estate agents know how to market real estate. Here is an example of a blog post that helped us sell a listing we had in the Sanctuary of Minnetonka. We removed the photos, the address, the 3D virtual showing and the video of this home at the request of the new owners.
The Blog Post that helped us sell this Minnetonka Town House
Once upon a time in a cozy little nook in Minnetonka, there was a truly enchanting community of townhomes called The Sanctuary. This is not a fairy tale but you will definitely be enchanted by the magic of this 2 bedroom, 3 bath, 2811 square foot residence. Keynotes of spacious elegance, gracious warmth, and peaceful serenity create the signature ambiance of this unique home, a theme that is evident both inside and out of doors. As I approached the main entrance, I felt vibes of Frank Lloyd Wright’s prairie design in the light fixtures and the door and this was a theme that continued inside the home, but quietly noted in characteristic trademarks like sconces, black wrought iron, rich natural woods, architectural niches and an open flowing floorplan. It is striking how comfortably it fits into its surroundings and that it was designed and situated to take advantage of the available light and space...
The Twin Cities Are Filled With Real Estate Stories
Real estate is the story of buying and selling a home. Since I’ve been a Realtor for 14 years I have stories. Most end happily even though there may have been challenges along the way. But, every once in a while something goes wrong. Mistakes that could and should have been avoided happen. The only upside to mistakes is learning from them. Even better is learning from someone else’s mistake. Free advice that another paid for is like earning bonus miles.
I’m going to share three stories from three buyers who were on the home stretch to close on their dream home and then did something they shouldn’t. They had a signed contract, they had a loan, they had their closing date and all systems were go. And then they did something unthinkable that blew that deal.
Don’t Buy a Car
Alex was ready to stop renting. He was tired of the cost of his tiny apartment going up every year and knew the tight rental market was not going to loosen up anytime soon. Because he had student loans, it took him 2 years to scrimp and save and pay down his debt to a point where he would qualify for a mortgage on a modest condo.
May Housing For the Twin Cities In Two Words – Extremely Competitive
The story for May housing in the Twin Cities is one we have told over and over for months. With the supply of inventory 17.3% lower than last year, it’s about a tale of heavy buyer demand and intense competition to secure a deal on a home. This extraordinary sales activity in the face of an extremely challenging playing field for buyers is continuing to fuel this market causing home values to rise and properties to close in record time. In addition, with the average sale price at 99.5% of ask, that means approximately 50% of homes are getting sold for list price or above.
As is characteristic of any market where supply falls short of demand, home prices are rising. The median sales price for May was $250,000 up 5.5% over same time last year with the average sale price up 6.3% at $294,243. Strongest sales were in the below $250,000 category, making the market most especially difficult for first-time home buyers. The market segment with the strongest sales was townhomes.
New listings for in the ...
Passive Saving Puts More Money in Your Bank Account
Sadly, Americans are not good savers. A survey done last year by GOBankingRates found that 69% of us have less than $1000 in savings while 34% live paycheck to paycheck and have no savings whatsoever. This holds true for Millennials as well and considering the fact that approximately 66% of them have a student loan to pay with an average balance of $40K, we need to do better.
By the time we reach adulthood, saving should be a regular habit in our lives. We will need money to purchase our first home, then to save for our children’s education, and for our retirement. But given the statistics stated above, it is evident that for way too many of us saving money is not easy. When we think of saving, it conjures up words like austerity, frugality, deprivation and we make a face like we just bit into a lemon. What if I can show you there is a way to start saving that is painless. It’s called “passive...
What's Happening Twin Cities?
June has arrived in the Twin Cities and the doorway to summer is wide open. We step through that portal and the whole glorious season awaits us, spread out like a canvas waiting for the artist’s brush to bring it to life! If I sound a bit dramatic I’m not apologizing because summer has that effect on me and I am just going with it.
In the Twin Cities Metro, we celebrate summer in a grand scale with art, music, song, food, and drink. Festivals, fairs, and concerts abound from one end of the metro to the other and beyond. To inspire you as you plan your seasonal calendar, we have curated those once a year most popular events that highlight the summer season in Minneapolis-St. Paul.
Northern Spark, Climate Chaos/People Rising
June 10 8:59 PM until 5:26 AM – Along the Green Line
This is a relatively new metro event began in 2011 but growing in popularity each year. It takes place with events in neighborhoods and public spaces along the Metro Green line connecting Minneapolis and St. Paul. The grandest Northern Spark yet with 70 art projects planned in the neighborhood nodes: Cedar Riverside/West Bank, Weisman Art Museum/East Bank,...
Preparing your home to sell
It is critical that you choose a Realtor that will tell you all of things you should do to prepare your home to sell. If you hire a good real estate agent and follow their advice, tips and tricks, you will sell your home for top dollar. Before you put your house up for sale, you need to deep clean, de-clutter and depersonalize it. When you are getting your home ready to sell, these are the basics and the best place to start. We want to make your property look as much like a new house as possible. Our goal is to project a warm and inviting environment, as clean, spacious, and impersonal as we can so that potential buyers can visualize your house as their home, with their furniture in the living room, their art on the walls and their car in the garage.
Home selling preparation step 1
This can often be the most difficult step for some sellers because often they have an emotional attachment to everything in their house. However, you really need to get rid of the clutter because one thing I know for sure, a buyer's dream house does not include your clutter! It will help you to look at this process objectively and realize that your beloved napkin collection filling up a shelf of the linen closet is clutter from a buyer's perspective. Remember, the buyer is purchasing your house not your stuff, and you want him or her to visualize where they can put their stuff!
The Twin Cities Spring Housing Market April Review
Market snapshot: Spring in Minneapolis-St. Paul and the theme of the housing market story is home buyers as plentiful as mushrooms after a spring shower and “home for sale” signs as rare as dinosaur fossils. Okay, I admit I am exaggerating slightly about the for sale signs but for many buyers, especially in the lower price ranges, it sure feels that way.
New Listings in the Twin Cities were down 8.3 percent compared to April of last year causing inventory levels to fall 19.8 percent with 10,916 homes available in all categories. Values continue to gain momentum with medium sale prices steadily inching upward with days on the market going in the other direction. The month's supply of homes was down 21.4 percent at 2.2 months and needless to say, sellers were quite happy. The short supply of inventory has caused closed and pending sales to be down from last April’s numbers.
Even though most decent properties that are priced to market are selling above list, quickly and with multiple offers, so far buyer demand remains incredibly strong....
New Construction vs Existing Home
When you bought your charming starter home, it was perfect. As a newly married couple living in the Twin Cities, the 950 square feet with two bedrooms and one bath felt spacious after living in a one bedroom apartment. Now, two children later and you feel like your once spacious home more closely resembles a hobbit hutch and you know it’s time to move up to something larger. Like many young potential buyers in your position, you are facing the conundrum of should you buy another used home or opt for a shiny new one? Should I buy a new construction home or buy an existing home? According to a Zillow survey, 41% of buyers responded to having a preference for a newly constructed home, but as in every incidence when you are at a crossroad, there are pros and cons on both sides of the equation. When you purchase a home, there is never a one size fits all option and depending on lifestyle and priorities one choice, new vs. existing, may be clearly preferable to the other.
Pros of New Home Construction
- Buy or build a new home and you get to...
Real Estate Agents in Edina, MN
The best Real Estate Agents in Edina, MN know the streets and neighborhoods of Edina inside and out. Most Realtors that work in Edina will at least know the basics. Edina is a first-ring suburb southwest of Minneapolis. The community is made up of 45 distinctive neighborhoods, many featuring tree-lined streets and well-tended lawns and flower beds.This city is also noted for its upscale neighborhoods of luxury homes. With highway access going north, south, east, and west enjoy easy access to all of the Minneapolis-St. Paul metro area. Downtown Minneapolis is 8 miles away and uptown a mere 5-mile jaunt!
Edina Realtors Tout the Award Winning Schools
Your child will receive a great education in the Public School System. As of 2015 US News and World, report awarded Edina High School a gold medal and ranked it #1 in the state and 197 in National Rankings. Newsweek also ranked it #1 statewide and 121 among all high schools in the US. The music Program has been...
New Month - Same Story for Twin Cities Housing
Market snapshot: What’s up? Sales, home values, ask price, the percentage of list price received, new listings and closed sales. What’s down? Pending sales, days on market, available homes for sale, and month’s supply of inventory. I’m starting to feel like the proverbial broken record but I’m just telling the story not creating it. With the inventory of available housing at a record 14 year low, this market continues to be an extremely challenging one for buyers, especially in the lower price ranges.
Spring is the strongest season for real estate and based on the figures we have in for March it is going to be a great one for sellers as buyers continue to face a landscape of low inventory of homes for sale with transactions completed in less time for a greater percentage of asking price received. Buyers will find it necessary to move quickly with their best offer if they want a chance at closing a deal. So far buyers have proven they are willing to do just that and although interest rates bobbed up along with prices, they have persisted.
As we barrel ahead through the spring don’t expect the situation to change much provided that the economy keeps on chugging along like the little engine that could. As long as consumers continue to have confidence in the economy and...
Building A New Home In Minnesota
So you decided to take the plunge and buy a home - great! One of the options you should consider if you haven't already done so is a brand new home! When you consider new construction vs. previously owned certainly there are pros and cons on both sides of the equation. Let's take a look at what I consider my top 8 reasons for buying a newly constructed home.
Building a Home in the Twin Cities
Buy or build a new home in the Twin Cities and you get to make all the choices, every single one! You choose the lot, the style of home, floor plan, builder, and all of the finishes touches that will make this house truly your home. Depending on the builder, development, real estate agent and price point you are comfortable with, you can have as little or as much input as you desire.
In the kitchen, you select the cabinets, countertops, appliances you have always wanted. The bathroom fixtures will be up to you, and the style of the doors and windows. And of course, you select all the flooring, light fixtures, and colors! You can decide how you want to allocate your allowances. Perhaps you want the top of the line windows, kitchen cabinets, floor coverings and are willing to spend less on light fixtures and doors.
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 the snow.
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.