The Minnesota Property Group
Real estate is about stories. Each seller, buyer, home, and Agent has a tale. Real estate is undoubtedly a challenging and competitive business, and 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 robust and supportive team can often differentiate between a story with a happy ending and the other kind.
One of the critical elements to any successful group is a robust, supportive and talented leader, like veteran RE/MAX Results agent Joe Houghton. As the Minnesota Property Group leader, he brought together like-minded and talented agents and one content and marketing professional to form his team. As Marketing Director for the group, Joe has been an inspiration that led me to challenge myself and go where I had never gone before professionally. We connected three 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 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 make improvements, we have not crossed paths, and in a state known for the kindness and generosity of its people, if there is a more likable human than Joe, I have not found him yet. Now, let's hear Joe's story.
Joe...
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 the quarter point reduction in FHA mortgage insurance was rescinded which will lock out about 40,000 first time home buyers and force those that will still qualify to seek lower priced homes. Mortgage interest rates have risen as well and now appear to be bouncing between 4.125 and 4.250 percent....
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 listings will the market achieve balance or at least move us in that direction?
Predictions for Twin Cities Real Estate 2017
Now here is where I go out on the limb with my expectations for next year. One factor that looms over the market is with a new administration taking over this month, how is it going to affect the real estate in 2017. Right now there is a great deal of confusion, mixed speculation and uncertainty about the effect this will have...
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...
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 or appliance breakdowns. As a renter, you will probably not have enough storage area for your stuff and have little or no options to personalize your living space.
Buying a Home In the Twin Cities, MN Feels Good
For most people, home ownership is still a large part of the American Dream. It is a rite of passage and the superhighway into adulthood. It imparts a feeling of permanence, stability, and security. Whether home to you is a small condo downtown or a single family home...