One thing I know for sure is the passage of time always brings change in its wake. Fashion, food, hairstyles, home décor, and lifestyles have become extremely sensitive to trends. Some embrace change and others fight it. Whichever the case, a constant we can depend on is trends are going to come and go regardless.
Sifting Through The Mount Everest of Home Buyers Advice
Along with changes in style, there is an incredible amount of advice available about what we should hold on to and what we should let go. Real estate is no different, and it is essential that we weed through all the bits and pieces of information and discover what is still meaningful and what no longer serves us when we decide to put a roof over our heads.
Purchasing a house is the most expensive buy of a lifetime for most of us. It is predominately a joyful experience, but a certain amount of stress is inherent in the process, especially for first-time homebuyers. We want to make the right choices, so we look for advice from family, friends and the internet. But with so many tips out there, how do we know which are keepers and which we should ignore? Here are several pieces of home buying advice that have not met the test of time.
You Will Always Be Better Off Owning Than Renting
The Ups and Downs of the 2018 Housing Market
The 2018 housing market has sure been a wild ride. The year began with rapidly rising home prices and low mortgage interest rates. Bidding wars were the norm for highly desirable homes. It was not unusual for sellers to find a buyer in the first few days after putting their house up for sale, generally at full asking price or even above. Sellers were riding high while buyers struggled to close a deal on a home.
But in the last few months of the year, we begin to see a shift in the market. Prices are finally stabilizing or increasing at a slower pace. Interest rates reach 5.2 percent, an 8-year high. Though now rates have fallen back to 4.59 as a benchmark for a 30-year fixed rate mortgage. The market still favors sellers but to a lesser degree.
2017 compared to 2018
- new listings down -0.3%
- pending sales down -3.6%
- closed sales down -3.4%
Minneapolis-St Paul Housing Data
As we say adios to 2018 and move into the new year, expectations include some long-awaited changes. The last half of the year we saw increases in new listings, decreases in sales, and median sales prices on homes rise more slowly.
The increases we are experiencing in no way is enough to balance the market at the lower pricing tiers. However, first-time buyers and downsizing boomers will begin to find more home buying options in the coming year. That fact alone will make buyers smile.
A Look at December Housing Numbers
Looking at a comparison of December 2018 to the same time last year, we see new listings up 3.5 percent, closed sales down 9.9 percent, list price received down 0.2 percent, and the median sale price of $258,000 up 4 percent. Pending sales showed a decline of 3.3 percent, while the month’s supply of inventory rose 13.3 percent. Days on the market decreased by 6.6 percent.
What story do these numbers tell us about the housing market in Minneapolis and Saint Paul? Pretty good news. We are finally starting to see more housing choices at lower pricing levels. Sellers are more flexible when they receive less than full price offers. This situation takes some pressure off of buyers.
Sellers also have reason to smile. Property values continue to rise with median sales prices up 4% over December of 2017. Additionally, sales of homes are still brisk as we see days on the market drop...
According to the American Pet Products Association survey taken in 2018, 68% of households have at least one pet. People love their pets. That same APPA survey found that those millions of pet owners spent billions of dollars to prove it, $72.13 billion give or take a couple of mils. That’s a lot of puppy chow and catnip!
Many pet owners consider their fuzzy wards children, and often refer to them as “fur babies.” Being a dog owner, I understand completely. Our Doodle is an integral part of our family, and we all love him. However, when the time arrives to sell your home, beloved pets can present logistic problems. As much as I hate to have to say it, there are times that pets can present issues that sellers must resolve before listing the property.
The Challenges of Selling a Home with Pets
Some of the issues sellers faces when they have pets include:
- funky smells and odors
- what to do with pets during showings
Did you know that Sperling’s Best Places named Minneapolis the third best city for hygge in America? Now you do. Don’t get me wrong; we are not turning our nose up at the third place award to Seattle #1 and Portland #2. However, some of us think with more people of Scandinavian heritage in the Twin Cities and colder winters we should be #1 when it comes to getting our hygge mojo working.
What does hygge even mean and how do you pronounce it?
By now, you have probably at least heard the term hygge. It is a Danish concept that has created a considerable buzz in the home décor market. But it is not just about decorating; it’s a lifestyle.
It is a concept of embracing simple pleasures. The Danes, being awesome people, created hygge in the 18 century and it remains an integral part of their culture today.
The word is pronounced “hue-gah.” Frequently defined as coziness, and in the Oxford English Dictionary as “to keep or make oneself snug.” So hygge also reflects a feeling of safeness and warmth.
The critical thing to note is that even with long winters and limited hours of daylight, Danes are considered to be the world’s happiest people. Since you want buyers to be the happiest people when they tour your home, let’s hit them with some hygge.
Soft, Warm, Snug Cozy
Another New Year celebration is over. As our planet begins another journey around the sun, so we start our quest for perfection vis a vis New Year’s Resolutions! While most of us are on board with improving our personal and professional life, resolutions may not be the best way to achieve our goals.
Studies show that only 9.2 percent of us complete new year resolutions. What’s even worse is that 80% fail by February. Why are failure rates so stunningly high and what can we do to improve our chances for success?
Why our resolutions fail.
There are several reasons why so many of us crash and burn when it comes to the promises we made in the final days of the outgoing year. We are swept up in those moments when we feel buoyant and inspired about all the glorious opportunities we anticipate in the upcoming twelve thirtyish day blocks of time on the calendar. We feel invincible and as if there is nothing we can’t accomplish. We see traits of Mario Batali, Mary Barra and Marie Kondo in ourselves. And so we launch another year with too many expectations and unrealistic goals, setting ourselves up for another epic fail.
Typically it may look something like this: after work rush to gym...