Home Buying Advice MSP

One thing I know for sure is the passage of time always brings a 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 that trends will come and go regardless.

Sifting Through  Home Buyers Advice

Along with style changes, there is an incredible amount of advice about what we should hold on to and what goes off. Real estate is no different, and we must 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 seek advice from family, friends, and the internet. But with so many tips out there, how do we know which keepers 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

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 Realtor Reviews Minneapolis 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 the total 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. 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%
• overall median sales price up +7.7%

Now what you have all been waiting to hear. What are the takeaways for the 2019 market?

The Economy

The economy right now is still vibrant but showing signs of moderating. Everything that happens in the future will hinge on the trade war.

If the US and China reach a trade agreement by March, that should send the stock market soaring and consumer confidence along with it. However, if the trade war continues and the tariffs become even more punitive, that will own the world economy and the US along with it.

Now you might ask, why do we care, and how does China affect the housing market?  It’s about interest rates...

Minneapolis-St Paul Housing Data

As we say adios to 2018 and move into the new year, expectations include some long-awaited changes. In the last half of the year, we saw increases in new listings, decreases in sales, and median sales prices on homes rising more slowly.

The increases we are experiencing in no way are 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 2017. Additionally, sales of homes are still brisk as we see days on the market...

Selling a Home With Pets

According to the American Pet Products Association survey 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 raise 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
• ...

Use Hygge to Sell Your House

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 the world’s happiest people. Since you want buyers to be the most satisfied people when they tour your home, let’s hit them with some hygge.

Soft, Warm, Snug Cozy

Hygge decorating is about texture. Soft materials that provide warmth and comfort are essential. Aspects of this decorating style that you can pull together in staging your home for winter are knits, fur or velvet pillows,...