The Fourth Quarter nationality
It seems like last week I was still sporting shorts and flip-flops, yet here we are fully ensconced in fall, with winter just around the corner. As we focus on Thanksgiving and gratitude, I am thankful for the strength of the Twin Cities housing market.
The cold months may be the slowest time of the year, but due to historically low mortgage rates, housing demand remains strong while home values continue to rise. Buyers should notice and not let the cold weather stop them from following their dream of homeownership.
The Story of Low Inventory and Strong Demand Continues
If you are looking for a home at the lower price points, you face competition. There are still not enough homes to satisfy the hunger for homeownership. Although we saw a 3.8 percent increase in new listings compared to October of last year, inventory fell short by 5.8 percent. At the higher-priced end of the market, it is either balanced or leaning in favor of the buyer.
The trend for rising home values began in 2011 and continues. For October, sellers enjoyed a 5.7 percent increase in the median sale price last year at this time. At the same time, homes spent 4.2 percent less time on the market, approximately 46 days. With demand strong, home values rising, and interest rates low, sellers should be encouraged.
What You Should Do Once You buy a Minnesota Home
You just bought a home! Congratulations! You’re excited and can’t wait to move in, especially if this is your first home. You want to paint and decorate it. Maybe buy some new furniture. Of course, you want to turn your new digs into a house; you will appreciate every single minute in the years to come. Kate and I felt the same when we bought our first home.
But in all the enthusiasm, there are some aspects of your home you should familiarize yourself with from your first day, for your safety and peace of mind. There are also a couple of new home chores you want to take care of that need to be on the very top of the to-do list.
Things to do Right After You Buy a Home in MN
I’m often amazed at how many new homeowners do not change the locks before or as soon as possible after they move in. It would be best if you were prepared to do this before closing your house. Even when you have met the former owners and think they would never hold back a key, you have no idea how many other legends may be circulating or who may have them. If you want to save some coins, you can buy a rekeying kit. You could also change the locks yourself (it’s easy) or have a handyman perform the task.
Change the Garage Door Code
For the same reasons you would change the locks, you should also reprogram the access code on your automatic garage door opener. Once you have your home secured against unauthorized entry, you will sleep more soundly.
Check Your Smoke and Carbon Monoxide Detectors
Test all your smoke detectors. I...