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The Twin Cities Housing Market January 2018 Review

January Twin Cities Housing Inventory Sinks Lower

We are now several years into a housing market where buyer demand is strong and inventory of homes for sale is limited and ever shrinking. This buying mania has been fueled largely by a strong economy with low unemployment, a robust stock market, and historically low mortgage interest rates. In addition, the high cost of renting has made owning a home the best option in the Twin Cities, as well as a wise financial decision. It was the strong incentive many first time home buyers needed to get off the fence and pursue the American dream of homeownership.  And chase that dream they did!

Buying vs Renting Pros and Cons

We just capped off a record-breaking year for real estate. The story for 2017 was powerful across the nation. In the Twin Cities, the median sales price reached an all-time high. Closed sales broke a twelve-year record high even with inventory levels at a 15 year low. There were lots of reasons for sellers to celebrate. Homes for sale spent less time on the market with full price offers the norm. The market was rocking and tenacious buyers were the rocket fuel that propelled it.

As we look at the first month of the brand new year, January is about supply or I should say, the lack of it. This is the third consecutive month of a decline in new listings leading to lower numbers in both closed and pending sales. When we make a comparison to January of last year, we find an inventory of homes for sale down over a quarter and inventory levels at 1.3 months. When you consider a balanced market is 5-6 months of homes for sale, you can see how strongly this market favors sellers. The competition is fierce with desirable homes often bringing in offers above asking price. Buyers today are considering themselves lucky if they avoid a bidding war.

Interest Rates

The long-predicted rise in interest rates arrived. The 30-year mortgage interest rate sits at 4.5%,...

Do Your New Year’s Resolutions Need a Reboot?

Do Your New Year’s Resolutions Need a Reboot?

Are you among those people who started the New Year with some well-intentioned resolutions only to find that your resolve has dwindled? Perhaps those goals that have slipped below the horizon of your consciousness during the day come back to haunt you at night like an insect buzzing around your head as you try to fall asleep.  

According to statistics, by February 42% of us who made resolutions have not maintained them. We share your pain. We know the feeling when our willpower is on life-support and the loudest voice we hear is shouting self-criticism and blame.

It’s not easy to feel like you set yourself up for failure back on January 1. Statistics also tell us that 42% of Americans fail to achieve their established goals on a regular basis with only 9% feeling they had a successful outcome.  However, and here is the good news to hang your hope on, people who start out the year with defined resolutions are ten times more likely to achieve their goals than those who do not make any.

Tips to Help You Restart Successfully

Take heart the game is still afoot! Every time the sun pops up out of the horizon and begins a new day offers us another opportunity to start over and to achieve our goals. Let’s begin with some general tips to help strengthen your resolve.

  • Forgive yourself. Change is not easy but it is attainable. Remember that successful...