The Minneapolis-St Paul Housing Market Overview
As we look at the end of the summer real estate season, things have not changed very much. We see new listings up 7.6 percent over August of last year, which is a bright spot. However, for first-time home buyers, the story is still one of the limited housing choices facing continued strong demand. The situation when we look at listings under $300,000 is still critical regarding supply. The higher we go up the price tiers, the more balance we see. Properties priced from $500,000 up to $1,000,000, offer a more balanced market in which buyers have more options compared to the over $1,000,000, strata, which is a buyers market.
Looking deeper into the data gives us some reason to be optimistic but cautiously so. Even though we saw an increase in new listings, inventory levels fell 8 percent from last year. Pending sales were down 2.9 percent and closed sales ticked slightly upward at 0.2 percent over the same time last year. Home values continue to move upward to the tune of 6.3 percent while spending less time on the market. Buyers at the lower price range are making full price offers or engage in bidding wars to close a deal.
New Construction in the Metro...
Our Favorite Blog Posts of 2017
It’s that time again. As we say goodbye to the old year and look ahead to 2018 with great expectations it is always worthwhile to reflect on the last 12 months and review the work accomplished with some satisfaction. On Our Twin Cities Home Blog, we try to bring you the best information we can find on everything real estate from buying and selling a home to living well in our vibrant and beautiful Twin Cities Metro.
As we look forward to more good work this year we’d like to share some of our favorite posts with you again. So without further ado, here is what we think deserves a second look before we close the books and begin the first chapter of the brand new year!
Has a year really passed since I wrote this one? It was one of my favorites because I am proud to work with Joe all 365 days of the year. He has a great real estate story and a great philosophy on how he approaches real estate so I felt it appropriate to tell it one more time.
Saving more money is a ...
New Construction vs Existing Home
When you bought your charming starter home, it was perfect. As a newly married couple living in the Twin Cities, the 950 square feet with two bedrooms and one bath felt spacious after living in a one bedroom apartment. Now, two children later and you feel like your once spacious home more closely resembles a hobbit hutch and you know it’s time to move up to something larger. Like many young potential buyers in your position, you are facing the conundrum of should you buy another used home or opt for a shiny new one? Should I buy a new construction home or buy an existing home? According to a Zillow survey, 41% of buyers responded to having a preference for a newly constructed home, but as in every incidence when you are at a crossroad, there are pros and cons on both sides of the equation. When you purchase a home, there is never a one size fits all option and depending on lifestyle and priorities one choice, new vs. existing, may be clearly preferable to the other.
Pros of New Home Construction
Building A New Home In Minnesota
So you decided to take the plunge and buy a home - great! One of the options you should consider if you haven't already done so is a brand new home! When you consider new construction vs. previously owned certainly there are pros and cons on both sides of the equation. Let's take a look at what I consider my top 8 reasons for buying a newly constructed home.
Building a Home in the Twin Cities
Buy or build a new home in the Twin Cities and you get to make all the choices, every single one! You choose the lot, the style of home, floor plan, builder, and all of the finishes touches that will make this house truly your home. Depending on the builder, development, real estate agent and price point you are comfortable with, you can have as little or as much input as you desire.
In the kitchen, you select the cabinets, countertops, appliances you have always wanted. The bathroom fixtures will be up to you, and the style of the doors and windows. And of course, you select all the flooring, light fixtures, and colors! You can decide how you want to allocate your allowances. Perhaps you want the top of the line windows, kitchen cabinets, floor coverings and are willing to spend less on light fixtures...
Top Realtors in Plymouth, MN
Discuss the 10 Best Reasons to Live in Plymouth
Plymouth is the 7th largest city in Minnesota. The land mass is 32.68 square miles, water covers a 2.64 square mile area, population according to the 2012 census is 72928, median home price as of July 2015 is $300,700 up 8% from the previous year according to Zillow. Prices are predicted to rise another 2% within the next year.
Why is Plymouth a great community? Let us count the ways!
1. Plymouth, MN is a Nationally Recognized Best Place to Live
Chosen by Money Magazine as the number 1 best place to live in 2008, and again featured in the top 12 for 2011.
2. The City of Plymouth has easy access to the Twin Cities Metro
Whether traveling to downtown Minneapolis for work or play, just hop on Interstate 394 and head west 12 miles to reach your destination. Should you want to enjoy the shopping and dining experience of Uptown, or enjoy a free concert at the Lake Harriet Bandshell you can be there in about 22 minutes.