Important Minnesota real estate market statistics and information
Found 7 blog entries about Market Update.
4 CHALLENGES FOR 2017: Inventory. Rates. Values. Websites.
1st - CONSUMER WEBSITES
They can be very frustrating... Through the internet, you'll only have access to consumer websites like zillow, trulia, realtor(.)com, and brokerage websites like Coldwell Banker, etc. These are fine sites to get a flavor of what has been on the market for sale. However, those consumer sites have roughly 50% (or more) of the homes listed on them actually SOLD and unavailable. Unfortunately, that's VERY common. If you want to chat with me about helping you or someone you know full time I can tap buyers in to our local MLS database of homes for sale. This will give buyers access to the true inventory and will filter out homes that have already sold. I do not charge a…
The #1 Reason to Buy Right Now – THE MONEY!!
People often ask whether they should buy a home now or wait. Recently released data suggests that waiting may not make sense as prices seem to again be on the rise. Let’s take a look at some of the data and commentary on the subject:
Ed Stansfield, chief property economist at Capital Economics:
“The current tightness of supply conditions would normally be consistent with much faster price growth. The continued steady growth in home sales that we expect this year will only add to this upward pressure on prices.”
Case Shiller Home Price Index
“The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a 4.1% annual gain in March 2015 … with a 0.8%…
I wanted to have a conversation about renting versus buying. I definitely understand now may not be the right time to buy, especially if affordability is a concern and you may be unsure were you’d like to live in the near future.
That said, I thought you might find this article on the hidden long-term cost of renting compelling. It’s called “The $700,000+ mistake nearly 6 in 10 millennials may make.” You can check out the article at the related link below.
Renting in the short-term may be your best option, but waiting to buy can have a high cost. For example: “At current rates of appreciation, in 10 years the average home (now priced at $190,000) would be selling for about $249,000. If interest rates return to their historical norm (from over the…
If a person or family is ready, willing and able to purchase a home, we believe that owning is much better than renting.
And we believe that now is a great time to buy.
We are not the only ones that think owning has massive benefits or that now is a sensational time to plunge into owning your own home. Here are a few others:
Benefits of Owning
Joint Center for Housing Studies, Harvard University
“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord…Having to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings.”
The Federal Reserve
“Renters have much lower median and mean net worth than…
Another snowy day here in Minnesota! At least the kids are back in school, and I hear that we will soon be up to a high in the 30s. Spring is here! Not quite... but it is in the real estate market. There is much to prepare for our busiest time of year.
I thought you might enjoy a brief real estate market note.
In 2012 the median sales price increased 12% and in 2013 the median sales price increased just over 14%. Hooray for 2 consecutive years of solid price gains!Now that the housing market has stabilized, more and more homeowners are considering moving up to the home they have always dreamed of or considering buying their first home (maybe someone you know?). Prices are still below those of a few years ago as they are not yet near the peak and…