The following article and Infographic shows the average downpayment by geography. According to LendingTree, the average down payment in Minnesota is about 14.5%, ranking us #20 in the U.S. Although lenders continue to demand a high-level of due diligence on prospective lenders, they have loosened their belts from the over correction that occurred during the…read more
This past year was a pivotal year in the housing recovery in the Twin Cities. The Twin Cities Metro Area shifted from a buyers to sellers market over the course of the year. The number of sales were up nearly 9% while the median sales price increased over 14% for a year-end median sales price…read more
As the housing market turned a corner in 2013, house flippers contributed to the turn-around. Many investors in the Metro Area were able to purchase foreclosed homes for cents on the dollar, remodel the homes, then bring them back to the market. I recently viewed 8 properties with a client and 7 of the 8…read more
As the Twin Cities Metro real estate market has improved in 2013, the number of lender-mediated properties has decreased signicantly as homeowners have recovered lost equity and are no longer upside down on their market. As a result, the number of investors seeking homes to “flip” has decreased significantly. However, investors with deeper pockets are…read more
A recent study confirms what I often tell clients; mature trees add curb appeal to a property and can increase a homes sale price. The study found that homes with trees sold for over $7,000 more than other like homes! Not only do trees add curb appeal and can lower your cooling costs in the…read more
When shopping for mortgage rates online, rates can vary significantly from lender-to-lender. If a rate seems “too good to be true”..it probably is! Some lenders may advertise low rates; but when analyzing the terms many times they may include hidden fees or points buying down the rate. The Mullins Group recommends engaging multiple mortgage broker…read more
For years, the trend has been to design homes to the back of the house as we have become an auto-dominated society with front-loaded garages. Prior to the 1970s, a high percentage of homes constructed throughout Minnesota had front porches. However, that design trend faded as garages became larger and more emphasis was placed on…read more
Over the past few weeks, mortgage rates jumped at the higest levels in the past 30 years as a percentage increase. This jump was in response to the Fed pulling back on the Qualitative Easing program as the economy improves. This announcement resulted in a rise in the 10-year treasuries which mortgage rates follow. After…read more
As any buyer, Realtor, lender, or anybody else in the real estate industry will tell you…appraisals have been a hurdle through the economic downturn and housing correction. Lenders tightened underwriting criteria, while appraisers had few competitive properties to compare and have been extremely conservative. As a result, many offers with agreed upon terms between a…read more
Technology has changed the home buying and selling process signficantly over the past few years. With the addition of Apps, today’s buyers and sellers have access to real estate data that previously was tougher to obtain. There are literally hundreds, if not thousands, of real estate apps available. From home searches to mortgage applications to…read more
