Every year I’m asked what’s in store for the next year? Although I can’t predict the future (or I would be playing the lottery!) I predict 2015 will continue last year’s positive momentum. Most economists agree that the Federal Reserve will raise interest rates in 2015; when though it is unknown. We should continue to…read more
New construction homes have historically always commanded a premium price over the existing home market. However, since the housing downturn and Great Recession; the gap between the two product types has widened. In the Twin Cities Metro Area (as of July 2014) the median listing price for a new construction home was $359,900 ($147 per…read more
Good news for home sellers and existing home owners; the foreclosure crisis in the Twin Cities Metro Area continues to dwindle. Foreclosures accounted for only 12% of the resales in June 2014; this compares to 26% of all transactions in 2013 that were distressed sales. In fact, between 2009 and 2011 about one-half of all…read more
The Twin Cities real estate market continues to favor sellers as the number of homes for sale (i.e supply) continues to be tight for buyers. Although supply has increased somewhat in the spring; there are not enough homes listed for sale in the Twin Cities Metro Area to meet buyer demand. As of April 2014,…read more
A recent report by the National Association of Realtors for the first quarter of 2014 shows one-third of all real estate sales in Minnesota are for cash. Nationally, about 43% of all sales in the U.S. were cash transactions. During the Great Recession, the percentage of cash buyers increased significantly from mostly investors who purchased…read more
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
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
