By Matt Mullins on July 20, 2016
Ten years after the peak of the real estate boom last decade, home prices in the Twin Cities have peaked exactly 10 years later. 2006 was generally the peak year in the real estate boom for most Twin Cities communities and the overall median sales price for 2006 was around $232,000. This past month the…read more
Posted in Buyers, First Time Home Buyers, Market Stats, Sellers, Twin Cities Real Estate
By Matt Mullins on July 6, 2016
The recent vote by the British to leave the EU is affecting even the local Twin Cities real estate market. The turmoil across the sea has sent investors fleeing for safe havens; including the U.S. government bonds. Yields on 10-year bonds have decreased more than 2% this year; which has the led to even more…read more
Posted in Buyers, First Time Home Buyers, Market Stats, Twin Cities Real Estate
By Matt Mullins on February 26, 2016
Yesterday I attended the annual 2016 Condominium and Townhome Development Summit where we discussed the state of the industry, trends, etc. I follow this sector of the real estate sector very closely and often speak at seminars regarding this topic. Although this sector of the real estate market was hit the hardest during the downturn…read more
Posted in Buyers, Condo, First Time Home Buyers, Investment Real Estate, Market Stats, Townhomes, Twin Cities Real Estate
By Matt Mullins on August 21, 2015
Boomerang buyers; or those who lost there home during the Great Recession, are beginning to enter the real estate market. Some 8 million households lost their homes during the recession. Since the housing crisis; many households have repaired their credit and may be buyers again. Typically, credit repair takes about 7 years after a foreclosure…read more
Posted in Buyers, First Time Home Buyers, Market Stats, Twin Cities Real Estate
By Matt Mullins on February 12, 2015
About 25% of home purchases in Minnesota have been cash sales (i.e. no mortgage). This is lower than the national average of 36% and is down from a few years back in the Great Recession. During the downturn and ensuing Great Recession; real estate investors purchased homes at discounted rates and accounted for a significant…read more
Posted in Buyers, Market Stats, Misc., Mortgage/Finance, Twin Cities Real Estate
By Matt Mullins on February 4, 2015
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
Posted in Buyers, First Time Home Buyers, Market Stats, Sellers, Twin Cities Real Estate
By Matt Mullins on August 28, 2014
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
Posted in Buyers, First Time Home Buyers, Market Stats, New Construction, Twin Cities Real Estate
By Matt Mullins on May 13, 2014
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
Posted in Buyers, First Time Home Buyers, Market Stats
By Matt Mullins on April 29, 2014
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
Posted in Buyers, First Time Home Buyers, Market Stats
By Matt Mullins on March 11, 2014
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
Posted in Buyers, First Time Home Buyers, Market Stats, Sellers