By Matt Mullins on September 18, 2015
Undoubtably the Twin Cities Metro Area is within a real housing boom. Seems everywhere you look another crane is constructing another rental hi-rise. The past two years have been banner years for new rental housing as nearly 8,000 new units have been developed. However, not all the rental housing in the Metro Area is located…read more
Posted in Investment Real Estate, Rental Housing, Twin Cities Real Estate
By Matt Mullins on September 15, 2015
The Twin Cities real estate market continues to favor sellers; due in part to the low inventory of homes for sale. In a normal market, there should be a supply of homes for about 5 to 6 months; however many markets are experiencing extremely low home inventories which as resulted in transactions that are favoring…read more
Posted in Buyers, Sellers, 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 June 11, 2015
Recently the US Census/Commerce Department published its annual Characteristics of New Housing report and to no surprise from real estate experts….today’s buyers desire larger homes. The average size of a new home decreased during the Great Recession; however as the new construction has been rebounding over the past five+ years home sizes are growing again. …read more
Posted in Buyers, First Time Home Buyers, New Construction, Twin Cities Real Estate
By Matt Mullins on April 30, 2015
Historically, starter homes have been a prominent housing type within the new construction segment. Prior to the peak of the real estate market in 2005/2006, starter homes priced under $200,000 represented a major share of the housing inventory. However, since 2005 the number of new homes priced under $200,000 had declined substantially. Today, there are…read more
Posted in Buyers, First Time Home Buyers, New Construction, 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 5, 2015
The number of homes that have been flipped in the Twin Cities is down considerably as the market continues to show positive momentum. Investors were particularly attracted to flipping homes during the Great Recession when lender-mediated properties could be purchased for cents on the dollar; resulting in instant equity to the new buyer. together with…read more
Posted in Buyers, Investment Real Estate, 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 October 15, 2014
The Economists at Trulia have done an excellent job providing an overview of key metrics we measure the housing market as we’ve come out of the Great Recession. The graphic below summarizes key housing market indicators related to a normal housing cycle. Over the past year numerous strides have occurred in the local Twin Cities…read more
Posted in First Time Home Buyers, Lender-mediated properties, 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