Real Estate Consulting & Sales | Residential + Commercial

Summer Mortgage Rates Declining Again

After increasing for much of 2018 due to the strong economy; mortgage rates have stabilized and have declined recently.  Despite the Federal Reserve raising the benchmark earlier in June, mortgage rates have not followed.  The Federal Reserve has hinted at two more increases in 2018 as they seek to normalize rates with the strong economy. …read more

Nearly 25% of home sales in Minnesota are cash transactions

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

Online Mortgage Rates; not always what they seem

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

Appraisals no longer delaying some sales

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

Which comes first..housing or jobs?

Today’s article from Time Magazine highlights an ongoing issue regarding housing and the economy.   Undoubtable the housing market crash was one of the primary catalysts for the economic downturn.  But housing also creates jobs and can fuel economic recoveries.  New construction has a trickle down effect..from construction workers, realtors/brokers, morgtgage lenders, title companies, engineering firms,…read more

Mortgage rates hit new record low

Mortgage rates fell again this week..sending to a new record low.  According to Freddie Mac, the average 30-year fell to 3.34% and the 15-year to 2.65%.  Rates continue to drop due to the concern over the fiscal cliff and demand for government bonds.  Since the presidential election, investors have pulled from the stock market and…read more

Minnesota Property Taxes rising in a down market

Today’s Star Tribune article explains the recent changes to Minnesota State law that will effect nearly all property owners in the State.  Unfortunatley when our governor and legislature compromised on a budget deal, the property tax issue was a piece of the deal that was not readily understood until just recently.  The bottom line.. property…read more

Closing Costs in Minnesota Ranking

Bankrate.come just released a closing cost estimate by state.  Out of the 50 states, Minnsota has the 17th highest closing costs based on a hypothetical example of a $200,000 priced home and 20% down.   New York has the highest closing costs in the nation.   http://www.bankrate.com/finance/mortgages/2011-closing-costs/closing-costs-by-state.aspx