Lack of affordable homes pulls down Twin Cities’ February closings

Home sales in the Twin Cities have fallen from a year ago. This is not due to a lack of demand, but from a lack of homes for sale. In nearly every other measure of the real estate market has indicated continued strength. Full Article-Buchta, J. (2018, March 16). Lack of affordable homes pulls down Twin Cities’ February closings. Minneapolis Star Tribune. Retrieved from www.startribune.com  Read more »

Final data show 2017 was a great year to sell a house in the Twin Cities

In 2017, Twin Cities home sellers experienced the best year and for home buyers it may have been one of the worst in recent memory. Sellers were clearly in the driver’s seat last year as the supply of homes for sale was at a 15 year low and median home prices hit an all time high. Buyers saw increased prices and competition for fewer listings, especially in entry level homes. Full Article-Buchta, J. (2018, January 23). Final data show 2017 was a great year to sell a house in the Twin Cities. Minneapolis... Read more »

Banging hammers and year’s end: Twin Cities new home construction leaps in December

2017 was a year to remember for Twin Cities real estate and new construction activity continues to surge at year’s end. Building permit activity has increased with single family homes by 36% compared to last year along with similar growth in apartment construction. Full Article-Buchta, J. (2017, December 27). Banging hammers and year’s end: Twin Cities new home construction leaps in December. Minneapolis Star Tribune. Retrieved from www.startribune.com      Read more »

Shortage of listings driving up Twin Cities home prices

The shortage of home listings in the Twin Cities is fueling higher home prices and quicker sales. Prospective home buyers in the Twin Cities need to be ready to make quick decisions and prepare strong offers. Full Article-Buchta, J. (2017, November 15). Shortage of listings driving up Twin Cities home prices. Minneapolis Star Tribune. Retrieved from www.startribune.com  Read more »

Shortage of listings continues to constrain Twin Cities housing market

The Twin Cities real estate market is experiencing a cool down as there continues to be a shortage of affordable and entry level homes. The annual seasonal slowdown has exposed the imbalance between buyers and sellers at the entry level of the housing market. The upper level home market is less competitive than the lower level, as multiple offers for affordable “move in” ready homes has become increasingly common. Full Article-Buchta, J. (2017, October 16). Shortage of listings continues to constrain... Read more »

For the moment, at least, some Twin Cities home sellers are being forced to cut prices

The Twin Cities real estate market has been hot and is closing in on a record year of sales, despite a tight supply of homes for sale. The annual seasonal slowdown as we move into winter may be benefitting the buyers still in the market place. Twice as many homes for sale had price reductions in August (20% of listed homes in August had price reductions) than in the past spring. The homes of the bottom tier have been far less likely to see price reductions than the upper tier. Full Article-Buchta,... Read more »

Homebuilding continued at feverish pace in Twin Cities this month

Twin Cities homebuilders are finishing up what will be one of their best Septembers in a decade. Home building permits were issued at a rate 14% higher than last year. Optimism reigns for builders in the Twin Cities market despite concerns over increased land, material, and labor costs. Full Article-Buchta, J. (2017, September 28). Homebuilding continued at feverish pace in Twin Cities this month. Minneapolis Star Tribune. Retrieved from www.startribune.com  Read more »

Twin Cities home sales fall for second straight month

Home sales in the Twin Cities fell for the second straight month. The Twin Cities real estate market typically slows at the end of summer, but this year there have been some complications. The biggest factor in this slow down is the continued lack of supply at the entry level of the housing market. Home prices continue to rise, but overall sales numbers are lagging because of the short supply on the lower end of the market. Full Article-Buchta, J. (2017, September 19). Twin Cities home sales fall... Read more »

Stagers take a bigger role as demand remains high in Twin Cities home market

Homes in the Twin Cities are nearly selling themselves as the real estate market remains strong, but home stagers are still in demand. Supply of homes for sale remains tight, but buyers are still looking for value and staging your home for sale is as important as ever. Home staging used to only be found in the high end real estate market, but home staging has proved effective in attracting buyers at all price levels, decreasing market times, and increasing sales prices. Contact Phil McDermott if... Read more »

Reverse mortgages look like free money, but there’s a price

Reverse mortgages may look like free money, but you do have to pay back a reverse mortgage loan.  Reverse mortgages allow home owners to take advantage of the value or equity built up in your home.  There are many benefits to reverse mortgages, but it is important to understand these loans before you consider or agree to a reverse mortgage.  This article is a good overview of how reverse mortgages work. Full Article-Karaim, R. (2016, Novemeber 23). Reverse mortgages look like free... Read more »