Homebuilding busts out in Twin Cities in May

May was one of the strongest months for Twin Cities homebuilders in at least a decade. A shortage of homes for sale on the market has forced many buyers to consider new construction.  There was also a shift in homebuilding activity from apartment construction to single family homes. Full Article-Buchta, J. (2016, June 1). Homebuilding busts out in Twin Cities in May. Minneapolis Star Tribune. Retrieved from www.startribune.com  Read more »

In Twin Cities, as demand rises so do entry-level homes

Many potential home buyers are competing for limited listings in the Twin Cities real estate market. Homes that fall into the “entry-level” category are in especially high demand.  The term “entry-level” has evolved from past definitions as first time home buyers are often waiting longer to buy and often varies significantly by location. As the demand for entry- level homes has increased homebuilders have started to build more of these homes and cater to entry level home buyers. Full Article-Buchta,... Read more »

In Twin Cities, some home sellers won’t make a deal until they find a new place themselves.

Selling a home in the current Twin Cities real estate market has been easier than buying one. Some sellers have been reluctant to list their home or sell without knowing they will find a suitable home to purchase.  To address the challenges of the tight real estate market a “seller’s contingency” has been introduced that gives the seller the right to sell only if they can find a suitable home to purchase. The introduction of a “seller contingency” is not a standardized practice, but may... Read more »

As inventory tightens, home purchases continue to rise in the Twin Cities

Home buyers were moving into the Twin Cities market last month, but sellers were scarce.   Closings were down from last year on the short supply of homes for sale, but there was a 12.6% increase in signed purchase agreements from a year ago.   Sellers look to continue to benefit from what looks to be a favorable market to sell a home.  Buyers that are serious, should be prepared and ready to make a strong offer on homes this spring. Full Article-Buchta, J. (2016, April 14). As inventory tightens,... Read more »

Starter homes in short supply across the Twin Cities

First time home buyers are having a tougher time getting in to the Twin Cities housing market the supply of entry level homes is down 35% from last year. Competition has been fierce for entry level homes in good condition and priced competitively.  A Twin Cities housing market that is healthy by most measures is being held back by a shortage of supply of homes priced under $250,000. Full Article-Buchta, J. (2016, March 12). Starter homes in short supply across the Twin Cities. Minneapolis Star Tribune. Retrieved... Read more »

Minnesota foreclosures at lowest level since 2005

The foreclosure rate in Minnesota for 2015 fell 13% to its lowest level since 2005. The stable Minnesota economy and rising home prices have helped to keep mortgage default rates down.   The Twin Cities mortgage delinquency rate remains far lower than national averages.  This decrease in foreclosure rates is another strong sign of a real estate market in recovery. Full Article-Buchta, J. (2016, February 25). Minnesota foreclosures at lowest level since 2005. Minneapolis Star Tribune. Retrieved... Read more »

Twin Cities home sales remained strong in January but pinched by tight supply

The Twin Cities housing market remained strong in January; a limited supply of homes for sale has impacted the market. Some Twin Cities areas have seen home prices reach new heights and average home market time has decreased.  Buyers are coming in to the market place and need to be ready to make an offer when good listings reach the market.  The housing market is strong, but sellers still need to have their home in top condition and careful in pricing (especially at the top end). Full Article-Buchta,... Read more »

Twin Cities housing market in 2015 was best in decade

In 2015 the Twin Cities saw the most home sales in a decade. Homes sold were nearly 14% more in 2015 than last year and the median sales price rose 7%.  The median home sale price in the Twin Cities of $220,000 was just 4.5% below its peak in 2006.  The Twin Cities housing market should remain strong in 2016. Full Article-Buchta, J. (2016, January 21). Twin Cities housing market in 2015 was best in decade. Minneapolis Star Tribune. Retrieved from www.startribune.com  Read more »

Homebuilding increased in the Twin Cities last year, but mostly for apartments

Twin Cities residential construction rose in 2015.  Over half of the building permits issued in 2015 were for new apartments in effort to meet the demands of a strong rental market.  Single family homes have not yet gained the momentum that other areas have gained over the last few years. Buchta, J. (2015, January 5). Homebuilding increased in the Twin Cities last year, but mostly for apartments. Minneapolis Star Tribune. Retrieved from www.startribune.com  Read more »

Twin Cities home prices to stay strong as region inches closer to pre-recession prices

Twin Cities real estate experts expect that 2016 will be another strong year. The first Federal Reserve interest rate increase in almost a decade has not seemed to dampen this outlook. Home prices moving toward pre-recession levels should increase the supply of homes for sale where demand remains strong.   Full Article- Painter, Kristen Leigh. (2015, December 31). Twin Cities home prices to stay strong as region inches closer to pre-recession prices. Minneapolis Star Tribune. Retrieved from... Read more »