Twin Cities home prices post new gains

Twin Cities home prices continued to be strong, likely making any winter slowdown shorter than usual. The Twin Cities home price index has continued to grow although slightly under the national average, but economists see the moderate gains as sustainable.  Early indications of the 2015 real estate market suggest that it will have been one of the best years in over a decade.  By many measures, the 2016 Twin Cities real estate market looks to be even stronger in the coming year. Full Article-Buchta,... Read more »

Huge November for Twin Cities home sales

The Twin Cities housing market continues to surge. New listings increased by 11.5% over November 2014, but buyer activity left the level of properties for sale 18.5% below the level of one year ago. The housing market was aided by mild weather and low interest rates.  New home building activity has also contributed to the strong fall.   Full Article-Buchta, J. (2015, December 12). Huge November for Twin Cities home sales. Minneapolis Star Tribune. Retrieved from  Read more »

An obstacle in the Twin Cities home market: prospective sellers who are effectively underwater

The Twin Cities’ real estate market is humming along by most indicators and prices in some areas are breaking records. One third of Twin Cities’ homeowners are still effectively underwater, meaning they have enough equity to cover their mortgage, but they would not be able move to another home.  This is one of the last big issues to stymie the local real estate market and the impact is broad. Full Article-Buchta, J. (2015, November 6). An obstacle in the Twin Cities home market: prospective... Read more »

Minneapolis passes $1billion in construction permits

Minneapolis has passed the $1 billion mark in construction permits as of September 11, with several large projects still on their way for city approval. The report follows last year’s record setting $2 billion in city permits, which was largely due to the construction of the new Vikings stadium. Minneapolis probably will not hit the $2 billion dollar mark this year, but there is no shortage of investment in new construction in Minneapolis. Full Article- Painter, Kristen Leigh. (2015, September... Read more »

Twin Cities market tilted toward sellers last month

A shortage of listings in the Twin Cities has tilted the market to favor sellers. New listings are flat, as home sales increased by 7.8% which has led to a short supply of homes for sale. Move-in ready homes that are priced correctly have been moving fast. Homes that are deemed over priced or need work are not selling as quickly, as would be typical in any market conditions. Buyers should be prepared they head out in to the Twin Cities housing market. Sellers take the time to get you home ready for... Read more »

Motivated buyers help spark a record pace for home sales

Twin Cities homes sold at a record pace this June. Closed and pending sales reached ten year highs and homes sold in an average of 66 days on the market according to the Minneapolis Area Association of Realtors. The climate for buyers has been excellent as low interest rates and wage growth increased home buying activity. Buyers have also been motivated by the threat of higher home prices and rising mortgage rates. Sellers have also benefitted from this increase in activity with many experiencing... Read more »

Living large at home again

The average size of a newly built single family home in the U.S. just topped 2,600 square feet for the first time. Home sizes had decreased during the first few years after the housing bust, but big single family homes appear to have made a comeback. The trend has been good for cities with undeveloped land. Full Article-Nelson, E. (2015, June 14). Living large at home again. Minneapolis Star Tribune. Retrieved from  Read more »

Twin Cities home sales rose nearly 20% in May

Sales of homes in the Twin Cities outpaced listings in May. A 20% increase in pending home sales from last month is the most since 2005. Homes that are priced right and “move in ready” are selling fast. The conditions for home buyers are still excellent, but home sellers appear to have the upper hand in the market today. Full Article-Buchta, J. (2015, June 11). Twin Cities home sales rose nearly 20% in May. Minneapolis Star Tribune. Retrieved from  Read more »

Twin Cities home sales surge due to low rates, higher home prices

The Twin Cities housing market enjoyed one of its best months in almost a decade. Median sales prices were up 10% from a year ago and 30 year mortgage rates are still under 4%.   Home buyers are out in numbers this spring with demand outpacing the supply of homes for sale in many areas.  The Twin Cities spring real estate market is definitely in full swing.  If you are interested in buying or selling a home check out and contact Realtor Phil McDermott today! Full Article-Buchta,... Read more »

Fewer sales but more solid footing for Twin Cities housing market

Twin Cities home prices had significant gains last year, as the economy improves and the foreclosure crisis nears its end.  By most measures 2014 the Twin Cities real estate market was at its healthiest since 2008. The market gains and stability bring optimism for an improving real estate market in 2015.  Check in with and Phil for more market info and for all of your real estate needs. Full Article-Buchta, J. (2015, January  15). Fewer sales but more solid footing for... Read more »