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Shortage of listings continues to constrain Twin Cities housing market

October 18, 2017 by pmcdermott Leave a Comment

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 Twin Cities housing market. Minneapolis Star Tribune.

Retrieved from www.startribune.com

Filed Under: Twin Cities Real Estate News

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

October 9, 2017 by pmcdermott Leave a Comment

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, J. (2017, October 7). For the moment, at least, some Twin Cities home sellers are being forced to cut prices. Minneapolis Star Tribune.

Retrieved from www.startribune.com

 

Filed Under: Twin Cities Real Estate News

Homebuilding continued at feverish pace in Twin Cities this month

October 1, 2017 by pmcdermott Leave a Comment

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

Filed Under: Twin Cities Real Estate News

Twin Cities home sales fall for second straight month

September 22, 2017 by pmcdermott Leave a Comment

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 for second straight month. Minneapolis Star Tribune.
Retrieved from www.startribune.com

Filed Under: Twin Cities Real Estate News

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

August 23, 2017 by pmcdermott Leave a Comment

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 you are thinking of selling or for a home staging referral and tips!

Full Article-Buchta, J. (2017, August 15). Stagers take a bigger role as demand remains high in Twin Cities home market. Minneapolis Star Tribune.
Retrieved from www.startribune.com

Filed Under: Homeowner Tips, Seller Tips, Twin Cities Real Estate News

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

April 21, 2017 by pmcdermott Leave a Comment

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 money, but there’s a price. Bankrate.com.

Retrieved from www.bankrate.com

Filed Under: Mortgage

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