Our median sale price has continued to rise and currently sits 10% above its previous peak. Here’s what else you need to know about our current market.
It’s time for another update on the Twin Cities real estate market. First, we have some very exciting news. Looking back, the previous peak of our market was in 2006 and 2007. During that time, the median sale price was right around $240,000. Now, as we fast forward, we’ve exceeded that peak and are currently around 10% above where this previous peak was. Our current median sale price is around $260,000.
This median sale price is up because inventory is down and demand is up. It feels like we’ve been talking about this for a while now, and it has continued into this year. However, there is one thing that we’re starting to see change a little bit. Pending sales are starting to slow. We’re still in a pretty strong seller’s market, but those pending sales numbers are declining a little bit more than usual.
"We’re currently 10% above our previous median price peak.”
If you're interested in selling in the spring, now's a great time to get started.
Are you looking to list your home in the spring? Well, if so, I have a couple of great tips to share with you.
Since the spring market starts in February and March, there could be a lot of snow on the ground. Buyers will wonder what your yard looks like, so I suggest that you get our photographer out to your place now while you can still get exterior photos. This is a great opportunity to get photos with a green lawn and nice foliage on your trees so buyers can see what your yard looks like in the summer and fall time.
"This is a great opportunity to get photos with a green lawn and nice foliage on your trees.”
Also, you will want to have us come out and take a look at your home and make sure there aren't any exterior projects that need to be done before winter arrives. We can make suggestions for you so that you can get these projects done and get your house ready to sell.
If you have any questions about this or if you would like to know more about buying and selling in...
Though there were some key changes brought to our real estate market by the new tax reform act, the majority of us won’t be affected by them.
There’s a lot of news out there about the new tax reform act, and we’ve summarized some of the key changes that will impact our real estate market the most.
The first change involves the deduction for property taxes. In the past, if you itemized your deductions, you could deduct the full amount of your property taxes. This deduction is now capped at $10,000.
The second change has to do with the mortgage interest deduction. Previously, this deduction was capped at $1 million, but it’s now capped at $750,000. Any properties that were purchased until the middle of December 2017, though, will be grandfathered into the $1 million deduction.
"Interest rates today are even lower than
For the majority of our Twin Cities market, business will go on as usual.”
One thing that was left unchanged was the length of time you must live in a home to get the capital gains deduction when you sell that home. There...
It’s time to look back at 2017 and forward to what we can predict for our market in 2018.
Now 2018 is underway, it’s time we take a look back at what we saw from our market in 2017, as well as look forward to what we should expect for the rest of this year.
Last year, we predicted that pricing would trend upwards by approximately 5%. What actually happened was that prices rose by 7%, with the median sales price having increased to $246,000.
Inventory reached all-time lows last year, with around 13,300 homes on the market at the time. Now, inventory is actually down to 11,300.
Interest rates today are even lower than
what we saw in 2017 as we enter the spring season.
When is the best time of year to put your home on the real estate market? It’s coming sooner than you think.
Just a few months ago, we talked about the best time of year to buy a home. We came to the conclusion that the months of November, December, and January were the ideal time. Today we’d like to talk about the best time of year to sell a home.
It should come as no surprise that the best time of year to sell your home is when the most buyers are out there in the marketplace. That tends to coincide with when the inventory starts building. Typically, we start seeing people putting their homes on the market in mid-to-late January.
"The late winter/early spring months are best."
The home sellers that list during that time tend to be on the beginning edges of the peak selling season. We usually see the peak numbers...
We’ve had a great year in 2017 thanks to all of you. We’re looking forward to an even better one in 2018.
"This has been a great year for us."
On behalf of everybody here at the Barker Hedges Group, we want to wish you a happy holiday season. This has been a great year for us and we’re really appreciative of the support from all of our team members and clients. We think there are some really exciting things ahead for us all in 2018. In the meantime, don’t hesitate to reach out to us with any questions.
When is the best time of year to buy? Brandon Hedges and I have the answer.
Today I’m here with Brandon Hedges, my colleague here at the Barker Hedges Group, to discuss when’s the best time to buy.
Our clients often ask us when is the best time of the year to get a great deal on a home, whether that be the price, the terms of their closing date and so on. Essentially, they want to know when the seller is going to be the most willing to negotiate with them.
There’s kind of a cycle that we talk about a lot in real estate in terms of going from the peak to the valley and then back to the peak again, and 2017 has been no different. We see inventory build and we see inventory retreat.
What we’re talking about now is what happens with pricing. We see price increases through the spring and early summer.
Peak median sale price in the Twin Cities looks like it's going to be June, and it starts to make somewhat...
What’s going on in the Twin Cities real estate market? Today, we’ll be bringing you a look at how this year’s market statistics compare to what we saw at this time in 2016.
What’s going on in the Twin Cities real estate market?
As you may remember, our last market update came just before the summer. The market was extremely hot, many properties were receiving multiple offers, and sellers were getting top dollar.
So, how do things look now? Well, what we’re seeing this year is consistent with the trend we witness every year. Inventory starts low in January but builds through the summer. Then, the inventory levels resume a downward trend in the fall.
Now that fall has arrived, we’re currently seeing this same trend. So, let’s get into some specific numbers.
"What we’re seeing this year is consistent with...
Today, I’d like to go over some of the ways you can prepare your home if you plan on selling in winter or early spring.
What are green photos? Well, it’s basically exactly what it sounds like.
Buyers in today’s marketplace want to know what the yard looks like during summer or fall. This is impossible to show in the winter unless you have photographers come out and take some photos while things are still green.
Real estate investing is on the rise. Here are five different ways you can get involved.
Selling a home? Click here for a FREE Home Price Evaluation
Investing in real estate is no longer restricted to the super wealthy. According to a recent survey, real estate investors now make up 15% of the population. That translates to almost 50 million individuals who invest in at least one property other than their primary residence.