Real Estate News

What’s Happening in the Twin Cities Market?

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.”

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How Will the Tax Reform Act Impact Our Twin Cities Market?

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...

Market Update: 2017 vs. 2018

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.

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How Does Our Current Market Compare to Last Year's?

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...

5 Ways to Invest in Real Estate

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.
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What’s Happening With the Twin Cities Metro Market?


What do the numbers for spring real estate in the Twin Cities metro area tell us about our market? We’ll answer that for you today.

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What’s going on with the spring real estate market in the Twin Cities metro area?

The spring market is fully underway and buyers are very active in the marketplace. However, the number of listings coming on to the market isn’t great. There’s actually 3.5% less inventory compared to this time last year. The number of sales taking place, however, is similar to last year.

We’re seeing lower inventory and competitive buyers. In 2016 there were about 12,200 homes on the market and we’re around 10,000 right now. Last year we were talking about inventory being historically low and now, it’s even lower. That low inventory has caused a rise in the median sale price. A year ago the median price was $220,000, and right now it’s $237,400. That’s a 7% increase from last year.

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The Keys to Successfully Buying in a Seller’s Market


Being a buyer in a seller’s market can be tough. Here’s how you can accomplish your goals more easily.

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It’s tough to be a buyer right now in our aggressive seller’s market. The best houses are receiving multiple offers and selling within days. In the $150,000 to $300,000 price range, the market is especially aggressive. So, how do you compete as a buyer?

It all comes down to preparation in a number of different areas....

Thanks to our wonderful clients!



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As you may already know, we recently hosted a client appreciation event at Base Camp in Fort Snelling. There were too many people to thank individually who made 2016 such a wonderful year for us, so we threw a party.

We had a bouncy castle and slide, a ropes course, a climbing wall, an archery range, magician, and plenty of other games and entertainment for all the families that came. We were honored to be able to give back to so many people, and we can’t wait to be able to do it again soon.

If you were there, we were glad to have you. If you weren’t able to make it, ...

What's in Store for the Twin Cities Market in 2017?


Today we wanted to bring you a quick recap of what we saw in the Twin Cities market in 2016 and also give some predictions for the market going forward in 2017.

Last year ended up being a great one in our market, going from an average of having around 15,000 homes on the market at any given time in 2015 to about 13,000 in 2016. That's a 16% drop in the amount of homes for sale in our market. This low inventory led to a big decline in the average days on market for a home, from 41 in 2015 down to 33 days in 2016.

Homes are simply selling much faster, and that's fantastic.

As you might expect, both of these factors have led to an increase in median sales price. It's up just over 5% to about $232,000 for the median sales price in our market. When we think back to that 12-month period around 2011 when our market was at its lowest point, there were about 36,000 home sales. Over 50% of those were lender-mediated,...

Twin Cities Real Estate Market Update


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At the beginning of the year, we predicted that the Twin Cities real estate market would continue to improve throughout the year, and we’re seeing this improvement in real time with many of our sellers getting multiple offers on their homes within just a few days on the market.

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