Barker and Hedges Real Estate BlogRecently posted or modified blog postshttps://www.barkerhedges.com/blog/Copyright BarkerHedges.com2020-09-11T10:50:12-07:00tag:barkerhedges.com,2012-09-20:6617Twin Cities Real Estate Market Update - Coronavirus Impact Week 3This is our week 3 update on the impact the Covid-19 Coronavirus pandemic is having on the local Twin Cities Real Estate Market. Check here for our <a href="https://www.barkerhedges.com/blog/twin-cities-real-estate-market-update-coronavirus-impact/" title="Week 1 Coronavirus impact on Twin Cities housing market">Week 1</a> and <a href="https://www.barkerhedges.com/blog/twin-cities-real-estate-market-update-coronavirus-impact-week-2/" title="Week 2 Coronavirus impact on Twin Cities housing market">Week 2</a> impact reports to watch how things have changed.
The Twin Cities real estate market is still active, but but we are now reporting all 3 key indicators are lower when compared to the same week in 2019. These stats are provided by the Minneapolis Association of Realtors for the week ending March 28, 2020.<img src="https://assets.site-static.com/userfiles/441/image/Market_Stats/MarketStats_MPLS_Mar28.jpg" alt="Twin Cities Market Statistics as of March 28, 2020" title="Twin Cities Market Statistics as of March 28, 2020" style="float: left;" width="422" height="115" /> New Listing inventory: down 5.8% over the same period in 2019. This is the first time we have seen new listing numbers trend lower compared to 2019 and is a strong indication that sellers are holding off from listing their homes right now. At this point, we don't know how many sellers are temporarily waiting to list their homes until they feel things have improved.
Pending sales: down 5.4% over the same period in 2019. This is also the first time in 2019 that pending sales have been lower than the same period in 2019. It's interesting that the percentage of pending sales and the percentage of new listings are both down about 5% over 2019. This is an early indication that the market changes are affecting buyers and sellers somewhat equally right now.
Inventory of available homes: for this reporting period, inventory is down 7.0% over the same period in 2019. Last week inventory numbers were down 7.1% over 2019. Not much change in this market segment.
Showing activity is the last segment of data that we are reporting. We haven't settled on the best way to show this data, but feel that providing a few weeks of historical data is helpful to show the trends. To compare the above stats to the showing activty chart, look at the week of March 21-28 stats below. The divergence from an upward to a downward trend in new listings and pending sales took place one week after the year over year showing activity trends reversed.<img src="https://assets.site-static.com/userfiles/441/image/Market_Stats/Apr4_showing_stats_RMR.jpg" alt="Showing Traffic - RE/MAX Results as of April 4, 2020" title="Showing Traffic - RE/MAX Results as of April 4, 2020" style="float: left;" width="1007" height="721" />
Huh? Let's look at this another way. Last week we reported that showing activity is a predictor of pending sales, meaning a rise in showing activity should result in more pending sales in 7-10 days as those showings turn into offers that are contingent upon inspections and finally result in pending sales 7-10 days later. Now that we are 3 weeks into this reporting, we finally have pending sales data for home sales that STARTED during the "safe at home" order. This data indicates that fewer showings over the past two weeks resulted in fewer pending sales. We will continue to watch this trend in the coming weeks.2020-04-08T08:30:00-07:002020-09-11T10:49:15-07:00Brandon Hedgestag:barkerhedges.com,2012-09-20:6614Twin Cities Real Estate Market Update - Coronavirus Impact Week 2This is our week 2 update on the impact the Coronavirus pandemic is having on the local Twin Cities Real Estate Market. Check here for our <a href="https://www.barkerhedges.com/blog/twin-cities-real-estate-market-update-coronavirus-impact/" title="Week 1 Coronavirus impact on Twin Cities housing market">Week 1</a> impact report.
The Twin Cities real estate market continues to show signs of life, albeit at a slower pace than would normally be expected in late March. These stats are provided by the Minneapolis Association of Realtors for the week ending March 21, 2020, which represents the second week of social distancing practices.<img src="https://assets.site-static.com/userfiles/441/image/Market_Stats/MarketStats_MPLS_Mar21.jpg" alt="Twin Cities Market Statistics as of March 21, 2020" title="Twin Cities Market Statistics as of March 21, 2020" style="float: left;" width="436" height="102" /> New Listing inventory: up 16% over the same period in 2019. This is still a strong indication of market activity, but the numbers are trending downward over 2019 and could be an indication that sellers are holding back from listing their homes.
Pending sales: up 11% over the same period in 2019. While this represents a positive change in sales activity over 2019, it also indicates a slowing over the previous week and we will watch to see if the slowing trend continues.
Inventory of available homes: for this reporting period, inventory is down 7.1% over the same period in 2019. Last week inventory numbers were down 8.7% over 2019 and we reported this would be a closely watched figure as we move deeper into the spring market. While not a drastic change, the year-over-year figures indicate a slight rise in available inventory.
The last statistic we would like to share is current showing traffic. We are watching the showing data daily, but felt it would be better to share the weekly stats for this report. When comparing to 2019, there is certainly a trend downward in showing activity from the early stages of the Covid-19. Last week, showing activity was down about 35% over the same period in 2019 which indicates a large drop in physical showing activity in the market. In a normal market, showing activity is a predictor of pending sales. When we see a spike in showing activity, that usually means there will be a spike in pending sales 1-2 weeks later as those showings turn into offers that turn into inspections that eventually report as a pending sale. We will watch this data to see if the lower showing activity trend results in less pending sales in the coming weeks.<img src="https://assets.site-static.com/userfiles/441/image/Market_Stats/Mar28_showing_stats_RMR.jpg" alt="Showing Traffic - RE/MAX Results as of March 28, 2020" title="Showing Traffic - RE/MAX Results as of March 28, 2020" style="float: left;" width="1083" height="775" />
As of today, the market is still relatively strong, but we are still a week or two from having reporting figures that include pending sales that began during the stay at home order. The drop is showing activity might indicate a drop in pending sales and we may know more by next week. Stay tuned!2020-04-01T07:56:00-07:002020-09-11T10:49:57-07:00Brandon Hedgestag:barkerhedges.com,2012-09-20:6426Twin Cities Real Estate Market Update - Coronavirus ImpactWe are frequently asked how the Coronavirus pandemic is affecting the local Twin Cities Real Estate Market and wanted to share some thoughts from the front line.
Like everyone, this pandemic is impacting the real estate industry and is changing how we do business, but it has not shut down the real estate market. Let’s look at some current statistics to help identify what is happening right now. Our intention is to share this information with you weekly, so you have the most up to date information available as we navigate this unprecedented situation.
Let’s review the most recent data from the Minneapolis Association of Realtors. This information is for the week ending March 14, 2020, which represents the early stages of our current social distancing practices.<img src="https://assets.site-static.com/userfiles/441/image/Market_Stats/MarketStats_MPLS_Mar14.jpg" alt="Twin Cities Market Statistics as of March 14, 2020" title="Twin Cities Market Statistics as of March 14, 2020" style="float: left;" width="455" height="127" />
New Listing inventory: up 21.7% over the same period in 2019. The market has been up 7%-35% each week since February 1, 2020. We expected this increase based on the consumer demand and short supply of homes as buyer's and seller’s positioned themselves to take advantage of historically high pricing and historically low mortgage interest rates. We will watch this trend closely over the next few weeks.
Pending sales: up 16% over the same period in 2019. Pending sales have been up each week since February 1, 2020, ranging from 10%-24% over the same weeks in 2019. Again, this is expected based on what we thought would happen this year.
Inventory of available homes: for this reporting period, inventory is down 8.7% over the same period in 2019. We feel like a broken record, but inventory levels have continued to fall, year over year, since 2014 with no end in sight. As of March 14, 2020, there were 8,364 available homes for sale in the Twin Cities market. Taken in the context of other market factors, this represents a strong seller’s market in most price ranges across the Twin Cities. Keep in mind that a “balanced” real estate market in the Twin Cities is around 20,000 active listings. We will watch to see if the supply gradually starts to build and keep you updated on the trends.
The last statistic we would like to share is current showing traffic. The showing activity trend prior to March 14, 2020 was up 30%-50% over 2019. For March 15th – 18th it was down about 50% over 2019 levels, but from March 19th – March 21st, showing traffic was up 20% over 2019 levels. When comparing dates, this is somewhat misleading because the days of the week don’t line up to 2019, so we will watch weekly showing activity more closely than daily activity moving forward to see if the initial downward trend or the latter upward trend is most prevalent.<img src="https://assets.site-static.com/userfiles/441/image/Market_Stats/Mar21_showing_stats_RMR.jpg" alt="Showing Traffic - RE/MAX Results as of March 21, 2020" title="Showing Traffic - RE/MAX Results as of March 21, 2020" style="float: left;" width="1065" height="780" />
As of today, the market is still relatively strong, just maybe not as active as it would normally be in late March. We’ll continue to report on these trends to keep you updated on the Twin Cities Real Estate Market as we navigate this Coronavirus pandemic.2020-03-24T10:51:00-07:002020-09-11T10:50:12-07:00Brandon Hedgestag:barkerhedges.com,2012-09-20:4734Don’t Throw Your Money Away on Unnecessary Home Improvements
Before you potentially waste thousands on unnecessary upgrades, let’s talk.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
Too often, we’ll meet with a seller and they’ll tell us about all the great home upgrades they’ve made. New windows, new siding, new roof, a bathroom remodel—you name it! The problem with investing in your home is that while some projects will get you your money back, others will add nothing in value.
That’s why it’s so important to have us visit your home before you make any major changes; it’s the best way for you to know what is and isn’t necessary.
If you’re thinking of making an upgrade, reach out to us so we can go over our recommended projects, helping you choose the investments that are going to bring you the biggest returns. We look forward to hearing from you soon.2019-04-09T10:05:00-07:002019-04-09T10:07:02-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:4521A Closer Look at How Long Certain Systems in Your Home Last
How long should a furnace or water heater last in your home? We’re answering that question and more today.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
Today we’re going to be talking about costly, big-ticket repair items in your home. A well-maintained home should last decades, if not centuries. We’ve sold homes built in the 1800s, new construction homes, and everything in between. One of the things we get asked about a lot is how long certain appliances and systems last in a home. Let’s take a look at a few of the most common ones we get asked about.
A forced-air furnace might last 20 years, while a boiler might last 50 years or more. A roof on a home will last at least 25 years, but it's not uncommon to see them last longer than that. A water heater should get you at least 10 to 12 years.
"A water heater should get you 10 to 12 years at least.”
How often do you have to paint the outside of your home? For a lot of them, it might be in the range of five to seven years, but some products can last a lot longer than that.
There are a lot of different types of properties in Minnesota and they all have various components within them. The big thing is having a maintenance plan put together to help extend the life of the major components in your home.
If you have any questions about any of the systems in your home or anything else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.2019-01-17T10:11:00-07:002019-01-18T11:44:10-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:4482Do Fogged Windows Need to Be Entirely Replaced?
If you’ve got fogged windows, you may want to think twice before entirely replacing them. In some cases, the fix may be more simple (and less expensive) than that.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
Today I’d like to shed some light on a common concern among buyers and sellers in our market: fogged windows. This seemingly small detail can cause a lot of anxiety, as many people assume that the only way to fix a fogged window is to replace it entirely. But replacing windows can be a pricey project, especially if more than one is being replaced. So before you take the plunge and replace the whole fixture, contact a company that deals with fogged window glass. The solution may be as simple as replacing the glass pane. If this is the case, you could easily save thousands compared to what a window replacement would cost.2018-12-27T09:04:00-07:002018-12-27T09:06:28-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:4471What’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.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
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.<br /><br />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.”
This gives us an indication that we might be seeing some changes in the real estate market. We might be moving into a market that's leveling out a little bit. We’ll keep tabs on it and make sure to give you another update when things change further.<br /><br />If you have any questions for us about the market or about real estate in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.2018-12-10T11:07:00-07:002018-12-11T10:25:41-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:4192Why You Want to Take Your Photos Now
If you're interested in selling in the spring, now's a great time to get started.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
Are you looking to list your home in the spring? Well, if so, I have a couple of great tips to share with you.<br /><br />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.<br /><br />If you have any questions about this or if you would like to know more about buying and selling in the Twin Cities, please feel free to reach out to us. We look forward to speaking with you soon.2018-10-01T08:44:00-07:002018-10-03T07:04:01-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3870How 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.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
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<br />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 was some talk about lengthening the required time frame from two out of the last five years to five out of the last eight years, but it remains at two out of the last five years. The total deduction for married couples, in this case, is $500,000.
The third change is you can no longer itemize your moving expenses unless you’re a member of the armed forces.
The medians sale price in the Twin Cities is right in the $240,000 to $250,000 range, so the vast majority of people won’t be affected by the first change. To approach $10,000 in yearly property taxes, you have to own a home that’s worth $750,000 or more. You won’t be affected by the second change either unless you own a home in the upper price bracket.
These changes may have a different type of impact in other areas where home values are different, but for our Twin Cities market, it will be business as usual.
To learn more about these changes, we advise you to speak to your CTA. If you have any other questions or real estate concerns, don’t hesitate to reach out to us. We’d be glad to help you.2018-03-15T11:57:00-07:002018-03-16T14:42:42-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3829Market Update: 2017 vs. 2018
It’s time to look back at 2017 and forward to what we can predict for our market in 2018.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
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.
<br /> <br />
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.
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Interest rates today are even lower than<br />what we saw in 2017 as we enter the spring season.
”
As a final note on our recap of 2017, interest rates rose through the first quarter of the year last year only to drop to where they are now. Currently, interest rates are even lower than they were a year ago. As they stand, interest rates are in the high 3% range.
So, what can we expect from 2018? Similarly to what we saw in 2017, we predict that prices are going to rise at least another 5% if not more due to low inventory and low interest rates.
Last year, when we believed that interest rates were as low as we would see for some time, we were actually incorrect. Interest rates today are even lower than what we saw in 2017 as we enter the spring season, and we predict they will stay relatively low throughout the year.
If you are a seller, now could be the right time to take advantage of our market. For example, our team just saw a seller put their home on the market and receive eight offers at close to 10% above list price.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
2018-02-15T10:55:00-07:002018-03-13T13:14:43-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3529When Is the Best Time to Sell in 2018?
When is the best time of year to put your home on the real estate market? It’s coming sooner than you think.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
<br /><br />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.<br /><br />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.<br />
"The late winter/early spring months are best."
<br />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 in March, April, and May for homes sold in January, February, and March. The spring selling peak ends up being more toward the late winter/early spring months than the late spring/early summer months that people typically think of as being the peak of the market.<br /><br />If you are thinking of selling a home in 2018, we recommend that you start the process sooner rather than later. If you have any questions for us or need any assistance with the process, give us a call or send us an email. We look forward to hearing from you.2018-01-11T10:25:00-07:002018-01-11T14:21:30-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3508Happy Holidays From The Barker Hedges Group
We’ve had a great year in 2017 thanks to all of you. We’re looking forward to an even better one in 2018.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
"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.
2017-12-20T12:41:00-07:002017-12-20T12:54:25-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3494When Is the Best Time to Buy?
When is the best time of year to buy? Brandon Hedges and I have the answer.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
Today I’m here with Brandon Hedges, my colleague here at the Barker Hedges Group, to discuss when’s the best time to buy.<br /><br />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.<br /><br />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.<br /><br />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 of a retreat the rest of the year.
"If you’re looking to purchase a home, the winter season tends to be the best time of year to do that from a pricing and negotiating standpoint."
It’s the same thing with original list price: Where people were listing their homes for sale has also come down a little bit. The combined effect of those two things is a little over 5% that we’re down from that peak time frame in June.<br /><br />The short answer to the question is that typically, November through January are the best months to buy in terms of pricing. There isn’t always the most selection at that time of the year, but that tends to be the lower part as far as pricing goes. It’s also a time when sellers might be a little more motivated. So if you’re looking to purchase a home, this winter season tends to be the best time of year to do that from a pricing and negotiating terms standpoint.<br /><br />We appreciate questions like these, and if you have any additional questions about this or other topics, don’t hesitate to give us a call or send us an email. We’d love to help you out. Make it a great day!<br /><br />2017-12-05T14:50:00-07:002017-12-06T10:45:35-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3470How 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.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="http://cts.vresp.com/c/?TheBarkerHedgesGroup/8a0fd4efd3/TEST/001e1fee98/dpn=matt">Click here for a FREE Home Price Evaluation</a>
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 the trend we witness every year."
Listing inventory is down by about 16% compared to what we saw at this time last year. However, the number of pending sales has remained basically flat.
Because of low inventory combined with a steady level of sales, the median sales price is just over $240,000. That is a 6.6% gain since this time in 2016.
In the past couple of months, we have noticed the market slowing down a little bit. However, this is likely just due to the slight rise in price coupled with sparse inventory.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
2017-11-03T09:16:00-07:002017-12-05T14:55:54-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3434Why Green Photos Can Make or Break a Winter Listing
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.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
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.
So, if you plan on listing in the winter or early spring, it’s incredibly important that you have these photos taken beforehand. If you reach out to us, we’d be more than happy to help you schedule a session with a professional photographer.
There are some other ways you must prepare your home before winter, as well.
Right now, a third of the buyers in our market are using FHA or VA loans for financing. This is great, but there are some inspection components that these particular loans carry with them. Peeling paint, roof problems, and other exterior issues are all common in the later months of the year.
"Preparing things ahead of time is the best way to plan for a sale in the winter or early spring."
These are things that inspectors are going to pay close attention to, and are very hard to take care of in the dead of winter. Rather than complicating things later on, these things are best taken care of now before winter hits. Preparing things ahead of time is the best way to plan for a sale in the winter or early spring.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
2017-10-20T12:43:00-07:002017-11-10T07:38:00-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:34175 Ways to Invest in Real EstateReal estate investing is on the rise. Here are five different ways you can get involved.
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt">Click here to perform a full home search</a>
Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a><br />
<br /> 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.
In fact, 89% of U.S. investors are interested in putting their money in real estate because of benefits such as cash flow, tax incentives, leverage, and value appreciation that come with investing in multiple properties.
Are you curious about investing in real estate? If so, here are five different ways you can get started:
1. Buy and rent
This is probably the most traditional way to invest in real estate. It simply involves buying a property and renting it out. Now is a good time for this kind of investing because rental rates are on the rise (8% since last year) but the downside of this investing approach is the time and effort needed to manage and maintain your investment.
2. Buy and sell
Also known as home flipping, this involves buying a property and reselling it soon after for a profit. Home flipping has offered a record-breaking 49% return in 2016. <br /> <br />
Home flipping offered a record-breaking 49% return in 2016.
3. Real estate investment groups
Real estate investment groups are organizations that buy a set of properties and then sell them to individual investors.The main benefit of this approach is that you typically do not need to act as the landlord because the investment group handles property management for you (for a fee of course).
4. Crowdfunding sites
Recently, there's been an explosion of sites such as Prosper and Lending Club, which allow individuals to invest in various real estate development projects. Through crowdfunding sites, you can be a part of a large-scale property investment while investing only a moderate amount of money. On the other hand, crowdfunding sites act as a middleman and charge fees which can eat into your profits.
5. REITs
Real estate investment trusts (REITs) are like mutual funds for real estate.They typically pay high dividends. However, they also do not offer all of the typical benefits of investing in real estate, such as increased leverage and tax benefits.
Each of these investing approaches offers a tradeoff between possible profits, risks, and costs.
The one constant is that you can minimize your risks with due diligence and by consulting with an experienced real estate professional.
If you have any questions for us or you’re interested in investing in real estate yourself, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.
2017-09-29T13:27:00-07:002017-11-10T07:38:50-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:33995 Remodeling Projects With the Best Return <br />Just one of these projects could add tens of thousands of dollars to the price you'll be able to get.<br /><br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a><br />
Home remodeling is hotter than ever.
According to researchers at Harvard University, remodeling investment is up 6% over last year and now makes up a $324 billion market.
According to a survey of remodelers and real estate professionals, there are five remodeling projects that offer the best returns:
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Just one of these projects could add tens of <br />thousands of dollars to the price you'll be <br />able to get.
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1. Your kitchen. Kitchen remodeling can be as simple or as elaborate as you like. However, to maximize your return, keep your investment to under 20% of the value of your home—as is recommended by surveyed real estate professionals. The outcome? A whopping 85% return on your investment.
2. Your bathroom. A thorough bath remodeling project can cost up to $20,000. However, not only will it pay for itself, it should give you an added 80% return.
3. Your deck. Replacing your deck can cost you anywhere from a few thousand dollars to tens of thousands of dollars, depending on the size. The expected benefit will be similar to a bathroom remodeling project—around an 80% return for a fresh, new deck.
4. Your siding. Fading or worn-out siding can turn off potential buyers before they even step foot in your home. Replacing old siding will make it much easier to sell your home, and in addition, it should give you an 80% return on an investment of around $10,000.
5. Your windows. New windows can mean greater energy efficiency, increased thermal and acoustic comfort, and a more modern look. Homebuyers are well aware of this, and they are willing to pay accordingly. That's why a typical window replacement should yield at least a 70% return on your investment.
Clearly, some of them will make more sense for your home than others. If you're considering selling your home, then just one of these projects could add tens of thousands of dollars to the price you'll be able to get.
If you have any questions or want additional advice about which remodeling projects make sense for you, give me a call or send me an email. We can discuss all the details and I can give you an accurate estimate of what these projects could be worth. I look forward to hearing from you!
2017-09-06T11:57:00-07:002017-11-10T07:38:16-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:33683 Components of a Successful Home Sale<br />There is a reason our homes sell twice as fast as normal homes do in this market. Here’s one part of our secret.<br /><br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
The average seller that we work with has two goals in mind when selling. The first is to get their home sold for top dollar. The other is to get their home sold quickly. Of course home sellers would want this.
We keep these two goals in mind when listing our sellers’ homes. We sell homes twice as quickly and for 1.5% more on average than other agents in the Twin Cities. There are three things we focus on to make sure this happens:
1. Preparation. This includes getting your home ready for sale by doing any deep cleaning or decluttering that is necessary. It also includes staging and making minor repairs.
2. Price. Right now, we are in a market that’s going up and we need to keep that in mind when pricing. We look at historical data, as well as current and pending numbers. We look at our competition too. When we put this together, it gives us a price where we will get maximum exposure.
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Our homes sell faster and for more money.
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<br />3. Promotion. We work hard on promoting our sellers’ homes to the largest audiences we possibly can by using both traditional and new-age techniques.
When we hit on all three P’s, achieving your goals is only a matter of time. If you have any questions for us or want to know more about how we can help you with your buying or selling needs, give us a call or send us an email. We look forward to hearing from you.2017-07-17T09:39:00-07:002017-07-19T07:04:52-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3357How to Prevent and Handle a Fire<br />While a fire may seem like something that will never happen to you or your family, it is critical to know what to do if one does. Being knowledgeable on both preventing and on handling a fire could be the difference between life and death.<br /><br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
Homeownership is rewarding, but, like any part of life, it comes with certain risks.
No one ever thinks that they will have a fire in their home. However, we're here to tell you that it's far better to be prepared than to just hope for the best.
House fires impact not only the people living there, but can pose a great risk to those in the surrounding vicinity as well. In fact, Matt recently had a close brush with just how damaging a fire can be when his neighbor's home was destroyed in one.
Luckily, the fire didn’t spread, and the family who lived there got out safely.
Fire safety is oftentimes about prevention, but it is also extremely important to know what to do if a fire happens. It was thanks to this knowledge that Matt’s neighbors were able to escape unharmed.
Some people, though, don’t make it out. I lost my uncle some years ago to a home fire.
House fires can be very dangerous. Luckily, there are a few things you can do to help prevent or handle fires.
First, regardless of how new or old your home is, you should have multiple smoke detectors throughout the house and especially in the bedrooms. Remember to check that they are working once a month and to change the batteries once or twice each year.
Another tool that is helpful especially in the case of smaller fires, oftentimes in the kitchen, is a fire extinguisher. You can use this when the fire is small and manageable, but don’t hesitate to call the fire department in any circumstance worse than your personal extinguisher can handle.
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Having a plan prior to needing one is <br />perhaps the greatest tool of all <br />when it comes to fire safety.
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Having a plan prior to needing one is perhaps the greatest tool of all when it comes to fire safety. Gather your family to talk about fire safety by going over where you will meet outside of the home in the event of a fire, as well as any other procedures you might follow to ensure a safe exit. Keeping collapsible ladders in upper stories of your home is a good idea that could save your life one day.
It is also extremely important to never re-enter your home during a fire once you have safely made it out.
If you have any questions or want to learn more, feel free to give us a call or send us an email. We look forward to hearing from you. 2017-06-26T08:07:00-07:002017-06-26T11:05:03-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3323What’s Happening With the Twin Cities Metro Market?<br />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.<br /><br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
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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If you’re considering buying a home, it’s a good idea to get started on that process sooner rather than later.
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The days on market have also gone down. A year ago the average days on market was at about 80 days and this year we’re down to 72.
Inventory levels are a bit lower than we predicted, so if you’re considering buying a home, it’s a good idea to get started on that process sooner rather than later.
If you are looking to buy or sell a home or if you have any questions, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.2017-05-17T14:20:00-07:002017-05-24T13:15:42-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3120The Keys to Successfully Buying in a Seller’s Market<br />Being a buyer in a seller’s market can be tough. Here’s how you can accomplish your goals more easily.<br /><br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
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?<br /><br />It all comes down to preparation in a number of different areas. Financial preparation is the first thing you should focus on. A pre-approval from a mortgage officer will go a long way in assuring the sellers that you will be able to finance the purchase.<br /><br />You also want to be prepared to make an offer when you find a home you like. There are so many buyers out there that prices are getting bid up. In many cases, sellers are getting more than 10 offers in just a few days. That being said, be prepared to pay over list price. I’m not saying you should overpay because you shouldn’t. However, you need to do your research ahead of time with the help of your agent to determine what kind of offer is fair for this property. If it happens to be over the list price, so be it.<br /><br />If you are going to offer over list price, keep in mind how much money the seller will actually take home. If you’re offering $205,000 on a $200,000 home but you’re also asking them to pay for $5,000 of your closing costs, that’s not really an offer over list price. If you offered $210,000 and asked for $5,000 in closing costs, then you would be making an offer over list price in the seller’s eye.
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Price isn’t the only way to make your <br />offer stand out.
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<br /><br />Another important thing to know in this market is that price isn’t necessarily the best way to make your offer stand out. If you offer more earnest money or a closing date that the seller prefers, those are both ways to distinguish your offer in the mind of the seller.<br /><br />Those are just a few things you can do when competing for a home in a seller’s market. If you have any questions for us or would like more tips on how to craft a great offer, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.2017-04-03T07:41:00-07:002017-05-17T14:20:38-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3104Thank You for Supporting Us<br />Thank you to all of our family, friends, past clients, and vendors that work with us every day.<br /><br />The RE/MAX awards just came out and our team is No. 4 in the state of Minnesota! We are also one of the top 50 real estate teams in the entire country. We cannot thank you enough. There is no way we could have done this without you and our great staff.<br /><br />If you are thinking of selling your home in 2017, give us a call. Also, send us your real estate questions and we’ll answer them with a video. We are always here to help you!2017-03-21T13:30:00-07:002017-03-21T13:34:19-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3096Thanks to our wonderful clients! <br /><br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
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.<br /><br />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.<br /><br />If you were there, we were glad to have you. If you weren’t able to make it, check out the video above to get a glimpse of all the action. We hope to see you next time!<br /><br />If you have any real estate questions or are thinking about buying or selling a home, please don’t hesitate to reach out to us. We’d be happy to help.2017-03-06T13:52:00-07:002017-03-09T10:51:20-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3076What's in Store for the Twin Cities Market in 2017?<br />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.<br /><br />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.<br /><br />Homes are simply selling much faster, and that's fantastic.<br /><br />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, meaning they resulted in a foreclosure or short sale or something similar. Last year, there were 59,000 sales with about 93% of sales being traditional sales. We're definitely seeing a return to a more traditional real estate market.<br /><br />This is what we expected when we talked about it a year ago, and we expect it to continue. We think home prices will continue to increase at a moderate rate, possibly similar to the 5% we saw last year. Interest rates are up slightly, so we might see some slowing in that low amount of inventory, but we think rates will remain low. A balanced market is somewhere around 22,000 to 24,000 homes for sale, and having an average of 12,000 is pretty low.
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All in all, we think 2017 will be a great year <br />in the Twin Cities market and <br />we're looking forward to it.
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<br /><br />All in all, we think 2017 will be a great year in the Twin Cities market and we're looking forward to it. If you have any questions about our market or you're thinking about buying or selling a home, give us a call or send us an email. We'd love to help you!2017-02-01T12:07:00-07:002017-02-01T12:15:58-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3049Avoid Damage by Preparing Your Home for Winter
It’s very important to prepare your home for winter. Otherwise, you could run into some costly problems down the road.
For example, you need to take care of the exterior faucets on your home in order to avoid water damage. First, go inside your home and disconnect the water line. Then, go outside and disconnect any hoses. Open up the faucet valves to relieve any pressure from water left in the pipe. Once that is done, go back inside and finish draining the pipe.
Don’t forget to go back outside and seal the valves so that you don’t get any clogs, rodents, or other debris during the wintertime.
Of course, everyone uses their furnace or boiler system during the winter to stay cozy and warm. We recommend that you have a licensed heating and air conditioning contractor inspect the furnace or boiler system before winter begins. That way, the contractor can make sure that your system is operating at peak efficiency. While you’re at it, make sure to replace the furnace filter.
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Carbon monoxide detectors must be <br />within 10 feet of each bedroom in the house.
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Minnesota state law now requires that carbon monoxide detectors are set within 10 feet of any bedroom inside your home. Fall is a great time to make sure that your carbon monoxide and smoke detectors have fresh batteries and are fully operational.
It can be overwhelming to get everything in your home ready for fall, so if you need any help, give us a call. We would be happy to recommend a contractor to you. We look forward to hearing from you!2016-12-07T10:44:00-07:002016-12-07T10:54:45-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:3010Is Your Home Prepared for the Minnesota Winter?<br /><br />With fall in full swing, today we’d like to ask you one simple question: is your home ready for the winter months? There are a few things you can do to the exterior of your home now to winterize it and avoid costly problems in the future:
1. Trim back your trees and bushes. If there are branches up against the exterior of your home, cut them back. In our climate, the high winds that we experience can cause those branches to freeze and scrape your siding.
2. Seal off your access points. You probably have an exposed access point on the exterior of your home through which plumbing and cable lines are fed inside. From an energy standpoint, make sure you have this access point sealed so that your heating and cooling system operates at maximum efficiency. Additionally, these are key areas for rodents to enter your home, so be sure to seal these openings with caulk or spray foam.<br /><br />
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Leaves in your gutters can allow ice to build<br /> up and cause damage.
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<br /><br />3. Clear your gutters of any leaves and debris. While leaves are great for fall fun, leaves in your gutters can allow ice to build up and ultimately cause damage to the interior of your home.
4. Protect your lawn from voles. As we Minnesotans know, there are little rodents called voles that can do a lot of serious damage while tunneling through your yard. One of the ways to prevent them from tunneling is to cut your grass a little bit lower in the fall. This will prevent these voles from burrowing and nesting in your grass. This way, you can rest easy knowing that you’ll have a beautiful yard to look forward to in the spring!
We know that preparing your home for the winter months ahead can become a little overwhelming at times, so we’d be happy to recommend contractors that can come out and help you with any of these projects.
If you have any other questions about winterizing your home or anything else related to Twin Cities real estate, don’t hesitate to give us a call or send us an email. We’d be happy to help you!2016-11-01T10:14:00-07:002016-11-07T13:01:04-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2983The Importance of Green Photos<br />We strongly feel that the best time to sell a home is in early spring between February and March. This is when home supply is extremely low and buyer demand is extremely high. One problem many sellers have during this time, though, is showcasing their home underneath all that snow.<br /><br />Enter green photos. If you’re thinking you might want to sell sometime during winter and spring in Minnesota—seasons that occupy a large timeframe—consider contacting a Realtor and having them send a professional photographer to take pictures of what your yard looks like right now.<br /><br />Being able to showcase what your landscape looks like in the summer makes a huge difference in buyers’ minds. They won’t have as many worries when they can see your yard at its greenest.<br />
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Being able to showcase your summer <br />landscape makes a huge difference.
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<br />The point of this isn’t to apply those green photos to the listing once it’s on the market in February— your agent will take photos of the property again once it’s listed so that buyers know exactly what it looks like at that point in time. The point is to have them available as in addition so that buyers can see what the home looks like through both seasons.<br /><br />Sometimes sellers will give their agents their own set of photos that they’ve taken themselves, which is fine and somewhat helpful, but agents typically have neither the computer expertise nor the software to properly utilize these photos.<br /><br />Being that the Internet marketplace is so sensitive right now and buyers are looking at online photos so frequently, using a professional makes the process more seamless from a marketing standpoint.<br /><br />If you’re thinking about selling your home next year, it’s important that you get in contact with a real estate agent now in order to get the process started and get those green photos taken.<br /><br />If you have any more questions, please feel free to give us a call or send us an email. We look forward to hearing from you.2016-09-23T12:28:00-07:002016-11-01T12:22:09-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2832The Best Time of Year to Buy a Home<br />When is the best time to buy a home?<br /><br />Just as in selling a home, the answer to this question all comes down to supply and demand. As far as our buyers are concerned, they typically want the most amount of homes to see and they want to be able to bid the lowest amount possible when it comes to negotiation.<br /><br />Throughout the course of the year, we usually see inventory levels rise from January to December. It usually starts at the bottom in January, then ratchets up during the summer and fall months. During fall, the number of sales is usually inversely proportional to the number of listings. The later months of the year, then, tend to be the ones with the lowest amount of sales but the highest available inventory.<br />
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It all comes down to supply and demand.
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<br /><br />We’re seeing the same trend happening again this year. Inventory levels are building as we speak. In January, the number of sales that take place almost double by the time we reach spring. That number usually stays level over the course of the summer, but dips once September rolls around. It then continues to decrease in the following fall and winter months until hitting the bottom again in January.<br /><br />So, if you’re thinking about purchasing a home, now is a great time to start that process.<br /><br />If you have any more questions about buying a home, please feel free to give us a call or send us an email. We’d be happy to help you in any way we can. 2016-09-13T13:14:00-07:002016-11-01T12:25:08-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2826How Contingencies Protect Twin Cities Home Buyers<br />We wanted to take a minute to talk about real estate contingencies today. They are an important part of every real estate contract because they can help buyers protect themselves if problems come up after earnest money has gone into escrow.<br /><br />There are two primary contingencies: for the inspection and for the financing. These are the two that we see come up in just about every transaction.<br /><br />We typically start with the inspection contingency. The inspections usually take place in the first week after contract, and the buyer has the opportunity to say whether or not everything checked out and if they want to move forward. Sometimes after an inspection, buyers will ask the seller to make certain repairs or something may get renegotiated.<br /><br />Then, we typically move into the second tier of contingencies, for the financing. Buyers need to be pre-approved in almost all situations to buy a property, and that’s because the seller will want assurance that the buyer actually has the means to buy the home.<br /><br />After the inspection, things shift to the lender to do their due diligence with the buyer. This is when the appraisal takes place in order to put a value on the property. Usually the contingency expires after about 30 to 45 days, and the buyer has to give the seller some sort of letter or statement letting them know they are approved for the mortgage and are ready to go.<br /><br />There can be other contingencies for association documents. In Minnesota, there is a 10-day review period for certain types of associations to look over documents, for example, or a buyer contract contingent on them selling their own home.<br /><br />We’d be happy to discuss other more specific contingencies with you at any time if you have questions. Reach out to us soon via phone or email.2016-08-15T08:49:00-07:002016-11-01T12:27:49-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2805Twin Cities Real Estate Market Update<br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
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.<br /><br />When in comes to foreclosures and short sales, we’ve seen a decrease of 25% in the last year, which lowers the supply of homes on the market. With that lowered supply, we see buyers bidding above list price on the houses they want. We’re also seeing lots of new construction builders get back into the market because of this increase in buyer demand.<br /><br />Another thing that’s been interesting is how interest rates have actually gotten lower. We predicted they would see a slight uptick, but thanks to what’s happening in Europe, rates have remained low; historically low, even. That’s awesome news for the real estate market.
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The market for homes priced <br />below $500,000 is hot right now.
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<br />Lower rates allow a lot of new, first-time home buyers to get into the market, and existing homeowners are able to “move up” into the next tier of homes that are larger or more expensive. What this has done is create a bit of a ceiling or tipping point for homes at or above $500,000. The market for homes priced above $500,000 is a little bit flat, with higher inventory and less demand.<br /><br />The market is hotter in price points below $500,000. If you look across the Twin Cities, the year-to-date appreciation is essentially zero, while the price points below $500,000 have appreciated about 5% in the same timeframe.<br /><br />This isn’t necessarily the case in all specific neighborhoods, so if you’d like a more specific, localized market analysis for your area or an area you’re interested in, let us know and we’ll send one out to you.<br /><br />If you have any questions about buying or selling a home in the Twin Cities, give us a call soon!2016-07-25T12:02:00-07:002016-07-26T09:42:58-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2800The Importance of Staging in the Twin CitiesBuying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a><br />
Today we're at a beautiful new Twin Cities listing to tell you about the three main components to getting a home sold in today's environment: price, marketing, and staging. We're happy to be joined by Kristina Leone from Lionheart Staging to discuss the importance of home staging.<br /><br />Staging is so important today, and that's what we want to focus on. Years ago, you could simply put a sign in the yard, but buyers have shifted since then. Buyers are more Internet savvy with things like Pinterest and design blogs; they want a presentation when purchasing a house. Buyers are visual, a staging captures the best features and functions of a home and puts them in a nice package.<br /><br />This particular home was a blank slate for staging. Architecturally, it's a beautiful home with a wonderful layout, but it lacked softness and approachability. We accomplished the goal of softness through furniture, rugs, and accessories to pull out that emotion. Staging makes a home emotionally appealing for buyers.<br /><br /><img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/441/image/MattBarkerPullQuote6.23.16.jpg" height="107" width="428" /><br />In the case of this house, it was vacant, but many sellers live in a home while it's on the market. When staging an occupied home, the goal is to use the same approach of proper interior design rules and the knowledge of how the home photographs, and use the existing furniture and artwork. Sometimes you may be recommended a small purchase to enhance the sale of the home. We educate sellers how to make each room picture perfect to market.<br /><br />The importance of staging your home is finding a professional like Lionheart Staging that really understand the reasons behind staging. We really love working with Lionheart Staging, and if you would like to get in touch with them, <a href="https://lionheartstaging.com/">visit them here.</a><a href="https://lionheartstaging.com/"></a>2016-06-23T08:20:00-07:002016-06-24T11:18:39-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:27901235 Knollwood Lane Mendota Heights MN<img style="float: left; margin: 10px;" src="https://assets.site-static.com/userfiles/441/image/1235Knollwoodnewaerialrevised.jpg" alt="1235 Knollwood Lane Mendota Heights MN" title="1235 Knollwood Lane Aerial" height="200" width="267" />Minnesota is a place that is uniquely exceptional for modern and contemporary architecture, which is exactly what makes 1235 Knollwood Lane in Mendota Heights such a special opportunity for current home buyers browsing the local real estate market. The straight edges of modern architecture and the usually lightly-colored exteriors of such homes perfectly contrast with the dense forests and high concentration of dark evergreen trees that help define the Minnesota landscape, allowing for a setting you might more commonly find on a canvas rather than a real-life location right in the heart of the Twin Cities metro area.
New to the market, homes like 1235 Knollwood Lane don’t usually pop up for sale very often, especially in a city where traditional single-family homes tend to dominate the local housing market much more so than anything that’s modern or contemporary. Originally designed by Gerald Mazzara of Bloomington-based Design Group M, 1235 Knollwood Lane is a bold and dynamic home that features ample living space, a cul-de-sac lot in a quiet neighborhood, and the kind of interior layout most would expect from a chic modern residence that was originally built back in the early 1980s. But before we take a closer look inside, let’s first focus on the exterior and what lies around this unique, yet highly desirable, Mendota Heights single-family residence.
Outside 1235 Knollwood Lane
Upon further inspection, you’ll likely notice that the design of 1235 Knollwood Lane basically revolves around three rectangular boxes that essentially exhibit a pinwheel formation around the main two-level foyer. Behind the home is a fairly dense forest that separates the surrounding neighborhood from Sibley Memorial Highway, giving home owners plenty of privacy from the backside of the house. Lots of nearby community amenities also make this spot a convenient place to live, including a couple local golf courses, a large neighborhood park, and of course very easy access to several major thoroughfares that help make any commute to St. Paul or even Minneapolis as quick and easy as possible.
Inside 1235 Knollwood Lane
Like most luxury homes for sale, the real treat behind 1235 Knollwood is absolutely what you’ll find inside. With five full bedrooms, five full bathrooms, and even a full basement, having enough living space shouldn’t be an issue for most considering this striking single-family home opportunity. Other noteworthy features include Brazilian walnut flooring in many of the main living spaces; travertine flooring in the kitchen, dining room, and great room; and a gourmet chef’s kitchen with updated appliances, granite countertops, and new dark-stained cabinetry that flows beautifully with the rest of the home. For the at-home entrepreneur or somebody running a home-based business, 1235 Knollwood is also equipped with two additional offices on the second floor, or the finished basement would make for a terrific work space that already offers plenty of privacy, peace and quiet, and separation from the rest of the house. Previous owners have also been known to entertain groups of anywhere between 25 and 100 people, so along with all the style, functionality, and sophistication you’ll find associated with 1235 Knollwood Lane, you might also find that it really is a true entertainer’s dream home as well.
Ready For a Private Home Tour?
When you find a home that is well-built, has plenty of style, provides ample living space, and is in a suburban location that’s not only safe but also highly desirable, there shouldn’t be too many boxes left on your wish list that need checked-off. So if you think 1235 Knollwood Lane might be a good fit for your individual needs and wants, give us a call to schedule a private home tour of one of the most famous homes ever built here in Mendota Heights, Minnesota. For more information about this beautiful home visit <a target="_blank" title="1235 Knollwood Lane Mendota Heights MN" href="http://www.1235Knollwoodlane.com">www.1235Knollwoodlane.com</a><br />2016-05-15T13:49:00-07:002016-05-15T14:03:10-07:00Matt Barkertag:barkerhedges.com,2012-09-20:2767How Should You Choose the Best Offer?<br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation<br /></a>
Since our local housing marketplace currently favors sellers, home sales are likely to end up in a multiple offer situation. Today, we want to give advice to buyers on how to compete and thrive if they experience this.<br /><br />Conventional wisdom tells us the highest offer is best. However, that’s not always the case. There are other factors that go into making a decision. Although price can make up for all these factors, it isn’t always the most powerful.<br /><br /><img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/441/image/MattBarkerPullQuote4.18.16.jpg" height="107" width="428" /><br />For instance, the strength of the buyer’s financing plays a huge role. There are different types of loans with different amounts of down payments out there. Additionally, sellers pay attention to whether the buyer uses a local lender or an online resource. A seller wants their agent to be able to call that lender and have a comfortable conversation with them about the offer.<br /><br />Another one is the closing date. As a buyer, if you have flexibility to close sooner or later, that could have a huge impact on the seller’s decision. A seller might want additional time or the ability to move as quickly as possible.<br /><br />Also, the inspection time period comes into play. An offer that requires a week and a half for an inspection might not look as attractive as one that requires three days. The seller likely will want the inspection completed within the least amount of time as possible.<br /><br />If you’re thinking about buying or selling a home in the surrounding Twin Cities area, contact us via phone or email. We’d be happy to serve your local real estate needs and answer any questions you might have!2016-04-18T10:40:00-07:002016-04-19T07:00:05-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2765Avoid Costly Water Problems in the Twin Cities<br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
We all know the phrase, “Spring showers bring May flowers.” Today, we’re focusing on avoiding costly water problems by getting your Twin Cities home ready for the spring. Here are some common mistakes we come across in the surrounding community, that could easily be avoided if you know about them ahead of time.
There is not a strong enough drain-away from the home into the yard. Ideally, you want the ground by the home higher, so the gutter gradually drains down towards the lawn. You want the ground to slope outward.
The gutter is clogged from debris. Avoid this by removing and clearing them before major rainfalls happen. Sometimes, we’ll notice plants on the top of the roots, because dirt has accumulated over time.
Water isn’t funneling away from the home. In today’s video, you’ll notice the home has a drain at the bottom of the gutter, which goes underground. You can also add an extension to your gutter so the water drains away from your home, rather than directly into one spot. This could cause water drainage into your basement.
Your sidewalk and/or driveway slopes back towards the home. If you have a cracked and older sidewalk, this could cause water to slope towards your home. You can hire a contractor to raise or re-level the sidewalk. Worst case scenario, you might have to replace it to avoid water seeping into your home.<br /> <br />
<img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/441/image/MattBarkerPullQuote4.6.16.jpg" height="98" width="392" /><br /><br />If you’re thinking about buying or selling a Twin Cities home, contact me by phone or email. I’d be happy to serve your local real estate needs and answer any questions you might have!2016-04-06T12:18:00-07:002016-04-07T13:10:10-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2763What Does a Seller’s Market in the Twin Cities Mean for You?Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
What is a seller’s market, and how does it affect you as a seller or buyer? With the Twin Cities market currently in a strong seller’s market, it’s crucial you know exactly what it means for you. There are a few signs that a given market favors sellers:
Diminished inventory of homes for sale in the area.
Rising home prices.
Multiple offers for homes in your price bracket.
We are currently right in the middle of a telltale sellers market, and we have been for a while. A year ago from today, there were 17% more homes on the market. We currently have about 11,400 active listings, and we consider a balanced market to be around 20,000 active listings. Obviously, this diminished inventory means there is less selection for people looking to buy a home.
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<br />With the diminished inventory we’ve seen a rise in prices. Year over year, we’ve seen a 3.6% rise in prices, so buyers are having to pay a higher price for their dream homes and, on the other side of the transaction, sellers are often able to maximize the value of their properties.
The last thing we’ve been seeing that is a clear sign of a seller’s market is an uptick in multiple offer situations. These occur when two or more buyers submit an offer on a property, which often results in a higher sales price. Homes that are in good condition and priced competitively often get multiple offers, which is great news for sellers looking to sell fast and for top dollar.
Whether you’re looking to buy or sell, it’s crucial to have an understanding of the market conditions in the area. If you’re a seller who is looking to take advantage of these conditions, or if you’re a buyer who wants to make the most of them, please don’t hesitate to reach out to us. We would love to hear from you! 2016-04-01T08:04:00-07:002016-04-01T08:07:25-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2741Should You Buy a New Home or a Resale Property?<br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation </a>
Today we want to speak to you about the difference between buying a new home and a resale property. Both have their pros and cons, and we want you to be informed about them.<br /><br />A newly-constructed home is advantageous in the fact that you have control over the design and layout. You can build it just like you want, so long as you have the funds. You can reflect your own style, and not someone else's tastes. New homes often come with warranties that cover mechanical devices for two years and structural items for ten years.<br /><br /><img src="https://assets.site-static.com/userfiles/441/image/MattBarkerPullQuote2.8.16.jpg" width="448" height="112" style="display: block; margin-left: auto; margin-right: auto;" /><br />New homes are often vastly more efficient when it comes to energy and insulation. Although they cost more upfront, you will see some energy savings over the long run as opposed to an older home.<br /><br />However, this is not to say that older homes and resale properties aren't worth purchasing. They are often more affordable, but you don't have an input on the design. You can change the interior to a degree, but not like a newly constructed home.<br /><br />Resale properties are often in more desirable locations, like the inner city. Newly-built homes are often located in suburban areas where more land is available. When it comes to architecture, nothing beats the charm of an old home. It's simply too expensive to build new homes replicating a Victorian or medieval revival style, so if you like unique homes you may want a resale property.<br /><br />If you're having trouble making a decision on this, please don't hesitate to contact me.2016-02-08T12:45:00-07:002016-02-09T10:19:40-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2734What Can You Expect from the Twin Cities Marketplace in 2016?<br />Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation </a>
Where is the Twin Cities market heading in 2016? Last year was another wonderful year in our market, but will this be a year of change? Today, we take a look at the numbers to find out!<br /><br />Overall, 2015 was the best year in the Twin Cities market since 2005. Housing demand has reached a 10-year high, and home prices have fully recovered in most of the area. In 2015, the amount of closed sales increased by over 1%, median sales prices increased by 7%, and inventory was reduced by close to 18%. This is terrific news considering where the market was just a few years ago.<br /><br /><img src="https://assets.site-static.com/userfiles/441/image/MattBarkerPullQuote1.27.16.jpg" width="436" height="109" style="display: block; margin-left: auto; margin-right: auto;" /><br />One of the trends that will continue this year is the low inventory -- there just is not a lot to choose from out there. This will likely result in suburban growth, as the low inventory drives people to the edges of the city. A lot of the new communities we see popping up are more walk-able than what we've seen in the past. There are more grocery stores, coffee shops, and dry cleaners nearby, which is indicative of these more walk-able urban communities.<br /><br />Another thing we'll probably see continue to change is the condo and town-home market. It's starting to rebound from the hit it took during the downturn. The low inventory of single-family homes is driving more people into this market, so much so that builders are starting to build more of them. Again, this is all fantastic news for the health of our market.<br /><br />The one thing on everybody's mind is mortgage rates. What's going to happen with them? The most recent increase in the federal funds rate didn't make a huge impact on mortgage rates because, for the most part, investors had already priced that into the market. One thing to keep in mind is that mortgage rates are more tied to mortgage-backed securities than they are to the short-term interest rates the Fed sets. This means that we typically see -- in an economy that is becoming stronger -- interest rates rise over time. So, expect to see rates rise a bit in the coming year, but remember that the rise is indicative of a growing, healthy market.<br /><br />If you have any questions about our predictions for the 2016 market, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!2016-01-27T09:01:00-07:002016-01-27T09:10:39-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2731Test Your Twin Cities Home for Radon Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation </a>
<br />The state of Minnesota now requires sellers to disclose any radon testing performed on their home and whether or not a mitigation system was recommended. Since radon is such a hot topic in the news, we're seeing more and more buyers request radon testing before they purchase a home.<br /><br />Radon is a colorless, odorless gas that comes up from the ground. Radon is found in all areas of the country, but it's commonplace in Minnesota and Wisconsin due to the local soil and bedrock. About two in five homes in our area have elevated levels of radon! Yikes!
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Radon is hazardous and causes lung cancer. In fact, it's the second leading cause of lung cancer, behind cigarettes. You absolutely should test your home for radon to find out if you have elevated radon levels.<br /><br />If you do have elevated radon levels, you can install a mitigation system. The price depends on the size of your foundation and what type of home you have, but an average mitigation system costs $1,300. Homes built after 2009 have a passive mitigation system already installed. All you have to do is add a fan, which is relatively inexpensive.<br /><br />Radon needs to be taken seriously. Although this new regulation can make a home challenging to sell, it helps buyers learn more about a property before making an offer.<br /><br />As always, if you have any questions, give us a call or send us an email. We look forward to hearing from you!
2016-01-18T12:16:00-07:002016-03-15T13:54:09-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2729How to Protect Your Twin Cities Home from Winter DamageBuying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
Winter weather is a double-edged sword. Snow provides opportunities for us to enjoy ourselves, but it can also cause problems in and around our homes.<br /><br />Ice dams are sheets of ice that form on the roof due to heat loss from the inside of your home. If left untreated, they can cause water to back up under the roof shingles. This water can then enter your home through your ceiling or exterior wall cavity and cause some serious problems for you down the road.<br /><br />What is the best way to prevent an ice dam from forming? Well, the best way is to see if there is an ice buildup on the outside of the home. If there is ice buildup around gutters and there are icicles forming, it might be an indication that there is heat loss which is melting snow and causing water to run. Preventative maintenance is necessary to ensure that you have no major problems with ice dams. All you need to do is strap on some boots and walk around your home from time to time.
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If you aren't sure whether you have ice dams, or if you think you do and want to correct it, there are companies that can come out and take a look and find ways to fix the problem. Please don't hesitate to ask us about good contractors that we can refer you to in the Twin Cities. We work with great companies all the time, and we may even be able to get you a reduced price.<br /><br />Heat buildup in the attic is a major cause of ice dams. You want your attic to be insulated well so that the heat in your home doesn't settle there. This often happens when the insulation around the attic access has come away from it. Your insulation may have been compacted over time or the vents that lead out of your attic may be clogged up, resulting in heat gathering in your attic. We recommend that you check your vents before every winter, and repair any insulation as you deem fit. A few minutes of work in the fall could end up saving you quite a bit of money in the long run.<br /><br />If you want to reduce the damage as soon as possible, you can also remove the excess snow from your roof.<br /><br />If you have any questions about this topic, or if you need professionals to help you repair a problem due to ice damming, please don't hesitate to reach out to us. We would love to hear from you!2016-01-13T10:22:00-07:002016-01-13T10:59:44-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2724Help us support Coats of Kindness!
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation</a>
Eric Wenzel joins us today to talk about Coats of Kindness, a charity in St. Paul. The local nonprofit started six years ago based off a cancer event and pay-it-forward initiative at Eric’s church. His kids were involved from the beginning and it’s been growing ever since. This year, they’re close to giving away 10,000 jackets throughout the Midwest, mostly within the Twin Cities. Donations vary from individual contributions, small businesses, and Cub Scout troops.
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The coats go directly to shelters and other locations. It’s not exactly like a food pantry. It’s a discount store that counties subsidize. Additionally, they’re teaming up with a homeless project in Minneapolis with thirteen buildings and 3,000 residents.
If you have a coat you’d like to drop off at our office, give us a call at 651-789-5001 or visit <a href="http://coatsofkindness.org/" target="_blank" rel="noreferrer">CoatsofKindness.org</a> for their dropoff sites. We’d be happy to pick up your donation if you can’t get to our office or a drop off site, too. We hope to hear from you soon!2015-12-18T09:30:00-07:002015-12-18T10:06:50-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2722Renovations to Help Your Twin Cities Home Sell
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation </a>
Is it smart to remodel your home before selling? Often, minor upgrades give you a higher return on investment compared to major renovation projects. Huge construction projects always cost more and take longer to complete than you think.
As part of our services, we help you figure out where to focus your time and energy. Most homeowners have one of three goals when they are considering making renovations to their property.
Increase the sales price. Small cosmetic fixes are best. Buying new appliances or replacing countertops will do more to change your sales price compared to redoing the kitchen entirely. It's worthwhile if replacing $5,000 of appliances and countertops takes your sales price from $200,000 to $222,000.
Sell quickly. Replacing necessary items don't always increase your home's value, but they may still help with the sale. Replacing the windows or water heater could make the home more attractive to buyers who don't want to handle those repairs on their own. That could mean less time on the market.
Avoid any delays during closing. Making repairs ahead of time can help negotiations go more smoothly. These are usually small things, such as fixing peeling paint or broken window panes. Lenders might balk at lending the money if those repairs aren't made!
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Ultimately, don't completely renovate your home before listing. We can help you figure out which repairs are best for your situation. If you have any questions for us, give us a call or send us an email. We look forward to hearing from you!2015-12-10T11:00:00-07:002015-12-10T11:35:04-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2714Zillow: The Good, the Bad, and the Ugly
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation </a>
As a real estate professional, I'm continually bombarded by the question, "Why does Zillow price my home differently?"
If we go on Zillow's website, this is how they explain it: The Zestimate is created by an automatic software process designed by statisticians, and there is no ability for humans to manually alter the Zestimate for a specific property.
To make that more clear, let's say a home is estimated to be worth $500,000. If the Zestimate is off by 10%, that's a difference of $50,000! If the home is underpriced, you're missing out on tens of thousands of dollars. If your home is overpriced by 10%, it will sit on the market for awhile, and you might have to drop the price, causing buyers to wonder what's wrong with the home.
It's been estimated that Zillow's home estimates are only right 7% of the time. That means that they are wrong 93% of the time! That is a terrible success rate.
Remember, Zillow can't take features or upgrades on your property and compare them to other recently closed homes in your area, even though doing so gives you a more updated value on your property. Zillow doesn't walk through your home, and that's where my team can come in and place an accurate value on your home.
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Ultimately, if you want the most accurate price for your home, make an appointment with a real estate professional. We will go over your home and the local market data in order to give you the most accurate home value.
If you have any questions, or if you're interested in a home valuation, give us a call or send us an email. We look forward to hearing from you!2015-11-17T09:56:00-07:002015-11-18T12:37:26-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2708The Best Time to Sell in the Twin Cities
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation </a>
Throughout the year, one question we hear a lot is this: "When is the best time of year to sell my home?" We looked back over the last 15 years, and we found that sellers achieve the most success during the month of February.
Some of you may be surprised at this since February in Minnesota is so cold and sees a high amount of snowfall. The facts are pretty clear, though. In February, there is a significant amount of buyers, and inventory levels are 25% lower than the rest of the year. This means there is less competition for sellers, and the buyers that are out there are serious about purchasing a home.
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That said, February buyers are often concerned about the yard. Since the yard can be covered in snow, the buyers won't know what it looks like. We recommend taking professional photographs of the property before any snow hits the ground. Those pictures will give buyers the confidence to move forward. Buyer confidence results in higher rewards for the seller.
If you need a professional photographer to take photos of your property, we can provide one for you. If you have any other questions about today's video or about real estate in general, give us a call or send us an email. We would be happy to help you!
2015-10-28T07:09:00-07:002015-10-28T07:28:41-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2701Are We in a Buyer's or Seller's Market?
Buying a home? <a href="https://www.barkerhedges.com/property-for-sale/results/?dpn=matt" target="_blank">Click here to perform a full home search</a><br />Selling a home? <a href="https://www.barkerhedges.com/home-evaluation/?dpn=matt" target="_blank">Click here for a FREE Home Price Evaluation </a>
Today, we'll discuss the current state of the Twin Cities real estate market. It is important to have historical context when talking about current real estate trends so that you can understand exactly what is happening in the market.
For instance, we consider it to be a balanced market when we have somewhere between 21,000 and 23,000 listings on the market. Right now, we have 17,000 listings. We all remember the market crash. At the peak of the market, we had 35,000 listings. As you can see, we are significantly down from the peak, and we're below the balanced market rate. Right now, with our low inventory, sellers do have the upper hand.
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Now, let's look at pricing. January 2012 was the bottom of the market with a median sales price of $140,000. At the peak in 2006, the median sales price was $240,000. Right now, we're at $224,000, which is up 5% from last year. We're definitely trending upward from 2012.
In 2016, we anticipate that the market will be somewhat similar to the way it has been for the past couple of years. Inventory will continue to remain somewhat low, and prices will continue to rise by about 3% or 5% year-over-year.
If you have any questions, give us a call or send us an email. We would be happy to help you!2015-10-12T16:13:00-07:002015-10-28T07:05:02-07:00Barker Hedges Grouptag:barkerhedges.com,2012-09-20:2694Eden Prairie Park To Feature Ice Castles Again <img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/441/image/3795950661_bc2e814952.jpg" height="375" width="500" />Compared to the summer, there are quite a few less outdoor activities that Minnesotans of all ages can participate in; however, one thing kids love to do in the winter is build snow and ice forts. It's almost a right of passage in childhood. One of the 'coolest' features of the Minnesota winter is when adults play with ice, especially when they stack the ice blocks to form castles.
Miller Park in Eden Prairie will see the return of ice castles this winter. A Utah based company, Ice Castles LLC, will be charged with erecting the great ice structures this winter. Last year, the comapny also built an ice castle in Eden Prairie which attracted more than 80,000 visitors; the year before, at the Mall of America played host and also drew big crowds.<br /><br />On September 15, the Eden Prairie City Council approved the company to create more of their ice masterpieces at Miller Park. The company will pay the city for all the water they use; so Eden Prairie residents don't need to worry about rationing their water. <br /><br />This is a great family event that features the ice castles, plenty of cool lights illuminating them, other fun events and attractions, as well as snacks to warm up in the frigid weather. In order to really appreciate these castles and their craftsmanship, they need to be checked out up close. <br /><br />Seriously, plan to bring the whole family. This is a great opportunity to show kids that even when they grow old, you can still make cool forts out of snow and ice.
Photo courtesy of: <a target="_blank" href="https://www.flickr.com/photos/wheresmysocks/3795950661">Kendrick Erickson </a>
2015-09-19T23:15:00-07:002015-09-20T00:03:49-07:00Matthew Deerytag:barkerhedges.com,2012-09-20:2683Nagasaki and St. Paul Celebrate 60 Years as Sister Cities <img src="https://assets.site-static.com/userfiles/441/image/Yi_peng_sky_lantern_festival_San_Sai_Thailand.jpg" height="564" width="604" /><br /><br />The city of Nagasaki, Japan, is a world away from St. Paul, Minnesota. But many here know the name as it was one of the two cities devastated by the United States atomic bomb attacks in World War II. Many Minnesotans might not know Nagasaki and St. Paul are sister cities, a tie that was established in 1955. <br /><br />Ten years after World War II ended, the City of St. Paul hosted a special ceremony to celebrate their newly founded connection to the Japanese city. The ceremony was held on the ten year anniversary of Pearl Harbor, December 7, 1955. This relationship was established by James J. Hill's son, which later became a Sister City affiliation. This affiliation is one of the oldest in the United States and was one of the first between an Asian and American city. <br /><br />A delegation from Nagasaki will visit St. Paul at the end of August to celebrate this 60 year connection. There will be plenty of events while the delegation is in town, from throwing out the first pitch at CHS Field to a Japanese Lantern Lighting Festival at Como Park. <br /><br />While war has long since passed between these two great nations, it's important that neither nation forget the cost war had on their country. Both Nagasaki and St. Paul are striving to celebrate a bond, mourn the past and facilitate a peaceful future.2015-08-17T14:36:00-07:002015-08-20T09:23:22-07:00Matthew Deerytag:barkerhedges.com,2012-09-20:26602015 State Fair to Host Variety of Free Concerts <img style="display: block; margin-left: auto; margin-right: auto;" src="https://assets.site-static.com/userfiles/441/image/MinnesotaStateFairLogo.png" height="245" width="536" />
As the summer kicks into high gear, many Minnesotans can't help but to think of late August. The Minnesota State Fair is the biggest event in the state every year, drawing millions from all over the state to the fairgrounds. Nothing really has to change from year to year to get folks back to the "The Great Minnesota Get-Together," but hearing about new foods, concerts and events always sweetens the pot. <br /><br />This year, there are a host of free concerts. The Grandstand is always a huge draw for music fans, but for those not looking to spend money on concert tickets, there are plenty of other options at 2015's fair. <br /><br />Bandshell Tonight! has plenty of great free shows; Andy Grammer, who is a rising pop star with his current hit, "Honey, I'm Good," will be the most notable name to put on a free show at the fair. <br /><br />Reel Big Fish is another significant name to be playing a free show this year. This group was one of the biggest names of the short-lived ska-punk phase; though their moment as a heavy hitter may have passed, they still have plenty of great tracks to entertain a live crowd. Those who want to have a little nostalgia for the mid-90s should find this concert right up their alley.<br /><br />Local musician Charlie Parr will be playing a few times throughout the fair. He has a local following of fans who love his blues-y style. He has many shows throughout the fair this year and hopes to grab some new fans with each performance.<br /><br />There are many other free concerts throughout the 12 days of the fair; check the <a target="_blank" href="http://www.mnstatefair.org/">Minnesota State Fair's website</a> for more details on concerts and everything else fair related. <br /><br /><br />Image courtesy of: Minnesota State Fair
2015-06-16T12:01:00-07:002015-06-16T12:25:45-07:00Matthew Deerytag:barkerhedges.com,2012-09-20:2642Beer and Live Music at the '612 Brew Fest' <img src="https://assets.site-static.com/userfiles/441/image/20150413__150414LIFE-brewfestposter.jpg" width="444" height="591" style="display: block; margin-left: auto; margin-right: auto;" />
Who doesn't love beer and live music? Well, if you don't, then this event is not for you -- but if you are in the category of loving beer and music, 612 Brew Art Music and Beer Festival has got a weekend of fun for you. This event is in conjunction of the Art-A-Whirl festivities that same weekend. Oh, the best part? The event is open to the public and free to all.
On May 15th and 16th, Northeast Minneapolis will be lively with many live concerts, an open studio to check out talented local artists, and of course, beer from 612 Brewery. The brewery will be serving its five top selling beers during the event.
Friday night will play host to five bands and Saturday will showcase eight bands -- the headline acts include: Ash St. John, Nathan Miller, Loons in the Attic, and July Fighter.
With all the beer and entertainment, those in attendance are sure to get hungry -- well, worry not because there will be six food trucks on hand to give plenty of food variety to quench any hunger.
To learn more about this event, check out <a href="http://www.612brew.com/" target="_blank">612 Brewery's website</a>.
Image courtesy of: 612 Brewery 2015-04-14T13:55:00-07:002015-04-14T14:15:10-07:00Matthew Deerytag:barkerhedges.com,2012-09-20:26342319 Golf Drive - Woodbury MN This beautifully appointed home has been extensively upgraded with custom features not found at this price. The chef's kitchen features granite counter tops and stainless steel appliances. Hardwood floors throughout the main level tie together the open floor plan which is both breathtaking and functional.
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<img src="https://assets.site-static.com/userfiles/441/image/2319_Golf_Drive/2319_golf_drive_MLS_HID987357_ROOMdiningroombuffet1.jpg" class="img_box_left" height="194" width="290" /><img src="https://assets.site-static.com/userfiles/441/image/2319_Golf_Drive/2319_golf_drive_MLS_HID987357_ROOMdiningroomkitchen.jpg" class="img_box_right" height="194" width="290" />
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Upstairs features 4 bedrooms including a larger master suite with 2 closets, huge master bathroom with separate tub and shower and dual vanities.
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<img src="https://assets.site-static.com/userfiles/441/image/2319_Golf_Drive/2319_golf_drive_MLS_HID987357_ROOMmasterbathroom1.jpg" class="img_box_left" height="194" width="290" /><img src="https://assets.site-static.com/userfiles/441/image/2319_Golf_Drive/2319_golf_drive_MLS_HID987357_ROOMbedroomupperlevel1.jpg" class="img_box_right" height="194" width="290" />
The lower level is bright and spacious with a large family room, game room, wet bar and windows looking out to the backyard.
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Set on a cul de sac lot with a convenient walking path to the nearby city park and close proximity to schools, shopping and restaurants, this home has a truly exceptional location!2015-04-07T11:08:00-07:002015-04-07T11:41:37-07:00Brandon Hedgestag:barkerhedges.com,2012-09-20:263010550 McCool Court - BurnsvilleThis beautiful custom built home sits on the banks of the Minnesota River with exceptional privacy and views of the Minnesota Valley National Wildlife Refuge.
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This home features upgrades rarely found at this price. From the 2 master suites - one on the main and one upstairs - to the beautifully appointed basement bar, theatre and fitness center, this home is a masterpiece of design, function and ellegance.
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4,373 Total finished square feet
5 Bedrooms
5 Bathrooms
3 car garage
Proudly marketed by <a href="https://www.barkerhedges.com/agents/24/steve-hall/">Steve Hall</a> for the price of $575,000.
<img src="https://assets.site-static.com/userfiles/441/image/McCool/Theater_1.jpg" class="img_box_center" height="250" width="185" /><img src="https://assets.site-static.com/userfiles/441/image/McCool/Wet_bar.jpg" class="img_box_center" height="250" width="185" /><img src="https://assets.site-static.com/userfiles/441/image/McCool/Workout_2.jpg" class="img_box_right" height="250" width="185" />2015-03-30T15:03:00-07:002015-03-30T15:56:06-07:00Steve Hall