Monday, November 28, 2016

Millennials Still Chasing American Dream Despite Hurdles Posted on Nov 21 2016 - 11:07am by Housecall Surprising to some, millennials are all about chasing the American dream and owning a home of their own despite current market and economic setbacks. This infographic from FirstTimeHomeFinancing.com explains what's keeping millennials from pursuing their home-ownership dreams and outlines several programs that could help them achieve their goals.

Monday, July 06, 2015

Twin Cities Real Estate Update 1st half 2015

After nearly 10 years, home prices are within 6.3 percent of their record high seen in June 2006. We have been here before, but we are in a different environment these days. The labor market has benefited from the longest stretch of private job growth on record, the stock market is at all-time highs, corporate balance sheets have seldom looked this good, we have a more regulated lending environment, consumers are deleveraged, our population has grown and consumers are more cautious this time around. As we near “peak” pricing, there are several important items to bear in mind. First, this is not a brand new high in some foreign land, it is a return to where the market was 10 years ago but with better fundamentals (see above). Second—and as the chart suggests—if you assume that prices had followed their long term trend of increasing at 5.0 percent per year (nominal, not adjusted for inflation) as they have, we are still not back to where we would be assuming that rate of increase over the last 20 years. Third, this market is not fueled by irrational, unjustified speculation and exuberance—a leading cause of bubble-itus. Rather, it is fueled by low interest rates, rising rents, job growth, a diverse and robust local economy and slowly rising incomes. Those who remember paying $0.05 for a cup of coffee or a candy bar like to remind us: prices will rise. It is inevitable. To expect home prices not to follow that trend is unrealistic. Once home prices began recovering, it was only a matter of time before they surpass their previous peak. Given all the improvements we have seen in the market and economy, it is no surprise we are back to where we were. But this time, under much better circumstances. 13 6

Wednesday, November 13, 2013

Minneapolis St. Paul Housing Market November 2013

Minneapolis, Minnesota (November 12, 2013) – The Minneapolis-St. Paul metropolitan housing market continued along the path toward recovery in October. While some measures suggest a slowing in the pace of recovery, this deceleration is primarily the result of a healing distressed segment. Sellers felt more confident as new listings rose 15.1 percent to 6,102, marking the seventh consecutive year-over-year increase in monthly seller activity. Buyers closed on 4,495 homes, a modest 1.9 percent increase over last October. Consumers have 15,556 properties from which to choose – or just 3.7 percent fewer than last October, but 19.2 percent more than in January 2013. The market-wide median sales price was unchanged from September 2013 at $195,000, but was up 11.4 percent compared to October 2012. In October 2011, foreclosures and short sales together comprised 46.2 percent of all closed sales. In October 2013, these two segments made up only 21.5 percent of all sales. For new listings, the same October figure dropped from 42.4 percent in 2011 to 19.5 percent of all new listings in 2013. “The slight decrease in pending sales activity is entirely attributable to declines in the number of contracts signed on foreclosure and short sale properties,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS® (MAAR). Traditional pending sales activity was up 19.7 percent while foreclosure and short sale contracts were down about 33.7 and 50.8 percent, respectively. Closed sales increased 1.9 percent overall, but traditional closed sales rose 23.6 percent. Foreclosure sales and short sales were down 32.9 and 50.0 percent, respectively. New listings rose 15.1 percent overall, but traditional seller activity increased 39.0 percent higher as foreclosure and short sale new listings fell 24.4 and 50.1 percent, respectively. On average, homes are spending 75 days on the market – the quickest October pace in seven years. Sellers are receiving an average of 95.8 percent of their original list price – the highest October ratio since 2006. The Twin Cities metro now has 3.5 months’ supply of inventory, which suggests sellers are regaining their leverage. “We are within the final phases of market recovery,” said Emily Green, MAAR President-Elect. “Supply levels are stabilizing and regenerating, which means buyers have more choices and balance is being restored.” All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from NorthstarMLS. MAAR is the leading regional advocate and provider of information services and research on the real estate industry for brokers, real estate professionals and the public. MAAR serves the Twin Cities 13-county metro area and western Wisconsin. 10K Research and Marketing, LLC is a wholly owned subsidiary of MAAR.

Monday, April 29, 2013

Less supply, more demand and rising prices are being seen in residential markets across the country. News about the housing recovery's fragility, housing trends have remained positive for well over a year now, and the road ahead looks bright with better lending standards in place. Ominous headlines may benefit advertisers and search engine optimization, but local consumers informed of local situations are in a better position to leverage the market. In the Twin Cities region, for the week ending April 20: • New Listings decreased 4.5% to 1,601 • Pending Sales increased 9.7% to 1,337 • Inventory decreased 28.4% to 13,258 For the month of March: • Median Sales Price increased 17.8% to $176,575 • Days on Market decreased 24.3% to 109 • Percent of Original List Price Received increased 3.1% to 95.0% • Months Supply of Inventory decreased 38.0% to 3.1 As I've been saying for the past 12 months, now is the time to buy with prices bottomed out and interest rates at an all time low. Regardless of whether you're financing or not, prices are expected to rise and a market correction could be occurring now. For any assistance with Real Estate in Minneapolis / St Paul or around the country, contact The Basil Group, Dan & Lisa Basil at (612) 280-5046. www.thebasilgroup.com

Friday, July 20, 2012

POSITIVE TRENDS FOR HOUSING

There’s a lot of good news that affects the housing market. Let’s take a look at the positive trends that impact residential real estate’s growth. Unemployment is Dropping - “We're actually seeing some better news on the U.S. jobs front,” said Jennifer Lee, an economist at BMO Capital Markets, in a note to clients. Unemployment aid applications have fallen for two straight weeks and is the largest two-week decline since February, she noted. ASSOCIATED PRESS, JULY 5, 2012 Interest Rates are at Record Lows - The average U.S. rate on the 30-year fixed mortgage stayed this week at the lowest level on record. Freddie Mac says the average on the 30-year loan was 3.66 percent and the lowest since long-term mortgages began in the 1950s. ASSOCIATED PRESS, JUNE 28, 2012 Rents are Rising - As rents continue to rise, owning a home is making more financial sense, according to recent surveys that show it’s cheaper to own a house than rent in the majority of metro areas nationwide. The National Association of Realtors (NAR) estimates that rents will rise 4 percent, on average, this year and another 4 percent in 2013. DAILY REAL ESTATE NEWS, JUNE 25, 2012 Home Affordability Index is at Record High - Housing affordability conditions for all buyers reached a milestone. The quarterly Housing Affordability Index rose to a record high of 205.9 in first quarter, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. This is the first time the quarterly index broke the 200 mark; record keeping began in 1970. NAR, MAY 16, 2012 First Time Buyers Get off the Fence - Low interest rates are prompting some first time home buyers to purchase sooner than they planned. Sellers are being more realistic with pricing, making it easier for buyers to get into areas that would normally be off limits. WASHINGTON POST, JUNE, 25, 2012 Inventory Levels are Down - As sales go up, inventories go down. New listings came in slower than last year but buyer activity has increased over year-ago levels. Buyers are confident in the current affordability picture, and some rents have increased to levels above comparable mortgage payments. Absorption rates, negotiating leverage and market times are all still metrics worth watching carefully. Some agents are reporting that more than half of their clients are in multiple offers. MAAR, JULY 2, 2012 Sales up, Prices Rising, New Construction Up • The housing market is looking better. Home sales are up from last year, home prices are rising in most cities and homebuilders are planning to break ground on more projects in the next 12 months. ASSOCIATED PRESS, JUNE 28, 2012 • Pending home sales climbed 5.9% in May 2012 and was 13.3% above May 2011 levels. MARKETWATCH, JUNE 27, 2012 As always, we appreciate your business and your trusted referrals of friends, family and business associates. www.thebasilgroup.com ~ Dan & Lisa Basil

Tuesday, April 10, 2012

5605 Glacier Lane North Plymouth, Mn 55446

Saturday, March 17, 2012

For Week Ending March 3, 2012
Quick Facts
Publish Date: March 12, 2012 • All comparisons are to 2011
- 23.2%
+ 29.7%
Metrics by Week
New Listings
2
Pending Sales
3
Inventory of Homes for Sale
4
Metrics by Month
Days on Market Until Sale
5
Median Sales Price
6
Percent of Original List Price Received
7
Housing Affordability Index
8
Months Supply of Inventory
9
All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®.


The last six years or so have been tough on home prices, and even the most optimistic prognosticators say it will take another six years for median sales prices to approach the halcyon days of assured annual value increases for home sellers. Generations of stable home price increases gave way to a boom-and-bust cycle that would have made the Pets.com sock puppet blush. As we enter what should be an active spring market, our communities would do well to focus effort toward creating healthy, happy homes. With those in place, prices will rise again.In the Twin Cities region, for the week ending March 3: • New Listings decreased 23.2% to 1,402 • Pending Sales increased 29.7% to 940 • Inventory decreased 22.9% to 17,818For the month of February: • Median Sales Price decreased 1.1% to $138,500 • Days on Market decreased 9.0% to 145 • Percent of Original List Price Received increased 2.6% to 90.6% • Months Supply of Inventory decreased 36.5% to 4.6

Okay, it's not over until it's over said Lenny Kravitz in his song. And, if it looks like a duck and walks like a duck... It's looking like the end of the downmarket is here. Inventory down, supply up, mortgage rates at an all time low, you do the math.

If you would like more advice about buying, selling, or investing in real estate. Contact Dan Basil (612) 280-5046 or email Dan at: info@thebasilgroup.com