Minneapolis St Paul Minnesota Real Estate Market Update

The #1 Reason to List Your House Today! Thursday December 7th, 2017 Many people believe that selling their house during “the spring buyers’ market” is the best thing to do. Their reasoning is that there will be more buyers than there are during the winter months and, therefore, their house will sell quicker and for a higher price. Historically, this made sense. However, today’s real estate market is not following the rules of the past. The National Association of Realtors (NAR) measures buyer “foot traffic” each month. It receives data on the number of properties shown to a prospective purchaser by a Realtor® (based on the number of lockboxes used). The data reveals the number of buyers out actively looking for a home, not just window shopping on the internet. NAR explains: “Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future.” According to the lat...

Millennials Flock Towards Low Down Payment Programs A  report released by  Down Payment Resource  shows that 61% of first-time homebuyers purchased their homes with a down payment of 6% or less. The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%. An  article by  Chase  points to a new wave of millennial homebuyers: “We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market , and affordability remains top of mind.” Among millennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said: “It’s clear from the survey results that Millennials have a lot of anxiety built up about the home buying process. There is good news, however, as there’s more flexibility than most Millennials think regarding how to qualif...