Minneapolis St Paul Minnesota Real Estate Market Update

  Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling! Whether you are buying or  selling a home it can be quite the adventure, which is why you need an experienced real estate professional to guide you on the path to achieving your ultimate goal. But in this world of instant gratification and internet searches, many sellers think that they can ‘For Sale by Owner’ or ‘ FSBO .’ The 5 reasons you NEED a real estate professional in your corner haven’t changed but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam. 1. What do you do with all this paperwork? Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true real estate professional is an expert in his or her market and can guide you through the stacks of...

712,000 Homes in the US Regained Equity in the Past 12 Months! CoreLogic’s latest Equity Report revealed that “over the past 12 months, 712,000 borrowers moved into positive equity.” This is great news, as the share of homeowners with negative equity (those who owe more than their home is worth), has dropped more than 20% since the peak in Q4 of 2009 (26%) to 4.9% today. The report also revealed: The average homeowner gained approximately $14,900 in equity during the past year. Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties. U.S. homeowners with mortgages ( roughly 63% of all homeowners ) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year. The map below shows the percentage of homes by state with a mortgage and positive equity. (The states in gray have insufficient data to report.) Significant Equity Is on The Rise Frank Nothaft, Ch...

4 Reasons to Sell This Winter Some Highlights: Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available! Housing inventory is still under the 6-month supply needed to sustain a normal housing market. Perhaps the time has come for you and your family to move on and start living the life you desire.

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...

Where Are the Home Prices Heading in the Next 5 Years? Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number. The results of their latest survey: Home values will appreciate by 4.4% over the course of 2017, 3.4% in 2018, 2.8% in 2019, 2.7% in 2020, and 2.8% in 2021. That means the average annual appreciation will be 3.22% over the next 5 years. The prediction for cumulative appreciation fell from 21.4% to 17.3% by 2021. The experts making up the most bearish quartile of the survey are projecting a cumulative appreciation of 6.3%. Bottom Line Individual opinions make headlines. We believe this survey is a fairer depiction of future values. Dan & Lisa Basil Elite Guest Service Professionals Pres...

By Jim Buchta Star Tribune October 7, 2017 — 11:04pm Twenty percent of all house listings in the Twin Cities metro had a price reduction as of August, twice as many as in the spring. The bulk of the markdowns are in the upper-bracket market. For five long years, the owners of a house at 2104 Kenwood Parkway — known for its appearance in the opening credits of “The Mary Tyler Moore Show” — waited for a buyer. Though the Minneapolis house was in perfect condition, exquisitely staged and on a picture-perfect street in a prime neighborhood, there was only one thing the seller could do to entice a buyer: Reduce the price. After nearly $1.5 million in markdowns — about half of the original list price — the seller finally hit the sweet spot and got not one, but two offers. The sale closed late last month. The Twin Cities home market is closing in on a record year of sales even while supply is extremely tight, giving sellers an advantage over buyers. But with winter just around the corn...

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.

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Basil Home Sales for the Twin Cities Minneapolis St Paul Minnesota. Relocating to Minnesota , check our web site at www.thebasilgroup.com , www.danbasil.com , www.lisabasil.com . Hennepin County Specialists for Maple Grove , Plymouth , Wayzata , Minnetonka , Medina , the Wayzata School District and more!