Minneapolis St Paul Minnesota Real Estate Market Update

In case you noticed or have not noticed; Coldwell Banker Burnet has changed it's, replacing the 'Burnet', it will now be know as Coldwell Banker Realty One of the most well-known real estate companies in Minnesota, Coldwell Banker Burnet, is undergoing a name change. It was announced  that the Minnesota and Wisconsin operations of Coldwell Banker Real Estate LLC will now be known as Coldwell Banker Realty. The change will be enacted at all 24 of its real estate offices across Minnesota and Wisconsin. The name change is the result of a wider rebranding effort by the parent company, which saw it launch this past September its new "North Star" logo. Coldwell Banker Realty It means the shedding of the "Burnet" name, which has been in place since Ralph Burnet sold his real estate company to New Jersey-based National Realty in 1998 – creating Coldwell Banker Burnet in the process. Burnet, who started Burnet Realty in 1973 and became one of Minnesota...

What will 2020 be like for buyers? Buying a home in 2020 will offer opportunities for some buyers, as the supply of new homes relieves some of the inventory pressures, and prices moderate. While the inventory of new homes in 2019 remained focused on the high-end, as the luxury market cools, builders signaled their intent to increase offerings in the mid-price segment, a much-needed shift in market dynamics. First-time buyers will continue to struggle with affordability, even with mortgage rates in an approachable range, as entry-level inventory is expected to remain constrained. The broad price moderation will continue to offer opportunities in mid-sized markets in the Midwest and South. What will 2020 be like for sellers? Sellers in 2020 will contend with flattening price growth and slowing activity, requiring more patience and a thoughtful approach to pricing. Sellers of homes priced for entry-level buyers can expect the market to remain competitive and prices to st...

Thinking About Moving to a New City? Here's What You Need to Know By Eliot Ward   Perhaps you recently accepted a job offer in a new city, or you just needed a change of scenery and decided now was the time to make that change. Uprooting your life isn't an easy feat—yet, it's exciting and new. You'll get to explore a whole new place and all that that new place has to offer! There'll be new activities, new restaurants, new friends, new parks, and more. What should you know about your new hometown? What research should you do ahead of time to ensure you relocate to a place you'll be comfortable living in? Here's what you need to know: Do Your Research Before Buying (or Renting) The area you live in makes your home what it is. Check out Google Maps before your big mov...

Are Home Prices Softening or Are They Falling? We are beginning to see reports that more housing inventory is coming to the market and that buyer demand may not be increasing at the same pace it did earlier this year. The result will be many headlines written to address the impact that these two situations will have on home values. Many of these headline writers will confuse “softening home prices” with “falling home prices,” but there is a major difference between the two. The data will begin to show that home values are not appreciating at the same levels as they had over the last several years (softening prices). This does NOT mean that prices are depreciating (falling prices). Here is an example: Over the last several years, national home values increased by more than 6% annually. If you had a home worth $300,000 at the beginning of the year, it would be worth $318,000 by year’s end. If the appreciation rate “falls” to 4%, that $300,000 house would b...

What Does the Recent Rash of Price Reductions Mean to the Real Estate Market? Thursday August 23rd, 2018 For Sellers , Housing Market Updates , Move-Up Buyers , Pricing Last week, in a new report from Zillow , it was revealed that there has been a rash of price reductions across the country. According to the report: There are more price cuts now than a year ago in over two-thirds of the nation’s largest metros About 14% of all listings had a price cut in June Since the beginning of the year, the share of listings with a price cut increased 1.2% This is the greatest January-to-June increase ever reported, and more than double the January-to-June increase last year Senior Economist Aaron Terrazas further explained: “A rising share of on-market listings are seeing price cuts, though these price cuts are concentrated at the most expensive price-points and primarily in markets that have seen outsized price gai...

The #1 Reason to List Your House for Sale NOW! If you are debating whether or not to list your house for sale this year, here is the #1 reason not to wait! Buyer Demand Continues to Outpace the Supply of Homes for Sale The  National Association of Realtors’ (NAR)  Chief Economist  Lawrence Yun recently commented on the current lack of inventory: “Inventory coming onto the market during this year’s spring buying season – as evidenced again by last month’s weak reading – was not even close to being enough to satisfy demand.   That is why home prices keep outpacing incomes and listings are going under contract in less than a month – and much faster – in many parts of the country.” The latest  Existing Home Sales Report  shows that there is currently a  4.1-month supply  of homes for sale. This remains lower than the 6-month supply necessary for a normal market, and  6.1% lower t...