Minneapolis St Paul Minnesota Real Estate Market Update

    You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way.   On Friday, September 5 th ,  the average 30-year fixed mortgage rate fell to the  lowest level  since October 2024. It was the biggest one-day decline in over a year.   What Sparked the Drop? According  to  Mortgage News Daily,  this was a reaction to the August jobs report, which came out weaker-than-expected for a second month in a row. That sent signals across the financial markets, and then mortgage rates came down as a result.   Basically, we're seeing signs the economy may be slowing down, and as certainty grows in the direction the economy is going, the markets are reacting to what is likely ahead. That historically brings mortgage rates down.   Why Buyers Should Pay Attention Now But this isn’t just about one day of headlines or one report. It’s about what the drop means for you.   This...

  Today’s Tale of Two Housing Markets   Depending on where you live, the housing market could feel red-hot or strangely quiet right now. The truth is that local markets are starting to move in different directions. In some places, buyers are calling the shots. In others, sellers still hold the power. It’s a tale of two markets.   What’s a Buyer’s Market vs. a Seller’s Market? In a  buyer’s market , there are more homes for sale and not as many buyers. That means homes sit longer, buyers have more negotiating power, and prices  tend to soften as a result. It’s simple supply and demand.   On the flip side, a  seller’s market  happens when there aren’t enough homes available for the number of people looking to buy them. Because buyers have to compete with each other to get the house they want, that leads to faster sales, multiple offers, and rising prices.   Right now, both of these scenarios are playing out, depending on where you are.  So...

  📈 While property values are expected to appreciate over the next five years, rising prices are just one advantage of homeownership or holding real estate. 💰 Owners may also benefit financially through tax deductions—such as depreciation and mortgage interest—which can reduce taxable income. 🏡 Additionally, as principal payments are made on financed properties, equity grows by steadily decreasing the outstanding loan balance.

What Buyers and Sellers Need to Know This Spring By  Margaret Heidenry April 21, 2025 Home shoppers entering the market might find themselves in a head-scratching situation this spring. In one neighborhood, listings may vanish in a flash—often above asking price. Just a few miles over? Crickets. Recent economic uncertainty is also likely to affect the housing market, leading to some surprises. “The current real estate market is definitely one of confliction,” said  Cara Ameer , a real estate agent with Coldwell Banker who operates in California and Florida. “You may have homes that have  multiple offers  and others that are sitting. A lot of this depends on what type of home it is, where it is, and what it has or does not have.” Whether you’re  buying  or  selling  this season, success may come down to reading your local market—and adjusting your strategy accordingly. More homes on the market Much of the see-sawing in the housing market comes from...

  At The Basil Group, we're celebrating our 27th years at your #1 Twin Cities Real Estate Brokerage! All data from NorthstarMLS. Provided by Minneapolis Area REALTORS®.   U.S. sales of existing homes totaled 4.06 million in 2024, down from 4.09 million the year before, according to the National Association of REALTORS®. Meanwhile, sales of new single-family homes grew for the second year in a row, with an estimated 683,000 units sold last year, a 2.5% increase from 2023, the U.S. Census Bureau reports. It looks like 2025 will be another impressive year for buying and selling Real Estate!   In the Twin Cities region, for the week ending February 1: • New Listings increased 4.5% to 1,029 • Pending Sales decreased 6.7% to 687 • Inventory decreased 1.9% to 6,844   For the month of December: • Median Sales Price increased 4.6% to $370,000 • Days on Market increased 9.8% to 56 • Percent of Original List Price Received increased 0.3% to 97.0% • Months...