Is it Still a Seller’s Market?

The data says yes. Inventory, buyer demand, and rising prices say that sellers have the advantage. But, is it a seller market for everyone?

Twin Cities Area Has New Hot Real Estate Segment: Million-Dollar Homes

Factors surrounding the pandemic have caused inventory of seven-figure homes to drop in some suburbs.

Where Have All the Houses Gone?

In today’s housing market, it seems harder than ever to find a home to buy.

How Does Zillow Really Work?

Answers to Recent Questions About this Popular Platform

February is a Sweet Time to Get in the Market

If you’re thinking about selling, now might be the perfect time to make the move.

Tracking the Market During Covid-19

The real estate market in the Twin Cities is still active and houses are moving.

Staying Connected

Focusing on What Matters in the Midst of Covid-19

Twin Cities Real Estate Market Changes for 2020

What’s Your Energy Score?

Buyers will be asking this question as they look at homes in Minneapolis this year. Starting Jan. 15th the required Minneapolis Truth-in-Sale of Housing Inspection has now added an Energy Efficiency report that will score wall and attic insulation, heating system and window efficiency. The city will not require a seller to upgrade, but the jury is still out on how this will affect buyers and negotiations.

CLICK HERE for more information about this change.

This video also does a great job of explaining some of the components of the scoring system.

No More Sneak Previews

Over the last few years, “coming soon” or “Non-MLS” listings have been making up more and more of the market. In some hyper-competitive regions the number of houses off-market were exceeding the number on the MLS. The National Association of Realtors recently voted to crack down on this. Changes in the Twin Cities area will eliminate the ability to broadly market homes that are not on the MLS. “Coming soon” will truly mean that the home will be posted on the MLS as a coming soon listing—not sold before you found out about it! Like every rule, however, there are viewpoints on both sides of the discussion. Contact us to talk through the timing and specifics of these upcoming changes.

My House Just Got Bigger

Conventional loan limits will rise to $510,400 from $484,350. Why does that matter? It will allow a buyer to come up with less money to stay within conforming loan prices. This also allows a buyer with only 5% down to buy a little bigger house.

One Thing You Can Count On: the Sun will Rise

And…so will your 2020 property taxes. Expect, on average, to see a 4.7% rise in property taxes. The good news: many of your homes have also appreciated that much if not more over the past few years.

 

 


 

The Kim Pease Team can help ask the right questions that will assist you in navigating your next move.

Contact us if you or someone you know might need some guidance.

Stay or Go?

Home Improvement Ideas Worth Your Time Whether You’re Packing Up or Staying Put.

For those out there that love ALL of the seasons of Minnesota the colder months are the perfect time for do-it-yourself or affordable interior improvement projects that can give an older home new life. BUT – for those of you that are considering a move, the following list works for you, too–particularly if you’re looking for projects that can freshen up a space as you’re prepping to put it on the market.

Lighting
Replacing an ancient light fixture with a new design is an afternoon project that can have dramatic results. A new multi-bulb chandelier can turn a dark, forgotten space into one that is bright and renewed. Make sure to add a dimmer switch for maximum ambience control.

Paint
While changing wall colors might be an obvious cold weather project, keep in mind those old bookshelves, the fireplace, and even your kitchen cabinets which might be deserving of a new coat of paint. Hiding tired wood stains and adding dramatic color can completely transform the feel of a space. Make sure you sand previously-stained woods to make sure the paint sticks!

Plumbing
Those who love to work on puzzles in the colder months might also enjoy updating your fixtures in your kitchen or bath. Switching your kitchen sink faucet to a new, retractable model (or even a no-touch model) can make your kitchen work and look better. In a bath, a new faucet fixture combined with a new mirror or paint can breath new life into an old space.

Looking for more ideas? Try THIS ARTICLE from Netflix’ Bobby Berk. It’s got some great inspiration for updates that can help convert a house into a dream home. Need help with the work? LET US KNOW – we can recommend trusted contractors who can lend a hand.

 


As the leaves fall and colder weather moves in, many experienced homeowners ask themselves that annual question “Is this Minnesota winter really for me?” We’ve had many recent conversations with people going through this decision-making process. If we move, do we sell first or buy? Should we downsize to a condo or smaller home? Should we get the heck out of here and head to warmer climate? When’s the best time to put our home on the market?

The Kim Pease Team can help ask the right questions that will assist you in navigating your next move, whether that be, to a smaller home, a condo, or a move to another state.

Contact us if you or someone you know might need some guidance.

What’s Your Forecast for 2019?

The 2019 housing forecast according to realtor.com is pretty interesting. Here are some key insights that stuck out to us:

OVERALL

HOME PRICES will still rise, but at a much slower rate than we’ve been accustomed to… 2.2% nationally.

HOME INVENTORY will also increase… but less than an expected 7%, it is higher bracket homes that will see the largest inventory growth (these are $1M+)

HOUSING FOR FIRST-TIME HOMEBUYERS will still be tight around the Twin Cities, however homebuyers will have more negotiating power, and sellers will need to make more compromise.

LISTING STRATEGICALLY for the Twin Cities marketplace will be necessary even when the coming year will sway toward a ‘sellers-market’. This is because believing that one can get their home put on for TOP price, and sell VERY quickly, will be surprising when a prompt sale doesn’t occur if it is not priced to sell.

LENDING

RATES for mortgages are expected hit 5.5% by the end of 2019

MORTGAGE MARKET – Millennials will account for 45% of mortgages, with 37% going to Gen Xers, and 17% to Baby Boomers in 2019.

BE PREPARED

Using a licensed Realtor who knows the market inside and out, will be more important than ever, if you want to move your home quickly – your home must be priced to sell.

 

Contact us if you or someone you know might need some guidance regarding the best time of year to go to market.