Tuesday, September 4th, 2012

Tara-Nicholle Nelson

Sometimes, the real estate market can play games with our minds. At the top of the market, home buyers imagine that sellers frolic through fields of cash, rubbing their hands together megalomaniacally as they flip through hundreds of offers, concocting arcane “no brown M&M”-type contract clauses to put the screws to buyers-in-waiting.

At the bottom of the market, the tables turned, and sellers might have visualized buyers sitting on top of truckloads of cash, while deigning to offer them only a paltry few pennies for their Most Precious Asset.

Reality check: neither of these images are anywhere near reality. At the bottom of the market, even the most bargain-hungry buyers are riddled with grave concerns about whether and when to buy, as well as how to get through the maze of tight mortgage and appraisal guidelines. And the opposite is true, too. Even on today‚Äôs market — which is much more active than it has been in years — sellers fear making missteps and mistakes that will cause their home to lag or will result in them leaving money on the table, so to speak.

Here are five of the mistakes I see sellers make when the market heats up and buyers start biting — and some tips for avoiding them.

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Tuesday, September 4th, 2012

Posted by Lindsay Listanski in Tips for Home

Buying a home can be an expensive endeavor, and many potential buyers choose to shave a couple bucks off the final price by purchasing starter homes or properties that need a few repairs. And while this strategy can be an effective way to save money and, in some cases, personalize the house, knowing which repairs are more pressing can help new homeowners avoid delaying certain issues for too long.

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Tuesday, September 4th, 2012

 

Article by: JIM BUCHTA

Low lakeshore prices are enabling those once priced out of the market to get a crack at a slice of shoreline.

Even as summer winds down, Minnesotans are headed to the lake. With their wallets.

Buyers are snapping up waterfront properties at an astounding clip, with sales of these homes outpacing purchases of traditional houses in some areas. It’s a dramatic shift for a segment that was clobbered by the recession as would-be buyers put their dreams of a lakefront house on hold. But today’s pre-boom prices are giving these buyers a chance to get these homes at quite a bargain.

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Tuesday, September 4th, 2012

 

Article by: JIM BUCHTA

Low supply and high demand in Minneapolis are spurring a revived building boom.

It was only five years ago that downtown Minneapolis was awash in condominiums, but one of the last condo developments to break ground was in 2007 — and that building has just a sole unit left.

Yes, downtown has become one of the tightest condo markets in the Twin Cities metro area, with fewer than 150 units available for sale at a time when demand for urban living continues to grow every year.

Several developers are taking notice and are ready to infuse downtown Minneapolis with new units. One of the first projects will come from Jim Stanton, a veteran developer who plans to build the Park Vista in the historic Mill District. The 12-story tower will eventually bring 169 new condos to the market.

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Monday, August 27th, 2012

Where residential real estate statistics are concerned, observers should be watching for overarching, macro-level trends rather than any one volatile, outlying week or month’s worth of data. Thinking in a big-picture manner is beneficial in numerous ways. Consider this: Despite media coverage of dreaded shadow foreclosure inventory or a new rush to rent by former owners, our nation’s homeownership rate has fallen no more than 3.0 percent from its peak in 2004. The figure crested around 69.0 percent and now lies just above 66.0 percent. Here are some local numbers to learn and share.

In the Twin Cities region, for the week ending August 18:

  • New Listings decreased 3.5% to 1,286
  • Pending Sales increased 25.2% to 1,118
  • Inventory decreased 29.8% to 16,878

For the month of July:

  • Median Sales Price increased 13.6% to $178,900
  • Days on Market decreased 27.8% to 105
  • Percent of Original List Price Received increased 3.6% to 95.0%
  • Months Supply of Inventory decreased 42.5% to 4.4

Click here for the full Weekly Market Activity Report.

From The Skinny.

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