Whether you are just starting to check out a few homes on our website or have already been pre-approved, we could all use a good checklist to keep us on track! Our awesome lenders have putting together a really nice, straight forward that can help anyone no matter where they are at in the process! If you would like a PDF version don’t hesitate to request one and we would be happy to send one out to you!
According to Standard & Poor’s Case-Shiller Home Price Index home prices were up 9.4% in January (year over year). This has become a trend in Minnesota over the last 18 months. Even one of the worst winters in recent memory hasn’t stopped home buyers from throwing on their snow-boots and trekking to open houses. That being said it still seems sellers are anxious. Months inventory of homes for sale in the Twin Cities remains well below 5 and in some cities, like Arden Hills, it is below 2 months of inventory. This indicates we are still in a strong sellers market. With the continuation of low 4% interest rates it doesn’t seem like the market is slowing down any time soon!
Now to the semi bad news. According to a Bring Me the News piece, and a report from MPR News, the cost to renters in Minnesota only continues to rise.
“The report said that full-time workers would have to earn $16.50 per hour to afford a modest, two-bedroom rental in Minnesota that averages about $850 a month. But the typical renter in the state only makes about $14.50 per hour.” (Bring me the News).
Makes sense as to why there are so many first time home buyers in Minnesota right now!
Where do you think the market is headed in the next year?
Do you like free beer (or wine)?
Do you like free food?
Do you have questions about the home buying process?
We are hosting home buyer happy hours all over the Twin Cities! We answer all your questions in a low key, fun environment. So come out, have some food, some beer and get tons of great info! We even have a class coming up tomorrow in Vadnais Heights at 6 at Mad Jacks! We can’t wait to see you.
If you can’t make to tomorrow, no biggie! We are doing more over the next few weeks. Simply put in your basic info and we will send you a list of all the dates and times!
Thank you so much for visiting our blog. We love the real estate industry and wanted a platform to share we learn and experience everyday so we can try to help you along in your home purchasing/selling journey. We know real estate can be tricky sometimes.
In this blog we are going to post about local market conditions, fun rehab projects, where the industry is trending, what is going on in your local community, not just with real estate but schools, parties, new commercial (restaurants, malls, etc.), and also answer any questions that you can possibly come up with. Real estate or not (sometimes we prefer not – we both have very strong opinions on the Vikings).
Again we are so happy you stopped by. Check us out. Ask us a question. We are always here to help. We hope you come back.
Josh and Lance
Team Fellman
NorthEast Homes For Sale 