Twin Cities median home prices of closed homes in June peaked at $242,000. The median sales price was up 5.3% from last year and nearly 2% higher than the previous all-time high set in June of 2006. The Twin Cities housing market appears to be back on solid ground and strong by most measures.
Full Article-Buchta, J. (2016, July 19). Twin Cities home prices reach all-time high a decade after the last did. Minneapolis Star Tribune.
Retrieved from www.startribune.com
The Twin Cities housing market remains unbalanced as housing prices move closer to an all-time high. The inventory shortage of homes for sales seems to be driving the increases, but low interest rates and continued job growth in the Twin Cities are also contributing. The peak spring sales season may be coming to a close, but indications are that the Twin Cities home market will remain strong.
Full Article-Buchta, J. (2016, June 15). Twin Cities house prices near an all-time high as May sales climbed. Minneapolis Star Tribune.
Retrieved from www.startribune.com
The unbalanced housing market in the Twin Cities where house hunters out number sellers has led to over half of the buyers in April paying more than the list price on homes. Demand for entry level homes has not slowed and there currently are not enough sellers to slow the trend.
Full Article-Buchta, J. (2016, June 5). A new marker in the housing craze: Most Twin Cities sellers getting more than they ask. Minneapolis Star Tribune.
Retrieved from www.startribune.com
May was one of the strongest months for Twin Cities homebuilders in at least a decade. A shortage of homes for sale on the market has forced many buyers to consider new construction. There was also a shift in homebuilding activity from apartment construction to single family homes.
Full Article-Buchta, J. (2016, June 1). Homebuilding busts out in Twin Cities in May. Minneapolis Star Tribune.
Retrieved from www.startribune.com
Many potential home buyers are competing for limited listings in the Twin Cities real estate market. Homes that fall into the “entry-level” category are in especially high demand. The term “entry-level” has evolved from past definitions as first time home buyers are often waiting longer to buy and often varies significantly by location. As the demand for entry- level homes has increased homebuilders have started to build more of these homes and cater to entry level home buyers.
Full Article-Buchta, J. (2016, May 1). In Twin Cities, as demand rises so do entry-level homes. Minneapolis Star Tribune.
Retrieved from www.startribune.com
Selling a home in the current Twin Cities real estate market has been easier than buying one. Some sellers have been reluctant to list their home or sell without knowing they will find a suitable home to purchase. To address the challenges of the tight real estate market a “seller’s contingency” has been introduced that gives the seller the right to sell only if they can find a suitable home to purchase. The introduction of a “seller contingency” is not a standardized practice, but may be helpful in encouraging more home owners to list their homes for sale. On the buyer’s side of a “seller’s contingency” there may be some drawbacks. For more information on “sellers contingency” and how it may affect your move contact Phil McDermott with Real Estate Masters through MyTwinCitiesRealty.com.
Full Article-Buchta, J. (2016, April 23). In Twin Cities, some home sellers won’t make a deal until they find a new place themselves. Minneapolis Star Tribune.
Retrieved from www.startribune.com
