The Latest From the Twin Cities Real Estate Market

What's going on in the Twin Cities market? We're seeing some interesting trends, so I wanted to give you a quick update.

Looking to sell your home? Click here to use our home evaluation tool.

Looking to buy a home? Click here to search all local homes for sale.

A lot's going on here in the Twin Cities market, so I wanted to give you a quick update.

New listings are down about 8% from last year to roughly 8,000 homes for sale on the market. The number of active listings stands at about 11,000 right now, which is a decrease of about 20% compared to this time last year. Pending units—homes that have gone under contract but have not yet closed—stand at about 6,000, which is an 8% decrease from this time last year.

Inventory is down and home values are up.

This is all probably due to the lack of inventory on the market.

The median home price has jumped up to $246,000, which is a 6% increase from where we were at this time last year. The average days on market, or the average amount of time it takes a home to sell, is at 58 days currently. That's also an improvement from last year.

The final and perhaps most interesting recent statistic from our market is that in the last 30 days, 22% of properties in the marketplace had some kind of price adjustment.

If you have any questions about our market or any specific neighborhoods, don't hesitate to give me a call or send me an email. I'd be glad to help however I can!

Our Newest Buyer’s Agent Walks You Through the Home Buying Process

Our newest team member has some important advice on the home buying process and how you can move into your dream home.

Looking to sell your home? Click here to use our home evaluation tool.

Looking to buy a home? Click here to search all local homes for sale.

Today I’m joined by JJ, one of our buyer’s agents and our newest team member, so he can introduce himself and tell you what you need to know about the home buying process.

As a buyer’s agent, JJ meets with clients who are seeking their dream home and consults with them to understand all their expectations and desires so they can hit the ground running to start their home search.

Once you’ve found a home you like, your first step is to present a strong offer. According to JJ, a strong offer starts with being pre-approved. If you don’t have a pre-approval in place or a pre-approval letter ready to present, your offer won’t be seriously considered. Make sure you’re working with a lender and you have a pre-approval letter that you can attach to any offer you make.

We’ll help walk you through the process.

After your offer is accepted, next comes the home inspection process. This will give you a feel for the home, from the foundation to the roof to everything in between. Keep in mind that you have to have your inspection completed within a certain amount of days, though. In a typical contract JJ writes up, his clients’ inspections happen within 10 to 14 days.

In addition to the inspection, you must also present amendments to the sellers if there are things about the home you need to have fixed. To that point, JJ has many people at his disposal that will work on your behalf to ensure your new home is deemed safe and healthy. Lastly, you need to beware of radon. Radon is a colorless, odorless gas that emanates from the soil and has been proven to cause cancer. If the house you want to buy has high radon readings, you want to properly address that with an amendment to the seller after the inspection process. In this situation, JJ will fight for his buyers to make sure a mitigation system is installed properly. We want you to be a client not just for this home, but for future homes as well. If you have any other questions about the home buying process, feel free to give us a call. We’d be happy to help you. 

Do You Disagree With Your Property Tax Valuation?

You should have received your property taxes statement in the mail.
Here’s what to do if you feel the valuation of your home is out of line.

Looking to sell your home? Click here to use our home evaluation tool.

Looking to buy a home? Click here to search all local homes for sale.

By now, you should have received a copy of your proposed property tax statement.

On the back of this statement, you’ll find a process you can follow if you feel that your property valuation is out of line.

We’ll help walk you through the process.

If you’d like some help with that, give us a call and we’ll help walk you through the process. The county will recommend that you have a Realtor give you a market analysis on the value of your property.

Keep an eye on the deadlines because they’ll be coming up before you know it. The first half of home taxes are due May 15th. If you’d like us to help you with your property taxes or you have any other questions we can help with, give us a call or send us an email. We’d love to be of service to you.