Why Buyers and Sellers Can Take Advantage of Our Current Market

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As things stand, we’re in a great place in our Minneapolis market right now—for both buyers and sellers. 

Not only are interest rates are very low, but inventory levels are creeping up as well, which gives both sides more options in terms of getting the best deal possible. 

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We’re in a great place in our Minneapolis market right now—for both buyers and sellers.

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One of the biggest concerns I hear in a market like this is from sellers wondering whether they’ll be able to find their next house if they list their current one. Let me tell you this: In my 13 years as a real estate agent, I haven’t worked with a single seller who wasn’t able to find a new home they absolutely loved after selling their original home. 

The bottom line is our market is extremely healthy, so if you’re ready to buy or sell or you’d like to know more about how you can take advantage of current conditions, don’t hesitate to reach out to me. I’d love to speak with you. 

A Sneak Preview of Our Newest Listing

I am so excited about our new listing that I want to make sure you get a sneak preview before it even hits the market!

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Today I’m coming to you from a beautiful property that is set to hit the market in about a week.

As you’ll see in the video above, the seller is actually finishing up a great remodel. The kitchen now opens up to the living room and will have granite countertops very soon. There is also a brand-new deck in the backyard.

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This home has been completely redone!

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The backyard opens up to a state park, so you will have all the privacy you want.

This is a 3-bed, 2-bath split-level home that has been completely redone. In addition to a brand-new kitchen with new appliances, the floors have been redone as well. Each bedroom is a decent size and comes with good closet space.

This stunner is in a great neighborhood and will hit the market at $249,900. If you would like to learn more details about this property before it goes live on the market, give me a call or send me an email. I would be happy to help you.

Who Is Suing Zillow and How Does It Affect You?

Zillow is being sued over its Zestimate tab, which should be a reminder that no algorithm can accurately price your home.

Selling your Minneapolis home? Check out our free home value report

Buying a Minneapolis home? Search all homes for sale

Why is Zillow is facing a lawsuit over the use of their Zestimate tab? How does this affect you?

The Zestimate tab is their automated tool that gives you a valuation of your home based on an algorithm. The lawsuit comes from a woman whose home’s Zestimate was far below the actual market value of her home and what she was trying to sell it for. She’s claiming that the Zestimate value was a detriment to her sale.

This isn’t the first time I’ve heard of something like this, and I’ve talked with a lot of people in the past who’ve been confused about the difference between what Zillow says their house is worth and what they can actually sell it for.

Here’s the reality of the situation—no algorithm can accurately price your home. It can’t see the features and benefits of the inside of the home or the features and benefits of your neighbor’s home. At the end of the day, it’s next to impossible to replace actual eyeballs.

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An algorithm can’t account for your home’s features and benefits.

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Think about it—how’s an algorithm supposed to know the difference between two 4-bedroom, 4-bathroom, 2-car-garage homes located in the same neighborhood if one is pristine and the other is trashy? It will automatically place the same exact value on those two homes, which inevitably won’t be right.

If you have questions about the value of your home or want an accurate estimation of it, give me a call so we can walk through it together and come up with a price that will allow buyers to see what it’s actually worth based on the competition.

If you have any other questions, don’t hesitate to reach out to me. I’d be happy to help.

3 Homes Coming Soon to the Market

Our market is very competitive right now from a buyer’s perspective. Here’s how you can get a leg up on the competition.

Selling your Minneapolis home? Check out our free home value report

Buying a Minneapolis home? Search all homes for sale

As you are probably aware, the market is very competitive right now in the Twin Cities. Homes are moving quickly, as soon as they hit the market in some cases. If you’re looking to buy a home, we have three great properties to show you today that haven’t even gone on the market yet. We wanted you to have a look first in case you were interested.

The first property is at 1661 Jefferson Ave in St. Paul. This one is pretty special. It’s a complete remodel, having been gutted down to the studs before being built back up. It is now absolutely stunning. It’s a 5-bedroom, 4-bathroom home with a 2-car garage. It’s in an amazing neighborhood and for a list price of $550,000, it’s worth every nickel.

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We want to give you that slight edge.

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The second one is at 8518 Saratoga over in Eden Prairie. This one is nestled in the middle of a great neighborhood with great schools. We’re listing this 4-bedroom, 3-bathroom home for just $309,000.

The final one we have is over at 6905 Vincent Ave S in Richfield. This one is a 3-bedroom, 2-bathroom complete remodel with new granite countertops and stainless steel appliances. This one is going on the market at $269,900.

Properties are coming and going at the drop of a hat in this market. If you can’t find a way to get a slight edge, you might not be able to get the home you want. We can help you get that slight edge by allowing you to come see one of these properties before we list it on the market. 

If you’d like to see one of them in person or if you just have any questions, give us a call or send us an email. We look forward to hearing from you.

How Are Rising Interest Rates Affecting Our Minneapolis Market?

Rising interest rates in our market mean that both buyers and sellers need to act soon to get the best deal possible.

Selling your Minneapolis home? Check out our free home value report

Buying a Minneapolis home? Search all homes for sale

Between November and December of last year, the average interest rate for a 30-year fixed loan rose from 3.47% to roughly 4%. This wasn’t surprising considering interest rates were predicted to go up, and now that we’re settling into the new year, they’re predicted to rise even further in 2017.

What does this mean for you?

As a home buyer, for every percentage point interest rates increase, it means you can afford less of a home. On a long-term amortization scale, waiting to buy could cost you anywhere from thousands to hundreds of thousands of dollars on the actual payoff of your home.

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Now is the time to act for both buyers and sellers.

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If you’re looking to buy a new home, now is the time to take action. You will get a great home with a great rate that you’ll be able to live in for however long you want for a really good payment.

If you’re looking to sell your home, it means the exact same thing—now is also the time to take action. Buyers are serious about buying homes right now because the higher interest rates go, the less home they will be able to afford. At the end of the day, you want to capitalize on the price in the market, and rising interest rates can only hurt your home’s value.

Whether you’re a buyer or a seller, please call me, email me, or shoot me a text so we can make a plan together about how to proceed. Despite this uptick, interest rates are still at historic lows. If you make your move now, you’ll have a better chance at getting what you want where you want to be. I look forward to talking with you!

How Will Low Interest Rates Affect You?

Selling your Minneapolis home? Check out our free home value report

Buying a Minneapolis home? Search all homes for sale

As most of you know, interest rates are extremely low right now. The Fed is meeting in July, and from what we hear they’ll be talking about raising interest rates. Let’s talk about the opportunity that presents.

Inventory levels are also extremely low, meaning there aren’t very many houses on the market for people to choose from. That being said, there are still great deals to be had. What that means is that you can get a great price for your home at this time and when you purchase your new home, you can get a great deal on your 30-year or 15-year fixed financing because said rates are so low.

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Low interest rates and inventory levels mean we’re likely due for a slight market dip.

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When the Fed does raise interest rates, it means that the dollar that people have to spend won’t go as far because the money that they’re borrowing is more expensive. We’ve had a nearly six-year run up to the current market since it took a dive in 2008-09, and since markets work in cycles, we’re probably due for a slight dive again. Here in Minneapolis and the Midwest we’re probably not looking at anything substantial, but if interest rates do go up it’s going to cause home values to slightly dip. You shouldn’t worry about this, though. It’s what happens naturally throughout time.

If you have any questions or concerns, please don't hesitate to reach out to me!

Fall in the Minneapolis Real Estate Market

Buying a Minneapolis Home? Search all Homes for Sale
Selling a Minneapolis Home? Check out our FREE Home Value Report

Today, we focus on the fall in the Minneapolis market. We’re often asked the following question: Is the fall a good time to sell or should I wait until the spring?

Inventory always drops in the fall. During this time of year, there are usually fewer listings for buyers to choose from. Many people think there might be more buyers in the market in the spring. While inventory doubles in the spring, there are a few things to consider.

Fall buyers are serious. In the spring, buyers are more likely to window shop because of a wide selection from a high inventory. This is not the case in the fall. That’s a seller’s advantage.

During the second quarter last year, 4,096 single-family houses sold. The price difference rose to 2.3 percent compared to 2013’s statistics. Interestingly enough, in the fourth quarter, 3,369 sold. Comparatively, there was a 12.4 percent difference in price. That’s ten percent more of a price difference compared to the spring! When there’s less inventory available, the price increases.

To anyone who's thinking about selling your home, give me a call and we can talk about numbers. We can help you make more money now. It’s a great time to sell. Happy fall selling season!

5 Reasons We Are Excited for Twin Cities Real Estate in 2015

There are many great Minneapolis area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (952) 303-4347 for a FREE home buying or selling consultation to answer any of your real estate questions.

Spring is finally here, and much like the weather, the real estate market is heating up. Thanks for joining us once again. Today we are going to discuss 5 reasons why 2015 will be a great year for getting into the real estate market, whether you are buying, selling, or both. Here they are:

1. Interest rates are still low
They are currently sitting near historic lows, at around 3.5%-4%. If you want to find out what the rates are today or want to get pre-qualified, we can get you together with a great lender to help you out.

2. Interest rates will go up
We don't know exactly when, or by how much, but experts are forecasting that sometime in late 2015 or early 2016, interest rates will go back up, by at least a percent. When these rates go up, you aren't able to afford as much home if you are a buyer, and the buyer market is narrowed for sellers, who will find it harder to sell their homes.

3. Prices are recovering slowly
There is no reason to wait around and try to get a higher price for your home. Now is the time to buy because you are still buying at a great cost.

4. More opportunities to purchase
There are more homes coming on the market now, and for sellers, that means more buyers out there looking for homes. This also means buyers will have more to choose from as homes continue to come on the market.
 
5. Improving economy
On the whole, our economy is getting better, which is always good for market activity.

If you have any questions, or need real estate assistance of any kind, feel free to give us a call or send us an email. We'd be happy to speak with you and look forward to your call.

What Does the Minneapolis Real Estate Market Look Like?

There are many great Minneapolis area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (952) 303-4347 for a FREE home buying or selling consultation to answer any of your real estate questions. 

Welcome back, everyone. It's been a while since we've updated you, so today we wanted to give you guys a market snapshot year in review for 2014. Here's what's been happening in the Twin Cities:

• Inventory was low throughout 2014. We are still sitting at around 3-4 months, putting us in a seller's market 
• Our average days on market was 78 days in 2014, down 5 days from 2013
• Team Winegarden's average days on market is sitting at just 45 days. We are able to generate these results through both our pricing and marketing
• Our average sale price increased to $252,000 this year. We expect that number to rise again this year, which is great news if you are looking to sell your home
• Interest rates stayed near 4% throughout the year, and we expect them to stay near that level until later in the year

If you have any questions or comments, feel free to give us a call or send us an email. We would love to help you out!