Twin Cities Real Estate News

Oct. 11, 2018

What's Going On With Home Prices

What’s Going On With Home Prices? | MyKCM

 

According to CoreLogic’s latest Home Price Insights Report, national home prices in August were up 5.5% from August 2017. This marks the first time since June 2016 that home prices did not appreciate by at least 6.0% year-over-year.

CoreLogic’s Chief Economist Frank Nothaft gave some insight into this change,

“The rise in mortgage rates this summer to their highest level in seven years has made it more difficult for potential buyers to afford a home. The slackening in demand is reflected in the slowing of national appreciation, as illustrated in the CoreLogic Home Price Index.  

National appreciation in August was the slowest in nearly two years, and we expect appreciation to slow further in the coming year.”

One of the major factors that has driven prices to accelerate at a pace of between 6-7% over the past two years was the lack of inventory available for sale in many areas of the country. This made houses a prized commodity which forced many buyers into bidding wars and drove prices even higher.

According to the National Association of Realtors’ (NAR) latest Existing Home Sales Report, we are starting to see more inventory come to market over the last few months. This, paired with patient buyers who are willing to wait to find the right homes, is creating a natural environment for price growth to slow.

Historically, prices appreciated at a rate of 3.7% (from 1987-1999). CoreLogic predicts that prices will continue to rise over the next year at a rate of 4.7%.

Bottom Line

As the housing market moves closer to a ‘normal market’ with more inventory for buyers to choose from, home prices will start to appreciate at a more ‘normal’ level, and that’s ok! If you are curious about home prices in your area, let’s get together to chat about what’s going on!

Posted in Market Updates, News
Sept. 29, 2018

NEW LISTING!

Check out our latest listing in Columbia Heights.  If you have been looking for a NEMPLS alternative with a friendlier budget, this home is it! 

With 3 bedrooms, 2 bathroom and a detached 2 car garage all situated on an oversized lot, this home is a PLUS! 

Listed at $200,000 including a 1 year American Home Shield Home Warranty, get ready to make this home! 

 

 

Posted in Homes for Sale
July 8, 2018

Journey Beneath the Sea on Bloomington Real Estate

There’s an underwater world lurking among big box retailers on Bloomington real estate. Discover The Sea Life Minnesota Aquarium hidden in the Mall of America. Skip the sale lines and uncover the mysteries of the sea showcased through amazing exhibits, displays and experiences. See sharks, rays and even greet a mermaid.

It’s a blur of colors in the Rainbow Reef. This giant aquarium holds a plethora of underwater species. Look for a variety of fish and sharks. Careful observers are also sure to spot Seemore, the green sea turtle that was injured and safely relocated here. Mysteries of the Rainforest unfold in their very own exhibit. Exotic creatures to spot include the caiman crocodile, blue poison dart frog and red-bellied piranha. Those who dare, bravely enter Shark Cove. This part of the park houses stingrays, swordfish and of course sharks. Majestic nurse sharks and sand tiger sharks are simply mesmerizing.

Let’s Talk Sea Creatures on Bloomington Property

Delve deeper into the the Sea Life Minnesota Aquarium. Add to your visit by taking advantage of daily talks, behind the scene tours, animal encounters and more. Daily talks are held throughout the day at various locations. Experts offer up information on aquatic animals such as behaviors, habitats, conservation efforts. Learn all about turtles, rays, sharks, octopus and seahorses. Affordable behind the scenes tours take guests into the inner workings of the facility. Disappear into the tunnels and discover what goes on in the background. A favorite part of the tour is exploring the kitchen and learning what it takes to feed thousands of species on a daily basis. Those dying to dip their toes in the water can actually take the plunge on this Bloomington property. Gear up and get ready to snorkel with the fishes. The Rainbow Reef sets the scene and swimmers as young as nine can swim in the tank with tropical fish and even the sharks.

There is always a sale in progress at the Mall of America. Next door in the Aquarium tickets are on sale too. Buy online before you go and save some dough. Save more by becoming a member and enjoy visits to the Bloomington real estate venue all throughout the year.

 

Posted in News
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates