There have been numerous stories recently about the tightening supply of rental housing in the Twin Cities. The latest story from Star Tribune details the struggles some renters have had in finding a place to rent and reveals to us that the apartment vacancy rate in the Twin Cities is now at an astoundingly low 2.4%.The housing boom created strong demand for condo conversions, which ate up a lot of rental housing. Then the housing bust killed demand, financing and developer interest in building more apartments. … [Read more...]
MN Government Shutdown Means Fewer Real Estate Agents
July 12, 2011 by 3 Comments
Of the many things that are affected by the Minnesota Government Shutdown is a majority of the Department of Commerce. The Department of Commerce does things like well, regulate commerce. With it largely shut down, investigations and enforcement are hampered and any businesses that rely on licensing cannot make changes or additions until the doors open back up.Real Estate Agents in Minnesota are required to be licensed and get re-licensed every 2 years by filing a renewal and completing 30 hours of continuing … [Read more...]
Foreclosures and Short Sales Don't Matter to House Prices
July 5, 2011 by 7 Comments
While foreclosures and short sales continue to be around 40% of our sales, when looking at housing prices I believe they should be completely ignored. When looking at all Twin Cities housing sales, here is how the Median Sales Price stacks up: When we split it out to look at Foreclosures, Short Sales and Traditional Sales, we see that Traditional Seller prices have not fallen nearly as much as the composite number suggests: Why we should ignore foreclosure and short sale sales data If we go … [Read more...]
Fannie Mae Gets Smart, Adds Electronic Lock Boxes to Houses
June 21, 2011 by Leave a Comment
Fannie Mae, the mortgage giant, will begin requiring electronic lock boxes on their listings. This means that showing agents will use these boxes instead of the current practice of push button lock boxes.Some may ask, "so what?" Foreclosure properties are occasionally mistreated by real estate agents - some will or let their buyers pull up carpet and move/destroy things you wouldn't do in a normal house. Others will show these homes without permission or go back many times without informing the agent, which is … [Read more...]
Twin Cities Cash Home Purchases At Record-Breaking Levels
June 20, 2011 by Leave a Comment
The Twin Cities continues to see spectacular demand from cash home buyers this year and is on track to make 2011 the biggest year ever for cash home purchases. Since the 1st of this year, fully 1 in 4 home sales recorded by the RMLS of MN have been cash sales - 3600+ and counting so far this year! Cash buyers are often investors, but not all of them are. Some investors are buying to turn homes into rentals, which in this market is a growing need, while other investors are buying these homes and then fixing them … [Read more...]
Twin Cities Housing By The Numbers: MHP's "2×4" Report
June 17, 2011 by 2 Comments
The Minnesota Housing Partnership just released their latest version of their "2x4" Report and there are some important takeaways: 3.1% The vacancy rate of of rental units in the Twin Cities - the lowest since 2001 and well under the "balanced market" level of 5%. Vacancy rate was over 7% just 18 months ago. $916 Average rent, up for the last 3 straight quarters. 13% Percentage of renters in non-luxury units with past due rent - down from approximately 24% in Q2 2009. 6% Percentage of mortgages in Minnesota that … [Read more...]
Twin Cities Housing By The Numbers
May 25, 2011 by Leave a Comment
In the Twin Cities we do an excellent job of reporting housing numbers and tracking supply, demand and trends. Sometimes though the numbers say too much or say too little. I've taken a couple pieces of data to focus on today: 23,851 Approximate number of homes for sale on the MLS in the Twin Cities 2,956 Approximate number of homes marked as for sale that have an accepted offer subject to a contingency, and the seller is still accepting showings 35% Percentage of homes for sale listed as short sales that have … [Read more...]
A Mortgage Modification in Just 7 Days!
April 27, 2011 by Leave a Comment
The Program For the past several weeks the Minnesota Home Ownership Center has been piloting an innovative program with Fannie Mae that offers a new and more efficient way for Minnesota homeowners with Fannie Mae loans to access assistance. This program, known as the Fannie Mae Partnership, builds on the strengths of the Homeownership Advisors Network (statewide counseling network) and maximizes the relationships Fannie Mae has with servicers. Dedicated Fannie Mae staff that office at the Minnesota Home … [Read more...]
I'm Hiring a Licensed Assistant – Interested?
April 19, 2011 by Leave a Comment
I am looking for a licensed assistant to handle client communications, lead management and some backoffice support. Skills required: Current active real estate license or ability to re-activate license Experience with Word and Outlook (Excel experience preferred) Great customer service skills - phone calls and emails with clients and vendors will be a primary part of the job Ability to stay organized and handle long-term projects as well as last-second emergencies Android or iPhone for access to email when … [Read more...]
Twin Cities 2011 Housing Market Prediction: Party Like It's 2009
April 4, 2011 by Leave a Comment
At this time last year the housing market was heating up as the first time home buyer tax credit was nearing its expiration. Just as soon as that tax credit expired, the Twin Cities housing market went into the meat locker for the rest of the year. Now that we're finally past both the tax credit's boost and its bust, what does 2011 hold for us? One of the key housing metrics we look at is new Pending Home Sales. These are homes for sale that have accepted offers and are on their way to closing. Here are … [Read more...]
