Minneapolis named "Top Tech City" in the USA by Popular Science! … [Read more...]

With the dramatic weather change we saw with the Memorial Day weekend, I would not be surprised if the housing market warmed up a little more.  The average number of days a house is on the market has dropped from 70 days to 60 days in the last month.  Interest rates have also fallen, with recent quotes on a 30-year fixed rate mortgage down to 5.5%.  This is within about .25% of record lows that we saw in 2003.  The lower interest rates have baffled even Federal Reserve Chairman Alan Greenspan and while there's … [Read more...]

CNN/Money Magazine have posted a couple excellent articles about house price appreciation over the last 5 years and Greenspan's comments on why there is not a national housing bubble. Even though Minneapolis/St. Paul has seen a 60%+ price increase in the last 5 years, we are actually about average. Some markets on the west coast, the north east, and Florida have seen over 100% price increases in the last 5 years. Prices may level out or even drop slightly in our area but it looks highly unlikely that we will see … [Read more...]

May is starting out cold and dark, but that's just the weather.  The Twin Cities housing market paints a much warmer and brighter picture for all of us.  While the number of homes currently for sale continues to increase, sales are rising as well.  We currently have over 24,000 listings active in the Twin Cities metro area alone and the average market time is 70 days.  In one neighborhood in Blaine, there were four homes for sale within 2 blocks of each other and were priced within $10,000 of each other.  All … [Read more...]

With the month of April comes Daylight Savings Time, April Showers (to give us those May Flowers), more sunshine (and more allergies) and lots of warmth. As with most Aprils, this one is also showing the housing market start to really pick up some steam. March home sales were strong, even though interest rates started to creep up and the economic forecasts were not very encouraging. As has been predicted for quite some time, interest rates on 30-year fixed as well as ARM products did move significantly higher. A … [Read more...]

The Minneapolis/St. Paul housing market is starting to improve.  Showings and offers have been rising steadily.... but so has the number of homes for sale.  While January did show some good signs, the number of homes that received an acceptable offer and are waiting to close (called Pendings) is down about 5% from last year.  While it is way too early in the year to determine trends, most agents believe that 2005 will be marked by less house price appreciation, slowly rising interest rates, and homes that take … [Read more...]

Happy New Year!  The last couple weeks of 2004 were very quiet in the real estate market.  Buyers, Sellers and REALTORS alike spent time with friends and family and consequently very few transactions took place.  On January 3rd I walked into the office and saw many lively and refreshed faces... and a lot of positive energy.  REALTORS see a good year ahead and are ready to get moving.  According to projections by the Minneapolis Area Association of REALTORS, January will mark a dramatic decrease in the number … [Read more...]

Between now and New Year's Eve, many Sellers pull their house off the market because they don't want to be disturbed during holiday activities.  At the same time, Buyers tend to take a break from house hunting as well.  For those Buyers and Sellers who are really serious, the holidays are no excuse to put things on hold.  The Buyers still out shopping have great negotiating options due to the slowing demand.  For Sellers, having your home in showing condition is very important, as is keeping an open mind if a … [Read more...]

Interest rates have slipped to as low as 5 3/8% in the last month and are currently hovering around 5 1/2%.  The slowdown in sales we've seen the last month has continued to accelerate but sales are still strong for homes priced aggressively.  Sellers that are intent on selling their home yet this year should consider a price reduction now to bring in buyers while they are still out in some strength.  Once Thanksgiving passes, the market really tapers off. As can be seen on my home page, if a buyer visits this … [Read more...]

While interest rates have stayed very consistent around 5 5/8% the sales activity has dramatically slowed.  While sales have slowed, about 3,000 new listings come on the market each week, leading us to a total of over 35,000 listings currently active on the Regional MLS system.  Sellers have to be aware of increasing market times and the need to consider price reductions.  Buyers haven't had this much inventory to consider in years! … [Read more...]