Is your Minneapolis Home Value on the Rise?

I browsed the latest real estate news the other day and came across something that might interest you.

 

According to CoreLogic’s Equity Report, 256,000 properties regained equity in the third quarter of 2015. Anand Nallathambi, the President and CEO, expects home values to continue appreciating in 2016.

 

In fact, he predicts a 5% rise in home prices this year!

 

Obviously, this is fantastic news for Twin Cities homeowners. However, the problem is many people are unaware their equity has increased. A study conducted by Fannie Mae explains only 37% of Americans believe they have “significant equity.” In reality, 74% of homeowners have a great deal of value in their properties.

 

 

Essentially, 37% of homeowners have no idea how much their home is actually worth. Not only that: they are completely unaware that their home is worth more than they think!

 

I thought I’d share this information with you today because you could be one of those people.

 

If you’ve been on the fence about making your move in Twin Cities, it’s time to reevaluate your situation and take advantage of your equity before market conditions change!

 

You can take a look to see if your home is worth more than you thought by following the link:

Twin Cities Home Value

This is a free, no-obligation tool that will give you an idea of how much your home is worth. You may be shocked by how much value your home has accrued!

 

If you think now is the time to make that move, you can browse all the homes in our area for free here:

Twin Cities Home Search

 

If you have any questions about how you can cash in on your increased equity, or if you need real estate assistance of any kind, I’m always here to help!

 

Tips for Getting Out of the Minneapolis Rental Market

Selling your Minneapolis home? Get a free Home Value Report

Buying a Minneapolis home? Search all Homes for Sale

Most people are aware that rents are always rising, but many don't know that renting is currently more expensive than buying a home. That's right -- many renters can afford to purchase a home and don't even know it. Today, I want to offer a few tips to help you avoid getting trapped in the rental market.

There are many benefits to owning a home. Home ownership protects you from rising rents in today's economy. When you rent a home, you are paying for someone else's mortgage. If you look at the costs, locking in your mortgage rate is a fixed expense. When you rent, leases are almost guaranteed to rise.

It's also important to know your options. There are a lot of misconceptions out there. For example, you don't need 10% or 20% saved for a down payment on a home. You may have enough money for a down payment already, and your credit score may be high enough to buy a home as well.

There are many different loan programs out there depending on where you want to buy. The best thing to do is get in touch with your loan officer or real estate agent to review your options. If you're thinking about buying, contact them three months ahead. There are problems with many credit reports today that take time to clean up.

Remember, don't hold yourself back! If you have any questions about buying a home in today's market, give me a call or send me an email. I would be happy to help you.

One final note: thank you all for your support in 2015! 2016 looks like it will be another great year for real estate although we will be in a seller's market.

What Minneapolis Market Trends Did We See in 2015?

Selling your Minneapolis home? Get a free Home Value Report

Buying a Minneapolis home? Search all Homes for Sale

Today, we want to give you a quick 2015 market wrap up. What market trends have we seen over the last month and what can be expected moving forward?

Here are the quick facts:

• We saw a 29.3% increase in the price range with the strongest sales. In other words, the strongest sales in the 2015 market were priced between $190K-$250K. 
• Single-family detached homes were the most popular. They had the strongest sales in the past year, for a total increase of 16.5%!
• Previously owned homes are outpacing new construction properties. This is typical in any market, but they are up 16.2%.
• We've seen a change in new listings of almost 12%. We also saw a changed in closed sales of 1.3%, which seems small, but only because inventory is so low.
• The change in the median sales price is up 7.3%. This is great news for homeowners who are looking to sell their home for a great value.

Now is a great time to put your home on the market. Inventory is low and prices are rising, so you might be surprised to find that your home has higher equity than you realized.

If you have any questions about how to take advantage of these market conditions, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!