What Minneapolis Market Trends Did We See in 2015?

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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!

Our Commitment to the Children’s Miracle Network

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We’ve been a proud supporter of Children’s Miracle Network Hospitals since 1992. Tens of thousands of RE/MAX agents have been involved with this organization for 23 years. Together, we raise money for children with disabilities and these hospitals cater specifically to that demographic.

I had the pleasure of touring the Gillette Children’s Specialty Healthcare, a nonprofit hospital affiliated with this charity, located in St. Paul. I saw what they do behind-the-scenes there and it’s incredible.
 

There’s something you should know when working with a RE/MAX agent. If they’re involved with this program, part of their commission goes to the Children’s Miracle Network whenever a transaction closes. It’s so important to give back to the community.

As always, if you have any questions about the Children’s Miracle Network or real estate, please reach out. Give me a call or send me an email today.

How to Avoid Having Your Minneapolis Home Purchase Fall Apart

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When trying to get a home loan, there are many things you need to avoid in order to ensure things go smoothly. Knowing what to expect and how to handle yourself is crucial. Your finances are under a lot of scrutiny when applying for a loan to buy a home, so be sure to avoid these 10 things:

1. Change jobs
2. Charge credit cards
3. Fall behind on payments
4. Spend any money you've set aside for the buying process
5. Omit any information or debts on initial application
6. Purchase furniture or other expensive items
7. Originate any inquiries into your credit
8. Make large deposits into your bank account
9. Change banks
10. Cosign any loans

  
You're going to get checked a few days before closing and underwriters are going to keep a close eye on your finances throughout the process. If you do any of these things, they will notice, and it could affect your ability to close.

If you have any questions about how you can be sure the buying process goes smoothly, give us a call or shoot us a quick email. We would love to hear from you!

Minneapolis Real Estate St. Anthony Village Community

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First off, I wanted to just thank you all for the great response last month regarding my location video for Northeast Minneapolis. I got a lot of requests to do some more of these videos for other communities in the area, so I thought I’d continue that trend. Today we are visiting Saint Anthony Village, a normal community sandwiched between Roseville and New Brighton in Northeast Minneapolis.

They have three schools in this area: Wilshire Park Elementary, St. Anthony Middle School, and St. Anthony High School. These schools have been recognized among the top 500 nationally and top 10 in the state. We have friends and family who have sent their kids to this district and are very happy about it.

Originally, St. Anthony Village was much larger, but a lot of the area was taken up by the Apache Plaza in 1961, until it was torn down in 2004. Since then, they have redeveloped the land into Silver Lake Village, a really nice area with high walkability. 

St. Anthony Village is partly located in two different counties, and the city has approximately 8,500 residents. I have buyers right now that I can’t find homes for in St. Anthony, as it is such a highly sought after community.

A few more things I’d like to note about St. Anthony Village. They were not as affected by the 2008 market downturn as some other areas, which kept home prices more stable. They also hold a village festival every year, with a big parade and live music. We always have a great time there.

If you want to learn more about St. Anthony Village or take a look for yourself, give us a call or send us an email. We look forward to hearing from you!

The Most Important Part of Renovating Your Minneapolis Home

Plan Ahead When Renovating

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Today, I want to share a video from HGTV to discuss how you can plan ahead when it comes to home renovations. Renovating your home can be an exciting process, but it's important that you don't get ahead of yourself. You can't just go willy-nilly into a major project and expect it to go perfectly. Planning properly for these types of projects can assure a smooth project, and one that may even cost less!

HGTV’s Amy Matthews recommends making a very detailed timeline of your project, including potential things that could go awry and making backup plans in order to prevent these things from happening. Putting your plan onto paper is a good way to start this process.

Another major step is choosing a good team of contractors that you can communicate with. If they don't know what you want done, they can't do it. 

Just remember, there is no such thing as too much planning! If you plan on renovating your Minneapolis home, please contact us. We know great contractors and could also give you advice on what projects will bring you the highest return on your investment. 

We look forward to hearing from you!

Northeast Minneapolis Neighborhood Spotlight

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I've been meaning to highlight areas of Minneapolis that I enjoy and that are also worth living in. Today I'll be speaking about my own neck of the woods, which is Northeast Minneapolis. There is a lot to do around here, whether you like sports, music, art, or just a cold beer.

This area boasts a strong arts district which hosts something called Art-A-Whirl every year that brings in a lot of local artists and musicians. You can learn more about this festival here.

Northeast Minneapolis is sometimes referred to as Nordeast, and a lot has changed in the last 10 years. However, a lot of old institutions are still here like Jax Cafe, Stanley's, and Elsie's Bowling Alley.

There is also a fairly new place called The Anchor, which serves fish and chips and is one of the highest-rated restaurants in the area. Betty Danger's Country Club has a Ferris Wheel attached to their restaurant, so this is a perfect destination for your family. You can even dine in one of the cars on the Ferris Wheel!

One of the major reasons that the Nordeast is prized is because we have very good schools in this part of the city. Waite Park Elementary School has been ranked extremely high, as well as Northeast Middle School, and then there is Edison High School.

If you're thinking of buying a home in Northeast Minneapolis, I recommend you come out and take a look. It's a very relaxed, family-friendly area. Please don't hesitate to ask me about this part of Minneapolis because I would love to talk to you about it!

How We Find the True Value of Your Minneapolis Home

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How do you determine the value of your home before putting it on the market? A lot of people have been asking me that question lately, so today, I'll try to answer it.

The main thing agents use to determine home value is a comparable market analysis. We look at homes similar to yours in your area built within five years of your home. We also examine square footage, the number of bedrooms, and the number of bathrooms. We try to find homes that are the most like yours that have sold in the last 90 to 180 days, and see how they were priced.

Then we look at the active and sold properties. I even look at the properties that didn't sell, the expired and canceled listings. I try to determine why those properties didn't sell. Was the home overpriced, or was it because of market conditions beyond the owner's control?

A lot of people also ask me if they can determine how much their home is worth from third-party websites, such as Zillow and Trulia. The short answer is no. You cannot determine what your home is worth based on their estimates. No one from Zillow or Trulia has been in your home, so they cannot give you an accurate estimate of the value. All homes are different. Renovations and upgrades can definitely change the value of your home, and Zillow and Trulia won't know about those upgrades.

If you have any questions about today's video, or about real estate in general, please contact me. I'd be happy to help you!

What Type of Agent Should You Work with in the Twin Cities?

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Hey everyone, welcome back to our blog. Today we are going to discuss a few different types of real estate agents that are out there. This way, you can decide for yourself which type of approach fits you and your goals best. 

Transactional agents are focused on a single objective: making the sale. Transactional marketing tactics include ads and promotions geared toward an immediate sale. It's great for selling quickly, but the sale is a one-time event. We call these agents one-and-done agents, because they don't take the time to build relationships, but use incentives, discounts, and buzzwords to make as many sales as they can with the least amount of effort.

Relationship agents have broader, longer term goals than transactional agents. Relationship marketing focuses on developing long-lasting relationships with clients to secure sales far into the future. Knowledge and application of this marketing helps achieve customer satisfaction, customer retention, and friendships. For this to be effective, you need to be able to stay in touch with your clients through the entire home buying and selling process. This is the way we do business on our team. 

When deciding the type of agent you want selling your home, keep these things in mind. If you have any questions for us, or are looking to buy or sell a home in the Twin Cities, give us a call. We would love to hear from you!

What Can You Expect from the Twin Cities Market?

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The Twin Cities market is hot right now, so we wanted to send you an update today to let you know how it's performing. 

If you're priced right, your home should sell. If it's not selling, you probably need to reevaluate your listing, and ask yourself the following three questions as a seller:

• Am I priced right?
• Does my home truly appeal to buyers?
• How can I improve the appeal of my home?

The biggest problem sellers have is believing their home is better and worth more than comparable homes on the market. If you don't present value as a seller on the market, your home will sit on the market and become stagnant. For buyers, you should be out looking now due to rising home prices and interest rates.

There are many buyers out there looking at homes right now, which is creating competition for the best homes. Most of the time, this will lead to homes receiving multiple offers. 

If you have any questions for us, or want to hear some more about the latest market statistics, give us a call or send us an email. We look forward to speaking with you!

How we helped Alicia with her real estate transactions by always staying in touch

"I was able to find the house that I really wanted. I’m glad he was able to find this house and get us into it right after it came on the MLS. We were able to make some negotiations with the seller, and got a good deal on the house! He kept in constant contact with me. I never felt like he had forgotten me or that he wasn’t working for me every day!"

How we helped Steve with his real estate transactions by sticking with him

"I worked with Mark when I bought my house five years ago. I’m not one to make snap decisions, so he was very patient with me. He never really pushed me, and I appreciated that I wasn’t being rushed into something that I didn’t want. He also helped me sell my home while the market was crashing. I really give him credit for sticking with me and finding a reasonable price while the market was crashing around us. I was glad that the house got sold!"

How we helped Sandy sell a home by making things as easy as possible

 
"Mark is so helpful and easy to work with. Mom and Dad’s house had different issues with the walls and the basement. It’s hard to find people you can trust to work on a house, but Mark knew some people, and that took the worry away. They did an awesome job. My parents had passed, so it was a difficult time, but Mark made everything so much easier for us! He went above and beyond by making sure things got done quickly and efficiently."

What's the Real Estate Market Look Like in the Twin Cities?

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The busy spring market is here, and I thought I'd let you in on what's happening in our local market. It always helps to have a good idea of what's happening, because it becomes much easier to go through with a profitable transaction. The statistics I'm sharing with you today are being compared to the numbers we saw from March of 2014.

• There was a 21.4% increase in the number of new listings
• Closed listings have increased by 21% since last March
• Median sales price has risen by 10.5%
• Average sales price increased by 6.8%
• The average days on market has increased by 7.3%
• Inventory has remained relatively unchanged

As of today we're seeing homes sell much quicker due to a higher demand from buyers. This is fantastic news if you're looking to sell because prices are going up and we're seeing fewer days on the market. However, every neighborhood is different, so please contact me if you're looking to buy or sell this year. 

Please don't hesitate to contact me!

Four Reasons Why You Need a Real Estate Agent to Sell Your Minneapolis Home

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Today I wanted to speak to you about why you shouldn't be selling your home in a for sale by owner (FSBO) sale. Selling a home is a full-time job, and a lot of FSBO sellers figure this out after their home sits on the market for months without any buyer activity. Below are four reasons why you should avoid a FSBO sale.

1. Negotiating: There are way too many people that you'll need to negotiate with, and you probably don't have the professional experience or skills to negotiate in a way that puts your best interests on top. There are appraisers, buyers, investors, Realtors, bankers, and more. You need professional representation.
2. Exposure: Professional Realtors can market your home to thousands of potential buyers, and you probably do not have the ability to reach as many people. This is crucial if you want to get top dollar for your home. 
3. FSBO sales have become more difficult: There has been a 10% drop in FSBO sales over the last twenty years, and we believe this is because of all the paperwork that's involved in a sale. There are at least 20 pages of disclosures involved, and most FSBO sellers don't know how to properly handle the paperwork. Overall, 76% of FSBO sellers end up using an agent. 
4. You won't save money: If you think you can save money on a home sale by not paying an agent commission, then I hate to tell you that most of the time FSBO sellers get much less for their homes in a sale. Studies have shown that Realtors get consistently higher prices for the homes they sell, which nets sellers MORE money than they would have gotten when selling without an agent. In essence, when you sell with a Realtor, your net gain will pay for the price of a Realtor, so it doesn't really cost you a dime if you sell for top dollar.

If you need assistance selling your home, I would love to give you a hand.

As always, consider me your #1 resource for Minneapolis real estate!