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Housing Market blog posts

October’s Real Estate Round-Up

Ryan Platzke

Here in the Twin Cities area, growth has been strong and steady for a long while. The regional real estate market is no exception. Demand remains high for homes in the Minneapolis region and its array of desirable suburbs, too. Let’s take an opportunity to check in on the progress of the local market, and consider what buyers and sellers need to know moving deeper in the fall season.

Suburbs Rule the Real Estate Game in the Minneapolis Area

Brace Helgeson

As we dive into the fall season, let’s take a moment to assess our real estate position moving towards the end of 2017. According to recent reports from the Minneapolis Area Association of Realtors, first and second ring suburbs of the Twin Cities region are enjoying exceptional sales and growth. Jobs are strong in these areas and neighborhoods within these communities have become highly sought after. Areas like Eden Prairie stand out from the pack for their proximity to the burgeoning Twin Cities region, along with an excellent stock of housing and local amenities.

Saying Goodbye to Spring: How is the Minneapolis-area Market Faring in 2017?

Brace Helgeson

Summer is nearly in full bloom, and so begins the market’s busiest season. The month of June is the perfect halfway point to take stock of how real estate is faring in the Minneapolis and Eden Prairie areas, as well as on the national level.

Seller Activity Enjoys a Spring Boost: Your May 2017 Real Estate Market Recap

Brace Helgeson

According to a recent report from the Minneapolis Area Association of Realtors, sellers enjoyed a 1.3% bump this spring compared to the same time last year. What’s more, the number of closed sales rose a whopping 8.3%. Both are strong indicators of a robust market, where buyers are eager to lockdown their ideal property while mortgage interest rates are still enjoying historic lows.

Dear Sellers: Your Time Has Come! (Buyers: There’s Good News For You, Too!)

Ryan Platzke

According to recent reports from the Minneapolis Area Association of Realtors, now is the perfect window in the local housing market for sellers stewing over the potential of selling or not to finally take that leap! With inventory not entirely keeping pace with a high demand for homes, sellers are enjoying an upper-hand in the current market. Homes in the Minneapolis area are fetching top-dollar, with many sales instigating bidding wars between potential buyers. Not only does this mean that a seller’s home will likely garner a great rate, it also means that financial flexibility can help place you into your next dream home.

Real Estate Scam Targeting Minneapolis Region’s Homebuyers

Ryan Platzke

While online scams are by no means uncommon, area real estate watchdogs have raised concerns over a recent spate of e-mail phishing scams targeting would-be homebuyers. According to Kare11 News, an affiliate of NBC, there has been a recent and unfortunate rise in these e-mail scams in the Minneapolis and Twin Cities regions. A leading Edina-area real estate agent said that an uptick in these scams in the Hennepin County area may be due to the local market’s thriving commerce. What’s worse, these scams cost victims thousands of dollars and target them particularly in the days leading up to an intended closing on a home purchase. 

What Winter’s Housing Market Activity Tells Us for Spring

Ryan Platzke

With the spring and summer buying and selling seasons ahead, now is the time to consider this winter’s progress in the housing market. According to the Minneapolis Area Association of Realtors, the months following the new year can be described as both "healthy and balanced,” a positive characterization of months that typically tend to have their fair share of the winter doldrums. Instead, early 2017 was growth in the areas new listings and pending sales, with a 3.1 percent and 4.3 increase, respectively, from this time last year.

What 2016’s Market Predicts in 2017

Ryan Platzke
Photo by www.bigstock.com
Now that we’re decidedly in the midst of the winter season, we can enjoy the benefits of hindsight as we examine how the housing market fared in 2016 and what its trends can tell us about the year ahead.

Perhaps the biggest real estate headline in 2016 was the swift ascent of median home prices, topping out at an all-time high and leaving sellers both happy and well-positioned for their next property. What’s more, closed sales reached an 11-year high in Minnesota, just shy of breaking their all-time record, this according to the Minneapolis Area Association of Realtors. In other encouraging news, foreclosure activity further declined while homes spent far fewer days on the market—a strong indicator of buyer enthusiasm and confidence. Surrounding Minneapolis areas, like Eden Prairie, also enjoyed a boost as the Twin Cities region continued its multi-year increase in population and housing development.

Strong Demand and Solid Pricing Sums up the Winter 2016 Housing Market

Ryan Platzke

Photo by www.bigstock.comAccording to the Minneapolis Area Association of Realtors, there is considerably strong demand going forward as we make our way through the wintry season. To boot, home prices are fairing strongly, and inventory—though still trying to catch up to unprecedented levels of demand—is slowly but surely keeping pace.

Research from the Minneapolis Area Association of Realtors shows that demand is up by 1.6% compared to this time last year. While that might not seem like a marked percentage increase, it actually amounts to a thousands of additional properties purchased by homebuyers in the Minneapolis area. What’s more, closed sales increased too, just shy of a percentage point at .8%, amounting to a 4,791 additional closed home sales.

For home sellers eyeing the market—and potentially their next property—rest assured that you’re likely to get a solid price for your home, with reports indicating that the median sales price for autumn this year rose by 6.5% annually. Likewise, homes on the market are selling quickly, and attractive listings are likely to garner multiple bids. According to the Minneapolis Area Association of Realtors blog, "The average percent of original list price received at sale was 96.9 percent, 0.8 higher than last year. But the median percent of current list price received is 99.6 percent, the highest level since 2005.”

Judy Shields, the President of the Minneapolis Area Association of Realtors, commented on the surge, saying, "Demand is still soaring.” This is encouraging news due to the season, where activity tends to taper off this time of year. Instead, winter 2016 is looking to be a scorcher when it comes to Minneapolis area housing market demand. In addition, the Minneapolis area labor market is going strong, and growth is on the move in all sectors, which means that prosperity in the workforce will likely translate to continued prosperity in the Twin Cities area housing market. In fact, the unemployment rate in the Minneapolis area is significantly lower than the 4.9% national average, coming in locally at 3.3%.

Though mortgage interest rates have shifted a bit, they are still far lower than the year-by-year average, which means that the time is ripe for homebuyers looking to lock in unprecedentedly attractive 30-year fixed-rate mortgage interest rates right now. This winter is surely shaping up to be a positive one in the Minneapolis area, whether you’re interested in buying or selling your home.

At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home this summer, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.

Eden Prairie Takes #2 Spot on Money Magazine’s “Best Places to Live in the U.S.” List

Ryan Platzke
Photo Credit: www.bigstock.comEden Prairie nabbed the enviable number two spot! It’s an honor for a national publication to highlight what Twin Cities area residents and our very own hometown folk have known for a long time: Eden Prairie is one of the country’s most desirable homeownership destinations.

 

Money Magazine bases its rankings on a few key factors. First, they gather data on towns that range in population from 50,000 to 300,000. Then, they measure and assess a host of categories, including: job opportunities and employment rates, ease of living, diversity, sustainability efforts, and a variety of other overarching factors, as well. While this isn’t the first time Eden Prairie has graced Money Magazine’s coveted list, it’s now enjoying near-top honors for its quality of life, economic fortitude, and leading displays of eco-friendly choices. In fact, Eden Prairie recently pioneered a new development, Eden Gardens, that puts eco-friendly moves at the forefront with its use of solar panels, reclaimed building materials, energy efficient heating and cooling, low-water or no-water landscaping, and communal gardening plots.

On top of Eden Prairie’s sustainable development choices, economic prosperity is another defining factor in Money Magazine’s pick. In addition to Eden Prairie’s extraordinarily low unemployment rate—just 3.6%--numerous robust businesses make their headquarters here, including Optum, C.H. Robinson, Starkey, and Supervalu. While the local population is just 62,000 there are some 57,000 jobs rooted right here in town. Also bright on the economic front: Moody’s has given Eden Prairie a consistent AAA rating, as a result of its low debt and diversified tax base.

If the rock solid economy and thoughtful sustainability efforts aren’t enough to convince you, Money Magazine also highlighted Eden Prairie’ scenic offerings, which include: 200 miles of sidewalks and trails, 37 parks, 17 lakes, and 95% of hometown respondents who rate their town as good or excellent—what amounts to markedly high honors.

It’s always encouraging to have your town nationally recognized for what you know to be true: that our hometown is a special place to live. So, if you’re looking to buy a home in the Twin Cities region, why not take a look at Eden Prairie? Perfectly situated to take advantage of all that the Minneapolis region has to offer, Eden Prairie can’t be beat when it comes to myriad factors that make a home worth having.

At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home in 2016, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.

A Fast-Moving Twin Cities Market Hits a 9 Year High

Brace Helgeson
Not since 2007 have homes for sale in the Twin Cities area managed to sell so quickly, according to a recent report from the Minneapolis Area Association of Realtors. Likewise, the Minneapolis area’s competitive market and high demand for inventory has pushed original list price sales to a stunning 98.4% of all total homes, another figure not seen in years.

Current president of the Minneapolis Area Association of Realtors, Judy Shields, commented on the speedy home sales boost, saying, "Our days on the market indicator tells us that most homes are selling pretty quickly.” In fact, the total amount of days that for-sale homes in the Twin Cities area stayed on the market fell 15.9% in August, compared to this time last year. This means that that a significant percentage of homes were snapped up within just 53 days of their original posting.

Just as exceptional demand has kept the Twin Cities housing market moving at a record pace, it has also inspired homebuyers to pay the full original list price on for-sale homes. Considering the Minneapolis area’s competitive market, most home buyers are willing to pay full list price to secure their next dream home. Not since July 2005 have buyers been so willing to pay close to full original list price—a figure that demonstrates just how hot the Minneapolis area’s summer real estate market has been.

As of late, the Twin Cities market has been lively but inspiring to home buyers and home sellers alike. While home sellers in the Twin Cities region rest assured that their property will be snatched off the market at a solid price and in short order, home buyers are confident that their new investment will offer a positive yield in the years to come, as the Minneapolis and St. Paul areas enjoy rapid and unprecedented growth.

Furthermore, home buyers—as well as sellers who are moving on to their next property after closing—are enjoying historically low mortgage interest rates at the moment. Spurred on by Brexit and the Fed’s tentativeness in raising rates, mortgages are at such low levels that even existing homeowners are flocking to refinance, according to CNBC.

All in all, this summer has proved to be a memorable one for the Twin Cities real estate market. Throughout the season, the Minneapolis area has posted some record-breaking figures, all of which speak to a flourishing market—whose exceptional momentum may extend through autumn.

At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home this summer, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.

Will Brexit Results Affect the Twin Cities Real Estate Market?

Brace Helgeson

News of the U.K.’s decision to leave the European Union shocked the world at the end of June, sending the value of the British Pound plummeting to devastating lows. While controversy is still roiling across the pond, how will the U.K’s landmark referendum results affect the United States’ economy and real estate market—if at all?

 

For starters, the National Association of Realtors recently reported that the U.K.’s exit from the EU could result in a significant real estate boost in the U.S. The National Association of Realtors’ Chief Economist, Lawrence Yun, commented on this potential development, saying, "Demand for U.S. real estate could rise,” as a result of U.K. based investors fleeing for higher ground, so to speak. With United Kingdom currency rates diving southward, the United States’ burgeoning real estate market may beckon European developers, translating to possible gains for the American market.

 

Likewise, other real estate pundits have submitted their own two cents, including Greg McBride—Chief Financial Analyst at Bankrate.com—who predicts that Brexit results could cause U.S. mortgage rates to dive even lower: "Mortgage rates will tumble, possibly hitting new record lows. If you’re a borrower,” McBridge encourages, "don’t wait to lock in your rate, as this opportunity may not last long.”

 

While the United Kingdom’s exit from the European Union may bolster a domestic real estate market that’s already on the upswing, how will it affect the Twin Cities real estate market specifically? Of course, there are no guarantees that U.K. economic unrest will directly translate to gains in the local market, however it is worth noting that the Minneapolis—St. Paul region has enjoyed unprecedented demand and growth in the past few years. So, for investors abroad staking their claim in stable U.S. markets, the Twin Cities region may seem like an attractive locale in which to invest, buy, or set up shop.

 

Likewise, those looking to buy or sell in the Minneapolis and Eden Prairie areas this summer could reap the added benefit of near-historic lows in home mortgage financing interest rates. All in all, the Brexit results are certainly uncharted territory for the EU, but here in the U.S. we may see some unexpected economic benefits. Because the Minneapolis area’s real estate market is already on a steady up-and-up, the added positive influx may push stats to record-breaking levels. Just as Bankrate.com’s Chief Financial Analyst advised: don’t wait to lock in your rate!

 

At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your home ownership goals are delivered. So, if you’re considering buying or selling your Eden Prairie area home this summer, now is the time to enlist the help of a real estate professional who can help you make the most of this season’s extraordinary market.

Residential Construction in the Twin Cities Region is On the Rise

Brace Helgeson

According to recent reports from the Builders Association of the Twin Cities (BATC), construction of new residential properties in the region has risen steeply, providing a welcome boost to second quarter figures. In fact, construction permits for residential properties are at their highest rate in nine years. Thus far, 2016 has been a competitive year in the Twin Cities housing market, with incredibly high demand and a shortage in available supply. That’s why the BATC’s report on the recent surge in residential building is welcome news for many eager homebuyers and seller alike.

Study Shows Twin Cities Housing Market Nearly Fully Recovered

Brace Helgeson

A recent study by the University of St. Thomas revealed that the housing market in the Twin Cities is nearing numbers we saw prior to the housing crash seven years ago indicating that the Twin Cities housing market is nearly recovered from the downfall. The study also predicted that we would see median home prices continue to rise in 2016 upwards of 6 to 8 percent.

Home Prices In The Twin Cities Holding Strong

Brace Helgeson

As we welcome in 2016 many experts are predicting that we will continue to see growth in the housing market in the Twin Cities area and across the nation. We can expect to see a steady increase in home prices as they inch towards the numbers we last saw pre-recession.

New Home Sales Rise In November

Brace Helgeson

After a slow October the number of new -home sales increased in November according to the most recent report from the Commerce Department. New-home sales increased by 4.3 percent last month, up from the fall we saw occur in October when new-home sales decreased from 495,000 to 470,000.

Home Prices Continue To Rise In The Twin Cities

Brace Helgeson

The Twin Cities metro area is continuing to see the housing market strengthen. The latest S&P/Case-Schiller home price report revealed that home prices were up in the Twin Cities metro area 3.5 percent year-over-year.

The Twin Cities metro area is continuing to see the housing market strengthen. The latest S&P/Case-Schiller home price report revealed that home prices were up in the Twin Cities metro area by 3.5 percent year-over-year in the month of August.

Millennials Face a Few Obstacles Buying Real Estate in the Twin Cities

Brace Helgeson

Millennials, who are now mostly in their 20’s and  early 30’s , are entering the real estate marketing looking to purchase their first home. However, they are being met with a few obstacles. Many are burdened with a large amount of student loan debt, and they more than likely have been renting for some time at a high rate which has made it difficult to save for a down payment.

2015 Home Sales and Listings shows Significant Improvement for Eden Prairie (through July)

Our Team

In the City of Eden Prairie the July 2015 housing trends illustrates some interesting results statistically for home owners and potential buyers. It seems the market is still a seller’s market with a limited amount of inventory from the 10 year norm but the market is equaling out benefiting the potential home buyer. After viewing these statistics it would seem it's the right time to buy a home in Eden Prairie. Read more details now...

Housing Market in the Twin Cities in March the Best in a Decade

Brace Helgeson

The Twin Cities housing market was hot last month. In fact, it was the strongest March we have seen in a decade. Buyers were given more options when it came to available homes on the market, and mortgage interest rates continued to remain low.

Home sales in the Twin Cities off to a strong start

Brace Helgeson
by Jim Buchta


Home buyers in the Twin Cities got a jump on spring last month.

During January, there was an unseasonable increase in signed purchase agreements, suggesting that moderate temps and unexpected declines in mortgage rates roused buyers from their normal midwinter slumber.

Four Reasons to Buy Before Winter

Brace Helgeson

It’s that time of year, the seasons are changing and with them bring thoughts of the upcoming holidays, family get-togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don’t have to look much farther to find four great reasons to consider buying a home now, instead of waiting.