Take a look at this short video (under 3 minutes) to get a quick sense of the current Twin City Real Estate Market. We're not there yet, but things are heading in the right direction.
Monday, October 31, 2011
Monday, October 24, 2011
Thursday, October 20, 2011
Here's a short article from the Certified Residential Specialist Member Connect which sheds some light on some buying trends.
Survey Reveals Home-Buying Trends Among Baby Boomers
Many baby boomers are delaying their plans to sell their home due to concerns about the economy, but the desire to buy a new home or a second one remains strong, according to a Coldwell Banker survey. An estimated 79 million Americans are part of the baby boomer generation.
A majority of agents surveyed say they have baby boomer clients who already own or are looking to own an investment property, including 22 percent of agents who say that at least half of their boomer clients either own or are looking to own investment properties.
The survey also reveals home-buying differences between older and younger members of the boomer generation. About one-third of agents (34 percent) say younger boomers (aged 47-55) are interested in purchasing a second home, compared to 22 percent who report older boomers (ages 56-64) are interested in a second home.
Nearly one-third (31 percent) say that younger boomers are selling their current home and looking for a larger home, compared to 6 percent who report that older boomers are trading up. Slightly more than half of agents say younger boomers are trying to downsize their home compared to 80 percent who say that older boomers are downsizing. Younger baby boomers are more likely to prefer a single-family home than older boomers (82 percent vs. 47 percent).
Wed, Oct 12, 2011
Survey Reveals Home-Buying Trends Among Baby Boomers
Many baby boomers are delaying their plans to sell their home due to concerns about the economy, but the desire to buy a new home or a second one remains strong, according to a Coldwell Banker survey. An estimated 79 million Americans are part of the baby boomer generation.
A majority of agents surveyed say they have baby boomer clients who already own or are looking to own an investment property, including 22 percent of agents who say that at least half of their boomer clients either own or are looking to own investment properties.
The survey also reveals home-buying differences between older and younger members of the boomer generation. About one-third of agents (34 percent) say younger boomers (aged 47-55) are interested in purchasing a second home, compared to 22 percent who report older boomers (ages 56-64) are interested in a second home.
Nearly one-third (31 percent) say that younger boomers are selling their current home and looking for a larger home, compared to 6 percent who report that older boomers are trading up. Slightly more than half of agents say younger boomers are trying to downsize their home compared to 80 percent who say that older boomers are downsizing. Younger baby boomers are more likely to prefer a single-family home than older boomers (82 percent vs. 47 percent).
Wed, Oct 12, 2011
Monday, October 17, 2011
Weekly Market Activity Report
It seems like every passing week brings not one but two new record declines: inventory levels and mortgage rates. The week ending October 8 was certainly no exception. The number of active listings on the market fell 21.0 percent to 22,434 units. Mortgage rates fell below 4.0 percent for the first time ever. The last time inventory was that low? February 2009.
It's partly due to sellers not contributing many properties to the bin and partly due to buyers doing their part to absorb existing supply. New listings were down 13.0 percent to 1,262 for the week, and pending sales were up 48.3 percent to 851 purchase agreements signed.
The keen observers noticed that September's preliminary monthly numbers came out last week. This round, those preliminary figures were revised slightly as new status changes filtered in. A few noteworthy observations:
• Prices posted the smallest year-over-year decline in eight months.
• Days on market posted its smallest increase in nine months.
• Sellers received more of their asking price for the second month in a row.
• Absorption rates posted their third consecutive month of improvements.
Wednesday, October 12, 2011
People are always asking me how the market is. I always tell them that the real estate market these days isn't for the weak of heart. As goes the economy, so goes the Twin Cities Real Estate Market. The last line of this post from Mpls Area Association of Realtors says it all. Jobs, Jobs, Jobs is my battle cry.
People talk about the national housing market like it’s some static thing, like a toaster. The thing is, there is no national housing market. Just like there is no national weather forecast. That doesn't mean national averages don't have their place, but you don’t grab a raincoat and an umbrella in Miami based on the weather in Seattle. Like the weather, all real estate is local. As we embark on the fourth and final quarter of 2011, let’s take look at our local forecast.
New Listings in the Twin Cities region decreased 16.8 percent to 5,562. Pending Sales were up 37.4 percent to 3,752. Inventory levels shrank 20.7 percent to 22,476 units, a positive supply-side trend that should bring additional stability.
Prices were still soft. The Median Sales Price decreased 6.9 percent to $155,500. Days on Market increased 5.1 percent to 137 days. Absorption rates improved as Months Supply of Inventory was down 22.7 percent to 6.8 months.
A dash of uplifting economic news was overshadowed by debt clouds from the ongoing turmoil in Greece and the threat of bank contagion. Manufacturing activity, construction spending and overall job growth all picked up in September, temporarily calming fears of the dreaded double-dip storm. As for the lending climate, the Fed's recent "Operation Twist" helped push mortgage rates to record lows – under 4.0 percent for the first time ever. Despite the cheap money, "Jobs, Jobs, Jobs!" should still be the battle cry.
People talk about the national housing market like it’s some static thing, like a toaster. The thing is, there is no national housing market. Just like there is no national weather forecast. That doesn't mean national averages don't have their place, but you don’t grab a raincoat and an umbrella in Miami based on the weather in Seattle. Like the weather, all real estate is local. As we embark on the fourth and final quarter of 2011, let’s take look at our local forecast.
New Listings in the Twin Cities region decreased 16.8 percent to 5,562. Pending Sales were up 37.4 percent to 3,752. Inventory levels shrank 20.7 percent to 22,476 units, a positive supply-side trend that should bring additional stability.
Prices were still soft. The Median Sales Price decreased 6.9 percent to $155,500. Days on Market increased 5.1 percent to 137 days. Absorption rates improved as Months Supply of Inventory was down 22.7 percent to 6.8 months.
A dash of uplifting economic news was overshadowed by debt clouds from the ongoing turmoil in Greece and the threat of bank contagion. Manufacturing activity, construction spending and overall job growth all picked up in September, temporarily calming fears of the dreaded double-dip storm. As for the lending climate, the Fed's recent "Operation Twist" helped push mortgage rates to record lows – under 4.0 percent for the first time ever. Despite the cheap money, "Jobs, Jobs, Jobs!" should still be the battle cry.
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