Congratulations to Derrel and Sharon on the sale of your home! It was a big decision and a big move, but YOU DID IT. And you did it so well! Such a pleasure to serve you both!
Congratulations, Frank and Sue, on the purchase of your new townhome! I love the thought of you enjoying one-floor living and being close to grandkids. You found it and made the winning offer. Way to go!
As closed sales rise and inventory shrinks, new listings can’t keep paceCompetition for scarce housing stock defined Minnesota’s real estate market in June, pushing the median sales price to $325,000, up 18.9% above June 2020, according to Minnesota Realtors® (MNR), the membership organization supporting all 22,000 Realtors in the state. Closed sales rose 12.9% over last year, and a surge of new listings brought 11,908 properties to the market, a 6.5% increase. In a key indicator of the frenzied sales activity, days on the market sank 45.7% to just 25 days—a historic low. Overall, the state’s number of homes for sale were down 40.8% compared to last June, with only 1.2 months of supply available. On average, sellers were getting 103.2% of the asking price, pushing the average sales price to $367,753, +9.3% above 2020. This is an unprecedented milestone.
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FROM MINNESOTA REALTORS ASSOCIATION
The Minnesota spring housing market stayed strong in May, with closed sales up +14.5% and pending sales increasing by +9.4% over 2020. Once again demand continues to squeeze available inventory as new listings only inched above last May’s levels at +0.2% - a cycle that likely will only be broken by increased inventory or higher interest rates that slow demand.
Read the full housing report: http://bit.ly/MNR_HousingReport_May21
FROM "BRING ME THE NEWS" (bringmethenews.com)
The Twin Cities real estate market is showing few signs of cooling off.
Minnesota Realtors on Monday revealed its latest monthly housing market report for the Twin Cities. In the seven-county metro region, the media sale price in May 2021 was a whopping $350,000. (That's up from $300,000 in May of 2020.)
Houses are lasting an average of just 22 days on the market, with sellers receiving 104.1% of the list price.
Overall, demand remains high while supply is still low, with less than a month's supply of inventory on the market, according to Minnesota Realtors. CLICK HERE TO READ MORE
News stories like this are very interesting and highlight the intensity of the current market, but don't let them overwhelm you. We can help you navigate the market, find a home, and negotiate a deal. Let's connect and talk about it!
Closed sales were up +10.9% over last April as pending sales soared +32.0%, and new listings surged +18.2%, according to Minnesota Realtors® (MNR), the membership organization supporting all 22,000 Realtors in the state. But the rapidly heating market was tempered by the widening gap between buyer demand and available inventory. With just a one-month supply of housing inventory available, the number of homes for sale dropped 51.7% from 17,634 homes in April 2020 to only 8,519 homes this April. The median sales price hit $305,000, a +10.9% increase over last April, and days on market shriveled -25.0% as multiple offers on properties became the norm. On average, properties were selling for +102.1% of the original price, a 3.3% bump over 2020.
Is your laundry room posing a potential threat to the safety of your home?
The AAA LIVING website recently posted some practical advice for preventing dryer fires. Here are some highlights:
About 4 percent of home fires involve a clothes dryer or washing machine, according to the National Fire Protection Association. The leading cause of these fires? A failure to clean the appliances. So before you take your next load of laundry for a spin, follow this guide to ensure your home is protected from potential dryer fires.
What causes dryer fires?
As clothes dry, some fibers break free—creating flammable lint. While your dryer’s lint vent captures most of the material, some escapes, getting caught in the machinery or in the hose leading away from the dryer. As the lint builds up, it can prevent the hot air from escaping—making your dryer even hotter and potentially igniting the lint.
With these six tips, you can help put out dryer fires before they even begin.
Have a pro install your dryer: Hiring a professional will help to ensure the correct electrical plug and outlet are used, and that the dryer is connected properly.
Clean, clean, clean: Keeping things tidy is one of the best ways to help prevent dryer fires. Remove lint from the filter before and after each load of laundry, and clean it with a nylon brush every six months (or more often if it becomes clogged). Also clean the back of the dryer where lint can build up.
Pay attention to the pipe: Twice a year, clean lint from the exhaust duct that leads from the back of your dryer to the outside of your home.
Clear the area around your dryer: Nearby clutter could make the dryer hotter, and items that can burn when hot shouldn’t be on or near the dryer either.
Be aware of the items you’re drying: If your clothes have anything flammable like gasoline or cooking oil on them, wash them more than once and dry them outside or in a well-ventilated room. Also don’t use the dryer for anything with foam, rubber or plastic, such as a bathroom rug with a rubber backing.
Don’t run your dryer when you’re asleep or away: You want to be alert and nearby in case a dryer fire begins. And if you’ll be away for an extended time, unplug your dryer.
Signs your dryer has a problem...
If your clothes are still damp at the end of a typical drying cycle, this may indicate that the lint screen or the exhaust duct is blocked. Check the outside dryer vent while the dryer is running. If you don’t feel air escaping, the vent or exhaust duct may be blocked.
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Just because the market it crazy (or maybe intense would be a better word), it doesn't mean it's crazy for you to be buying or selling. For some sellers, there are reasons this might be the perfect time to sell. For many buyers it's important to get it now, because even though prices are high now, they are likely to be even higher down the road, and interest rates are still very favorable. Contact me to talk about your specific situation.
When buying or selling a home, it's important to understand the market and gain helpful insights to help you achieve the best results.