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.