Yesterday, I completed a course called The History of Diversity in Home Ownership. This course, provided by SPAAR (St. Paul Area Association of Realtors) is part of the continuing education requirements for all Minnesota REALTORS®. While this kind of class is of critical importance to those of us working in real estate, it helped me learn some important things I would want to know and understand even if I wasn't a realtor.
As a member of the National Association of Realtors, I follow a code of ethics that ensures equal professional services to any person regardless of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity. This is an important commitment because it serves to counter the sad history of housing inequality so many have suffered in Minnesota and all across the country.
Housing inequalities are about much more than housing. Unfair housing practices have contributed to all sorts of other problems and subsequent inequalities in our communities and nation today. In other words, it's not just a problem of the past, it's something that has shaped our present reality, and gaining a better understanding of where we've been is essential for building better future for all.
Would you like to know more? A deeper knowledge about housing equality isn't just for realtors like me. Let me encourage you to learn more about it! A good starting point would be watching the TPT (Twin Cities Public Television) documentary, Jim Crow of the North. It's an eye-opener!
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"I felt like I could ask him all my newbie questions without fear of judgment."
"David was very honest and transparent about the buying process and helped me know what to expect every step of the way. I felt like I could ask him all my newbie questions without fear of judgment. He provided the information I needed to make a sound decision that aligned with my needs and values. The process moved fast, but Dave was always ready." ––Cecelia
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Sales by Price Range:
The number of homes sold in the $500,001 and above price range rose 45.2 percent to 14,205 homes. Homes sold in the $100,000 and Below price range were down 22.4 percent to 3,552 homes.
List Price Received:
Sellers received, on average, 100.9 percent of their original list price at sale, a year-over-year improvement of 2.3 percent. The 2021 housing market was once again strong both locally and nationally. Inventory shortages and high buyer demand continued to push home prices higher, with multiple offers on a limited number of homes the common theme in most market segments.
This year looks to continue the trends seen in the last 18 months, pushing home prices higher still. As mortgage rates are likely to continue to rise over the year as well, housing affordability will remain an important factor to watch.
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The 2022 real estate market is off to a heated start. The ongoing low supply of homes coupled with a high number of motivated buyers has created strong competition. The likelihood of rising interest rates this year is also pushing buyers to get out there before it gets even more competitive.
If you're thinking of buying or selling or both, the news reports and statistics might seem a little overwhelming, maybe even discouraging. But if you're looking to buy, TAKE HEART! There ARE houses to be bought and interest rates continue to be historically low. I would love to help you find a new home, and I'll do what it takes to help you negotiate a successful offer and purchase.
If you're looking to sell a property, you're quite likely to get top dollar for your home. With proper preparation and marketing, you're likely to have multiple offers. It's a great time to sell!
Beyond the nuts and bolts of the market, the bottom line is that housing is a fact of life. When you need to find a new home, you need to find a new home! When it's time to make a move, or sell a property, you the need trustworthy, competent, and caring support of a real estate professional. I would appreciate the opportunity to serve you.
Let's arrange a time to discuss your real estate needs!
PLEASE CHECK OUT THESE RECENT POSTS...
CLIENT COMMENTS & PICTURES
THINKING OF BUYING A TOWNHOUSE?
TV NEWS FEATURING MINNESOTA HOUSING MARKET
PREPARING TO BUY IN 2022
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In the last month, I've shown dozens of townhouses to clients looking for their next home. One of my clients will be closing on a new townhome next week! I've got a solid perspective on the current market: what's available, where it is, and how much you can expect to pay.
Maybe this is an option you've been considering. If so, you've probably got questions:
How does an HOA work? What do association fees cover? How does insurance work? How can I know the association is being managed well before I purchase a property? What are the pros and cons?
I would welcome the opportunity to meet with you and provide answers to your questions. More importantly, I'd like to know more about your plans and thoughts so I could help you find the BEST home to meet your needs.
Please give me a call or send an email!
IN THE MEANTIME, HERE ARE SOME BASICS TO SPARK YOUR THINKING...
What Is a Townhouse?
A townhouse is a unit within a multi-unit property. These are usually composed of several floors and may include a garage and a small yard.
Residents often share walls and a roof, and there also may be shared common areas like pools, dog-walking areas, and fitness centers.
You’ll pay a monthly fee to the homeowners association to cover the maintenance.
What Are the Benefits of Owning a Townhouse?
Townhouse residents may have access to amenities such as pools, gyms, and dog-walking areas. If the townhouse comes with a yard, you’ll own the land. Even better, the HOA might include landscaping and pest control.
What Are the Drawbacks?
Because you’re sharing walls and backyard space with other neighbors, there’s naturally less privacy compared to most single-family homes.
Townhouse residents typically must follow the rules set forth by the HOA (Homeowner's Association). For instance, you might need to get permission to do major renovations and follow guidelines about decorating the exterior, and you might not be able to have certain pets. These policies can vary a great deal from one association to the next, so you'll want to be sure you review them before finalizing your purchase.
What Type of Mortgage Financing Is Available?
You can use a conventional loan or government-backed mortgage to buy a townhouse, but your lender will have specific concerns and will need to evaluate the financial health of the homeowners association.
In today's market, having a good REALTOR® is more important than ever. When I serve my clients, I bring persistence, negotiation skills, research tools, and a knowledge of the market. This helps me get the best results for my clients whether they are buying, selling, or both. Let's set up a time to talk about your real estate needs and see if I can be of service to you!
STAR TRIBUNE - JANUARY 24
Twin Cities home sales at a 20-year high,
listings at a 20-year low
The residential real estate market was so tight in 2021
that the average sale price rose 11%.
Home sales in the Twin Cities last year reached a 20-year high despite a 20-year low in listings. Put together, the two extremes led to a double-digit increase in home prices.
Throughout 2021, buyers closed on 66,319 properties, a 2.7% increase over 2020, according to a year-end sales report from the Minneapolis Area Realtors (MAR) and the St. Paul Association of Realtors (SPAAR).
That marked the fourth year of annual sales gain for the housing market in the Twin Cities, defying the pressure on the region's broader economy from the pandemic.
At the same time sellers listed 75,536 properties, slightly fewer than in 2020. Comparing supply and demand figures, buyers were left with 26% fewer options than they had the year before.
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FOX 9 NEWS
“As 2021 ends, we see the return of a normal seasonal cycle. Gaps compared with the previous year reflect the remarkably high volume of sales in December 2020. Seen in the larger historical context, 2021 ended on a high and healthy note,” said Chris Galler, CEO of Minnesota Realtors. “The increasing median and average price for homes reflects the fact that buyers are still actively competing for properties. Limited inventory will continue for the foreseeable future due to escalating construction costs, labor and materials shortages, zoning requirements and regulatory burdens. As buyer demand increases, home prices will rise. Even if interest rates go up in the spring, these initial increases are unlikely to diminish Minnesotans’ appetite for buying homes in 2022.”
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The number of homes for sale is down 22.2% from just a year ago. It's no surprise, then, that the number closed sales is down (but only by 4.1%). That means more buyers per listing, so houses are on the market for a shorter time and prices are going up.
This pressure will continue to raise home values even though mortgage interest rates seem are sure to go up in 2022. If you're looking to buy, it's time to get started before the number of buyers and interest rates increase.
Let's connect and see if we can get the ball rolling toward finding and buying your next home or cabin.
READ MORE ABOUT THE MINNESOTA HOUSING MARKET
When buying or selling a home, it's important to understand the market and gain helpful insights to help you achieve the best results.