Summer homebuying has been a challenge this year. Elevated mortgage rates, which crossed the 6.5% mark in May, coupled with soaring home prices and inventory shortages, have put a dent in market activity. Existing home sales are down 16.6% compared to last year, according to NAR.
In the Twin Cities, the scenario is similar. New listings dropped 2.8% to 6,077, while pending sales were down 10.5% to 4,468. Inventory levels decreased by 11.8% to 8,111 units. Despite these figures, median sales pric...For the ending of April,
U.S. existing-home sales dropped by 2.4% compared to the previous month, according to the National Association of REALTORS® (NAR). This reversal comes after a significant sales increase of 14.5% in February. The fluctuation in mortgage interest rates has caused buyers to hold back, leading to a 5.2% decline in pending sales. Additionally, the median existing-home sales price has fallen for two consecutive months, showing a 0.9% decline compared to the same time last yea...The Minnesota Fishing Opener is a time-honored tradition in the state, marking the beginning of the fishing season and the start of warmer weather. The Fishing Opener typically takes place on the Saturday two weeks prior to Memorial Day weekend.
Many Minnesotans celebrate the Fishing Opener by gathering with friends and family to fish, often at a favorite lake or fishing spot. The tradition includes waking up early to get on the water before sunrise, enjoying a hearty breakfast or brunch, and sp...FSBO stands for "For Sale By Owner," which means that the owner of a property is selling the property themselves, without the assistance of a real estate agent. On the other hand, a Realtor is a licensed real estate professional who works for a brokerage and represents clients in buying or selling real estate.
Here are some of the pros and cons of FSBO vs Realtor:
FSBO:
Pros:
You may save money on real estate commissions by not using a Realtor. You have full control over the sale process, inclu...If you're looking to buy a new home while still owning your current home, here are some steps you can take:
Determine your budget: Before you start looking for a new home, figure out how much you can afford. Consider your current home's equity, your savings, and any financing options that may be available to you. Get a pre-approval letter: Contact a lender and get pre-approved for a mortgage. This will give you an idea of how much you can borrow and help you determine your budget for your ne...Home inspection and home appraisal are two distinct processes that are often required during the home buying or selling process. Here's how they differ:
Home Inspection: A home inspection is a thorough examination of the home's physical condition. It is typically conducted by a professional home inspector and involves examining the home's structural components, systems, and appliances. The inspection report identifies any defects, safety issues, or needed repairs, and helps the buyer make an i...Hey Real Estate Investors!
Welcome to the latest newsletter where I'll be providing you with valuable insights into the current state of the real estate market. Our focus today is on the US rental market and the Twin Cities region.
According to Corelogic's most recent Single-Family Rent Index (SFRI), the annual rate of US rent growth has continued to slow down annually. Single-family rents increased by 5.7%, which is the lowest level since spring 2021. This marks the 9th consecutive month rent g...
