PUBLISHER
Francine Marsolek, Broker/Owner
Direct: 612.868.9344
Office: 651.797.4219
francine@nhmres.com www.nhmres.com
4669 White Bear Parkway
White Bear Lake, MN 55110
ADMINISTRATOR
Office: (800) 401-8994 Ext. 703
Direct: (714) 361-2105
erika@tpinmedia.com www.thepowerisnow.com
WRITER
Alvin Magua
GRAPHIC DESIGNER
Timothy Hornu
CONTACT
Direct: 612.868.9344 Office: 651.797.4219
francine@nhmres.com www.nhmres.com
4669 White Bear Parkway White Bear Lake, MN 55110
Twin Cities, Minnesota: The Advantages of Owning a Home in the Twin Cities
Minnesota: Community Spotlight: Minneapolis vs. Saint Paul
The Twin Cities Economic Diversification: A Real Estate Perspective
Navigating Legal Considerations in the Twin Cities Real Estate Market
Twin Cities, MN: Marketing Your Twin Cities Property Effective Advertising Strategies to Reach Potential Buyers
How to Evaluate a Real Estate Market for Investment Opportunities in Minnesota What to Expect During the Closing Process in Minnesota Real Estate Market
Common Mistakes to Avoid When Buying or Selling a Home in Minnesota
How to Choose the Right Neighborhood for Your New Home in Minnesota
How to Improve Your Credit Score Before Buying a Home in Minnesota
Exploring Cities in Anoka, Minnesota: Unique Attributes and Community Highlights
How to Handle a Real Estate Transaction During Economic Uncertainty in Minnesota
The Pros and Cons of Buying a New Construction Home in Minnesota
What are the Key Factors to Consider When Buying a Home in Minnesota?
Press Release for May 31st, 2024
Pending Home Sales Pull Back Sharply as Economic Data Slows Amid Still-Sticky Inflation
Press Release for May 7th, 2024
Housing Sentiment Again Shows Signs of Plateauing
Press Release for May 21st, 2024
Higher Rate Environment Projected to Dampen Housing Activity Through 2024
Press Release for May 3rd, 2024
Employment Growth Slows as Labor Market Normalizes after Hot Q1
Press Release for May 23rd, 2024
Existing and New Home Sales Retreat in April as Interest Rates Weigh on Demand
Press Release for June 28, 2024
Consumption Growth Shows Signs of Slowing Despite Easing Inflation, as New and Pending Sales Decline in May
Press Release for June 21, 2024
Press Release for June 21, 2024Retail Sales Signal Slowing Consumption as Existing Sales and Housing Starts Soften
Minnesota 55117
Minnesota
Minnesota 55449 1261 Jessie Street
Paul, Minnesota 55130
Francine Marsolek Broker/Owner - NextHome Metro Real Estate Services
Office: 612-868-9344
francine@nhmres.com www.nhmres.com
PROPERTY INFORMATION
She is solid and beautiful, she’s whiskey in a teacup! Welcome home to this lovingly maintained and spacious mid-modern one-story, 4 bed, 3 Bath home blocks away from Lake Pepin! You will love this roomy and sunny home on its corner lot with peek-a-boo views of the water. The entire home has been updated with fresh paint and luxury vinyl flooring. Three of the bedrooms are on the main level, and the fourth is on the lower level and can be used as a completely separate living space. The lower level includes a second (generously sized) family room, a kitchen, a huge bedroom, and a 3/4 bath, plus plenty of storage. Other features any buyer is sure to enjoy.
Dear Readers,
As I sit down to pen this inaugural note for our very first issue, I’m enveloped by a sense of gratitude and a vision for the future that is as vast as the Minnesota skies. This magazine is not just a collection of pages; it is a manifestation of a dream, a testament to a journey, and a beacon for the road ahead.
Reflecting on my journey, from launching NextHome Metro Real Estate Services with a philosophy of “Humans over Houses” to pioneering in the realms of television and podcasting, each step has been guided by a singular mission: to elevate the human experience within the real estate market. Our magazine is the latest branch of this growing tree, rooted deeply in the values of community, knowledge, and empowerment.
For over 21 years, I’ve navigated the vibrant landscape of real estate, fueled by a passion for making a difference in people’s lives. This passion, intertwined with a dedication to professionalism and education, has been the compass guiding my journey. The creation of this magazine is a continuation of that voyage, aiming to bridge the gap between information and inspiration, between properties and people.
Our mission is bold yet simple: to be the foremost resource for consumers and real estate agents in our beloved Greater Minneapolis-St. Paul Area and beyond. Through these pages, we will share insights, opportunities, and stories that not only inform but also inspire. From the first-time homebuyer to the seasoned investor, our magazine seeks to be your companion on every step of your real estate journey.
This publication stands as a testament to our commitment to thought leadership and community engagement. We aim to set a benchmark in the industry for how businesses can operate with heart, how we can all contribute to the betterment of our community, and how each one of us can play a part in making St. Paul, and indeed all of Minnesota, a thriving place to live and work.
Our journey here has been punctuated by milestones that each, in their own way, have contributed to the narrative of NextHome Metro. The launch of our TV show and podcast last year was a leap into uncharted territories, driven by a desire to connect, educate, and uplift. These platforms have allowed us to reach out to you, our community, in ways that were previously unimaginable. They have opened doors to conversations, to shared experiences, and to a collective vision for a brighter future.
As we unfold the pages of this magazine, we invite you to join us on this adventure. Within these pages, you will find not just listings and market analysis, but stories of hope, resilience, and innovation. You will discover the heartbeat of our community, the challenges we face, and the triumphs we celebrate. This magazine is a space for us to dream together, to envision a future where everyone has a place to call home, where our community flourishes, and where real estate is about people first and properties second.
Looking ahead, I see a landscape brimming with potential. The road may be long, and the challenges many, but the promise of what we can achieve together is limitless. This magazine is your magazine. It is a canvas for our collective dreams, a platform for our shared wisdom, and a testament to what we can accomplish when we come together with a common purpose.
As we launch this inaugural issue, I am filled with hope and excitement for the journey ahead. I am grateful for the support, the trust, and the community that has brought us here. This magazine is my pledge to you: to always put humans over houses, to strive for excellence in everything we do, and to continue to be a source of knowledge, inspiration, and support for you, our cherished readers.
In closing, I invite you to join me in this new chapter. Let us navigate the everevolving landscape of real estate together, with compassion, curiosity, and courage. Let us build a future where everyone has a place to call home, where our community is strong and vibrant, and where NextHome Metro stands as a beacon of hope, integrity, and service.
Here’s to the journey ahead. Here’s to our community. Here’s to you.
With heartfelt gratitude,
Francine Marsolek Broker/Owner, NextHome
Metro Real Estate Services
Investing in real estate can be a lucrative venture, but success hinges on evaluating the market accurately. Minnesota, known for its vibrant cities, picturesque landscapes, and economic stability, presents a promising real estate investment landscape. Whether you’re eyeing properties in bustling Minneapolis or the serene suburbs, understanding how to assess the market is crucial. Here are key steps to evaluate Minnesota’s real estate market for investment opportunities.
Economic health is a strong predictor of a robust real estate market. Minnesota boasts a diverse economy with strong sectors in healthcare, education, manufacturing, and technology. Cities like Minneapolis and St. Paul offer ample job opportunities, attracting a steady influx of residents. When evaluating potential investments, examine local job growth rates and major employers. Areas with expanding job markets often see increased housing demand, driving property values up.
Population trends significantly impact real estate markets. Minnesota has experienced steady population growth, particularly in urban and suburban areas. Look for regions with rising populations, especially younger demographics who are likely to seek housing. For instance, Minneapolis has seen a surge in young professionals and families, creating high demand for rental properties and starter homes.
Understanding current housing market trends is essential. Analyze data on home prices, rental rates, and vacancy rates. In Minnesota, housing markets vary greatly from one region to another. The Twin Cities, for example, have seen consistent appreciation in home values, making them attractive for long-term investments. On the other hand, smaller towns might offer affordable entry points with potential for growth. Utilize resources like the Minnesota Realtors Association and local real estate reports for the latest market insights.
The neighborhood’s quality can make or break a real estate investment. Evaluate factors such as crime rates, school quality, and proximity to amenities like parks, shopping centers, and public transportation. In Minnesota, neighborhoods like Uptown in Minneapolis or Lowertown in St. Paul are known for their vibrant communities and access to amenities, making them desirable for renters and buyers alike. Additionally, consider future developments or infrastructure projects that could enhance the area’s appeal.
A balanced or demand-heavy market typically favors investors. Investigate the ratio of available properties to prospective buyers or renters. Minnesota’s cities, particularly in metropolitan areas, often experience high demand with limited supply, leading to competitive markets. However, overbuilding in some areas can lead to a surplus, potentially lowering rental income and appreciation rates. Keep an eye on construction trends and permits issued in your target area.
Regulations and taxes can affect the profitability of your investment. Minnesota has varying property tax rates and regulations depending on the county
and city. Research the local real estate laws, zoning regulations, and tax policies. Some areas may offer tax incentives for property improvements or developments, which can enhance your investment’s return.
For rental properties, calculate the potential rental yield and cash flow. Compare the average rental income with property prices to gauge profitability. In high-demand areas like the Twin Cities, rental yields can be attractive due to the strong rental market. Ensure your calculations include maintenance costs, property management fees, and potential vacancies to get a realistic picture of your investment’s performance.
Minnesota’s real estate market offers diverse investment opportunities, from urban apartments to suburban homes. By carefully evaluating economic indicators, population trends, housing market data, neighborhood quality, supply and demand dynamics, and local regulations, you can make informed decisions and capitalize on the state’s growth. Whether you’re a seasoned investor or a newcomer, understanding these factors will help you navigate Minnesota’s real estate landscape and maximize your investment returns.
Ready to invest in Minnesota’s thriving real estate market? Connect with Francine Marsolek today for expert guidance and personalized assistance. Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@nhmres.com. Don’t miss out on prime investment opportunities—reach out now!
Sources:
Administrator. (2024, June 4). How to analyze real estate investment Properties. University of San Diego - Professional & Continuing Education. https://pce.sandiego.edu/real-estate-investment-property-analysis/
Pinkasovitch, A. (2023, July 26). How to value real estate investment property. Investopedia. https://www.investopedia.com/articles/mortgagesreal-estate/11/valuing-real-estate.asp
In the heart of the Midwest, the Twin Cities area stands as a beacon of opportunity for prospective homeowners. The allure of Minneapolis and St. Paul, with their vibrant culture, robust economy, and scenic beauty, is undeniable. Yet beyond these surface qualities lies a deeper value found in the act of homeownership within this region—a decision that carries with it a plethora of benefits, both tangible and intangible. This blog aims to delve into the myriad advantages of owning a home in the Twin Cities, offering insights that extend beyond the mere acquisition of property to encompass the enrichment of personal and community life.
One of the foremost benefits of homeownership in the Twin Cities is the contribution it makes to an individual’s economic stability. Homeownership is not just about having a roof over one’s head; it’s an investment in one’s future. The Twin Cities market has historically shown steady appreciation in home values, making the purchase of a home here a wise long-term investment. Additionally, being a homeowner allows individuals to build equity over time, which can serve as a financial bedrock for future plans and aspirations.
Navigating the world of taxes can be daunting, yet homeowners in the Twin Cities have the advantage of accessing several tax benefits. Property owners may be able to deduct mortgage interest and real estate taxes from their annual tax obligations, providing significant savings. These incentives not only make homeownership more affordable in the short term but also contribute to long-term financial health.
Owning a home offers an unparalleled level of personal freedom and space for self-expression. Unlike renting, homeowners in the Twin Cities have the liberty to customize their living spaces to reflect their personal style and needs without the constraints often imposed by landlords. This freedom extends from interior decorations to significant renovations and expansions, empowering individuals to create their ideal living environment.
Homeownership fosters a strong sense of belonging and community. By investing in a property, homeowners become integral parts of their neighborhoods, contributing to local stability and community development. This sense of belonging can enhance personal well-being and foster connections among neighbors, leading to safer, more cohesive communities.
The Twin Cities are renowned for their excellent educational institutions, from primary schools to universities. Homeownership in this area ensures access to quality education, providing a solid foundation for children’s futures. The stability of staying in one location also means children can build lasting friendships and remain within consistent educational frameworks, which is beneficial for their academic and social development.
The correlation between homeownership and health is profound. Homeowners often experience a greater sense of security and satisfaction, which can positively impact mental health. Additionally, owning a home in the Twin Cities allows for a lifestyle that includes access to outdoor activities, community resources, and a generally higher standard of living, all of which contribute to physical
Beyond the immediate benefits, homeownership in the Twin Cities is an investment in the future. It provides a sense of security and stability that renting cannot match, offering a safe haven for families to grow and plan for the future. Moreover, the equity accumulated in a home can serve as a crucial financial resource for other significant life events, such as education, retirement, or starting a business.
In conclusion, the journey toward homeownership in the Twin Cities is laden with advantages that go beyond the surface. It’s an investment that pays dividends not only in financial terms but in the enrichment of one’s quality of life. From economic stability and tax benefits to personal freedom, community engagement, and beyond, the benefits of owning a home in this vibrant area are manifold. As we reflect on these insights, it becomes clear that homeownership in the Twin Cities is not just about acquiring property; it’s about laying down roots in a community that offers endless possibilities for growth, connection, and personal fulfillment. In embracing homeownership, individuals open the door to a future filled with opportunity, stability, and prosperity.
Whether you’re ready to start your home search or simply have questions about living in Minneapolis or Saint Paul, Francine is here to help. Connect with Francine Marsolek today by calling her at 612.868.9344 or 651.797.4219
visiting our website at NHMRES.com, or emailing her at francine@nhmres.com
Reach out today and take the first step towards making your dream home a reality in the Twin Cities.
PROPERTY INFORMATION
Discover your dream home on a beautifully landscaped and private 4.6-acre lot. This stunning 5-bedroom, 3.5-bath residence offers elegance, comfort, and versatility. The main level features a spacious family room and an updated kitchen with modern appliances and ample counter space. Enjoy outdoor living on the maintenance-free deck, perfect for relaxing and entertaining. The upper level boasts four generously sized bedrooms, including a luxurious primary suite with a walk-in closet and private full bath. The fully finished walkout basement, accessible via a separate entrance, features a large bedroom and a second kitchen. A charming front porch welcomes you and your guests, while the meticulously landscaped lot offers a serene outdoor oasis.
PROPERTY INFORMATION
Conveniently located 3 miles West of downtown River Falls, this 3,445 sf half - log home is a harmonious blend of rustic charm and opulent comfort. The vaulted great room has windows extending up to the loft that bathe the living spaces in natural light and showcase views of Mann Valley and 5 acres of private, fenced-in land. Gather around the floor-to-ceiling stone woodburning fireplace or entertain on the expansive north-facing deck or westfacing screened-in porch. The open-concept design connects the living area to a culinary haven with Viking double ovens and an induction stove. Each of the 3 bedrooms, with its own bath, promises every family member or guest the ultimate in rest and relaxation
Selling a property in Minnesota can be an exhilarating experience, especially in a hot market where multiple offers come flooding in. While receiving multiple offers is a desirable scenario, it can also be overwhelming. Knowing how to navigate through this situation effectively can help ensure you make the best decision for your circumstances. Here’s a guide on how to handle multiple offers on your Minnesota property.
The first step in handling multiple offers is to evaluate each one meticulously. Don’t just look at the offer price; consider the entire package. Here are some key factors to consider:
Offer Price: While the highest offer might seem like the obvious choice, it’s crucial to evaluate the other terms.
Financing: An offer with a pre-approved mortgage or a cash offer is generally more reliable. Contingencies: Fewer contingencies often mean a smoother transaction. Common contingencies include financing, inspection, and appraisal.
Closing Timeline: Ensure the proposed closing timeline aligns with your plans.
Your realtor is an invaluable resource in this process. They can help you understand the nuances of each offer and provide advice on how to proceed. Realtors have experience in negotiating and can offer insights into buyer motivations and the likelihood of each offer closing successfully
If you receive an offer that is close to what you’re looking for but not quite there, consider making a counteroffer. This allows you to negotiate terms that are more favorable to you. Be strategic and prioritize the terms that matter most, whether it’s price, closing date, or contingencies.
An escalation clause can be an effective tool in a multiple offer situation. This clause automatically increases a buyer’s offer by a certain amount if a higher competing offer is received, up to a specified limit. This ensures you get the maximum possible price without going back and forth multiple times.
A bidder’s round involves inviting all interested parties to submit their highest and best offer by a specific deadline. This method can sometimes result in offers that exceed your expectations as buyers compete against one another. Make sure to clearly communicate the process and deadline to all parties involved.
Beyond the financial aspects of the offer, consider the buyer’s qualifications and reliability. A wellqualified buyer with a strong financing package and a good track record can often be a better choice than a higher offer with uncertain financing.
Maintain transparency and ethical standards throughout the process. Honest communication with all parties involved helps build trust and can lead to a smoother transaction. Minnesota’s real estate market is competitive, and maintaining a good reputation is crucial.
After reviewing all offers and consulting with your realtor, make an informed decision based on your priorities. Remember, the highest offer isn’t always the best. Choose the offer that aligns best with your financial goals and timeline.
Handling multiple offers on your Minnesota property requires careful consideration and strategic decision-making. By evaluating each offer thoroughly, consulting with your realtor, and using negotiation tools effectively, you can navigate this exciting yet challenging process successfully. With the right approach, you can maximize your return and ensure a smooth and satisfactory sale.
Connect with Francine Marsolek today to expertly navigate multiple offers and maximize your sale. Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@nhmres.com. Don’t wait—get the best results for your property now!
Sources:
Ericson, C. (2022, November 12). How do sellers handle multiple offers? Real Estate News & Insights | realtor.com®. https://www.realtor.com/ advice/buy/how-are-multiple-offers-handled/
Rice, M. (2019, June 12). How sellers screw up multiple offers and how to avoid it. Conejo Valley Guy Michael Rice. https://www.conejovalleyguy.com/ sellers-screw-up-multiple-offers/
June 21, 2024
Key Takeaways:
Retail sales and food services rose 0.1 percent in May but were revised downward in April, according to the Census Bureau. Gains in sales at motor vehicle and parts dealers (+0.8 percent), sporting goods, hobby, book and music stores (+2.8 percent) and nonstore retailers (+0.8 percent), helped offset declines in sales in building materials, garden equipment, and supply dealers (-0.8 percent), restaurants and bars (-0.4 precent) and a price-related 2.2 percent decline in gas station sales. Control group retail sales (excluding food service, auto, building supplies, and gas station sales) rose 0.4 percent but were downwardly revised in April.
Industrial production, a gauge of output in the manufacturing, utility, and mining sectors, rose 0.8 percent in May, according to the Federal Reserve Board. Manufacturing activity rose 0.8 percent to the highest output level in a year. Mining output rose 0.3 percent, while utilities output was up 1.7 percent.
Existing home sales declined 0.7 percent to a seasonally adjusted annualized rate (SAAR) of 4.11 million in May, according to the National Association of REALTORS® (NAR). The number of homes available for sale climbed 6.7 percent to 1.28 million, the highest level since August
2022. The slow sales rate combined with increased inventory pushed the months’ supply up two-tenths to 3.7, the highest level since the onset of the pandemic. The NAR’s measure of the median sales price of existing homes rose 5.8 percent compared to a year ago. Housing starts declined 5.5 percent to a SAAR of 1.28 million in May, the slowest pace since the onset of the pandemic, according to the Census Bureau. Single-family starts declined 5.2 percent to a SAAR of 982,000, the slowest pace in 7 months, while multifamily starts declined 6.6 percent to a SAAR of 295,000. Single-family permits continued their downward trend for the fourth consecutive month, falling 2.9 percent to a SAAR of 949,000. Multifamily permits were down 5.6 percent to a SAAR of 437,000.
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index declined 2 points to 43 in June, the lowest level since December. The index for sales in the present declined 3 points to 48, while the index for sales in the next six months was down 4 points to 47. The index for the foot traffic of prospective buyers declined 2 points to 28.
Retail sales came in weaker than we had expected, especially when considering the downward revision to April’s data. This adds to evidence that previous consumer resilience is softening, which may lead to a downward revision to our near-term consumption forecast. The industrial production report was more positive with the strong gain in manufacturing output, but given evidence of both slowing consumption growth and other surveys suggesting weak manufacturing activity, we doubt the strength in May will be sustained.
Existing sales in May were near our second quarter forecast. While affordability continues to weigh on demand, the only-modest decline in sales, despite a general rise in mortgage rates over the corresponding contract signing period, suggests that existing sales are near their “floor.” With mortgage rates moving back under 7 percent in recent weeks, we expect some improvement in the sales rate in the second half of the year. Single-family starts were somewhat below our Q2 expectations but in line with our broader forecast for some slowing in new construction, as the pace of new home sales has softened in recent months. Given the continued decline in permits along with the lowest homebuilder confidence reading this year, we are likely to downgrade our near-term single-family starts forecast. We also expect multifamily construction to remain modest for the foreseeable future, as rent growth in many of the larger markets is soft and construction financing relatively tight.
https://www.fanniemae.com/research-and-insights/forecast/retail-sales-signal-slowingconsumption-existing-sales-and-housing-starts-soften
May 31, 2024
Key Takeaways:
Gross domestic product (GDP), adjusted for inflation, increased at a 1.3 percent seasonally adjusted annualized rate (SAAR) in Q1 2024, a downgrade of three-tenths compared to the advance estimate, according to the Bureau of Economic Analysis (BEA). The downward revision primarily reflects lower consumption (2.0 percent) compared to what was previously reported (2.5 percent), particularly in the consumption of goods, which outright contracted. Gross Domestic Income (GDI), a measure that is theoretically equivalent to GDP but can differ due to measurement error, increased at a 1.5 percent annualized rate in Q1, a slowdown from a downwardly revised 3.6 percent rate in Q4.
Personal income, adjusted for inflation, was flat in April, according to the BEA. Real disposable personal income declined 0.1 percent, leaving it essentially unchanged since January. Real personal consumption expenditures (PCE) declined 0.1 percent amid a 0.4 percent pullback in goods spending; real services spending inched up 0.1 percent. The saving rate was flat at 3.6 percent. The PCE price index increased 0.3 percent for the third consecutive month, though before rounding the figure was a bit softer than prior months (0.26 percent vs. 0.34 percent). Core PCE rose 0.2 percent, a slowdown compared to first quarter data. Compared to a year ago, headline and core PCE prices were up 2.7 percent and 2.8 percent, respectively.
The Conference Board Consumer Confidence Index increased 4.5 points to 102.0 in May after falling 5.6 points in April. Confidence in the present situation was up 2.5 points to 143.1 while the index for consumer expectations increased 5.8 points to 74.6, a three-month high.
The National Association of REALTORS® Pending Home Sales Index, which record contract signings of existing homes and typically leads closed sales by one to two months, declined 7.7 percent to 72.3 in April.
The FHFA Purchase-Only House Price Index increased a seasonally adjusted 0.1 percent in March after a 1.2 percent jump in February. Compared to a year ago, prices rose 6.8 percent on a non-seasonally adjusted basis, a slowdown of three-tenths compared to February.
Forecast Impact:
The downward revision to consumption in the first quarter will likely flow through to a downward revision to our second quarter consumption, and thus GDP, forecast. This is especially true given the pullback in April consumption and a small downward revision to March’s data. Our fundamental view that growth is likely to slow as the year progresses is unchanged and is in part supported by the now-weaker Q1 and April spending data. On the inflation front, price pressures remain above target, though April’s report was a bit better than first quarter inflation data. Given that other data releases have suggested economic growth is indeed slowing in line with our forecast, we continue to believe that a Federal Reserve rate cut in September remains the most likely scenario.
The sharp fall in the pending home sales index presents some downside risk to our second quarter existing home sales forecast, which already calls for a small decline in sales compared to Q1. Still, we continue to believe existing home sales are near their “floor” and are unlikely to fall much below their current levels before beginning a slow recovery in the second half of the year.
https://www.fanniemae.com/research-and-insights/forecast/pending-home-sales-pullback-sharply-economic-data-slows-amid-still-sticky-inflation
PROPERTY INFORMATION
Presenting a strategically positioned property in St. Paul, featuring three bedrooms, one bath, and hardwood floors awaiting personalization. Complementing the residence are a two-car detached garage and a deck, perfect for outdoor relaxation. Strategically situated near freeways and downtown St. Paul, this property offers easy access to urban conveniences and transportation hubs. With its versatile layout and scope for enhancement, it represents an appealing prospect for homeowners or investors. Unlock the potential of this property by arranging a viewing today. Explore the possibilities for customization and envision the transformation of this St. Paul gem into your ideal home or investment opportunity
The real estate market in Minnesota offers a variety of opportunities for both buyers and sellers. However, navigating the process can be complex and fraught with potential pitfalls. Whether you’re looking to buy your dream home or sell your property for a good profit, avoiding common mistakes can make the journey smoother and more successful. Here are some key errors to watch out for.
One of the biggest mistakes homebuyers make is not getting pre-approved for a mortgage before starting their search. Pre-approval gives you a clear idea of what you can afford and shows sellers that you’re a serious buyer. Without it, you risk falling in love with a home that’s out of your budget or losing out to more prepared buyers.
In the excitement of buying a new home, some buyers skip the home inspection to speed up the process or save money. This can be a costly mistake. A thorough inspection can uncover hidden issues such as structural problems, faulty wiring, or plumbing issues, saving you from expensive repairs down the line.
Many buyers focus solely on the purchase price and overlook additional costs like property taxes, homeowners insurance, maintenance, and utilities. Failing to account for these can strain your budget and make homeownership more stressful than enjoyable.
The location of your home is just as important as the home itself. Buyers sometimes make the mistake of not researching the neighborhood thoroughly. Consider factors such as school quality, crime rates, commute times, and future development plans to ensure the area meets your lifestyle needs.
One of the most common mistakes sellers make is overpricing their home. While it’s natural to want to get the most money possible, setting the price too high can deter potential buyers and lead to the home sitting on the market for too long. Conducting a comparative market analysis and setting a realistic price is crucial.
Sellers often underestimate the importance of making necessary repairs before listing their home. Minor issues like leaky faucets, cracked tiles, or peeling paint can turn buyers off. Investing in small repairs and improvements can significantly enhance your home’s appeal and increase its value.
First impressions matter, and in today’s digital age, many buyers start their home search online. Poor staging and low-quality photos can result in a lack
of interest. Consider hiring a professional stager and photographer to showcase your home in the best possible light.
Inflexibility with showing times can be a major deterrent for potential buyers. While it might be inconvenient, being accommodating and making your home available for showings can significantly increase your chances of a quick sale.
Buying or selling a home in Minnesota can be a rewarding experience, but it’s essential to avoid these common mistakes. By getting pre-approved for a mortgage, conducting thorough home inspections, setting realistic prices, and presenting your home well, you can navigate the real estate market with confidence. Whether you’re buying your first home or selling your long-time residence, careful planning and attention to detail can lead to a successful and stress-free transaction.
Ready to take the next step in your Minnesota real estate journey? Connect with Francine Marsolek today! Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@nhmres.com. Let Francine guide you through the process of buying or selling your home with expertise and care. Don’t wait – your dream home is just a call or click away!
Sources:
Thorsby, D. (2023, June 29). 12 mistakes to avoid when selling your home. US News & World Report. https://realestate.usnews.com/real-estate/ articles/mistakes-to-avoid-when-selling-your-home
Common mistakes to avoid when buying or selling a home: a comprehensive guide. (n.d.). https://www.kingvegashomes.com/blog-posts/commonmistakes-to-avoid-when-buying-or-selling-a-home-a-comprehensive-guide New boost
Old world charm with modern amenities!! Indulge in the seamless fusion of classic elegance and modern comfort within this distinguished 2-story residence. The exterior boasts a stately presence that beckons you inside, where beautiful hardwood floors grace the main living spaces, creating an ambiance of warmth and sophistication. Entertain with flair in the formal dining room, enhanced by a French door that opens to a sunroom, flooding the space with natural light. The expansive kitchen is large, offering both style and functionality in its design. Ascend the staircase to discover three generously sized bedrooms, providing not just space, but a haven of tranquility.
May 7, 2024
HPSI Flat in April as Consumers Continue to Adjust to Higher Rate Environment
WASHINGTON, DC – The Fannie Mae (FNMA/OTCQB) Home Purchase Sentiment Index® (HPSI) was unchanged in April at 71.9 and is showing signs of once again plateauing as consumers continue to adjust to the higher interest rate and home price environment. This month, 67% of consumers indicated that it’s a good time to sell a home, while 20% said it’s a good time to buy a home. These two indicators are up 10 percentage points and 3 percentage points, respectively, since the end of 2023, despite mortgage rates having moved steadily upward. Additionally, the share of respondents who expect mortgage rates to go down over the next 12 months fell to 26%. The full index is up 5.1 points year over year.
“The HPSI, unchanged this month, may have hit another plateau as consumers maintain their ‘wait and see’ approach to the housing market,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Overall, housing sentiment increased from November through February, driven largely by consumer belief that mortgage rates would move lower. However, recent data showing stickier-than-expected inflation, rising mortgage rates, and continued home price appreciation appear to have given consumers pause regarding the market’s direction. While only 20% of consumers think it’s a good time to buy a home, 67% think it’s a good time to sell one, a share that’s moved steadily upward since the start of the year. We think consumers’ generally improved sense of home-selling conditions bodes well for listings and housing activity, particularly for the segment of the population who may need to move for lifestyle reasons and have already begun adjusting their financial expectations to the current mortgage rate and price environment. However, for potential homebuyers in less of a rush to transact, ongoing affordability challenges may continue to keep many of them on the sidelines – one reason why we expect home sales to tick up only gradually over the course of the year.”
Fannie Mae’s Home Purchase Sentiment Index (HPSI) remained unchanged in April at 71.9. The HPSI is up 5.1 points compared to the same time last year. Read the full research report for additional information. Good/Bad Time to Buy: The percentage of respondents who say it is a good time to buy a home decreased from 21% to 20%, while the percentage who say
it is a bad time to buy remained unchanged at 79%. As a result, the net share of those who say it is a good time to buy decreased 1 percentage point month over month.
Good/Bad Time to Sell: The percentage of respondents who say it is a good time to sell a home increased from 66% to 67%, while the percentage who say it’s a bad time to sell decreased from 34% to 32%. As a result, the net share of those who say it is a good time to sell increased 3 percentage points month over month.
Home Price Expectations: The percentage of respondents who say home prices will go up in the next 12 months increased from 40% to 42%, while the percentage who say home prices will go down decreased from 20% to 18%. The share who think home prices will stay the same increased from 38% to 39%. As a result, the net share of those who say home prices will go up in the next 12 months increased 3 percentage points over month.
Mortgage Rate Expectations: The percentage of respondents who say mortgage rates will go down in the next 12 months decreased from 29% to 26%, while the percentage who expect mortgage rates to go up decreased from 34% to 33%. The share who think mortgage rates will stay the same increased from 36% to 40%. As a result, the net share of those who say mortgage rates will go down over the next 12 months decreased 1 percentage point month over month.
Job Loss Concern: The percentage of respondents who say they are not concerned about losing their job in the next 12 months decreased from 77% to 76%, while the percentage who say they are concerned remained unchanged at 23%. As a result, the net share of those who say they are not concerned about losing their job decreased 2 percentage points month over month.
Household Income: The percentage of respondents who say their household income is significantly higher than it was 12 months ago decreased from 19% to 17%, while the percentage who say their household income is significantly lower remained unchanged at 12%. The percentage who say their household income is about the same increased from 68% to 70%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago decreased 2 percentage points month over month.
The Home Purchase Sentiment Index® (HPSI) distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision making. The HPSI is constructed from answers to six NHS questions that solicit consumers’ evaluations of housing market conditions and address topics that are related to their home purchase decisions. The questions ask consumers whether they think that it is a good or bad time to buy or to sell a house, what direction they expect home prices and mortgage interest rates to move, how concerned they are about losing their jobs, and whether their incomes are higher than they were a year earlier.
The National Housing Survey (NHS) is a monthly attitudinal survey, launched in 2010, which
polls the adult general population of the United States to assess their attitudes toward owning and renting a home, purchase and rental prices, household finances, and overall confidence in the economy. Each respondent is asked more than 100 questions, making the NHS one of the most detailed attitudinal longitudinal surveys of its kind, to track attitudinal shifts, six of which are used to construct the HPSI (findings are compared with the same survey conducted monthly beginning June 2010). For more information, please see the Technical Notes.
Fannie Mae conducts this survey and shares monthly and quarterly results so that we may help industry partners and market participants target our collective efforts to support the housing market. The April 2024 National Housing Survey was conducted between April 1, 2024 and April 18, 2024. Most of the data collection occurred during the first two weeks of this period. The latest NHS was conducted exclusively through AmeriSpeak®, NORC at the University of Chicago’s probability-based panel, on behalf of PSB Insights and in coordination with Fannie Mae. Calculations are made using unrounded and weighted respondent level data to help ensure precision in NHS results from wave to wave. As a result, minor differences in calculated data (summarized results, net calculations, etc.) of up to 1 percentage point may occur due to rounding.
For detailed findings from the Home Purchase Sentiment Index and National Housing Survey, as well as a brief HPSI overview and detailed white paper, technical notes on the NHS methodology, and questions asked of respondents associated with each monthly indicator, please visit the Surveys page on fanniemae.com. Also available on the site are in-depth special topic studies, which provide a detailed assessment of combined data results from three monthly studies of NHS results.
To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.
Fannie Mae’s Economic and Strategic Research Group, led by Chief Economist Doug Duncan, studies current data, analyzes historical and emerging trends, and conducts surveys of consumer and mortgage lender groups to provide forecasts and analyses on the economy, housing, and mortgage markets. The ESR Group was awarded the prestigious 2022 Lawrence R. Klein Award for Blue Chip Forecast Accuracy based on the accuracy of its macroeconomic forecasts published over the 4-year period from 2018 to 2021.
https://www.fanniemae.com/newsroom/fannie-mae-news/housing-sentiment-again-shows-signs-plateauing
Francine Marsolek Broker/Owner - NextHome Metro Real Estate Services
We found the home of our dreams, but the real estate agent said she thought we would be more comfortable in a different neighborhood. But I know it’s illegal to steer prospective homeowners to or from certain neighborhoods based on race or national origin. Report racial steering and put an end to it. Like we did.
When it comes to buying or selling a home in the Twin Cities, Minnesota, the excitement of a new beginning or the prospect of a significant return on investment can often overshadow the intricate legalities involved. However, understanding these legal aspects is crucial to ensuring a smooth transaction and protecting your interests. This blog explores the key legal considerations you should be aware of when navigating the real estate market in this vibrant region..
At the core of any real estate transaction in the Twin Cities is the contract. This document is the roadmap for the entire purchasing or selling process and includes critical details such as the agreed-upon sale price, precise description of the property, terms of possession, and specifics on closing the deal. It’s
crucial to understand every clause and ensure that all agreements are clearly documented to avoid any future disputes.
Beyond standard clauses, buyers and sellers have the flexibility to negotiate custom terms to suit their specific needs. These might include provisions for furnishings, fixtures, or even specific repairs that need to be completed before the transaction is finalized. Engaging a real estate lawyer to review or draft your contract ensures that all personalized terms are legally sound and enforceable.
Contingency clauses in real estate contracts are safety nets for both parties. Common contingencies include:
• INSPECTION CONTINGENCY:
Allows the buyer to have the property inspected. If significant issues are found, the buyer can renegotiate or withdraw without penalty.
• FINANCIAL CONTINGENCY:
Ensures the transaction proceeds only if the buyer obtains sufficient financing.
• SALE OF PREVIOUS HOME:
For buyers who need to sell their current home before finalizing the new purchase. Understanding these clauses helps both buyers and sellers manage their risks effectively. Legal Requirements for Disclosure
1. SELLER’S OBLIGATION
In Minnesota, sellers must disclose certain information about the property’s condition and history, which could affect the buyer’s decision. This includes revealing any known defects, previous damages (like water damage or mold), and any major repairs. Failing to disclose such information can lead to legal actions post-sale.
2. RADON DISCLOSURE
Specifically, in Minnesota, sellers must also inform buyers about the presence of radon in the property. Radon is a naturally occurring radioactive gas that can have serious health repercussions. Sellers
must provide details of any radon testing done and, if known, the level of radon present.
1. Clear Title
Ensuring a clear title is crucial in real estate transactions. A clear title means the property is free from liens, disputes, or legal questions concerning the ownership. Buyers should insist on a title search and consider title insurance to protect against future claims.
When purchasing property with someone else, understand the differences between joint tenancy and tenancy in common. Each type of ownership affects future rights to the property, especially in cases of one owner’s death or if a relationship dissolves.
Zoning laws in the Twin Cities can affect how a property can be used. Whether you’re looking to build a new structure or use the property for a specific purpose, it’s essential to ensure that these plans are in compliance with local zoning ordinances. Ignorance of zoning laws can lead to costly legal challenges and the removal of noncompliant structures. Conversely, new zoning restrictions can adversely affect value. Staying informed about planned changes in zoning laws can help you make strategic buying or selling decisions.
Buying or selling a home in the Twin Cities involves more than just choosing the right property or making an offer. It encompasses a thorough understanding of the legal implications that govern real estate transactions in Minnesota. By focusing on these key legal considerations, both buyers and sellers can protect themselves from unforeseen legal complications and ensure a legally sound transaction.
As the real estate market continues to evolve, staying informed about legal requirements and potential changes in legislation is crucial. Whether you are a first-time homebuyer or an experienced property investor, always consider consulting with legal professionals who specialize in real estate to navigate these waters successfully. The journey of buying or selling a home is paved with significant legal steps. By equipping yourself with the right knowledge and professional guidance, you can undertake this journey with confidence and peace of mind.
If you’re ready to navigate the complexities of the Twin Cities real estate market, don’t do it alone. Francine Marsolek is here to provide expert guidance and legal insight to ensure your real estate transactions are seamless and secure. Whether you’re buying your first home or selling a property, Francine is committed to safeguarding your interests. Call her today at (612) 868-9344 or (651) 7974219, email Francine@mresMN.com, or visit her website at NHMRES.com to start your journey with confidence and peace of mind. Let Francine help you make informed decisions in this dynamic market!
May 21, 2024
WASHINGTON, DC – Housing activity is expected to slow modestly compared to previous projections, if the broad upward movement in mortgage rates since the start of the year is sustained, according to the May 2024 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. However, the ESR Group notes upside risk to its latest forecasts for housing starts, single-family mortgage originations, and home sales activity, particularly if upcoming data releases lead market participants to believe that the Federal Reserve is closer to easing monetary policy, which would likely push mortgage rates downward.
The ESR Group forecasts overall economic growth to slow and mortgage rates to end the year near 7 percent. As a result, they expect a slight slowdown in housing activity through 2024 compared to their previous forecast. However, with active home sale listings now up approximately 30 percent compared to a year ago, the ESR Group believes sizable declines in home sales are unlikely and continues to forecast a modest upward drift in existing home sales over the forecast horizon, particularly compared to the historically low sales levels of the previous two years.
The ESR Group’s full-year 2024 real GDP outlook is unchanged at 1.8 percent, as underlying growth in the first quarter remained solid but still appears on track to slow as the year progresses. Household income growth has not kept pace with strong consumer spending and personal outlays on debt interest remain high, suggesting to the ESR Group that the higher interest rate environment will eventually weigh on future consumption. Combined with potential softening in payroll employment growth, the ESR Group expects inflation to decelerate through 2024 but remain sticky enough in the near term to prevent a Federal Reserve rate hike until September.
“The question our economics team is asked most frequently by industry participants remains where we think mortgage rates are headed,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “For now, we see rates remaining closer to 7 percent through the end of the year – before trending downward in 2025 – but note potential downside to that forecast given recent actual movements in rates. Our consumer survey suggests that households who are paying attention to the housing market continue to take a wait-andsee approach. This is consistent with our latest housing forecast, which does not foresee a dramatic change in activity until affordability improves. Given ongoing supply constraints and recent indications that the labor market may be weakening, a downward movement in mortgage rates appears to be the likeliest lever to achieve an improvement in affordability.”
https://www.fanniemae.com/newsroom/fannie-mae-news/higher-rate-environmentprojected-dampen-housing-activity-through-2024
June 28, 2024
Key Takeaways:
Gross domestic product (GDP), adjusted for inflation, increased at a 1.4 percent seasonally adjusted annualized rate (SAAR) in Q1 2024 in the third and final estimate, an upgrade of one-tenth compared to the prior estimate, according to the Bureau of Economic Analysis (BEA). The upgrade reflects upward revisions to net trade, business fixed investment, and government spending. However, real personal consumption expenditures were again revised downward by five-tenths to a 1.5 percent annualized growth rate, a full percentage point lower than originally reported.
Personal income, adjusted for inflation, jumped 0.5 percent in May, according to the Bureau of Economic Analysis. Real disposable personal income was also up 0.5 percent. Real personal consumption expenditures (PCE) rose 0.3 percent after contracting in April. The saving rate rose two-tenths to 3.9 percent, still low by historical standards. The PCE price index was flat over the month and increased 2.6 percent compared to a year ago. Core PCE prices increased just 0.1 percent over the month and 2.6 percent compared to a year ago, the slowest annual rate since March 2021.
The Conference Board Consumer Confidence Index declined 0.9 points to 100.4 in June. Confidence in the present situation rose 0.7 points to 141.5, while expectations for the future declined 1.9 points to 73.0.
The National Association of REALTORS® Pending Home Sales Index, which records contract signings of existing homes and typically leads closed sales by one to two months, declined 2.1 percent to 70.8 in May. This follows a 7.7 percent decline in April.
New single-family home sales declined 11.3 percent to a SAAR of 619,000 in May, a sixmonth low, according to the Census Bureau. However, April new home sales were revised upward by more than 10 percent, and March’s figure was also revised upward. The number of new homes available for sale rose 1.5 percent to 481,000, remaining at the highest level since the Great Financial Crisis. The months’ supply jumped by 1.2 to 9.3, the highest level since October 2022.
The FHFA Purchase-Only House Price Index increased a seasonally adjusted 0.2 percent in April. Compared to a year ago, home prices rose 6.4 percent, a deceleration of four-tenths from March, and the second consecutive month of slowing home price growth on an annual basis.
First quarter GDP growth was revised upward slightly but the more important story is another large downward revision to personal consumption expenditures. We have long noted that recent strength in personal consumption had not been supported by real income growth, and we therefore expected that the consumer would eventually need to retrench to a more normal saving rate. While May income and spending data was more encouraging, downward revisions to prior months means we are likely to revise downward our second quarter consumption forecast. On the inflation front, core PCE, the Fed’s preferred inflation gauge, was a bit below our expectations. While we believe the Fed will likely need several months of reports like this one before being confident that inflation is sustainably returning to target, as of this writing, market pricing has shifted closer to two cuts this year rather than one.
The sharp decline in new home sales in May is better than it looks on its face given the large upward revision to April’s data; in fact, the average of new sales in April and May is modestly above our second quarter forecast. Still, inventories of new homes available for sale remain high, suggesting demand has likely softened. While we note that the new home sales data is volatile, we think the current momentum is probably downward, posing some risk to our intermediate-term forecast. Additionally, another decline in the pending home sales index suggests that existing home sales may have a bit further to fall in the next one to two months, especially given a relatively flat reading for sales in May when the pending home sales index fell more than 7 percent in April. Still, we continue to believe existing sales are near their floor already, and we expect a slow recovery in existing sales starting in the second half of 2024 as mortgage rates ease somewhat.
Choosing the right neighborhood for your new home is a crucial decision that can significantly impact your lifestyle, property value, and overall satisfaction. In Minnesota, a state known for its diverse landscapes, vibrant cities, and charming small towns, finding the perfect neighborhood requires careful consideration of various factors. Here are some key points to guide you in making this important choice.
Before diving into the search for a neighborhood, it’s essential to evaluate your personal preferences and lifestyle needs. Consider factors such as proximity to work, schools, healthcare facilities, and recreational areas. For instance, if you have a family, you might prioritize neighborhoods with excellent schools and family-friendly amenities. If you enjoy an active lifestyle, proximity to parks, trails, and lakes might be more important.
Understanding the local real estate market is crucial in making an informed decision. In Minnesota, real estate prices can vary significantly between different areas. Research current property values, market trends, and the potential for future appreciation. Websites like Zillow and Realtor.com can provide valuable insights into the real estate landscape of various neighborhoods.
Safety is a top priority for most homebuyers. Research crime rates in potential neighborhoods using resources like the Minnesota Bureau of Criminal Apprehension’s website or local police department reports. Additionally, consider the sense of community in the area. Visiting local events, talking to
residents, and exploring community centers can give you a feel for the neighborhood’s atmosphere.
Your daily commute can significantly impact your quality of life. Evaluate the distance and travel time to your workplace, schools, and other frequently visited locations. Minnesota’s transportation infrastructure includes highways, public transit, and bike-friendly routes. Ensure that the neighborhood you choose offers convenient access to your preferred mode of transportation.
The availability of amenities and services can greatly enhance your living experience. Look for neighborhoods with nearby grocery stores, shopping centers, restaurants, and entertainment options. Additionally, consider access to healthcare facilities, libraries, and fitness centers. In Minnesota, some neighborhoods are known for their vibrant cultural scenes, offering museums, theaters, and art galleries.
Investigate the future growth and development plans for the neighborhoods you’re considering. Areas with planned infrastructure improvements, new businesses, and residential developments can offer great potential for property value appreciation. However, be cautious of areas that may become overly commercialized or lose their charm due to excessive development.
One of the best ways to get a true sense of a neighborhood is to visit it at different times of the day and week. This will help you observe traffic
patterns, noise levels, and the general ambiance. Additionally, talking to current residents can provide valuable insights into the pros and cons of living in the area.
Finally, think about your long-term plans and how they align with the neighborhood. Are you looking for a place to settle down for many years, or is this a shorter-term investment? Your long-term goals can influence the type of neighborhood that will best suit your needs.
In conclusion, choosing the right neighborhood for your new home in Minnesota requires a thoughtful approach and thorough research. By assessing your priorities, researching the local market, and considering factors like safety, commute, amenities, and future growth, you can find a neighborhood that perfectly matches your lifestyle and long-term goals. Minnesota offers a wealth of diverse and vibrant neighborhoods, each with its unique charm, ready to welcome you home.
Choosing the right neighborhood is a crucial step in finding your dream home. Connect with Francine Marsolek today to get expert guidance and personalized assistance. Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@ nhmres.com. Let Francine help you discover the perfect neighborhood that fits your lifestyle and long-term goals!
Sources: Where should I live? 6 factors to consider when choosing a neighborhood. (n.d.). https://www.tchabitat.org/blog/choosing-a-neighborhood
How to choose a neighborhood that is right for you. (n.d.). State Farm. https://www.statefarm.com/simple-insights/residence/how-to-choose-theright-neighborhood
May 3, 2024
The Federal Open Market Committee (FOMC) held the federal funds rate at its current target range of 5.25-5.5 percent at its April 30-May 1 meeting. The committee announced that beginning in June, the Fed will slow the pace of decline of its securities holdings by reducing the cap on Treasury securities from $60 billion to $25 billion. The MBS cap of $35 billion was unchanged, though the actual runoff has been closer to $15 billion per month. Both the prepared statement and Chair Powell noted a “lack of further progress” toward the 2-percent inflation objective in the first quarter.
Nonfarm payroll employment increased by 175,000 in April, a slowdown from the upwardly revised 315,000 jobs added in March. Job gains were strongest in health care, social assistance, and transportation and warehousing. The unemployment rate ticked up onetenth to 3.9 percent. Wage growth looks to have normalized, with a 0.2 percent gain over the month, bringing the year-over-year comparison to 3.9 percent.
The Job Openings and Labor Turnover Survey (JOLTS) declined by 325,000 to 8.5 million in March, the lowest level in three years but still above the 2019 average of 7.5 million, according to the Bureau of Labor Statistics (BLS). The quits rate declined one-tenth to 2.1 percent, the lowest level since January 2018, excluding the initial 1pandemic shock. Layoffs and discharges eased to 1.5 million after hitting 1.7 million the month prior.
Nonfarm business productivity increased at a 0.3 percent annualized rate in Q1 2024, a sharp slowdown from the 3.5 percent annualized growth rate the quarter prior, according to the BLS. Still, compared to a year ago, productivity was up 2.9 percent, the best yearover-year comparison since in three years. Unit labor costs rose at an annualized rate of 4.7 percent but, compared to a year ago, slowed to just a 1.8 percent gain.
The Employment Cost Index (ECI), a measure of labor compensation, increased 1.2 percent in Q1 2024, an acceleration of three-tenths compared to the prior quarter. Compared to a year ago, the ECI was up 4.2 percent, unchanged from the fourth quarter.
The Institute for Supply Management (ISM) Manufacturing Index slipped back into contractionary territory with a 1.1-point decline to 49.2 in April. Both the new orders and production indices were down, falling 2.3 points to 49.1 and 3.3 points to 51.3, respectively. The not-seasonally adjusted prices paid index rose 5.1 points to 60.9, its highest level since June 2022, likely reflecting higher oil prices.
PROPERTY INFORMATION
Welcome to a promising opportunity in homeownership! This 3-bedroom, 1-bath home exudes potential with a non-conforming upper level bedroom, providing flexibility in usage. Nestled conveniently near freeways, this residence offers accessibility to urban conveniences while maintaining a peaceful setting. The stucco exterior adds a touch of character to the property, while the main level boasts the timeless elegance of hardwood floors. Imagine the possibilities as you explore the full, unfinished basement, a blank canvas that could be transformed into additional finished square footage, tailoring the space to your unique needs. Step outside to discover a vast, fenced yard, providing ample space for outdoor activities and future landscaping endeavors.
Economic uncertainty can create a challenging environment for real estate transactions, but with careful planning and strategic decisions, it is possible to navigate these waters successfully. In Minnesota, a state known for its vibrant cities, picturesque landscapes, and strong sense of community, real estate remains a viable investment even during uncertain times. Here are some key strategies to consider when handling a real estate transaction in Minnesota during economic volatility.
Understanding the current real estate market trends is crucial. Economic uncertainty can lead to fluctuations in property values, mortgage rates, and buyer demand. Stay updated on Minnesota’s market by consulting with real estate professionals, monitoring market reports, and keeping an eye on local economic indicators. Websites like the Minnesota Association of Realtors and regional news outlets can provide valuable insights into current market conditions.
In times of economic uncertainty, the guidance of experienced real estate agents, mortgage brokers, and financial advisors becomes invaluable. These professionals can provide insights based on historical data, current trends, and future predictions. An experienced real estate agent will help you price your property correctly if you’re selling, or negotiate the best deal if you’re buying. Mortgage brokers can assist in securing the most favorable loan terms available, even when rates are volatile.
Economic uncertainty often leads to tighter lending standards. Ensure your financial health is in top shape by maintaining a good credit score, reducing debt, and saving for a substantial down payment.
Sellers should be prepared for potential buyers to face financing challenges, which could impact the timeline and certainty of a sale. Buyers should get pre-approved for a mortgage to demonstrate financial readiness and strengthen their negotiating position.
During uncertain economic times, the longterm value of a property becomes even more important. Consider factors such as location, neighborhood amenities, school districts, and future development plans. In Minnesota, properties in stable, desirable areas like Minneapolis-St. Paul, Rochester, and Duluth are likely to retain their value better than those in less sought-after locations. Investing in properties with strong long-term potential can help mitigate the risks associated with economic fluctuations.
Flexibility is key when handling real estate transactions during economic uncertainty. Be prepared for possible delays and unexpected changes. Incorporate contingencies into your contracts to protect yourself from unforeseen circumstances. For example, include financing contingencies that allow you to back out of the deal if you are unable to secure a mortgage. Sellers can use contingencies to ensure they are able to find suitable housing before completing the sale.
If selling a property proves difficult or if you’re uncertain about buying immediately, consider renting out the property temporarily. This can provide a steady income stream while waiting for the market to stabilize. Minnesota’s rental market can be robust, especially in urban areas and near colleges and universities. Renting can also allow
you to wait for better market conditions before making a long-term commitment.
Economic uncertainty can create stress and lead to hasty decisions. It’s essential to stay calm and approach the transaction with a clear, objective mindset. Avoid making decisions based on fear or speculation. Instead, rely on data, professional advice, and a thorough analysis of your financial situation.
Handling a real estate transaction during economic uncertainty in Minnesota requires careful planning, flexibility, and informed decision-making. By staying informed, working with experienced professionals, ensuring financial readiness, evaluating long-term value, and remaining flexible, you can navigate the complexities of the market and achieve a successful real estate transaction. Whether buying or selling, these strategies can help mitigate risks and capitalize on opportunities, ensuring that your real estate endeavors remain sound investments regardless of economic conditions.
Navigating a real estate transaction during economic uncertainty can be challenging, but you don’t have to do it alone. Connect with Francine Marsolek today for expert guidance and personalized support. Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@nhmres.com. Take the first step towards a successful real estate transaction with Francine’s expertise on your side.
Sources: Navigating real estate transactions during uncertain times. (n.d.). https:// samkaplunov.com/blog/navigating-real-estate-transactions-duringuncertain-times
(14) How can you negotiate real estate deals during economic uncertainty? | LinkedIn. (2024, March 23). https://www.linkedin.com/pulse/ how-can-you-negotiate-real-estate-deals-during-economic-scorese-eag7e/
PROPERTY INFORMATION
Welcome to a unique opportunity to transform this 4-bedroom, 2-bathroom rambler into your ideal home. The breezeway leads to a private patio, seamlessly blending indoor and outdoor spaces. The attached garage offers convenience and versatility, ready for adaptation. Step into a refined main level featuring elegant hardwood floors, three bedrooms, and an expansive living area for versatile comfort and entertainment. Envision the timeless charm of hardwood floors throughout this level. Located strategically near major freeways, this residence seamlessly blends urban accessibility with residential tranquility. More than just a home, this property invites your vision to elevate the living experience.`
The Twin Cities real estate market is one that has seen significant growth and change over the years. From the housing crash of 2008 to a recent surge in home prices, the market has been through its fair share of ups and downs. As we look towards the future, it’s important to examine the current state of the market and make predictions for what may come in the next few years. In this blog post, we’ll delve into the current state of the Twin Cities, Minnesota real estate market and make projections for the year 2024.
Certainly, let’s dive a bit deeper into each point for a more thorough understanding while maintaining a concise format:
The market has seen homes appreciate to an average value of around $302,690, with a yearover-year growth of 1.3%. This modest increase indicates a stable market environment that is growing at a sustainable rate.
• TIME TO PENDING:
On average, properties are transitioning to pending status in approximately 41 days. This relatively swift movement from listing to pending suggests a healthy level of activity and demand in the market, where well-priced homes are quickly attracting buyers.
• MARKET INVENTORY (AS OF JANUARY 31, 2024):
With 947 properties available for sale, the inventory reflects the market’s capacity to offer a variety of choices to prospective buyers, though it also hints at a competitive landscape for desirable homes.
• NEW LISTINGS (AS OF JANUARY 31, 2024):
The introduction of 223 new listings into the market signifies a steady supply of properties. This influx is crucial for maintaining balance in the market, offering fresh opportunities for buyers, and keeping the market dynamic.
• MEDIAN SALE-TO-LIST RATIO (AS OF DECEMBER 31, 2023):
The ratio standing at 1.000 demonstrates that homes, on average, are selling for their asking price. This equilibrium suggests a market where valuation and pricing are well-aligned with buyer expectations and market conditions.
• MEDIAN SALE PRICE (AS OF DECEMBER 31, 2023):
The ratio standing at 1.000 demonstrates that homes, on average, are selling for their asking price. This equilibrium suggests a market where valuation and pricing are well-aligned with buyer expectations and market conditions.
• MEDIAN LIST PRICE (AS OF JANUARY 31, 2024):
Set at $294,930, the median list price being slightly lower than the median sale price suggests that properties, on average, are being listed at competitive prices. This strategy may be contributing to the brisk pace at which homes are going to be pending.
• SALES OVER LIST PRICE (AS OF DECEMBER 31, 2023):
With 33.5% of sales exceeding the list price, this indicates that a significant portion of properties are attracting multiple offers or are priced strategically to generate competitive bidding, benefiting sellers.
• SALES UNDER LIST PRICE (AS OF DECEMBER 31, 2023):
The fact that 45.8% of sales are closing below list price illustrates that while the market is competitive, there is still ample room for negotiation, especially for buyers who are well-informed and strategic in their approach.
The Twin Cities real estate market is characterized by its resilience and dynamism. A closer examination of current trends and expert analysis suggests a cautiously optimistic outlook. The balance between properties selling above and below list price reflects a market that, while competitive, still offers opportunities for negotiation and value.
The slight increase in home values, coupled with a relatively steady median sale-to-list ratio, indicates a market that is gradually appreciating. This steady growth is a positive sign for both current homeowners looking to build equity and prospective buyers seeking long-term investments.
However, with the inventory levels and the pace at which homes are going to be pending, it’s clear that demand remains robust. This scenario is likely to persist, potentially leading to a gradual uptick in prices, especially if new listings do not keep pace with demand. Buyers may face increased competition, particularly for properties in desirable locations or those priced below the median range.
For sellers, the current market conditions suggest that well-maintained and strategically priced properties can attract significant interest, possibly even exceeding the listing price. Nonetheless, realistic pricing remains key, as the market also shows a considerable percentage of homes selling below list price, indicating that overpriced homes
may still struggle to find buyers.
In conclusion, the Twin Cities real estate market, emblematic of both stability and growth, offers a compelling narrative for anyone engaged in the property arena. By understanding the current market dynamics and anticipating future trends, stakeholders can navigate the complexities of real estate with confidence, making informed decisions that align with their long-term goals and aspirations. In this vibrant market, the key to success lies in leveraging data, insights, and trends to carve out opportunities, ensuring a prosperous journey in the Twin Cities real estate.
Whether you’re ready to start your home search or simply have questions about living in Minneapolis or Saint Paul, Francine is here to help. Connect with Francine Marsolek today by calling her at (612) 8689344 or (651) 797-4219, visiting her website at NHMRES.com, or emailing her at Francine@nhmres. com. Reach out today and take the first step towards making your dream home a reality in the Twin Cities.
Located along the banks of the mighty Mississippi River, Minneapolis, and Saint Paul, collectively known as the Twin Cities, stand as two of the most vibrant urban centers in the Midwest. Each city boasts its own unique charm and character, making the choice between the two a matter of personal preference based on various factors including housing affordability, amenities, school districts, and lifestyle offerings. This blog aims to shine a light on these two illustrious cities, offering a detailed comparison to help potential residents determine which city aligns best with their aspirations and lifestyle.
Minneapolis: Known for its dynamic urban environment, Minneapolis offers a diverse housing market that caters to a wide range of preferences, from sleek downtown condos to charming bungalows in residential neighborhoods. Generally, the housing prices in Minneapolis tend to be on the higher side compared to Saint Paul, reflecting the city’s strong demand driven by its robust job market and vibrant cultural scene. However, for those seeking the buzz of city life
combined with the comforts of home, Minneapolis presents an attractive proposition.
Saint Paul: Saint Paul, with its rich history and slower pace, offers a more affordable housing market. The city’s neighborhoods are replete with Victorian-era homes and historic buildings, providing a unique living experience. The lower housing costs in Saint Paul make it an appealing option for families, first-time homebuyers, and individuals seeking a more laid-back urban environment. The blend of affordability and character makes Saint Paul a hidden gem in the real estate market.
Minneapolis: Minneapolis is a haven for outdoor enthusiasts and culture vultures alike. The city’s extensive park system, including the famed Chain of Lakes, offers endless recreational opportunities, from biking and walking trails to water sports. Additionally, Minneapolis is renowned for its thriving arts scene, encompassing a wide array of museums, theaters, and live music venues. The culinary landscape is equally impressive, with a plethora of dining options ranging from food trucks to high-end restaurants.
Saint Paul: Saint Paul takes pride in its deeprooted cultural heritage, reflected in its myriad of festivals, historic sites, and museums. The city’s slower pace does not detract from its vibrant arts and music scene, with numerous theaters and galleries dotting its landscape. Saint Paul also boasts its own set of green spaces and parks, providing residents with a tranquil escape from urban life. The city’s culinary scene is rich with diverse cuisines, offering everything from cozy cafes to ethnic eateries.
Minneapolis: The education landscape in Minneapolis is as varied and vibrant as the city itself. The Minneapolis Public School system is recognized for its dedication to providing a rich educational experience, emphasizing diversity and inclusivity. Schools such as South High School and Washburn High School have garnered acclaim for their strong academic programs and extracurricular offerings. Beyond the public school system, Minneapolis is home to several charter and private schools, offering specialized curriculums to meet the varied interests and needs of students. For those pursuing higher ––education, the University of Minnesota, Minneapolis, stands as a beacon of research and innovation, offering a wide array of undergraduate and graduate programs.
Saint Paul: Education in Saint Paul is deeply rooted in the community, with the Saint Paul Public School district leading the charge in innovative and personalized learning approaches. Schools like Central High School and Como Park Senior High School are celebrated for their commitment to academic excellence and community engagement. Saint Paul also offers a variety of charter and private school options, including institutions with specific educational focuses, such as language immersion and STEM. Higher education is well-represented in Saint Paul, with prestigious institutions such as Macalester College and the University of St. Thomas offering comprehensive programs in a range of disciplines, fostering the next generation of leaders and thinkers.
Deciding between Minneapolis and Saint Paul ultimately boils down to individual preferences and lifestyle choices. For those drawn to a bustling urban atmosphere with a rich tapestry
of cultural and recreational activities, Minneapolis may be the ideal choice. Its vibrant nightlife, extensive park system, and dynamic arts scene offer a stimulating environment for city dwellers. Conversely, Saint Paul appeals to those who cherish a sense of community and a slower pace of life without sacrificing urban conveniences. The city’s historic charm, coupled with its affordable housing and commitment to education, makes it a nurturing environment for families and individuals alike.
Minneapolis and Saint Paul, each with their distinct personalities and offerings, stand as testaments to the diverse living experiences available within the Twin Cities. Whether you’re attracted to the energetic pulse of Minneapolis or the quaint charm of Saint Paul, both cities offer a rich quality of life and a welcoming community. As you contemplate your next move, consider not only the tangible factors like housing affordability and school districts but also the intangible qualities that make a place feel like home. In the end, the best choice is the one that aligns with your lifestyle, values, and dreams for the future.
Are you contemplating a move to the Twin Cities, or perhaps you’re in the early stages of your home search in Minneapolis or Saint Paul? Francine Marsolek is your go-to resource for all things related to real estate in this dynamic region. With a deep understanding of the local market and a commitment to helping you find your dream home, Francine is ready to assist you every step of the way.
Don’t hesitate to reach out to Francine Marsolek for more information today by calling Direct: 612.868.9344 or Office: 651.797.4219 Visit her website at www.nhmres.com or Email Francine at: francine@nhmres.com
Take that first step towards your new home or investment in the Twin Cities with Francine Marsolek by your side.
Purchasing a home is one of the most significant investments most people will make in their lifetime. In Minnesota, as in any state, there are specific legal considerations that prospective homebuyers need to be aware of to ensure a smooth and legally sound transaction. Here are the key legal aspects to consider when buying a home in the Land of 10,000 Lakes.
One of the first steps in the home-buying process is conducting a title search. This is essential to ensure that the property has a clear title, meaning there are no liens, claims, or legal disputes against it. Hiring a title company or a real estate attorney to conduct a thorough title search can help avoid future complications. Additionally, purchasing title insurance is crucial as it protects the buyer from any unforeseen issues with the property title that may arise after the purchase.
The purchase agreement is a legally binding contract between the buyer and the seller that outlines the terms and conditions of the sale. It includes important details such as the purchase price, closing date, contingencies, and any appliances or fixtures that will remain with the home. In Minnesota, it’s advisable to have a real estate attorney or a qualified real estate agent review the purchase agreement to ensure all terms are fair and legally sound.
Minnesota law requires sellers to provide a written disclosure of all known material facts that could affect the buyer’s use and enjoyment of the property. This includes information about the condition of the home, any environmental hazards, and past repairs or issues. As a buyer, it’s important to thoroughly review these disclosures and, if necessary, request additional inspections to uncover any potential problems that the seller might not be aware of.
While not legally required, a home inspection is highly recommended. A licensed home inspector can identify any existing or potential issues with the property, such as structural problems, electrical issues, or plumbing defects. If significant problems are discovered, the buyer can negotiate repairs or price adjustments with the seller before finalizing the purchase.
Obtaining a mortgage is a common part of the home-buying process. In Minnesota, lenders typically require an appraisal to determine the fair market value of the property. This ensures that the loan amount does not exceed the property’s value. It’s important to understand the terms of the mortgage agreement, including interest rates, repayment schedules, and any penalties for late payments.
The closing process in Minnesota involves several steps, including a final walkthrough of the property, signing the necessary documents, and transferring funds. At closing, the buyer will sign the mortgage documents and pay closing costs, which can include fees for the title search, title insurance, and other administrative costs. A real estate attorney or a closing agent typically oversees the process to ensure all legal requirements are met.
Minnesota offers a homestead exemption, which provides property tax relief for homeowners who occupy their property as their primary residence. To qualify, homeowners must file a homestead application with the county assessor’s office. This exemption can significantly reduce the property tax burden and is an important consideration for new homeowners.
Navigating the legal landscape of buying a home in Minnesota can be complex, but understanding these key considerations can help ensure a successful and legally sound transaction. Consulting with real estate professionals, including attorneys and agents, can provide valuable guidance and protection throughout the process. By being informed and prepared, homebuyers can confidently make one of the most significant investments of their lives.
Ready to take the next step in your home-buying journey? Connect with Francine Marsolek today! Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@nhmres.com. With her expertise, you’ll navigate the Minnesota real estate market with confidence and ease. Don’t wait—reach out now to make your dream home a reality!
Sources:
From search to ownership: The complete guide to buying property in Minnesota | Heritage Law Office. (n.d.). https://www.heritagelawwi.com/ from-search-to-ownership-the-complete-guide-to-buying-property-inminnesota
The Perfect Place - Home Buyer’s Handbook. (n.d.). https://www.ag.state. mn.us/consumer/handbooks/HmBuyers/CH5.asp
New boost
Francine Marsolek
Broker/Owner - NextHome Metro Real Estate Services "Humans Over Houses"
Office: 612-868-9344 francine@nhmres.com www.nhmres.com
Buying a home is a significant milestone, but it requires careful planning and financial readiness. One crucial factor that lenders scrutinize is your credit score. A higher credit score not only improves your chances of mortgage approval but also secures you better interest rates, potentially saving thousands of dollars over the life of your loan. Here are actionable steps to improve your credit score before purchasing a home in Minnesota.
Start by obtaining a copy of your credit report from the three major credit bureaus: Experian, Equifax, and TransUnion. You’re entitled to one free report from each bureau annually through AnnualCreditReport. com. Review your reports meticulously to identify any errors or discrepancies. Common errors include incorrect personal information, duplicate accounts, or fraudulent activities. Disputing and resolving these inaccuracies can significantly boost your credit score.
Payment history constitutes 35% of your credit score, making it the most influential factor. Consistently paying your bills on time demonstrates reliability to lenders. Set up automatic payments or reminders to ensure you never miss a due date. If you’ve missed payments in the past, work on building a pattern of timely payments moving forward.
High credit card balances can negatively impact your credit score. Aim to pay down existing debts, focusing on accounts with the highest interest rates first. The credit utilization ratio, which is the amount of credit you’re using compared to your total available credit, should ideally be below 30%. Paying off debts and keeping low balances can improve this ratio and, consequently, your credit score.
Each time you apply for new credit, a hard inquiry is recorded on your credit report, which can temporarily lower your score. Before buying a home, avoid applying for new credit cards, loans, or other forms of credit. Multiple inquiries within a short period signal potential financial instability to lenders.
The length of your credit history accounts for 15% of your credit score. Closing old accounts can shorten your credit history, which might lower your score. Instead, keep these accounts open and use them occasionally to maintain an active credit history. This approach shows lenders a longstanding, reliable credit behavior.
Having a mix of credit types, such as credit cards, auto loans, and installment loans, can positively affect your credit score. However, only take on new credit if it makes sense for your financial situation. Responsibly managing different types of credit demonstrates to lenders that you can handle various financial obligations.
If you’re struggling to improve your credit score, consider seeking advice from a credit counselor. These professionals can offer personalized
strategies and help you create a plan to manage your debts and improve your credit health. Many non-profit organizations provide free or low-cost credit counseling services.
Improving your credit score is a gradual process, but it’s an essential step toward buying a home in Minnesota. By understanding your credit report, paying bills on time, reducing debt, avoiding new credit inquiries, keeping old accounts open, diversifying your credit mix, and seeking professional advice, you can enhance your creditworthiness. A better credit score opens doors to favorable mortgage terms, bringing you one step closer to owning your dream home in Minnesota.
Taking these steps not only prepares you for homeownership but also sets a solid foundation for your overall financial health. Start today, and you’ll be well on your way to securing the keys to your new home.
Improving your credit score is the first step towards securing your dream home in Minnesota. For personalized advice and guidance, connect with Francine Marsolek today. Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES. com, or email her at Francine@nhmres.com. Start your journey to homeownership with a trusted expert by your side!
Sources:
Dehan, A. (2024, June 24). How to improve your credit score for a mortgage. Bankrate. https://www.bankrate.com/mortgages/improve-creditbefore-mortgage/
Suknanan, J. (2022, May 28). Your credit score is essential to obtain a good mortgage — here’s how to boost your score before you apply for a loan. CNBC. https://www.cnbc.com/select/how-to-boost-credit-score-before-youapply-to-mortgage/
Fire-Damaged Fixer-Upper with 3 Bedrooms, 1 Bath, and Fenced Yard ??? Explore the potential of this fire-damaged property, featuring three bedrooms, one bath, and a fenced yard. The front porch provides a simple entry point to this fixer-upper. The property requires rehabilitation, providing an opportunity for customization according to your preferences. The three bedrooms and one bath layout offers flexibility in redesigning the living space. Additionally, the fenced yard adds a layer of privacy and security for potential outdoor improvements.
Francine Marsolek
Broker/Owner
- NextHome Metro Real Estate Services
Office: 612-868-9344 francine@nhmres.com www.nhmres.com
Step into this adorable Cape Cod home that effortlessly combines classic charm with modern convenience. The stucco exterior gives it a timeless appeal, and inside, you’ll find updated flooring throughout the four bedrooms and two baths. The kitchen is a practical and stylish space for all your cooking needs. Outside, a spacious deck invites you to enjoy the peaceful surroundings. The large garage is a practical addition, ideal for car enthusiasts or extra storage. This Cape Cod beauty is more than just a house it’s a cozy home that blends style with functionality. With its inviting atmosphere and thoughtful updates, it’s ready for new memories. Don’t miss your chance to call this charming property yours, where classic meets contemporary living
Minnesota’s real estate market offers a diverse array of options, from bustling urban centers to serene suburban neighborhoods. One of the most intriguing areas within this market is Anoka County, particularly the cities within it. Known for its rich history, vibrant community events, and picturesque landscapes, Anoka County presents a unique blend of urban and suburban living that appeals to a wide range of homebuyers. Let’s explore some of the unique attributes and community highlights of the cities in Anoka, Minnesota.
Anoka, often referred to as the “Halloween Capital of the World,” is a city steeped in tradition and community spirit. This title is well-deserved, with the city hosting one of the longest-running annual Halloween parades in the United States. The festivities include parades, carnivals, and community gatherings, creating a festive atmosphere that draws visitors from all over. Anoka’s historic downtown area, with its well-preserved buildings, antique shops, and local eateries, offers a charming backdrop for these events and everyday life.
Coon Rapids, the largest city in Anoka County, combines the convenience of urban living with the beauty of natural landscapes. The city is home to Coon Rapids Dam Regional Park, a popular destination for outdoor enthusiasts. The park offers activities such as hiking, fishing, and bird watching, along with scenic views of the Mississippi River. Coon Rapids also boasts a robust educational system and a variety of shopping and dining options, making it an attractive choice for families and young professionals alike.
Blaine is renowned for its sports and recreation facilities, particularly the National Sports Center, the largest amateur sports facility in the world. This facility hosts numerous national and international sporting events, providing residents with ample opportunities to engage in and spectate a variety of sports. Blaine’s community spirit is evident in its numerous parks, trails, and recreational programs that cater to all ages. The city’s well-planned neighborhoods and excellent schools further enhance its appeal as a family-friendly community.
For those seeking a more tranquil suburban environment, Andover offers a peaceful retreat with its spacious homes and lush landscapes. The city is characterized by its well-maintained parks, including Bunker Hills Regional Park, which features a golf course, water park, and miles of trails. Andover’s strong sense of community is reflected in its annual events, such as the Andover Family Fun Fest, which brings residents together to celebrate with parades, fireworks, and live entertainment.
Living in Anoka County means being part of a community that values history, recreation, and togetherness. The region’s well-rounded amenities cater to diverse lifestyles, offering everything from bustling commercial districts to quiet residential streets. The local real estate market is equally varied, with options ranging from historic homes in Anoka to modern developments in Blaine and Andover.
Minnesota’s Anoka County is a treasure trove of unique cities, each with its distinct character and community highlights. Whether you’re drawn to the festive spirit of Anoka, the recreational
opportunities in Blaine, the urban-nature blend in Coon Rapids, or the suburban tranquility of Andover, there is something for everyone. As you explore the real estate options in this vibrant region, you’ll discover a welcoming community that embodies the best of Minnesota living.
Discover the unique charm and vibrant communities of Anoka County with expert guidance. Connect with Francine Marsolek today to find your perfect home in this remarkable region. Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@ nhmres.com. Start your journey to a new home with Francine’s expert assistance!
Sources: History | Anoka, MN. (n.d.). https://www.anokaminnesota.com/352/History
Twin Cities Gateway. (2023, July 19). Things to do - Twin Cities Gateway. https://www.tcgateway.com/communities/anoka/things-to-do/
May 23, 2024
Existing home sales declined 1.9 percent to a seasonally adjusted annualized rate (SAAR) of 4.14 million, according to the National Association of REALTORS® (NAR). The number of homes available on the market jumped 9.0 percent to 1.21 million, the highest level since October 2022. The months’ supply rose three-tenths to 3.5, while the NAR’s measure of the median sales price of existing homes sold rose 5.7 percent compared to a year ago.
New single-family home sales declined 4.7 percent to a SAAR of 634,000 in April following a downward revision to March’s data, according to the Census Bureau. The months’ supply rose six-tenths to 9.1, the highest level since November 2022. The number of new homes available for sale increased 2.1 percent to 480,000, the highest level since January 2008.
The minutes from the Federal Open Market Committee (FOMC) April 30 - May 1 meeting showed officials are likely to maintain a higher-for-longer policy stance, noting “the disinflation process would likely take longer than previously thought.” In addition, “various participants mentioned a willingness to tighten policy further.” With regard to balance sheet runoff, “almost all” participants supported reducing the cap on the runoff of Treasury securities, with “a few” participants saying they would have supported keeping the current cap or reducing the cap by less than the $35 billion per month that was decided upon.
The decline in existing home sales was in line with our second quarter forecast. The climb in mortgage rates from mid-March through early May is likely to continue to affect sales later in the quarter, though we believe further downside risk is limited because existing home sales are already near their “floor.” The increase in homes available for sale remains supportive of our forecast for a gradual drift upward in home sales activity in the second half 2024 and beyond. New home sales were a bit below our expectations, though, and will likely lead to a downward revision to our near-term forecast. However, with new sales relatively soft and the months’ supply rising, we view this report as consistent with our forecast for a near-term pullback in single-family starts. Looking forward, we continue to expect growth in both new home sales and single-family starts in the second half of the year as the inventory of existing homes for sale, though rising, remains below pre-pandemic levels.
The minutes from the FOMC continue to highlight a likely ‘higher-for-longer’ policy stance, barring a significant deterioration in labor market conditions. While we continue to forecast two rate cuts this year, with the first occurring in September, risks remain weighted toward less easing.
https://www.fanniemae.com/research-and-insights/forecast/existing-and-new-home-sales-retreat-april-interest-rates-weigh-demand
The closing process is a pivotal step in any real estate transaction, marking the transition from buyer to homeowner. In Minnesota, this process is detailed and structured, ensuring all legal and financial requirements are met. Here’s a comprehensive guide on what to expect during the closing process in Minnesota’s real estate market.
Once your offer is accepted, the journey towards closing begins. The first step involves the buyer securing financing. This includes obtaining a mortgage commitment from your lender. It’s crucial to keep in close communication with your lender to provide any additional documents they may require.
A home inspection is highly recommended and often required by lenders. This process helps identify any potential issues with the property. If significant problems are found, negotiations for repairs or price adjustments can take place.
Simultaneously, the lender will order an appraisal to determine the market value of the home. This ensures the property is worth the loan amount being requested. If the appraisal comes in lower than the agreed-upon price, further negotiations may be necessary.
A title company will conduct a title search to ensure there are no outstanding claims or liens against the property. This step is critical to ensure you are receiving a clear title to the home. Additionally, purchasing title insurance protects both the buyer and lender from any future title disputes.
Several days before the closing date, you will receive a closing disclosure form. This document outlines the final terms of your loan, including the interest rate, monthly payments, and closing costs. It is essential to review this document carefully and address any discrepancies with your lender.
A final walk-through of the property typically occurs within 24 hours of the closing date. This is your opportunity to ensure that the home is in the agreed-upon condition and that any negotiated repairs have been completed.
The closing meeting is where all the legal and financial documents are signed, transferring ownership of the property. In Minnesota, the closing usually takes place at a title company, attorney’s office, or lender’s office. Parties present often include the buyer, seller, real estate agents, and a closing agent.
During this meeting, you will sign various documents, including the mortgage note, deed of trust, and the closing disclosure. Be prepared to provide a valid photo ID and bring a cashier’s check or arrange for a wire transfer to cover the closing costs and down payment.
After the documents are signed, the closing agent will record the deed with the county recorder’s office, officially transferring ownership to you. Your lender will disburse the loan funds, and the seller will receive the proceeds from the sale.
Once the deed is recorded, you will receive the keys to your new home. Congratulations! You are now a homeowner in Minnesota.
The closing process in Minnesota’s real estate market is comprehensive, involving multiple steps to ensure a smooth and legally compliant transfer of property. By understanding what to expect and staying organized, you can navigate this process with confidence and ease, ultimately stepping into your new home with peace of mind.
Ready to make your dream home a reality? Connect with Francine Marsolek today for expert guidance through every step of the closing process. Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@ nhmres.com. Your perfect home awaits!
Sources:
Minnesota Real Estate Closing Guide: Steps to Homeownership Success. (n.d.). https://www.mnpropertygroup.com/buy/escrow-now-what/
Closing on Your Home - Home Buyer’s handbook. (n.d.). https://www. ag.state.mn.us/consumer/handbooks/HmBuyers/CH7.asp
Discover the charm of this Cape Cod treasure featuring 3 bedrooms, 1 bathroom, and a detached 1-car garage. Nestled on a corner lot, this property offers a world of possibilities. Step inside to find spacious rooms adorned with classic hardwood floors that span the home. Two fireplaces add a cozy touch to the living areas, ensuring warmth and comfort. The ample kitchen sets the stage for culinary adventures, while the formal dining room welcomes gatherings and shared moments. An upper-level office provides a quiet space for work or creativity. Downstairs, a full basement offers additional fsf potential. Embrace the character and potential of this Cape Cod residence. Schedule a showing today and envision the lifestyle that awaits you www.nhmres.com
Nestled in the heart of the Midwest, the Twin Cities of Minneapolis and St. Paul stand as a testament to economic resilience and diversification. This vibrant metropolitan area, known for its rich cultural tapestry and bustling business environment, offers a unique lens through which we can explore the intricate relationship between corporate growth and real estate dynamics. As home to a remarkable concentration of Fortune 500 companies, the Twin Cities presents a compelling case study on how a diversified economy shapes its real estate market. This blog explores the economic landscape of Minneapolis-St. Paul, highlighting the pivotal role played by these corporate giants and their profound impact on local real estate trends.
At the core of the Twin Cities economic vibrancy are numerous Fortune 500 companies that span a wide array of industries, from retail and healthcare to manufacturing and financial services. Esteemed names such as UnitedHealth Group, Target, Best Buy, and 3M have established their headquarters in this region, not only bolstering employment rates but also stimulating ancillary businesses and services. The presence of these corporations has created a stable economic environment, fostering job growth and attracting talent from across the nation and beyond.
The economic stability and growth fueled by these corporations have had a multifaceted impact on the Twin Cities real estate market. Here, we explore several key areas influenced by this corporate presence:
The expansion and consolidation of corporate headquarters and offices in Minneapolis-St. Paul has driven up demand for commercial real estate. This demand encompasses a broad spectrum, from premium office spaces in downtown areas to industrial facilities on the outskirts of the cities. The resultant effect is not just an increase in commercial property values but also a spur in construction and development projects aimed at accommodating the growing needs of these conglomerates.
The influx of professionals and their families seeking employment opportunities within these Fortune 500 companies has significantly boosted the demand for housing. This has led to a dynamic residential market characterized by diverse housing options, from urban apartments to suburban single-family homes. The sustained job market buoyancy has, in turn, supported a robust housing market, with appreciating home values
and a competitive rental sector.
With an increase in the workforce and disposable income, there has been a notable expansion in the retail and services sector. This includes everything from upscale dining and shopping districts to essential services catering to the growing population’s daily needs. The economic stimulus the Fortune 500 companies provided has thus permeated various facets of the local economy, creating a vibrant ecosystem supporting a thriving real estate market.
The economic growth spurred by these corporations necessitates enhanced infrastructure and transportation networks to support the increasing population and business activities. Investments in public transportation, road improvements, and utility upgrades are essential to sustaining growth and ensuring the efficient functioning of the metropolitan area. This, in turn, positively impacts real estate by making the Twin Cities more accessible and appealing to both businesses and residents.
The economic diversity and stability provided by these corporations make the Twin Cities an attractive destination for talent and investment. This has a cascading effect on the real estate market, as higher demand for housing leads to a vibrant construction sector. New developments, whether residential complexes, condos, or single-family homes, are continually added to the landscape to accommodate the growing population and their varied preferences.
The Twin Cities of Minneapolis-St. Paul stands as a testament to the transformative power of economic diversification. The synergy between the Fortune 500 companies and the real estate market underscores a dynamic ecosystem where
economic growth and housing trends are inextricably linked. For those considering making their home in the Twin Cities, or investors looking to tap into a robust market, understanding this interplay is crucial. As the economic landscape of Minneapolis-St. Paul continues to evolve, and so too will its real estate market, offering new opportunities and challenges alike. In this ever-changing environment, the only constant is the promise of growth and innovation potential, making the Twin Cities a compelling place to live, work, and invest.
Are you contemplating a move to the Twin Cities, or perhaps you’re in the early stages of your home search in Minneapolis or Saint Paul? Francine Marsolek is your go-to resource for all things related to real estate in this dynamic region. With a deep understanding of the local market and a commitment to helping you find your dream home, Francine is ready to assist you every step of the way.
Are you contemplating a move to the Twin Cities, or perhaps you’re in the early stages of your home search in Minneapolis or Saint Paul? Francine Marsolek is your go-to resource for all things related to real estate in this dynamic region. With a deep understanding of the local market and a commitment to helping you find your dream home, Francine is ready to assist you every step of the way
Don’t hesitate to reach out to Francine Marsolek for more information today by calling Direct: 612.868.9344 or Office: 651.797.4219 Visit her website at www.nhmres.com or Email Francine at: francine@nhmres.com
Take that first step towards your new home or investment in the Twin Cities with Francine Marsolek by your side.
the chance to explore this exceptional property - schedule a viewing today and envision the possibilities of making it your own
Welcome to this charming Cape Cod residence, perfectly situated to offer you the ultimate in comfort and style. This delightful home boasts a main level amusement room, hardwood floors, updated bathrooms, a generously sized yard, and a beautifully finished basement. Inside, you’ll find an inviting main level amusement room that can be tailored to your specific needs - whether it’s a cozy den, a home office, or an entertainment space, the possibilities are endless. The updated bathrooms bring a modern touch to the classic Cape Cod charm. Step outside into the expansive yard, where you can savor the joys of outdoor living. Whether you have a green thumb or simply appreciate open space, this large yard offers endless possibilities for relaxation, gardening, and outdoor activities.
Minnesota’s real estate market offers a diverse range of options, from historic homes with charming character to modern new constructions with the latest amenities. If you’re considering buying a new construction home in Minnesota, it’s essential to weigh the pros and cons to make an informed decision. This article will explore the advantages and potential drawbacks of purchasing a new construction home in the North Star State.
One of the most significant benefits of buying a new construction home is the inclusion of modern amenities and energy-efficient features. New homes are built with the latest technology, offering smart home systems, energy-efficient appliances, and advanced HVAC systems. This not only enhances comfort but also helps reduce utility bills and minimizes your environmental footprint.
When you buy a new construction home, you often have the opportunity to customize various aspects of the house. From choosing the floor plan to selecting finishes like countertops, flooring, and cabinetry, you can tailor the home to match your personal style and preferences. This level of customization is rarely available with pre-owned homes.
New construction homes come with the advantage of being brand new, meaning fewer immediate repairs and maintenance issues. With new plumbing, electrical systems, roofing, and appliances, you can expect a longer period before significant repairs are needed. Additionally, many new homes come with warranties that cover potential defects or issues for a certain period, providing peace of mind.
Many new construction homes are built within planned communities that offer a range of amenities for residents. These can include parks, walking trails, community centers, swimming pools, and fitness facilities. Living in such a community can enhance your quality of life and provide opportunities for socializing and recreation.
New construction homes can come with a higher price tag compared to older, pre-owned homes. The cost of land, modern building materials, and the premium for customization can add up quickly. Additionally, the initial cost might not include landscaping, window treatments, or other finishing touches that are necessary to complete your home.
Building a new home takes time, and you might face a waiting period before you can move in. Construction delays due to weather, supply chain issues, or other unforeseen circumstances can extend the timeline, which might be inconvenient if you need to move quickly.
With new construction, there is often less room for price negotiation compared to buying an existing home. Builders typically have set prices for their homes and are less likely to negotiate since the home is brand new. This can limit your ability to get a better deal or include additional features at a lower cost.
While living in a new community can be a perk, it can also mean living in a construction zone for an extended period. Ongoing development of the surrounding area can lead to noise, dust, and disruption. Additionally, the final look and feel of the community might take years to materialize, which could affect your living experience in the short term.
Buying a new construction home in Minnesota comes with a unique set of pros and cons. The allure of modern amenities, customization options, and reduced maintenance needs are significant advantages. However, potential buyers should also consider the higher costs, longer wait times, limited price negotiation, and the possibility of living amidst ongoing construction. By carefully weighing these factors, you can make a wellinformed decision that aligns with your lifestyle and financial goals.
If you’re considering a new construction home in Minnesota, now is the perfect time to take the next step. Connect with Francine Marsolek, a trusted real estate expert, to explore your options and find the perfect home for you. Call Francine today at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@nhmres.com. Start your journey to owning a brand-new home with the guidance and support you deserve!
Sources:
New Construction vs Existing Home. (2017, May 9). MNPropertyGroup. com. https://www.mnpropertygroup.com/blog/new-home-or-older-homewhich-is-better/
Jeffanderson. (2020, February 7). The benefits and drawbacks of buying new construction | Jeff Anderson. Jeff Anderson. https://www. mnrealestate.com/new-construction/
Ramsey County, located in the heart of Minnesota, is a vibrant area known for its diverse cities, each offering unique attributes and community highlights. From the bustling urban environment of St. Paul to the serene suburban feel of Shoreview, Ramsey County provides a rich tapestry of experiences for residents and visitors alike. Let’s explore some of the notable cities within this dynamic county.
St. Paul, the county seat and state capital, is a city that blends historic charm with modern amenities. Known for its well-preserved Victorian architecture, St. Paul is home to landmarks such as the Cathedral of Saint Paul and the Minnesota State Capitol. The city’s cultural scene is vibrant, with institutions like the Science Museum of Minnesota and the Ordway Center for the Performing Arts. Families enjoy the extensive park system, including Como Park Zoo & Conservatory, which offers year-round attractions.
Situated conveniently between St. Paul and Minneapolis, Roseville is a hub for shopping and recreation. The Rosedale Center is a major draw for shoppers, offering a wide variety of stores and dining options. Roseville is also known for its parks, including the sprawling Central Park, which features a lake, walking trails, and seasonal activities like ice skating. The city’s proactive approach to development and community engagement makes it a desirable place to live.
Shoreview offers residents a peaceful suburban lifestyle with an abundance of natural beauty. The city is famous for its many lakes, with Shoreview’s Turtle Lake and Snail Lake providing opportunities for boating, fishing, and swimming. The Shoreview Community Center is a focal point for residents, offering fitness facilities, a water park, and community events. Excellent schools and well-maintained neighborhoods contribute to Shoreview’s reputation as a family-friendly community.
Maplewood is known for its blend of commercial enterprises and cultural attractions. The Maplewood Mall is a key shopping destination, while the city also boasts significant green spaces like the Maplewood Nature Center, which offers educational programs and trails. Maplewood’s diverse housing options range from charming single-family homes to modern apartments, catering to various lifestyles and preferences.
North St. Paul exudes a small-town charm that appeals to those seeking a close-knit community feel. The city’s historic downtown area features unique shops, restaurants, and the iconic North St. Paul Snowman, a beloved landmark. Events like the Friday Night Car Show foster community spirit and draw visitors from around the region. North St. Paul’s emphasis on preserving its historical character while promoting growth makes it a unique part of Ramsey County.
Arden Hills is distinguished by its focus on education and research. Home to Bethel University
and proximity to other academic institutions, the city fosters a vibrant intellectual community. Arden Hills also offers ample green spaces, with Tony Schmidt Regional Park providing outdoor recreation opportunities. The city’s strategic location near major highways ensures convenient access to the broader Twin Cities metropolitan area.
Ramsey County’s cities each contribute distinct qualities that make the area a desirable place to live, work, and play. Whether you’re drawn to the urban sophistication of St. Paul, the recreational opportunities in Shoreview, or the small-town charm of North St. Paul, Ramsey County offers a community for every lifestyle. Exploring these cities reveals the diverse and enriching experiences that make Ramsey County a cornerstone of Minnesota’s real estate landscape.
Are you ready to discover your dream home in Ramsey County? Connect with Francine Marsolek today to explore the unique attributes and community highlights of these vibrant cities. Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@nhmres.com. Start your journey to finding the perfect home in Ramsey County now!
Sources:
An introduction to Ramsey County. (2024, May 16). Ramsey County. https:// www.ramseycounty.us/your-government/about-ramsey-county
Ramsey County demographics - Get current census data for Ramsey County, MN. (n.d.). https://www.minnesota-demographics.com/ramseycounty-demographics
May 17, 2024
Key Takeaways:
The Consumer Price Index (CPI) rose 0.3 percent in April, a deceleration compared to the prior two months, according to the Bureau of Labor Statistics (BLS). Compared to a year ago, prices were up 3.4 percent, a deceleration of one-tenth. Prices for food were flat over the month, while energy prices were up 1.1 percent due to a 2.8 percent increase in gasoline prices. Excluding food and energy, core CPI increased 0.3 percent over the month and 3.6 percent compared to a year ago, the slowest annual rate in three years. Core goods prices outright declined over the month, while core services inflation was up 0.4 percent, a deceleration compared to the monthly gains in the first quarter of the year. Rent and owners’ equivalent rent (OER) prices also increased 0.4 percent.
The Producer Price Index (PPI) increased 0.5 percent in April but followed a downward revision to March’s data, which now shows a 0.1 percent decline rather than the previously reported 0.2 percent increase, according to the BLS. Compared to a year ago, the PPI was up 2.2 percent. Excluding food, energy, and trade services, core PPI increased 0.4 percent over the month and 3.1 percent compared to a year ago.
Retail sales and food services were flat in April, according to the Census Bureau. Strong gains in sales at clothing and accessory stores (+1.6 percent) and a price-related 3.1 percent jump in gas station sales were offset by weak sales in non-store retailers (-1.2 percent) and motor vehicle and parts dealers (-0.8 percent). Restaurant and bar sales increased 0.2 percent. Control group retail sales (excluding auto, building supplies, and gas station sales) declined 0.3 percent and were revised downward modestly in March.
Industrial production, a gauge of output in the manufacturing, utility, and mining sectors, was flat in April, according to the Federal Reserve Board. Manufacturing activity declined 0.3 percent and was revised downward in the prior month. Mining output declined 0.7 percent and utilities output jumped 2.9 percent.
The National Federation of Independent Business (NFIB) Small Business Optimism Index rose 1.2 points to 89.7 in April, its first increase since December. On net, negative 12 percent of firms expect their real sales to be higher in the next six months, an improvement of 6 percentage points. A net 25 percent of firms reported raising average selling prices, a decline
of 3 percentage points. At a net 22 percent, inflation remained the most reported “most important” problem, though this was down 3 percentage points compared to March.
Housing starts increased 5.7 percent to a seasonally adjusted annualized rate (SAAR) of 1.36 million in April, according to the Census Bureau. Single-family starts were down a modest 0.4 percent to a SAAR of 1.03 million, while multifamily starts rebounded 30.6 percent (following a 38.8 percent decline the month prior) to a SAAR of 329,000. Singlefamily permits fell 0.8 percent to a SAAR of 976,000, their third consecutive monthly decline, while multifamily permits declined 7.4 percent.
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index declined 6 points to 45 in May, its lowest level since January. The index for sales in the present declined 6 points to 51, while the index for sales over the next six months was down 9 points to 51. The index for the foot traffic of prospective buyers declined 4 points to 30.
The April CPI report was in line with our expectations and is encouraging compared to the data received in the first quarter, though it’s clear that some underlying inflation remains sticky. Core services, for example, remained at a pace that is faster than what would be consistent with the Fed’s 2 percent inflation target but did slow to a 0.4 percent month-over-month gain from 0.5 percent in February and March and 0.7 percent in January. Additionally, the PPI report on its face looked to show accelerating inflationary pressures but under the hood was far more encouraging given the downward revisions to March’s data. We continue to expect inflation will drift downward as the year progresses but will remain sticky enough to prevent rate cuts before September.
Control group retail sales, which feed directly into the Bureau of Economic Analysis’s estimates for personal consumption, were weak in April. However, with Easter landing in March this year instead of April, and major spring sales also shifting forward a month, we think seasonal quirks may be understating this data somewhat. Still, this report presents some downside risk to our assumption that consumption growth will remain strong in Q2 due in part to better base effects from the first quarter.
The modest pullback in single-family starts was in line with our forecast. While the limited number of existing homes available for sale remains broadly supportive of new home construction and sales in the intermediate to long term, starts have outpaced new home sales in recent months. As such, we expect some near-term softening in starts in response to the relatively weaker sales pace, which would also align with the drop in home builder confidence in May.
https://www.fanniemae.com/research-and-insights/forecast/inflation-slows-q1-pace-remains-elevated-retail-sales-slump-april
Selling a home in the Twin Cities (Minneapolis and St. Paul) entails more than simply listing it on the market. With a competitive real estate market, efficient marketing methods are critical for attracting potential buyers and securing the best deal. This blog post will go over proven advertising approaches for marketing your Twin Cities property, including internet marketing, traditional methods, and the importance of presentation. Whether you’re a first-time seller or a seasoned real estate expert, these strategies will help you reach a larger audience and boost your chances of making a deal.
1. USE SOCIAL MEDIA:
Platforms such as Facebook, Instagram, and Twitter are effective ways to reach potential buyers. Create visually appealing postings with high-quality photographs and compelling content that emphasize your property’s key qualities. Use hashtags related to the Twin Cities real estate market to boost visibility. Consider employing sponsored social media ads to reach certain demographics, such as first-time homebuyers or families searching for larger houses.
2. USE REAL ESTATE WEBSITES:
Listing your property on famous real estate websites like Zillow, Realtor.com, and Redfin can greatly improve visibility. Make sure your listing is informative and includes high-resolution photographs, a virtual tour, and a captivating narrative that highlights its unique selling characteristics. To generate more attention, highlight the property’s location, amenities, and any recent upgrades or renovations.
3. EMAIL MARKETING CAMPAIGNS:
An effective email marketing campaign can reach a specific audience interested in purchasing property in the Twin Cities. Create an email list of prospective buyers, real estate brokers, and other industry
professionals. Send out regular mailings about your property, market updates, and open house announcements. Personalize your emails so they are more engaging and relevant to the receivers.
1.
Despite the digital revolution, print advertising remains a significant tactic. Place ads in local newspapers, real estate magazines, and community newsletters to attract potential buyers who prefer traditional media. Ensure your print ads are visually appealing and provide crucial information such as price, location, and contact data.
2. OPEN HOUSES AND YARD
Holding open houses allows prospective buyers to see the home in person, ask questions, and envision themselves living there. Advertise your open house using a variety of methods, including social media, email, and local magazines. Additionally, strategically placed yard signs might attract attention from visitors and neighbors who may know someone wanting to buy.
3. NETWORKING AND REFERRALS:
Word-of-mouth is an effective marketing technique. Inform your friends, relatives, and colleagues about your property sale. Encourage them to spread the news and suggest potential customers. Collaborate with local real estate agents to bring interested buyers to your property.
• PROFESSIONAL PHOTOGRAPHY AND VIDEOGRAPHY:
High-quality visuals are vital in attracting potential purchasers’ interest. Hire a professional photographer to create gorgeous images of your property that highlight its best aspects and make it stand out. Consider generating a video tour or a 360-degree virtual tour to give purchasers a complete picture of the property from the comfort of their own homes.
• PROPERTY STAGING:
Staging your property can increase its attractiveness to buyers by emphasizing its assets and providing a pleasant environment. Declutter, depersonalize, and rearrange furniture to improve the flow and functionality of each space. Professional stagers can provide vital insights and increase your property’s appeal to potential buyers.
• DETAILED PROPERTY DESCRIPTIONS:
A well-written property description can make a big difference in attracting purchasers. Highlight important aspects such as the number of bedrooms and baths, square footage, recent updates, and unique selling elements such as a huge backyard, close proximity to schools, or a newly renovated kitchen. Use descriptive words to paint a realistic picture of the perks and lifestyle that the property provides.
Effective marketing is vital for selling your Twin Cities property quickly and for the greatest price. By combining digital marketing strategies with traditional advertising approaches and emphasizing presentation, you can reach a larger audience and attract serious customers. Using social media, real estate websites, email campaigns, print advertising, open houses, and networking can dramatically increase your property’s visibility. Professional photography, house staging, and intriguing property descriptions will help increase its appeal. With these techniques in place, you’ll be well-prepared to navigate the competitive Twin Cities real estate market and make a successful sale.
Don’t hesitate to reach out to Francine Marsolek for more information today by calling Direct: 612.868.9344 or Office: 651.797.4219 Visit her website at www.nhmres.com or Email Francine at: francine@nhmres.com
Take that first step towards your new home or investment in the Twin Cities with Francine Marsolek by your side.
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Buying a home is a significant investment, and it’s essential to approach the process with careful consideration, especially in a diverse and dynamic market like Minnesota. From bustling urban centers to serene rural landscapes, Minnesota offers a range of housing options. Here are some key factors to consider when buying a home in the North Star State.
Location is paramount in real estate. Consider the neighborhood’s proximity to your workplace, schools, amenities, and public transportation. In Minnesota, the choice between urban areas like Minneapolis and St. Paul, suburban regions like Eden Prairie and Woodbury, or more rural locales can significantly impact your lifestyle and commute times. Research crime rates, future development plans, and community features to ensure the location aligns with your needs and preferences.
Understanding current market conditions is crucial. Minnesota’s real estate market can fluctuate based on the season, economic factors, and interest rates. Engage with a local real estate agent to gain insights into whether it’s a buyer’s or seller’s market, and how that may affect your purchasing power. Keep an eye on mortgage rates and consider getting pre-approved to streamline your homebuying process.
Set a realistic budget before you start house hunting. Factor in not just the purchase price but also closing costs, property taxes, insurance, and maintenance expenses. Minnesota offers various financing options, including FHA loans for firsttime buyers and VA loans for veterans. Consult with a mortgage advisor to explore your options and determine what you can afford comfortably.
A thorough home inspection is non-negotiable. Minnesota’s climate, with its cold winters and humid summers, can impact the structural integrity of homes. Look for issues such as roof damage, foundation problems, and proper insulation. A professional inspection can uncover potential problems that might not be visible during a casual viewing, saving you from costly repairs down the line.
For families or those planning to start a family, the quality of local schools is a vital consideration. Minnesota is known for its strong education system, but school ratings can vary widely between districts. Researching school performance, extracurricular offerings, and community support for education can help you choose a home in an area that meets your educational expectations.
While buying a home is a long-term commitment, it’s wise to consider the future resale value of the property. Factors that enhance resale value include a desirable location, good school districts, and planned community developments. Also, consider any upcoming infrastructure projects or business developments that might increase the area’s appeal.
Your new home should complement your lifestyle. If you enjoy outdoor activities, consider homes near parks, lakes, and trails. Minnesota is known for its natural beauty and recreational opportunities. For those who prefer cultural activities, look for homes with easy access to museums, theaters, and dining options. Assess the community’s amenities, such as shopping centers, medical facilities, and entertainment options, to ensure they align with your lifestyle.
If you’re considering a home within a development governed by a Homeowner Association, review the HOA rules, regulations, and fees. Understand what services are included and any restrictions that may affect your property use. HOA fees can add to your monthly expenses, so factor these into your budget.
Buying a home in Minnesota requires careful planning and consideration of various factors. From choosing the right location and understanding market conditions to evaluating your budget and future resale value, each step is crucial in making an informed decision. By taking the time to research and seek professional advice, you can find a home that meets your needs and enhances your lifestyle in this beautiful and diverse state.
Ready to find your dream home in Minnesota? Connect with Francine Marsolek today for expert guidance and personalized service. Call her at 612.868.9344 or 651.797.4219, visit her website at NHMRES.com, or email her at Francine@ nhmres.com. Start your home-buying journey with a trusted professional by your side!
Sources: Writers, S. (2024, March 25). How to buy a house in Minnesota: A homebuyer’s guide. MoneyGeek.com. https://www.moneygeek.com/ mortgage/how-to-buy-a-house-in-minnesota/ Home Buyer’s Handbook. (n.d.). https://www.ag.state.mn.us/consumer/ handbooks/HmBuyers/default.asp
NEW LISTING SHORT OF Francine Marsolek | Twin Cities Real Estate Show -PART 1
This stunning home boasts beautiful hardwood floors throughout the main level, featuring three bedrooms and a Breezeway connecting the attached garage to the kitchen. The finished basement adds extra charm, offering a family room, bedroom, and bath.
NEW LISTING SHORT OF Francine Marsolek | Twin Cities Real Estate Show -PART 2
261 Jesse Street is the address you want to remember. Priced at just $199,000, this is the perfect starter home for first-time buyers. Plus, it’s conveniently situated within walking distance to parks and near 35E, ensuring an easy commute to downtown Minneapolis or St. Paul.
NEW LISTING SHORT OF Francine Marsolek | Twin Cities Real Estate Show -PART 3
Today, Francine Marsolek is thrilled to present an amazing listing located at **13217 Mano Street Northeast in Blain, Minnesota**. This four-bedroom, two-and-a-half-bathroom home boasts a spacious lot with a deck and a finished basement ready for your personal touch. With plumbing and electric already done, it’s almost move-in ready!
NEW LISTING SHORT OF Francine Marsolek | Twin Cities Real Estate Show -PART 4
Today, Francine Marsolek, is thrilled to present an incredible listing located at 1567 Park Street in St. Paul. This charming home is listed at $239,900 and has so much potential!
NEW LISTING SHORT OF Francine Marsolek | Twin Cities Real Estate Show -PART 5
Conveniently situated close to 35E for an easy commute to downtown St. Paul or Minneapolis, this 1925-built property exudes charm with its original woodwork, hardwood floors, and a quaint front porch.
NEW LISTING SHORT OF Francine Marsolek | Twin Cities Real Estate Show -PART 6
Priced at $299, this home is a fantastic opportunity for first-time homebuyers or investors. Built in 1920, it offers three bedrooms, two baths, and a ton of potential. Imagine the possibilities with the huge upper level that could be finished in the future.
NEW LISTING SHORT OF Francine Marsolek | Twin Cities Real Estate Show -PART 7
With stunning hardwood floors on the main level and an updated kitchen, this home is ready to impress. Plus, the full unfinished basement presents endless possibilities for customization.
Homebuyers Seminar with Francine Marsolek | Part 2
n the webinar,Francine Marsolek Realtor from NextHome Metro Real Estate Services Company will share information, resources and strategies to help you purchase a home with little to No Money Down. Eric L. Frazier, SVP of National Sales and Residential Bancorp BM of Bancorp, will share information about many different financing options and guidelines to purchase a home as a first-time homebuyer, Move-up buyer or investor.
Homebuyers Town Hall Twin Cities Market Update With Francine Marsolek -Episode 1
Francine Marsolek explores the hot Twin Cities market, characterized by low inventory and rising prices. She reveals that total sales in March declined by 19.9% compared to last year, along with a 23.7% drop in new listings. Despite higher interest rates, selling now offers great opportunities with multiple offers and prices exceeding the list price.
Homebuyers Town Hall Twin Cities Market Update With Francine Marsolek Episode-2
In this episode part-2, discover Pain Pal’s program to replace lead pipes and ensure safe drinking water in the city. Learn how you can participate in the 10-year plan at no cost. Don’t miss our upcoming community event, a dog wash in White Bear Lake, supporting Little Bricks Charity and Coco’s Heart Dog Rescue. Find out more at bricks4bricks.com and dogrescue.org.
Francine Marsolek
Broker/Owner - NextHome Metro Real Estate Services
Over Houses"
Office: 612-868-9344
francine@nhmres.com www.nhmres.com
