9 am to 5 pm
81 or 610 to north on Zachary Lane
to west on 100th Place. Watch for the signs.
Wednesday, June 24, 2015
Monday, January 12, 2015
2014 Park Reserve Neighborhood Home Sale Summary
2014 was another positive year as values in our neighborhood continued to increase.
The 2014 median sale price in our park reserve neighborhood was $235,960 compared to the 2013 median of $210,000. The 12.4% increase bettered Maple Grove's rise of 5.4%.--
Click here for a link to the 2014 sales details (the link will expire in 60 days).
The 2014 median sale price in our park reserve neighborhood was $235,960 compared to the 2013 median of $210,000. The 12.4% increase bettered Maple Grove's rise of 5.4%.--
Click here for a link to the 2014 sales details (the link will expire in 60 days).
Wednesday, May 28, 2014
Sunday, April 13, 2014
Neighborhood Garage Sale - PLANNING
We're having the 5th annual neighborhood garage sale this year on June 5,6,7 from 9-5 pm.
I will be advertising and putting out signs.
If you would like to participate, please call or email Heather Hoem - hhoem@comcast.net or 763-443-1015.
We'll need your address and a description of what you will be selling. Example: kids clothing, records, tools, etc.
I will be advertising and putting out signs.
If you would like to participate, please call or email Heather Hoem - hhoem@comcast.net or 763-443-1015.
We'll need your address and a description of what you will be selling. Example: kids clothing, records, tools, etc.
Monday, January 20, 2014
2013 Neighborhood Home Sale Summary
- Median Sales Prices
- Maple Grove 2013 - up 6.1%
- Our Neighborhood - up 6.5%
List of 2013 neighborhood homes sold
Friday, August 30, 2013
Twin Cities Real Estate Update-August 2013
Interest rates hit their lows early this summer and have inched up to a still-low 4.5%. The combination of low interest rates, low prices and rising rent costs have continued to drive sales with pending sales up 13.6% over the past 3 months from a year ago and the resultant inventory decline of 14.3% over the same period.
What does the future hold? There are several issues that could impact the real estate industry.
(1) The federal government is proposing reducing their bond purchases. Just the threat of this has caused 10 year bond yields to go up which tends to drive up mortgage rates.
(2) The federal government is also contemplating what to do with Fannie Mae and Freddy Mac, the government-sponsored entity (GSE) mortgage guarantors that the government had to bail out to keep solvent. These GSE's could be privatized with banks and other mortgage originators taking more of a risk in mortgage losses. This would likely further drive up the costs of obtaining a mortgage.
(3) Past home-owners who lost their homes to foreclosure or short sale are beginning to re-enter the market as potential home-buyers, this will drive up demand and further drive down supply.
(4) Home investment companies have blossomed over the past year. Most homes for sale are seeing at least one, if not several offers to purchase from out-of-state corporations that are buying thousands of homes to build their rental portfolios. This will also potentially drive down supply.
Summary
As the economy rights itself and employment continues to improve, people will return to home-ownership as a historic cornerstone of personal stability and wealth-building. Price appreciation is expected to be around 4-6% over the next 12 months due to the resulting increasing sales. This appreciation will bring homeowners that are currently unable to sell their homes back above water which will allow inventory to increase and the real estate market to continue its recovery. All this could be impacted by the feds moves which drive up interest rates but as long as interest rates remain below approximately 6%, the housing market should remain healthy and stable.
Special thank-you to the Minneapolis Area Association of Realtors:
Data and graphics are courtesy of the Minneapolis Area Association of Realtors
What does the future hold? There are several issues that could impact the real estate industry.
(1) The federal government is proposing reducing their bond purchases. Just the threat of this has caused 10 year bond yields to go up which tends to drive up mortgage rates.
(2) The federal government is also contemplating what to do with Fannie Mae and Freddy Mac, the government-sponsored entity (GSE) mortgage guarantors that the government had to bail out to keep solvent. These GSE's could be privatized with banks and other mortgage originators taking more of a risk in mortgage losses. This would likely further drive up the costs of obtaining a mortgage.
(3) Past home-owners who lost their homes to foreclosure or short sale are beginning to re-enter the market as potential home-buyers, this will drive up demand and further drive down supply.
(4) Home investment companies have blossomed over the past year. Most homes for sale are seeing at least one, if not several offers to purchase from out-of-state corporations that are buying thousands of homes to build their rental portfolios. This will also potentially drive down supply.
Summary
As the economy rights itself and employment continues to improve, people will return to home-ownership as a historic cornerstone of personal stability and wealth-building. Price appreciation is expected to be around 4-6% over the next 12 months due to the resulting increasing sales. This appreciation will bring homeowners that are currently unable to sell their homes back above water which will allow inventory to increase and the real estate market to continue its recovery. All this could be impacted by the feds moves which drive up interest rates but as long as interest rates remain below approximately 6%, the housing market should remain healthy and stable.
Special thank-you to the Minneapolis Area Association of Realtors:
Data and graphics are courtesy of the Minneapolis Area Association of Realtors
Friday, June 28, 2013
Real Estate Update
Summary:
Inventory is down,
Rates are going up, and
Prices are inching up
Mortgage Rates
At the past couple federal reserve meetings, the chairman has announced that with unemployment improving, he will soon phase out "quantitative easing" or the bond purchasing programs. This has driven down the price of 10 year notes (if you pay a lower price, that means your yield goes up on a specific face value bond). 30 year mortgage rates follow 10 year bond rates so mortgage rates have also increased. Mortgage rates have risen from 3.5% to 4.25% over the past 30 days.
Inventory
With the number of homeowners who have lost their homes to foreclosure, there is an ever-increasing number of people renting. This has led to a very low 2.8% vacancy rate (Marquette Advisors, May 2013). Low vacancy rates has led to increases in rent amounts, driving home buyers and in particular, 1st time home buyers into the market place and driving inventories of homes for sale to 10 year lows.
Prices
Supply and demand is also driving up the prices of homes with the median price of a home in the Twin Cities up 14.9% from this time in 2012.
Mortgage Rates
At the past couple federal reserve meetings, the chairman has announced that with unemployment improving, he will soon phase out "quantitative easing" or the bond purchasing programs. This has driven down the price of 10 year notes (if you pay a lower price, that means your yield goes up on a specific face value bond). 30 year mortgage rates follow 10 year bond rates so mortgage rates have also increased. Mortgage rates have risen from 3.5% to 4.25% over the past 30 days.
Inventory
With the number of homeowners who have lost their homes to foreclosure, there is an ever-increasing number of people renting. This has led to a very low 2.8% vacancy rate (Marquette Advisors, May 2013). Low vacancy rates has led to increases in rent amounts, driving home buyers and in particular, 1st time home buyers into the market place and driving inventories of homes for sale to 10 year lows.
Prices
Supply and demand is also driving up the prices of homes with the median price of a home in the Twin Cities up 14.9% from this time in 2012.
Subscribe to:
Posts (Atom)