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April Market Update – Inventory down nearly 20% from 2016

The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking.

Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand. Read full report hereSource: MAAR

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Support Your Local Schools

Minneapolis public schools are facing a 2.5% budget cut in the upcoming year.  While administrations wrestle with the budget, much of the burden will fall on parent groups to make up the difference.

For every home bought/sold in 2017, Selling with Kids will donate $250 to the school PTA or group of your choice. Help keep communities strong by supporting local schools.

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February Market Update – Listings Needed

Slim pickings put a lid on home sales in the Twin Cities metro last month, the Minneapolis Area Association of Realtors said Wednesday.

In February, 3,969 home buyers signed purchase agreements, just a half-percent gain from a year ago. Closings were flat and the median price of those closings jumped 7.6 percent to $223,000.

In many communities sellers are receiving nearly, or more than, their asking price, and houses are selling in less than a month.  On average, houses sold in 82 days, 14.6 percent faster than last year. And at the current sales pace, there are enough houses on the market to last only 1.8 months, according to the association’s latest data. That was the second lowest figure on record for any month since January 2003. A five- to six-month supply is considered balanced. Read the full article here. Source:Star Tribune

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New Scam Targets Home Buyers

Scammers have been been targeting buyers in the Twin Cities with a new scam aimed at stealing their down payment.  Read more to learn how they are doing it.

Remember the only party in a transaction who would request a wire transfer is the buyer’s title company.  Always confirm the wire transfer instructions and amounts with your agent and/or your closing agent.

 

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January Market Update

January brings out a rejuvenated crop of buyers with a renewed enthusiasm in a new
calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to
increase.

…wages are on the uptick for many Americans, while unemployment rates have remained stable and relatively unchanged for several months. The system is ripe for more home purchasing if there are more homes available to sell.  Read the full report. Source: MAAR 

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Parkway Theater Up for Sale

The historic Parkway Theater in South Minneapolis has hit the market with an asking price of $775,000.  The 86-year-old theater is currently owned by the Senkyr family who owns Pepitos restaurant next door.  

Senkyr has been hosting concerts, live theater, parties and corporate events in the space. Movies have been tougher, because the theater’s outdated projection system doesn’t allow him to show newer films.  Read the full article here.  Source:  MPLS/St Paul Biz Journal

View the listing here.