Twin Cities Housing Market Update: August, 2016
With a strong housing market here in the Twin Cities, and as home prices have continued to rise steadily the entire Summer, homes continue to sell faster than they have in the past years. While increasing home prices usually attract more home sellers, that has definitely not been the case in the this year’s housing market. Inventory levels to remain at an all-time record low, partly due to the fear that people selling their home may not be able to find a suitable replacement. Buyers are continuing to take advantage of historically low interest rates and compete for the home of their dreams! As children head back to school and homeowners start prepping their homes for the Fall/Winter season here in Minnesota, the market is showing no signs of changing much over the coming months. Make sure to read this entire post and check out my 5 Tips For Getting Your Home Ready For Fall!!!
~Are you a first-time home buyer stressing out about ALL the details of buying a new home? Then check out one my recent blog posts: “If You’re A Home Buyer Then Make Sure You Don’t Forget These 6 Things!”
~Are you considering taking advantage of a hot seller’s market this Fall? Then check out this recent blog post about bathroom renovations: “Why Overpricing Your House Will Always Be A Bad Idea.”
Some Boring But Necessary Statistics…..
- *Twin Cities Housing Market: Median, single-family home prices were up 6.6%, from last July, to $239,900.
- *Twin Cities Housing Market: Number of Homes for Sale was down 18.1%, over last July, to 14,457 units for sale.
- *Twin Cities Housing Market: Pending Sales decreased compared to last July, by 3.1%, to 5,560 units.
- *Twin Cities Housing Market: In the Twin Cities the Month’s Supply of inventory was down 23.7%, compared to last year, and is currently at 2.9 months supply.
- *Twin Cities Housing Market: Sellers continue to be encouraged as Percent of List Price Received, for July, increased by .8% compared to last July to a whopping 98.4%!
*This information is brought to us by 10k Research.
(I’ll bet you weren’t expecting a cool bonus video!)
Fall Home Maintenance Tips
As the housing market here in the Twin Cities cools off slightly, with the changing seasons, and home owners start to get their homes ready for cooler temperatures and piles of snow, there are several things that can be done to protect your home from harsh weather conditions. Here’s a short list of the top 5 things I like to do with my own home, as the housing market start to subside, to make sure I’m in a good spot when the Spring housing market rolls around next year!
Sealed & Secured
It’s important to keep the warm air in your house from leaking out in the Winter, so use some exterior caulk that’s color matched to your home and seal up any cracks you find between trim and siding or around window and door frames. You can take a sample of your house paint or paint number to your local hardware store and they’ll match the color to the caulk you’re using!
Winterize Outside Plumbing
Pipes that freeze during cold Minnesota winters tend to be more prone to bursting, so make sure you winterize all outside plumbing systems! Start by disconnecting all outside water attachments. Then, make sure to drain all the water from any outside plumbing and turn off the supply valve that supplies water to any exterior plumbing. Lastly, you’ll want to cover any outside spigots with an insulating material or cover that can be found at your local hardware store.
Turn Up The Heat
It sneaks up on us every year here in Minnesota, so make sure to have your furnace inspected and “tuned-up”, if needed, before Winter arrives! There’s nothing worse than your furnace going out on you when it’s -15 below outside so be proactive and take care of any potential issues in August or September and you’ll be ready for Old Man Winter this year.
Change Of Direction
Many people forget about this one, but ceiling fans actually help regulate indoor air temperature very effectively in the Winter months. Make sure you switch all ceiling fans to a counterclockwise direction in the Winter. That direction creates what is called an updraft and helps to disperse warm air, back down from the ceiling, into the rest of the house.
Gutters Gutters Gutters
This is one that you should save for last, as you’ll want to make sure all or most of the leaves have fallen. Clogged gutters are one of the number one causes of ice dams and can cause very expensive damages! If you clean your gutters too early, then they’ll just fill back up with leaves and debris so wait as long as possible before cleaning them of all leaves and debris. I’ve found that a leaf blower works really well; when the leaves/debris are still dry.
Wether you’re buying or selling a home in this Twin Cities housing market, it’s very important to understand where the market was, where it currently is, and where it’s possibly headed. Right now, in this Twin Cities real estate market, buyers and sellers are experiencing a real estate market, the likes of which we haven’t seen since the early 2000’s! It’s more important than ever to “read up” on the current trends in real estate so you can be as prepared as possible to have a successful real estate transaction! For more tips and tricks to save you time and money check out the rest of my real estate blog HERE!
The above article “Twin Cities Real Estate Recap: August, 2016” has been written and provided by Justin Culley. Justin is a professional, full-time Realtor with Bridge Realty and has helped many people buy and sell homes throughout the entire Twin Cities metro for many years! If you are in the market to BUY or SELL a home, he would love to connect with you and can be reached via email at info@JustinCulley.com or by phone at 612-581-6842.
Are you thinking of selling your home? I’m very good at marketing homes to sell quickly, and for more money. If you’re a first-time home buyer then you’ll be in good hands. I’ve helped countless first-time home buyers through the entire process of buying that first home! I have a real passion for helping folks buy and sell homes here in the great state of MN and I would love to connect with you!
I help people buy and sell real estate in the following Twin Cities area cities & neighborhoods: Eagan, Hugo, Highland, Inver Grove Heights, Lake Elmo, Mac-Groveland, Mahtomedi, Oakdale, White Bear Lake and Woodbury to name a few. Other specialty areas include: Kenny, Lyndale, Tangletown, Lynhurst, Armatage, Kingfield and Carag neighborhoods.
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