• General Real Estate News
  • Mortgage ready Millennials

    Future home buyers

    The youngest in the millennial generation will turn 20 thus year and I doubt that many are ready to buy a home. I have had several clients in the last few years who are in their thirties. High student loan debt continues to be an issue because there are limits to how much debt a borrower can have and still get a home loan.

    In the long run people who are able to buy their own home are able to accumulate more wealth than those who rent. The first step in getting ready for homeownership is to pay down debt. The second step it to save a little money for a downpayment. There are numerous downpayment assistance programs for credit worthy home buyers.

    I like to send people who want to buy a home but who are not quite ready because of student debt or a low credit score to The Minnesota Homeownership Center. The Homeownership center is a non-profit and free.

  • Local Market Conditions & home prices
  • The Twin Cities

    Median home prices in St. Paul and Minneapolis

    The Twin cities of Saint Paul and Minneapolis are not identical twins. The cities are more like very close fraternal twins. There are differences between the two cities. Property taxes are higher in Minneapolis but those taxes include more services. You would have to live in Saint Paul for a time to really appreciate what a quirky little town it is.

    Home prices are on average higher in Minneapolis than they are in St. Paul. Home prices are going up slightly faster in Saint Paul than they are in Minneapolis. There are other differences between the two cities.

    Minneapolis has a woman for a mayor and she isn’t the first. Saint Paul has had 53 male mayors in a row. Minneapolis police chief is also a woman, Chief Janeé Harteau, who was just named on Fortune’s list of top 50 world leader. Harteau is number 22 on the list.

    I guess I would call Saint Paul parochial, but I also call it home.

  • Boardman Realty
  • From the dash board

    The screen shot is from the “dash board” in our MLS. I have posted these before. It is a real estate snap shot of the last 7 days. It is pretty easy to see why the inventory of homes on the market is staying so low. The number of homes that have “pended” or have offers on them and are probably going to close is higher than the number of homes that were listed.

    MLS dashboard – Saint Paul MN

    There are actually fewer than 300 homes on the market in St. Paul that do not have offers on them. This is good news for sellers but maybe not good news for buyers. There are people who are waiting to sell but they won’t until they find a home to buy.

    We seem to be in a kind of holding pattern. Most of my clients who are sellers during the last six months have been people who were selling a home or condo that they had been renting out. Often these sellers live out of state, are over 55 and I never actually meet them in person. In every case the home was sold to someone who is living in it rather than renting it out. Usually the desire to sell is triggered by a tenant moving out and owners who do not wish to find a new tenant.

  • Downtown
  • Downtown Condo sales strong

    The demand for downtown condos is strong and prices are almost as high as they were before the crash. There are still downtown condo owners who are renting out their unit waiting for the price to go up. People who purchased a condo between 2006 and 2008 may still be underwater. Owners who bought foreclosures in 2009 and 2011 should have a decent amount of equity.

    There are currently 39 units on the market downtown ranging in price from $112,000 to $1,888,000.00. I guess there is something for everyone.

    For information about units in a particular building give me a call or send an email.

  • First Time Home Buyers
  • Rents are up

    Multi family home prices and sales

    Rents are up. The average rental price for a one bedroom apartment in St. Paul is over $900 dollars a month and I don’t know if that includes utilities.  Two bedroom apartments rent for an average of 1100 a month.

    The supply of multi family homes on the market is low and the prices have been rising. Right now there are  38 multi family home on the market and 14 of them have offers on them. The average asking price is $268K. It isn’t at all unusual for people who can not qualify for a mortgage to pay more to rent each month than they would pay to own a home.

    Home ownership isn’t right for everyone. Home ownership is at 62.9% which is the lowest rate since 1965.

    The numbers on the chart are from the NorthstarMLS which is deemed reliable but not guaranteed.

    Also see Home ownership still important

  • Local Market Conditions & home prices
  • Home sales and prices by neighborhood

    Home prices by neighborhood

    Here are the monthly home sales and home price numbers. Everything went up except for the total number of homes for sale. There were more listings and more closings and more offers being made and prices went up slightly. The demand for homes is strong while the number of homes on the market remains low.

    The numbers used to make the table were exported from the NorthstarMLS and then were gently sorted and subtotaled in a MS Excel spreadsheet. The data is considered reliable but is not guaranteed and it captures most of the home sales activity in the area.

    If you would like to know how much your home is worth and how long it will take to sell please contact me for a free no obligation market analysis.

    For more local real estate numbers please see “Local Market Conditions & home prices” Real estate is local.