Posts with tag 'Bloomington MN'

Housing 

Cash buyers continue to make up a significant portion of the U.S. housing market, with nearly one-third of home sales this year being all-cash purchases. Although investors make up a considerable number of cash sales transactions, the increasing availability of remote work during the pandemic has allowed some homeowners to sell their homes in pricey markets and relocate to less-expensive locales, where they're able to pay cash for a new home, giving them an edge in a highly competitive market.

Provided by the Minneapolis Area Association of Realtors.

Mortgage Rates

Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth. While the economy continues to mend, Treasury yields have decreased, and mortgage rates have followed suit... 

~Provided by www.freddiemac.com 07-22-21

If you're getting ready to pursue that long-awaited patio addition, there is no better time to get started. Adding a patio is a fantastic way to improve your outdoor space while simultaneously increasing your home value. Some of our favorite Brainerd homes for sale and Coon Rapids homes for sale have beautiful patio spaces, which always make for an attractive selling point. 

If you're planning to add a patio to your home this summer, there are a number of things you'll need to consider before beginning construction, so it's important to prepare accordingly. Below are some tips to keep in mind during the planning process:

• Be Realistic On Size
  When building a patio, you need to carefully consider how much space you have to work with. Building a patio that is too large or small in relation to the rest of your home can make your outdoor space appear awkward. Consider the patio furniture, the size of your grill, and how many people you'll be hosting outdoors. Some experts say to allocate 25 square feet for each person you want to have on the patio. To host 10 people comfortably, you'll need at least 250 square feet.

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If you've been busy exploring Minneapolis homes for sale, you're sure to find your dream home soon! When you do, you'll want to make your new house feel like a home by choosing decor you love. 

There's nothing quite like an original painting to give your walls some character. Sure, you could buy a painting, but why not make your own? There are several great DIY painting classes and parties in the area. They're a ton of fun and are a great way to relax. Best of all, when you're done, you'll have a one-of-a-kind creation to hang in your new home. 

July is World Watercolor Month, making now the perfect time to try out your painting skills. Here are a few of the best local places where you can embrace your inner Picasso.

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Housing 

Despite elevated demand for housing, construction of new homes fell in April, with the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reporting a 9.5% decrease in housing starts from the previous month. Rising building costs continue to hinder affordability and inventory for many homebuyers, although shortages in labor, issues with the U.S. supply chain, and lasting impact from late winter storms have also contributed to the decline in new construction activity, putting some projects on pause for the time being.  

Provided by the Minneapolis Area Association of Realtors.

Mortgage Rates

Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow. In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually. Substantial opportunity continues to exist today, as nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point.

~Provided by www.freddiemac.com 05-27-21

Housing Needs

A new analysis by housing giant Freddie Mac suggests that the U.S. housing market needs 3.8 million more single-family homes nationwide to meet demand. Sam Khater, Freddie Mac's chief economist, noted "we should have almost four million more housing units if we had kept up with demand the last few years." While new construction activity has increased in recent years, it has never fully recovered to its previous peak more than fifteen years ago.  

Provided by the Minneapolis Area Association of Realtors.

Mortgage Rates

In light of the rising COVID caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data. The good news is that with rates under three percent, refinancing continues to be attractive for many borrowers who financed before 2020. But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high.

~Provided by www.freddiemac.com 04-29-21