If you are thinking about selling your home, seriously, get on it! Average days on the market are down a whopping 20.5 percent!

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.

If you are looking to buy, it is more important than ever to have your finances in order before you start looking at homes. Your dream home could slip right through your fingers before you even have a chance to make an offer.

Source: Minneapolis Area Association of Realtors®, Monthly Indicators Report. All data comes from NorthstarMLS. http://maar.stats.10kresearch.com/reports

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We can comfortably consider the first quarter to have been a good start for residential real estate in 2017.

There was certainly plenty to worry over when the year began. Aside from new national leadership in Washington, DC, and the policy shifts that can occur during such transitions, there was also the matter of continuous low housing supply, steadily rising mortgage rates and ever-increasing home prices. Nevertheless, sales have held their own in year-over-year comparisons and should improve during the busiest months of the real estate sales cycle.

New Listings in the Twin Cities region increased 1.3 percent to 8,032. Pending Sales were down 3.0 percent to 5,631. Inventory levels fell 19.9 percent to 10,213 units.

Prices continued to gain traction. The Median Sales Price increased 7.0 percent to $237,500. Days on Market was down 14.1 percent to 73 days. Sellers were encouraged as Months Supply of Homes for Sale was down 23.1 percent to 2.0 months.

The U.S. economy has improved for several quarters in a row, which has helped wage growth and retail consumption increase in year-over-year comparisons. Couple that with an unemployment rate that has been holding steady or dropping both nationally and in many localities, and consumer confidence is on the rise. As the economy improves, home sales tend to go up. It isn’t much more complex than that right now. Rising mortgage rates could slow growth eventually, but rate increases are little more than a byproduct of the strong economy and high demand.

Source: Minneapolis Area Association of Realtors®, Monthly Indicators Report. All data comes from NorthstarMLS. http://maar.stats.10kresearch.com/reports

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Dear First Class Mortgage,

“What does a good REALTOR® look like?”

-Merry of Maple Grove, MN

Hi Merry,
That is an excellent question! Here are some things to keep in mind and look for when finding your REALTOR®:

They should…

•    Effectively communicate with you and adapt to what communication style you prefer: text messages, email, phone, or good ol’ face-to-face interaction
•    Listen to what you want and actively search based on your needs and desires
•    Confirm they’re on the right track with the house hunt, and make adjustments when necessary
•    Understand your time frame and why you are purchasing and/or selling
•    List your home with an appropriate price
•    Utilize all marketing tools necessary to make your home stand out when listing: social media, top-notch photography, posting on Multiple Listing Services (MLS), etc.
•    Confirm that an interested buyer is pre-approved
•    Negotiate to get you the best offer

And, verify that they are…

•    Organized and detail oriented
•    Local experts- they know the area inside and out
•    Willing to provide a list of their clients as references

First Class Mortgage has had the pleasure of working with excellent local real estate agents.  We would love to refer one of them to you! Call or email us today for more information.

Remember that it is always a good idea to get pre-approved prior to starting the house hunt. Apply today!

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