Category Archives: Real Estate

Market Updates

In 2015, inventory was low and inventory levels continue to fall this year, which fuels buyer’s competition hence more multiple offers and higher sales prices. Unfortunately, it is not projected to change any time soon. Maybe the rise in sale prices might make sellers more eager to list their homes.

According to Minneapolis Area Association REALTORS® (MAAR), the median sales prices is slightly down from the December numbers. As mentioned above, because of high demand and rising prices, mortgage rates continue to stay low for now, but expected to increase slowly by the end of the year. Here are some quick stats from MAAR:

Pending sales were up 3.5% to 3,033 signed contracts
New listings decreased 7.2% to 4,167 homes
The median sales price rose 6.1% to $259, 900
Distressed sales (foreclosures and short sales) made up just 10.6 percent of all sales, a drop of 26.7 percent from 2014
Days on the market declined 15.8% to 85 days.

More jobs are being available and wages are rising. According to Bureau of Labor Statistics, Minneapolis-St.Paul metro has the second lowest unemployment rate at 3.1% compared to national 4.9%. Possibly due to the warmer weather, this year’s spring market started earlier and stronger than usual. Let’s hope it stays strong!

Flickr Creative Commons: Sean MacEntee (CC BY 2.0)
All photos used under this license.

Staging Your Home on a Budget

You probably hear about how it is important to stage our home all the time. It probably goes without saying that before listing a home it needs to be clean and clutter free, and it might be enough to sell your home, but many real estate agents believe that taking an extra step can make a huge difference. According to National Association of Realtors, 81% of agents said that staging your home helps buyers to visualize lit as their future home and 46% said that buyers want to see the property in person after they saw it online. Here are some budget staging tips that will make your house stand out and, possibly, sell faster.

Move furniture. Moving furniture will help not only make the living room look more spacious, but also won’t take away from the focal points such as fireplaces.

Carpet dents. If you move the furniture around, make sure to get rid of old furniture dents. An easy way to do it is to put an ice cube in the dent and let it melt. If you have extra money to spend, you might want to replace all the carpets.

Paint. Adding some fresh paint changes the whole house feel. Pick more neutral colors as it gives a more spacious and clean look, and also makes it less personal. You can use accent pillows, throw blankets or plants to add a pop of color.

Accent features. Use decor items to make it feel cozy, draw attention and that will also help to separate spaces. You can add coffee table trays with candles, table runners, and fresh flowers.

Replace light fixtures and cabinet hardware. It is not very expensive and it makes a big difference. Also, replacing bulb to more bright ones will make the house look more cozy and welcoming. Again, if you have extra time, you may paint or staging your kitchen cabinets.

Curb appeal. And last, but very important is to refresh your landscape by cleaning out old flowers and leaves, and planting new flowers.

Flickr Creative Commons: Real Estaging (CC BY 2.0)
All photos used under this license.

Real Estate Trends for This Year

The year of 2015 might have been the best one for real estate since 2007, and it is believed that 2016 will be even better. According to NY times, in 2014, there were over 200, 000 jobs gained. It is projected that the employment will continue to rise in 2016, and that will allow more people to buy a home. Here are the trends that might have the biggest impact on real estate.

Growth in home sales and prices. Home sales increased in 2015 and they will continue to increase in 2016, but it will happen at a more gradual rate.
More Millennials will be buying. There are 80 million Millennials in the US and last year they represented about 2 million sales and this pattern will continue in 2016. Another reason they will be buying more is that rent prices will rise even higher this year.
New constructions will be cheaper. New-home builders would like to build more affordable houses to cater more to the first time homebuyers.
Mortgage rates might be higher. In 2015, mortgage rates were going up and then down again; it will continue to fluctuate, but by the end of 2016 the rates are likely to go higher.
Rent will be even more expensive. Rent has been high for the past year and this year it isn’t going down any time soon. In fact, rent will continue to rise this year. Millennials are the ones who drive the demand.

These are just some of the trends for the new year; just keep in mind that it is almost impossible to predict any market, but it is important to analyze real estate statistics, adapt to the changes and to strategize.

Flickr Creative Commons: Mark Moz (CC BY 2.0)
All photos used under this license.

Tips on Staging Your House for Photos

Flickr Creative Commons: Wicker Paradise

There are always people who are wanting to buy a house, but with many houses on the market, it makes it difficult for sellers to stand out from the rest. A seller should seek out a professional to professionally stage their house and get a professional photographer to take listing photos, no cell phone pictures. Here are a few tips on staging your house.

Lighting can be your friend when staging a house. The angles which light can embellish will make rooms look larger and wider. If you are looking to correct symmetry and imperfections, or will the best angles of a room show, you can preview it, odds are that you have a tool in your pocket with a camera built into it. With your camera, take pre photos and this should give you an idea, as to the display or time of day you would like certain rooms photographed.

Wrinkles can be a beautiful thing on people, but, for example, on curtains and table runners, the camera will exaggerate the wrinkles to their full. Take a little time and get professional steamer of a hot iron and relieve them. Buyers want to feel refreshed when looking at a potential house, wrinkles do the opposite.

Colors, Colors, Colors. Colors can be your friend, well if done accordingly. There are neutrals and there are colors. The neutrals are black, white, grey, brown, beige, cream, silver, and at times gold. These form a good base for your room. You can add as many as you want, but there are colors like red, orange, yellow, green, blue and purple. These colors must be used accordingly. Then there is a color story, they might be blues or reds or colors of the peacock, or teal and yellow. Word of caution, use only one color story line per room.

Make sure to use camera filters and other editing features in moderation. You don’t want to loose a client by taking pictures that make a house look better than in reality.

All photos are used under this license.

Popular Home Styles

Flickr Creative Commons: David Sawyer

Craftsman home style became popular in the 20th century and it was inspired by two architects, Greene brothers, who were influenced by English Arts and Crafts movement. Some characteristics of craftsman house are gabled roof, front porch, tapered columns, stone details.

Flickr Creative Commons: Anthony Easton

Colonial style homes are influenced by 18th century European colonists who brought their influence with. One of the main features is that colonial houses are square and the front door is in the middle of the home. Also, there are usually two windows on each side of the door. Some other characteristics are shutters and wood detailing.

Flickr Creative Commons: Michael Hicks

Traditional style homes are the most commonly built, they can have a ranch-style plans or two-story house plans. There are many different styles that can accommodate a broad range of buyers. They have open floor plans up to date elements.

Flickr Creative Commons: Laurie Avocado

European-style homes are inspired by the European architecture such as Tuscan, English, Spanish and French. The exterior of such a house is usually brick or stone. Another characteristic of a European house is multi-peaked rooflines and bay windows.

Flickr Creative Commons: Joe Wolf

Ranch-style houses became popular in 1950s and 1960s, their convenience and flexibility in floor plans made it very popular after the World War-II growth. The are single story, long, low rooflines, large windows, attached garage, and brick or wood exterior.

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Women Homebuyers

According to recent statistics, more women than men are buying homes. According to National Association of Realtors, female homebuyers account for 23% of first-time homebuyers and 16% of repeat buyers, while men account for 15% of first-time homebuyers and 8% of repeats. There were always divorced or widowed female buyers, but now we see more and more professional females who have successful careers and are making their own financial decisions. Also, many women view home ownership as a great financial investment.

So, what do women look for in a home? Of course, there are different groups of women with different needs. Some need more space and spacious backyards for their kids to play, others look for townhouses and quiet neighborhoods. There are some common things that women are looking for in a house, such as walk-in closets, separate laundry room, spacious kitchen, safe neighborhood, etc. Women, especially career oriented, prefer townhouses or condos that are low maintenance, as they do not have time for upkeep.

When working with women, it is important to include details that are important to them; they are very detail oriented and they want to understand the process and know all the facts before making a decision. For many women home buyers, relationship with a Realtor is very important, it is important to make sure to appeal to them as a wife or a partner, and as a mom; as buyers women think about their entire family.

What is your experience working with women home buyers or as a woman home buyer? Share with us!

All photos used under this license.

Interior Design Trends for 2016

The new 2016 is approaching quickly and new home trends are emerging. With rapid development of technology and innovations, many trends do not last and change every year. Although some that are modern and interesting will stay. Let’s take a look at what the next year will bring in terms of interior design.

Outdoor to Indoor. Greenery is back. Decorating homes with plants will be in trend, as well as getting furniture that can be used both inside and outside.

Colors and Materials. Bold colors will remain in trend, but the popular shades will be peach and shades of pink. Materials such as brass, copper, and wood will be a strong trends next year; it can be copper vases, coffee table trays and decor pillows with shimmer.

Organic shapes and textures. With people becoming more and more conscious about environment, natural textures and undefined shapes are becoming more popular, from accessories, dinnerware to furniture.

Ethnic Prints. Ethnic trend became popular in 2015 and will continue to 2016. With new interpretation, tribal prints, shapes, and patterns will get a new life when combined with bold and vibrant colors. Ethnic prints will be seen not only in textiles, but artwork and accessories as well.

All photos used under this license.

Celebrities with Modest Homes

Celebrities are known for having luxury and over-the-top houses, but there are some who prefer a less glamorous lifestyles and have modest homes compared to others.

You would think that Mark Zuckerberg owns a luxury mansion, but he recently moved to a new home in Palo Alto, CA that is close to Facebook headquarters and it is believed to be around 4,000 square feet. And yes, it is considered modest in celebrity world.

Hilary Swank is another one with a smaller square footage. She owns an apartment in New York that is only 1,400 square feet. She prefers practical and comfortable over luxury.

Despite her very arrogant character on Gossip Girl, Leighton Meester lives in a ranch style home that has 4 bedrooms and is around 2,900 square feet.

Scarlet Johansson is all about eco-friendly. Her 2,835 square foot house is full of solar panels. Though, she had to put it up for sale after her divorce.

Andrew Zimmern, the star of the Bizarre Foods also has a modest home and it is, actually, here in St. Paul, Minnesota.

The World’s Most Expensive Property Markets

Each year there are more people who want and can afford to buy luxury properties. Thus, with the rising demand, the property prices are rising as well. Let’s take a look at some of the most expensive real estate markets in the world.

Number #5 is Moscow, Russia. The average price per square foot is $4,250, and the average property size is 4600 sq.ft. Ostozhenka street is considered the most expensive.

Flickr Creative Commons: Tatters

Number #4 is Paris, France. The price per square foot is $4,400 and the property size is 10,800 sq.ft.

Flickr Creative Commons: Jan

The 3rd place holds London, U.K., where the average property size is 7,900 sq.ft., and square foot costs $5,300.

Flickr Creative Commons: David Holt

Next on the list is Tokyo, Japan where the average price per square foot is $7,600 and the average property size is 16,000.

Flickr Creative Commons: DozoDomo

And the #1 goes to Hong Kong, China. The average price per square foot is $11,000! And the average property size is 5,200 sq.ft. Since 2008, prices doubled due to low mortgage and interest rates.

Flickr Creative Commons: Roger W

How to Help Your Pet Adjust to a New Home

Moving and switching to a new environment can be very stressful for pets. Some pets will become more clingy and will follow you everywhere you go, others will hide and stay isolated. There are a couple of things pet owners can do to minimize their stress and make the transition as smooth as possible.

Preparation

It is important to allow your pet to get used to a carrier. There are a couple of ways to help them with that. You can place their toys next to it, treats, or even their plate, and then slowly move the plate to the back of the carrier so they step in a carrier. Also, you should start putting out moving boxes couple weeks prior, so they see them and get used to as well.

Moving

It would be best to leave your pet at a friend’s or family place for the day, but if that is not an option, then you will need to put them in a separate room so they cannot escape and only then put in a carrier; try to sit close to the dog to make them feel safe during the move. Also, make sure to not overfeed them.

Settling in a new place

First of all, make sure your home is safe for pets. When you get to your new place, get them out in a quiet room and spend some time playing with them. Don’t forget to bring their favorite toys, food, treats etc. Also, put them in similar places they were in a previous home. It will help them adjust quicker. Remember that pets can pick up on their owners mood, so it is important to follow your normal routine, so they know that everything is back to normal. Keep the same feeding and playtime schedule; consistency is very important. If it’s possible, take a couple days off to stay at home.

Take care of your furry friends and share with us if you have any tips to help keep pets safe and stress free as much as possible during the move.