Monday, January 6th, 2014

by KCM Crew

1.6 Blog VisualMany housing pundits are calling for home sales to do slightly better in 2014 than they did in 2013. To the contrary, we strongly believe that home sales will skyrocket with increases of 10-15% in 2014. Here are the three categories of buyers we believe will create this strong demand.

The First Time Buyer

The Urban Land Institute recently released a report, Emerging Trends in Real Estate 2014, projecting that 4.48 million new households will be formed over the next three years. Millennials will make up a large portion of these new households. With the economy improving, we believe they will finally be moving out of their parents’ homes and, when they compare renting versus buying, many will choose homeownership.

The Move-Up Buyer

Over the last several years many homeowners were trapped in their home by negative equity. This prevented them from moving up to the home of their dreams. Zillow has just revealed that home equity increased by $1.9 trillion dollars in 2013 an increase of 7.9% in the last twelve months. With home values rising, this pent-up demand will finally be released and move-up properties will be in high demand.

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Tuesday, December 31st, 2013
Gains in construction activity and job growth have made the Fed confident that moderate bond tapering won’t rock the resilient real estate market. Holiday happenings have bolstered an already healthy economy. And though winter vacation jubilee may accentuate seasonally lazy home sales, most local markets should show cozy year-over-year comparisons.

In the Twin Cities region, for the week ending December 21:

• New Listings decreased 15.3% to 558

• Pending Sales decreased 11.0% to 689

• Inventory decreased 7.3% to 13,283

For the month of November:

• Median Sales Price increased 13.4% to $195,000

• Days on Market decreased 26.5% to 75

• Percent of Original List Price Received increased 1.3% to 95.4%

• Months Supply of Inventory decreased 11.1% to 3.2

 

Tuesday, December 31st, 2013

Couple PaintingThe fixer-upper properties on the market will give you more purchasing power when shopping for a new home. Bargains can be found in homes that have been foreclosed, seized by the government or just fallen out of repair due to homeowner neglect. While it is true that you will save thousands of dollars on these homes that will need lots of work, there are hidden costs that buyers fail to consider. Ask yourself if it’s worth it and know your options.

Know exactly what you are getting into

Don’t underestimate the cost of renovations and repairs. A home inspection will let you know the fundamental repairs and maintenance that must be done to the home. Without a home inspector, you may end up over paying for the fixer-upper anyway.

The inspector will evaluate any problems with the interior and appliances, roofing, heating and cooling system, plumbing, electrical wiring, insulation and ventilation, and the structural foundation, exterior faults and more. Fixer-uppers may have a lot of problems with these parts of the home, and a realtor can downplay the extent of the issues because of their stake in the outcome of the sale. A home inspector is worth hiring to get an unbiased perspective and uncover problems you can’t see yourself.

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Monday, December 30th, 2013

by The KCM Crew

houses with cartThere are some homeowners that might consider waiting for the spring to sell their house thinking that no one buys a home during the winter months. What we should understand is that homes sell EVERY DAY. As a matter of fact, according to the latest Existing Homes Sales Report from the National Association of Realtors, on average14,027 homes sell daily in this country.

It is true that more houses sell in the spring than the winter in most markets.  However, it is also true that there will be more competition as many sellers wait to the spring to put their house on the market.

Thousands of homes sell each and every day in this country. Don’t be afraid to put your house on the market this winter.

 

Saturday, December 28th, 2013

Posted in Monthly Skinny Videos |

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