Buying a Home in Minneapolis St. Paul
Over the past 15 years, conditions in the real estate market have gone through some dramatic changes. We have seen the big market crash, a slow recovery and increasing home prices due to low inventory. Today, unemployment rates are very low. The foreclosures are rare. In the Minneapolis St. Paul area, median home prices listed on the Minnesota MLS are creeping up, while inventories of existing homes remain low.
Derek Adams – Derek grew up in Bloomington, MN where he attended Normandale for an Associates in Business Marketing and Management. Derek has an extensive sales background and a passion for real estate and helping others. He is honest, loyal, hard working and detail oriented and will put all of those qualities to use for you while guiding you through the buying and selling process. Derek currently resides in Elko New Market with his wife and 3 daughters! In his free time he likes to go on adventures with his family, workout, play basketball and spend time at church. Phone 612-964-2616
The housing market is heating up. It’s beginning to look better for homebuyers and sellers alike. Real estate investors are buying bargain-priced homes in the Twin Cities to to rehabilitate add to their rental portfolios. The bottom line is that the current market conditions are making buying a home today a good, affordable choice, both for first-time -buyers and for those looking to move up.
Affordable Home Ownership in Minnesota
If you’ve been thinking about buying a home in the Minneapolis St. Paul metro area, now may be an excellent time to buy. Here are some of the reasons conditions are ideal for homebuyers:
- Homes Are Still Very Affordable – Even though median home prices have edged up recently, all types of residential real estate remain at attractively low prices. In many cases, homes are selling for prices that are equivalent to or less than the monthly cost of renting a similar home. From luxurious homes to starter homes, affordable pricing is a major factor in the current market. There are still foreclosed and short sale properties available at even more attractive prices.
- Mortgage Interest Rates Remain Low – Despite improvements in the overall economy, mortgage interest rates are still at historical low levels. Lenders are making real estate loans to qualified borrowers more readily than in the past. Homebuyers with substantial down payments and stable incomes are finding lenders very willing to fund fixed-rate mortgages at rates that are very appealing to borrowers. VA and FHA loans are also available to qualified homebuyers.
- Existing Home Inventories Offer Choices – While inventories of existing listings with Participants of Northstar MLS MN are smaller than in the recent past, today’s homebuyers are still finding a wide choice of homes available in all price ranges. The large number of homes available lets homebuyers choose a home that closely matches their needs and desires at prices they can afford, and in the right location.
- Sweat Equity Opportunities Abound – For handy homebuyers who are seeking homes that would benefit from some fixing up and updates, the recent economic downturn means that many homeowners have deferred some projects and are putting their homes on the market as-is. From landscaping work, painting, and other do-it-yourself jobs, opportunities to create “sweat equity” can mean major opportunities for savvy homebuyers with DIY skills.
- Real Estate Investment Opportunities – If you’re a real estate investor looking to get started or to add to your existing property portfolio, the current Minneapolis St. Paul real estate market still has plentiful opportunities for investors. Short sales, foreclosures, and properties that can be rehabbed easily are still available, And of course, interest rate and prices still are very attractive.
Helping Homebuyers Find Values in the Twin Cities
Today, our REMAX Realty team has its finger on the pulse of the entire Minneapolis St. Paul metro area housing market. We’re eager to help buyers find what they’re looking for throughout the area. Our search tools can quickly show you listings posted by participants of the Minnesota Northstar MLS.
As members of Northstar MLS, our licensed agents can also search all types of multiple real estate listings for you to locate homes and other properties anywhere in Minnesota. Only a licensed MN Realtor has the full access to Minnesota MLS. We’re always ready to show you homes that will meet your home buying goals. Excellent customer service is our hallmark.