Real Estate Week in Review
The American Association of Retired Persons (AARP) has named Saint Paul its 2nd most Livable City for Persons 50+, citing the city’s assistance to developers converting vacant structures into condos and lofts, as well as the Light Rail. Minneapolis also ranked in the top 10, at coming in at #5 (AARP Bulletin, May 2015).
On May 12, the Home Price Economics Survey results were published, with news of home values expected to rise. Surveying “a distinguished panel of over 100 economists, investment strategists, and housing market analysts regarding their 5-year expectations for future home prices in the United States,” 111 analysts projected an appreciation in home values from between 11.7% to 27.5% in the next five years (Pulsenomics LLC). Nearly half of the experts surveyed, 42%, said “looser credit restrictions, an improving economy, and the rising cost of renting would drive more people to buy in the next one to two years.”
According to data released by the Minneapolis Association of Realtors, in April, pending sales for the Twin Cities region reached the highest level since June 2005. Offers increased 26% from this time last year, along with a rise in listings.
In “Housing by the Numbers,” CNBC reports homes “selling at a faster clip this spring,” along with higher investor activity and sometimes, fierce competition for homes, translating into good news for sellers. However, buyers shouldn’t be intimidated out of looking for a home this spring, rather they should consider locking in a great mortgage rate now. “Mortgage rates are rising, up pretty significantly in just the past two weeks from an average 3.6 percent on the 30-year fixed to just over 4 percent. In the first three months of the year, rates were lower, prompting a refinance ‘boomlet.’”
The Black Forest Inn, an institution in the Twin Cities and home of its first beer garden, turns 50 this weekend. WCCO’s Jason DeRusha did a story exploring the beloved German restaurant and the upcoming celebrations. Said owner Erich Christ, “We have kids who came here yay high [guesturing], getting married, said their first date is here. Now their grandkids are coming.”
Another institution, Saint Paul’s Tavern on Grand, may be turning off its famous sign soon. No, they’re not closing – but neighbors in the Summit Hill neighborhood have complained that the lights are just too bright and remain flashing too long each evening. If the sign has been as it currently is since before 1981, however, they’ll be grandfathered in from before the city ordinance.
If you want a sign in front of your home that catches attention, call Miller Grossman at (651) 434-7887 (firstname.lastname@example.org) for your real estate needs, to take advantage of this great market.