WEEKLY NEWSLETTER October 17th
This week we have lots to talk about…our area real estate market in the Twin Cities of Minnesota. Our incredible current interest rates. One of the best places to live in Minnesota (Woodbury). And winter checklist for your home.
Minnesota Real Estate Market October 17th
Weekly Market Activity
Here is our October 16th, Minnesota real estate update. We are now in our fall real estate season. No one has seen a real estate market this year like this one we just had ever before. And no one wants to see it ever again! We still have coronavirus concerns for our country, the State of Minnesota, and the Twin Cities. This now includes wearing masks in all indoor spaces that started on July 25th. And how does that impact our Minnesota real estate market? We continue to do business, just differently. So, masked buyers are now driving separately to showings and sellers are sanitizing their homes before and after showings. Also, real estate closings have changed with buyers and sellers in separate rooms and many times they pre-sign. And only those essential to the transaction can attend. Lastly, we use virtual tours and lots of photos and that helps determine if buyers want to see the home or make an offer-sight unseen. Open houses are rare and not recommending by the Board of Realtors.
WE REVIEW REAL ESTATE FACTS AND TRENDS
The trends
This time of the year the buyer pool is starting to diminish. COVID19 has limited the buyer pool and it will not meet its full potential this year. Our inventory of homes is low, but we are starting to see a gradual increase each week over last year. We have seen multiple offers, but that is starting to relax now. In this ever-changing market what does that mean to you? In these usual times you need a good agent to coach you!
The facts
Facts are wonderful since they give us insight into analyzing the trends. Still, it is up to us to interpret them. Our current affordability Index for Minnesota real estate is 144, compared to 147 last year at this time. So, the higher the number means greater affordability. Currently, our inventory of available homes is 9,234. In comparison, we had 13,143 in 2019. In other words, the inventory of homes for sale is down 29.7% since last year. In contrast, in 2009 we had over 30,000 homes for sale in the Twin Cities. Lastly, our Minnesota real estate pending sales for the last week, which is those sold but not closed, was 1,493. As opposed to 1,254 pending sales last year. As a result, we have 19.1% more pending sales than last year for that week period. Our monthly supply of home is at 1.8 Compared to 2.6 last year at this time.
More facts
Minnesota seller’s benefit when real estate values rise. The median sales price increased 9.8% since last year. $315,000 is the median sales price in the Twin Cities area. A good market indicator is the comparison of our sales price to original list price. Our average sale to list price is currently 100.3%. That compares to 99% last year. An equally important indicator of market strength is days on the market. So, 39 average days on the market reflects a healthy Minnesota real estate market (that compares to 41 days last year).
Our current interest rates in the Twin Cities
Interest rates increase the affordability of your home purchase. Consequently, low interest rates are a real benefit to Minnesota real estate. In fact, mortgage companies love to provide mortgages to Minnesota. Because of our low delinquency and employment rates. But most importantly our low mortgage risk. As a result, we have some of the best mortgage rates in the United States in our Twin Cities. Our mortgage interest rates are same as last week. These rates are the best I have ever seen! Rates are 2.25% for VA, 2.25% for FHA and 2.499% for conventional. Just reach out to me if you want to talk to a lender with that program and rates.
My opinion of future Minnesota real estate trends
I have seen many types of real estate markets and trends in the last 30 years. But with coronavirus it makes this an unusual market to predict. But I believe from what I hear from many high-level business leaders and financial experts that our economy has a rough road ahead. So, it is my opinion that we will have only a little appreciation in 2021. We could have a small retraction in values in the spring and summer of next year as evictions, business closures and foreclosures run their course. In addition, interest rates will continue to be historically low for at least until the November election. If you are on the fence whether to sell your home now or next spring…I suggest now!
Your house and your neighborhood Minnesota real estate market
We find that each price range and neighborhood have its own specific trends and facts. In so if you are interested in knowing the specifics for your home…Contact Jeff Today.
City of Woodbury Minnesota
WOODBURY, MINNESOTA
Woodbury is in Washington, Minnesota. Located 11 miles east of St. Paul with a 14-minute commute time. Woodbury is the 9th most populous city in Minnesota and is part of the Minneapolis-Saint Paul metropolitan area. Settled in 1844 and was entirely woods. Converted to farmland. Originally called Red Rock and then renamed Woodbury after Levi Woodbury.
Is Woodbury rated as a good place to live?
Niche.com rated Woodbury Minnesota the highest rating of an “A+”. Gave it A’s for public schools, housing, good for families, jobs, outdoor activities, diversity, and health & fitness. Ranked the tenth best place to live in the nation by money.com in 2018 and 2020.
Some general information I have found about Woodbury Minnesota
Woodbury has a population of 67,648. The unemployment rate is only 2.8%. And the median home price is $342,500. Meanwhile the median age is 36.4. Lastly, the median income is $98,974. Has 3,000 acres of parks and 140 miles of trails. Those are just a few reasons why Woodbury real estate is in high demand.
How are the schools in Woodbury?
There are two school districts that serve Woodbury Minnesota.
1) South Washington County School District # 833. Niche.com rated it an “A-”. It received A’s for academics, college prep, health & safety, and sports.
2) Stillwater Are Public Schools #834. Niche.com rated it an “A-”. It received A’s for academics, college prep, and sports.
My conclusion
To summarize, I have found Woodbury to be a popular city. Importantly, it has wonderful St. Paul access, great amenities, many parks and trails, and schools that are highly rated. In short, I strongly suggest considering Woodbury if you are planning on moving to the Twin Cities of Minnesota.
Here is a new listing of mine that went active today in Woodbury
5175 White Star Lane, Woodbury
Beautiful two-story home located in the popular Summerlin development. Open floor plan and amazing kitchen! Home was built in 2018 and features almost 3,300 finished square feet. New maintenance free deck. Unable to duplicate for this price!
See More: www.5175WhiteStarLane.com
Also, here is a listing of mine “coming soon” in Woodbury
2432 Queens Drive, Woodbury
Wonderful remodeled home on a beautiful corner lot. Features an updated kitchen, 3 updated baths, four bedrooms, large four-season porch and so much more! $350,000.
See More: www.2432QueensDrive.com
All homes listed for sale in Woodbury Minnesota – CLICK HERE
Contact us
I hope you have enjoyed my summary of Woodbury, Minnesota. Please reach out to Jeff Anderson and The Anderson Team if you would like to know more about Woodbury real estate. Or would care to see some of the homes in this wonderful city in the Twin Cities area of Minnesota.
Winter checklist for your home
How to prepare your home for winter. And what additional steps you might want to take in a pandemic
What are some good things to do?
1) Make sure your furnace is in good working order. Contact a furnace professional for a furnace cleaning and tune-up. This will give you peace of mind and improve the efficiency of the furnace. In other words, save you money! Also, make sure you change your filter every month.
2) Remove your outside hoses and bleed your values to your outside faucets. There will be a bleed valve in your basement but first turn off the water to the faucet and leave the faucet outside in the open position. Then bleed the line by opening the valve and have a small bucket to catch the water.
3) Clean your gutter once all the leaves have fallen. This will help prevent ice dams and protect your roof and landscaping from water overflowing the gutters.
4) Check to make sure your fireplaces are in working order. Turn on the pilot and test your gas fireplaces. For wood burners check your flue to make sure it is open, and it would not hurt to have your chimney cleaned if it has not been done for a while. Also make sure your chimney cap is in good repair and positioned properly.
5) Clean the outside of your windows…it will soon be too cold to do it again until next spring.
6) Put a covering on your AC unit, but just on the top and halfway down the side. Turn off breaker to your AC unit.
7) Good time to organize your garage and make sure your snowblower is tested and ready to go. Also check the condition of your shovels and buy safe salt for your sidewalk and driveway. Good to do before the first storm when everyone is trying to buy it.
8) Do the last fertilization of your lawn. This will help give you a better-looking law in the spring. Fertilizing in the spring puts extra stress on the grass.
9) This year we will not be going out like we normally do because of the pandemic. So, stock up on water and food staples. Since we are now starting to see the second wave have masks, hand sanitizer and hand wipes in reserve.
10) We are all spending more time at home during the pandemic and are using more electricity. Good time to buy LED lights for throughout the house to save you money. The expense could be paid back in one winter season.
11) Check out your water heater to see that it is not leaking. They have a habit of failing at the worst times, like Christmas for me! In some cases, you only must replace a heater element in them, like the Marathon brand, and not the entire water heater.
Hope you found the winter checklist for your home helpful. Call with any questions you might have on the items I have mentioned. Look for more articles and videos in the future on different aspects of real estate.
Real estate is a wonderful investment in, so we are wise to properly maintain our home!
Jeff Anderson The Anderson Team RE/MAX Results
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