Here’s the latest real estate news around Minnesota of interest to property buyers, home sellers, renters, landlords, property managers and the generally home-curious.
Home sales are dropping — and the trend behind why is becoming clear. Blame surging home prices that have outrun wage increases for years, mortgage rates that have risen to the highest level since 2011, the massive affordability issues that come with those factors, and now Wall Street’s resurging appetite for single-family homes that then appear on the rental market.
Buying? Selling? Flipping? Twin Cities houses selling at breakneck pace. The Twin Cities housing market is booming this year. Real estate experts say they haven’t seen properties sell this fast in the 16-county metro area since the 1990s. It’s a great time to be a seller — median sale prices have never been higher. But for buyers, there’s increasing pressure to ante up: Half of all properties are selling above asking price. If you’re in the market for your ideal property, check out our FREE report on how to find your dream home at a rock bottom price? Sign up here.
Top ten states to live in when your credit score is low. Minnesota has the lowest delinquency rate and a strong economy. An average household income of over $80,000 combined with a low cost of living makes it more likely that consumers with poor credit can earn enough to stay ahead of bills.
What can you do if your landlord is slow to repair water damage on a unit? Minnesota law requires landlords to keep their rental units in reasonable repair, in compliance with safety and health codes, and fit for the use intended. These requirements cannot be waived by either the landlord or the tenant, in a written lease or otherwise. Sick of renters or repairs? Get an offer on your home from us instead. Call us 612-470-3789 or click here.
Minnesota Weakens Estate Tax Retroactive To January 1. Minnesota is one of 18 states plus the District of Columbia that still impose their own estate or inheritance taxes—separate from the federal estate tax levy. To the chagrin of Democratic Governor Mark Dayton, the Minnesota estate tax just got weaker.
Here’s our top tip of the week: 12 Things Your Plumber Doesn’t Want You To Know. Because a plumber isn’t obliged to tell you it’s an easy fix.