Land of 10k Listings

Congratulations on considering purchasing a home in the Twin Cities! This guide outlines essential steps to navigate Minnesota’s vibrant real estate market successfully. Whether you’re a first-time buyer or looking to relocate, these steps will help you move forward with confidence. Step 1: Check Your Finances Before diving into the home-buying process, it’s crucial to understand your financial standing. Begin by assessing your credit score, which plays a significant role in determining your mortgage options and interest rates. A good rule of thumb is to aim for a credit score of 700 or higher, as this can help you secure more favorable loan rates. However, don’t be discouraged as there are loan programs such as FHA that are available to buyers with lower credit scores. Next, evaluate your income and debts to calculate your debt-to-income (DTI) ratio; ideally, this should be below 36%. You will do this by dividing your total monthly debt obligations by your monthly income (Example: Ter...

Hey Twin Cities homebuyers and sellers! In this market update, we'll break down the latest trends, numbers, and forecasts – giving you clarity and confidence in your property decisions. A big thanks to Minneapolis Area REALTORS ® for the comprehensive data! If you are a data geek like me, check out their reports here . Current Market Snapshot: Stability with Subtle Shifts As of November 2024, our 13-county Twin Cities region exhibits a stable market with gentle positive trends. Let's dive into the numbers: Median Sales Price: $380,000 – up 2.7% year-to-date. This moderate increase indicates continued demand and gradual appreciation. New Listings: 61,825 – increased by 8.2% year-to-date. More homes hitting the market means increased options for buyers and subtle growing competition for sellers. Pending Sales: 42,710 – rose slightly by 1.8% year-to-date. Consistent demand drives pending sales upward, reflecting buyers' ongoing interest. Closed Sales: 41,748 – nearly flat with...