How to Navigate A Low-Inventory Housing Market

If you ask around with home buyers, Realtors, Loan officers and read real estate industry publications, you’ll hear the same, consistent concern; low housing inventory. Low inventory has been consistent in many markets throughout the country, however we know one thing that is even more consistent in real estate; ALL REAL ESTATE IS LOCAL. And on that note, our local Minneapolis/St. Paul housing market is also currently consistent with most national metropolitan real estate markets with regard to inventory; the amount of available homes for sale is not sufficient for the amount of active buyers.

This creates quite the conundrum for buyers, Realtors and lenders. Buyers are experiencing much frustration, both in having to wait exceptional amounts of time for the right home to come on the market, and yet when it does, most buyers are competing with multiple buyers and multiple offers. Oftentimes when the right home for you hits the market, it’s also the right home for many other buyers who’ve been experiencing the same difficulty you have been, and thus the multiple offer scenario (oftentimes as many as 25 – or more – offers per home) becomes overwhelming, and frustrating. Your exciting dream of buying the right home becomes almost like a game of chance, when your offer is submitted, in competition with others. This is also very difficult for the Realtor. And this is why we suggest teaming with a very good and hard-working professional. You’ll need every tool in your arsenal, to make your home purchase successful.

This is a great article for all involved, called ‘Tips for Succeeding in a Low Inventory Market.’

Great article – Wall Street Journal – How to be Healthier, Happier and More Productive in 2018

Here is a great article from the Wall Street Journal on how to be healthier, happier and more productive in 2018;

There are many great points within this article – many of which are simple, block-and-tackle logic, but a productive read, nonetheless.

July 2017 Minneapolis & St. Paul Housing Update

The data (courtesy of MAAR) for July 2017 is in, and the results are consistent with what we’ve been seeing for quite some time. The data – compared with one year prior, in July 2016 – are as follows;
1. New Inventory for the month is down, by -3.9%
2. Housing inventory – overall – is down, by -18.3%
3. The median sales price is up, by +5.9%
4. Closed sales are down, by -2.6%

There are many, pre-approved buyers, ready to purchase. The issue is inventory. Certainly the lower levels of inventory put upward pressure on pricing. +5.9% is above average (in a balanced market, it should be @ 3.0%, +/-).

I also hear the same thing among friends of mine in the Realtor and Lending world; inventory is the issue. And this is not a new thing.

Lastly, this inventory problem is NOT predicted to change, anytime soon.

How to Avoid Deed Scams in Minnesota

Our Minnesota Attorney General has published a warning to all buyers and sellers of homes to beware house deed scams. These deed scams aren’t just affecting Minnesota or the Twin Cities area, but have affected people across the country.

These swindlers are tricking buyers and sellers by sending letters posing as a government authority and recommending that they send money to obtain an official, certified copy of their deed. People who are falling for these house deed scams are sending money, but receiving nothing in return.

Some instances where you may need or want a copy of your property deed may include buying or selling your home, refinancing, or transferring title. If you are ever asked for a copy of your deed, ask if they need just a copy or a certified copy. This can save you a little money if just a copy is needed.

If you need a copy of your deed, you can contact the county that the property is in to request it. Typically, if you just need a copy, it is about $1 per page. If you need a certified copy, the price can go up to about $10. Also, you may be able to obtain a copy of your deed from the title company that handled your purchase.

Sadly, scammers are constantly reinventing new ways to con people out of money or personal information.  It is affecting the Real Estate Industry more often.  The best thing to do is educate yourself.  The Minnesota Attorney General’s website is a great resource to read up on “How to Spot a Scam” and common scams that are out there.

If you would like to learn more about how to avoid house deed scams, contact Watermark Title. We’d love to help answer any questions you might have.

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