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Buying a home is no easy feat, especially in an extremely competitive market. With a competitive market comes an amplified homebuying process. Emotions run higher, it can be more stressful and the process can take longer. So we thought it would be helpful to touch on some aspects of the homebuying process that you may not hear a lot about, the less “tangible” aspects that can make all the difference. 

1. Starting earlier has its advantages and can really give you an edge. If you feel like you’re going to buy within the next year, start reaching out to a few Realtors in your area. Interview multiple people, get to know their processes, and make sure you feel comfortable with them. It’s never too early to get your ducks in a row!

2. …

Written by VIBE Owner/Broker Steve Anderson

It's that time again, and yes, we're going to be discussing another month of record breaking numbers. But could the tides be shifting a bit at the same time? Let's take a look.

We left off last month wondering how the warm weather brought on by the late spring/early summer, combined with COVID restrictions being lifted, was going to affect the real Twin Cities real estate market. Would Minnesotans head north and let their home buying desires take a back seat to some fun in the sun? We may not know if that truly happened until we see next month's numbers because it takes a while for these sales to actually close, but specifically looking at June, it was as aggressive as ever.

Let's start with Total Units Sold.…

Hello again, and welcome to another market recap brought to you by VIBE Realty. If this is your first time reading our recap, then stay tuned as we dive into the ever so changing numbers of the Twin Cities real estate market. If you are returning from last month or have been following along with us in the past, then welcome back!

You see, spring is typically a very busy season in our market. The snow has melted, the school season is wrapping up, and for those looking to buy or sell real estate, there's a tendency to want to get it done before summer for multiple reasons. With the last year having as many ups and downs as it did, we've been watching closely to try and determine whether or not that would be the case this year, as things return to normal…

Those of us Minnesota dwellers have witnessed a myriad of changes in the housing market throughout the Twin Cities over time. And it’s true — Minneapolis and Saint Paul continue to evolve. Even with changes that COVID-19 has brought upon our economy, along with the ever changing political backdrop of our communities, the demand for housing in the Twin Cities remains at an all time high. Home sales and prices skyrocketed as buyers outpaced sellers in some parts of the metro.

And so this leads us to the buzz term of the year: “It’s a Seller’s Market.” But what does that really mean for sellers, buyers, and real estate as a whole? While the market remains hot across most larger cities in the country, it’s hard not to acknowledge the growth and demand here…

Written by VIBE Owner/Broker Steve Anderson

This month's theme: Broken Records

Last month we left off talking about the importance of the spring market this year, and how it will set the tone for the selling season. Well here we are, smack in the middle of the spring 2021 market, and what are the numbers saying? Let's take a look!

We're going to start with some of the less drastic changes that we saw over April. Months Supply of Inventory, which is basically real estate's slug percentage, stayed below one month for the fifth month in a row, but did tick up to .9 this time. New Listings to hit the market also went up by a decent margin to just over 7,100, but that was sort of to be expected given the time of year. Still not enough to put a dent…

Written by VIBE Owner/Broker Steve Anderson

Things are heating up! As we enter the spring season, we look closely at the numbers because we need to know if there will ever be an end in sight to this crazy, imbalanced market. If you're out looking at houses, you likely know just how intense the multiple offer situations have been. Will it even out anytime soon? Let's see what March can tell us on the subject.

Diving right in, we'll look at the Average Sales Price, and wow...we are now approaching almost $400k for the average - that's right - the average sales price in the Twin Cities. The official number is $382k. Just to give you an idea of how important that is, last year at this exact same time, the average sale price was $297k, and THAT was the…

Written by VIBE Agent, Susan Bonne

You’ve likely been hearing, from every rooftop, that we are in the hottest seller’s market in a generation. That listings are scarcer than hen’s teeth. And that buyers have to pay thousands over asking, and throw in homemade cookies, a puppy and maybe a Tesla to be the winning bid and secure a new home. Yes, it’s more than a typical spring real estate frenzy, and multiple offers on desirable properties in affordable price ranges are the norm rather than the exception. 

So what’s a savvy buyer to do? How do you give yourself the best possible chance of winning when you’re working within a set budget, potential time constraints, and the many unknowns in the process, not the least of which is, what is everyone…

The days are getting longer and we can see the light at the end of the tunnel, literally. The sun is starting to shine, the snow is beginning to melt, and that only means one thing — spring is in the air. While we aren’t necessarily holding our breath that we won’t see another quick gnarly snow storm in May, (hello Minnesota?!) we can’t deny that the spring market is upon us, AKA peak season for real estate. 

First, let’s face it, doing just about anything in the winter is more difficult and that includes moving in and out of a home. The homes that didn’t sell in the fall are now coming back on the market, and many people want to sell and buy before school starts in the fall and before the snow starts up again this coming winter. Though the market…

We left off last month pleading for warmer weather, and it appears mother nature finally had the volume turned up, because we are getting it! In the first week of March, we have three days, yes THREE, that look to be in the fifties, with one of those days hovering around the sixty degree mark (checks pulse). While we'll have to wait until next month's recap to see how the warm weather plays into the spring real estate market, the numbers for February are hot off the press, so let's dive in shall we?

We're going to start with the tamest differences that we can compare to last month's numbers. First off, Days on Market. This went down, again, but only by one day. While that's not a drastic change from January, it is a full 50% lower than where it was…

New beginnings...

The first month of 2021 is officially in the books! After riding the err...bumpy rollercoaster of last year's market, we look to January's numbers to see what the new data is telling us about how the spring may shape out. There's a reason for the term molasses in January, and if you live in Minnesota, you're probably already aware that it's almost always the coldest month on record here. Turns out, that has an effect on the real estate market as well, because historically, it's a pretty slow month for home sales. Weather-wise, however, this January was pretty tame. Yes - there's a polar vortex coming, but it's February now! All that said, let's look at the numbers to see what they can tell us. New listings went…