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A year like no other...seriously.

We have done our best to bring you accurate and timely market information throughout 2020. As this crazy year comes to a close, we wrap up the past data and look forward to the changes ahead. It will be extremely important to keep up with the market over the spring of 2021, as we are hoping to see a bit more balance in the real estate world. Now, let's recap December and see how things turned out.

For new listings last month, it should come as no surprise that we went a bit down from November, and landed not far off from where we were last year at this time - 2,820 to be exact, which is only a few hundred above 2019. That category alone, however, does not showcase the amount of demand still present, because as we…

Do people actually move in the winter time? Oh ya, you betcha!

While there are definitely busier home selling seasons throughout the year here in Minnesota, life still happens in the winter, and that life often includes buying and selling real estate. So what are some of the key things we see as industry professionals when it comes to moving in the winter versus the other seasons? Let's take a look!

Dealing With Unpredictable Weather

What's the first thing that comes to mind when you think of Minnesota in winter time? It's cold! Well, turns out the same rings true when it comes to moving. Consider that you may end up being outside for a longer period than most humans would typically desire, and on top of that, you'll likely be lifting…

Hello again! What's our theme for this month's recap? Let's just say things got interesting...

We knew there was potential for November numbers to be unique-- a presidential election, COVID spikes across the nation (particularly right here in the Twin Cities), and the entry to winter. What we didn't know was whether or not this progressing Seller’s market could help out buyer demand by going against historical November slow downs, and provide a healthy amount of listings to hopefully balance things out. Did that happen?

No. No it did not...

November 2020 brought some of the steepest dips we've seen all year. While normally this wouldn't be a huge surprise, considering the market almost always slows down toward the holidays, it seems surprising…

Interest rates. We know lower is better, but what's considered actually low, and how much does it affect your overall spending on the purchase of your home? Well, potentially quite a bit, which may be why we continue to see record numbers of home sales even in the midst of a global pandemic. Are today's buyers just valuing a home more than before, or are they just cashing in on these ultra-low interest rates? Let's take a look.

So we know we want a lower interest rate when purchasing a home, but that isn't the only factor we should be looking at. For starters, unless you're purely an investor, buying a primary residence has many more factors to consider than just the interest rate, and since we can't really control them anyway, we can't just put…

Welcome back! This month’s update is titled: Peaks and Valleys 

Actually, it's just titled Market Update for October— it's about peaks and valleys, as that's what the numbers are showing us. Last month we were starting to see some shifts in the market, so let's dive into the October numbers to see if we're still heading in that direction, or if that was just a blip.

Perhaps the biggest indicator for us to look at right now is the total number of homes for sale. This has now gone down for the sixth consecutive month, and we're heading into the time of year where it typically takes an even further dive as it starts to get cold and closer to the holidays. October is officially the lowest number we have seen all year, and there are no signs of that…

Written by VIBE's Broker / Owner Steve Anderson

Welcome to the Market Recap for September 2020. There's been an interesting shift since last month, so let's take a look at the data and see where the Twin Cities real estate market may be headed for the fourth quarter of this undeniably tumultuous year.

Over the summer, we've watched the sales numbers climb, climb again, and then climb some more. Prices constantly going up and days on market consistently going down...but of course, that is unsustainable. I've mentioned a few times in past recaps that it seems we are "waiting for the other shoe to drop" - so did it happen? Honestly, it's probably too early to make the official call, but we are seeing some key indicators from trends over the last two…

The market update of threes! Everything is coming in sets of three this month, so that'll be the theme as we examine just what's going on in today's Twin Cities real estate market.

For starters, let's call out the major outlier here...average sale price for 2020 is now almost $100k higher than it was this time in 2019 - wow! August last year was just under the$290k mark, and for this year we are broaching almost $380k. While it has certainly been a difficult year to track, there is no doubt that the limited home inventory this year has caused a surge in home prices like no other.

As for our other indicators, most everything seems to be happening for the third month in a row. New listings are slightly up over last month, and at the same pace…

As we look at the numbers for July, we'll be looking at the real estate market's health in general, without as much emphasis on COVID-19. It's not to say we're not focusing on the impact this disease is currently having, but historically there is almost always a summer lull, so we want to be sure we're taking that into account.

School start and end dates play a large variable in how the real estate seasons play out. Since “going back to school” looks a bit different this year, we will have to closely monitor how this impacts the real estate market. Will it put a damper on the typically very strong fall market? Time will tell.

Here's how the numbers stacked up for July...The number of new listings went slightly up, which is encouraging in a…

Written by Steve Anderson, Broker at VIBE Realty

The numbers for the first half of the year are officially in. Typically, in the Twin Cities, spring and fall are by far the two busiest seasons, but when COVID-19 became a factor back in March, we started to see it take its toll on the real estate market. So how did everything shake out? Although June has been stronger than usual, it didn’t quite make up for the lighter spring.

The general consensus seems to be that sellers were understandably hesitant to open their doors during the initial spread of the virus. As regulations started to loosen, homeowners became more comfortable with selling. And while the amount of new listings did go up slightly in a month where they would typically go down,…

In honor of the 4th of July, we’re reflecting on the joys of independence. Home ownership is considered by many as ‘The American Dream’ and there are dozens of reasons and benefits to owning your own home as opposed to renting. Most of those reasons come down to something we’re celebrating this weekend: freedom. Freedom from a landlord, freedom from design that you didn’t choose, and freedom from rent that gives you no equity. Here are 5 reasons why being a homeowner can grant you the independence that you may be looking for.

You Can Start Building Equity

Renting may come with less work upfront, but the reality is that your hard earned money is likely going toward someone else’s mortgage. That means you’re building their equity, rather…