Buying or selling a home in Minnesota can be extremely difficult in today's changing real estate market. Where there was once many buyers for each house for sale, today there are many houses for sale for each buyer.
With the changing real estate landscape comes a change in the direction agents must make to handle the new realities of real estate. Real estate agents like Aaron Dickinson of Edina Realty have become enormously successful since they have turned their focus to the Internet for promoting their listings and discovering new buyers.
The Minneapolis Area Association of Realtors has some great statistics about the Twin Cities market and is always a good resource for data however, interpretation of that data still requires the right real estate agent.
If you have questions regarding the Twin Cities real estate market, please contact Aaron Dickinson with Edina Realty at: 612-251-5599.
Recent Twin Cities Blog Articles:
| Q&A - How Long Should it Take to Sell My Home? - 05/09/2008 |
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According to the RMLS’s analysis of the 13 county Twin Cities metro area, the average home is selling in 165 days. But also according to the RMLS, that home is only selling for 91.7% of original list price.
Now I’m not 100% sure on this, but my feeling is that most sellers would prefer to sell [...]
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| Price Per Square Foot - Lender-Mediated vs Traditional Sellers - 05/07/2008 |
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As a follow-up to the report I co-authored with Jeff Allen from MAAR, below is a comparison of price per finished square foot between lender-mediated sales and traditional sales.
As can be seen by the chart above, there is a substantial price discount on a cost per square foot basis when you look at lender mediated [...]
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| Aaron Dickinson and MAAR Publish Report on Foreclosures and Short Sales on Twin Cities MLS - 05/06/2008 |
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You can find the report here.
Background
In late October I wrote a blog post regarding foreclosures and short sales listed on the MLS in the Twin Cities. Once I started researching this topic, I found that the information I was uncovering was previously unknown in our market and that the trends it offered were very insightful. [...]
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| Foreclosures and Short Sales Skewing Twin Cities MLS Statistics - 05/06/2008 |
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In the first quarter of 2007, sold homes reported by the MLS were 90% “Traditional Sellers” and 10% “Bank Mediated Sellers” (bank owned foreclosures and/or short sales).
In the first quarter of 2008, these “bank mediated” listings comprised more than 27% of the sales. The Median Sales Price of homes sold by Traditional Sellers in [...]
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| Agents Disrespecting Vacant Houses - 04/21/2008 |
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I have a listing that is vacant. The house is not a foreclosure and it is not a short sale. The house is clean, freshly painted, and has all utilities on. Apparently because it is vacant, agents/their buyers feel that they do not need to afford the same respect they would to an occupied home.
When I [...]
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| Price Per Square Foot Explained - 04/20/2008 |
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Just after I posted my article about price per square foot for cities in the southern metro, I came across a blog posting from MAAR that explains PPSF quite nicely and gives some more numbers for comparison.
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| Pricing Comparison of Southern Twin Cities Suburbs - 04/20/2008 |
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I took a little bit of time to compare some local communities’ price per square foot calculations from January - March 2007 vs January - March 2008. Price per square foot is a nice comparison since it looks at cost comparisons that are not influenced by size of house, since many of the communities [...]
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| So Much to Say, No Time to Say It - 04/17/2008 |
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I’ve got mountains of thoughts to share with you all but have simply not had the time to write about it. Blogging takes concentration & clarity of thought… two things I have had very little of lately with this busy market.
I’m working with some great buyers & sellers and having a great time but it [...]
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| Greedy Buyer Loses in Multiple Offers - 04/09/2008 |
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This is a story about a buyer who was too greedy for his own good, and how his underestimating of the situation left him with terrible regret when he lost out on the offer for his “dream home.”
About a month ago this buyer went looking at new construction in a outer suburb of the Twin [...]
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| Q&A: When Will the Twin Cities Real Estate Market Hit Bottom? - 04/08/2008 |
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This question comes up with both my clients and my coworkers: “When will we hit bottom?”
The problem with that question is that there is more than one answer. Are we talking about:
Lowest sales price?
Fewest units sold in a month?
Highest supply of homes on the market?
Longest days on market?
Lowest (or highest) affordability?
Depending on who you are [...]
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