Shift Happens

March 15, 2017 by Meg Decker

We sent out a mailer with the line, “Shift Happens” to people all over urban Minneapolis. In addition to being in the early portion of a new year, things are changing everywhere and we wanted to get people thinking about changes in their personal lives because real estate is pretty personal…whether you rent or own, just about everyone spends a significant amount of money every month on their living space. This new year brings many new circumstances and we wanted to get people thinking about options they have in our fast-paced, high demand market. Here are some stats to take note of:
 

Home prices nationwide, including distressed sales, increased by 7.2 percent year-over-year as of December 2016. We predict a 4.7% increase in home price growth nationally for this year.
• CoreLogic
Negative equity – or owing more than a property is worth – is at the lowest rate since 2007.
• Black Knight Financial Services
Rental rates are rising at twice the rate of inflation.
• Mortgage Bankers Association
1.6 million new households will be established in 2017.
• Mortgage Bankers Association
 

Home prices are rising, home equity is growing and more people are entering the housing market as renters or buyers. There’s good news to be taken from all of this data, but the tangible benefits depend on what your situation is now and what your goals are. We’d love to talk with you and hear what’s going on in your life. You might be surprised at how ‘what you’re up to,’ changes or opportunity with your job or even random notions can lead you to uncover or avoid missing opportunities in what’s still a great ground floor market. Checking in with a professional urban Realtor is something you should do every year – think of it as a check-up for your goals and plans in the short, mid-range and long term. Our DRG team is here to help!

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