Looking to invest in real estate? Contact Kim Woehl – Keller Williams Premier Realty 651-214-1459
We buy a home hoping that it will increase in value. We watched for years as homes made a steady upward climb. It began to seem almost impossible that this steady progression would stop, but it did.
Just like any investment we don’t have a lot of control over what ultimately happens when it comes to the market. This said, we do have control over where to buy, how much to spend and how much to improve the property.
Consider for a moment that you purchase a home with the idea that it will never appreciate. Even if the price of the home never goes up, you still are collecting monthly rental income while you pay down the mortgage. You can also increase the property value by making updates that will bring value to the home. How much can you afford to lose. Before buying is the time to decide how much risk you can take and if investing is right for you.
Looking at reports from the Minnesota Association of Realtors we can see that the market is continuing to recover. Looking at statewide data the median price for home sales continues to move up. Currently they are at $152,000 which is an increase of 9.4 percent from just a year ago. This is good news for all homeowners. It also makes it a great time to buy a home while mortgage rates remain at all time lows.
As we move into the snowy season we often see real estate slow and then bounce back heavy in the spring. So far this fall home sales are continuing strong. If we look at data for the seven county metro area, we see that home sales are up fifteen point three percent and looking at the central region they are right behind with fourteen point six percent.
I get asked all the time if housing is recovering and the data says, YES! One thing that I am still struggling with as a Realtor is the lack of homes for sale. There is not a lot to show my clients and the few that they wish to purchase are being fought after by several other parties. Now might be the perfect time to list your home on the market.
Let me find your next dream home as well as get your current home listed and sold! Look no further than Kim Woehl at Keller Williams Premier Realty if you want individualized, personal care. Call me!