Hugo and Lino Lakes Market Report for October 2014

Hugo MN Real Estate Stats
October 2014

HUGO, MN REAL ESTATE STATS

According to Trulia, the median sales price for homes in Hugo, MN for Jul 14, 2014 to Oct 14, 2014 was $183,603. This represents a decline of 3.4%, or $6,397, compared to the prior quarter and a decrease of 19.1% compared to the prior year.

• Sales prices have appreciated 19.6% over the last 5 years in Hugo. 
• The average listing price for Hugo homes for sale on Trulia was $302,115 for the week ending Oct 22, which represents an increase of 2.6%, or $7,568, compared to the prior week and an increase of 2.1%, or $6,218, compared to the week ending Oct 01. 
• Average price per square foot for Hugo MN was $154, an increase of 6.9% compared to the same period last year.

LINO LAKES, MN REAL ESTATE STATS

Lino Lakes MN Real Estate Stats
October 2014

The average listing price for Lino Lakes homes for sale on Trulia was $300,095 for the week ending Oct 22, which represents a decline of 1.3%, or $3,970, compared to the prior week and a decline of 5.4%, or $17,185, compared to the week ending Oct 01.

• Sales prices have appreciated from $263,675 to $276,900 over the last 5 years in Hugo. 
• The average price per square foot is similar to the pricing we saw in 2003.
• Average price per square foot for Lino Lakes, MN has maintained around $162 for the last year.

So what does the market FEEL like to an active local agent?  

Prices have gotten a bit "soft" in the last few months and buyers seem less active; particularly in homes over $300k.
Demand still feeling particularly high for entry level homes under $125k but these buyers aren't looking for an investment or remodeling project, they are looking for something liveable (and financeable).

The REALTOR association finally reported (on a national level) what I have been feeling locally for a few months: "price appreciation is slowing as foreclosures dry up and investors retreat"
 and this is evident in the number from our local MLS.

• The "Months Supply" of inventory for 55038 and 55014, the indicator of Buyer's vs Seller's market, hit 5 months in August  (we say the market tips in the buyer's favor at 3 months supply) so we definitely tipped back into the buyer's favor this fall.
• In 2013, these areas saw 815 home sales with a media price of $195,000. So far in 2014, we have seen 552 sales with a median price of $207,450.
• In 2013, we saw 24 homes sell over $500k. So far in 2014 we have seen 12 homes sell over $500k.
• In 2013, we saw 62 homes sell under $100k. So far in 2014 we have seen 11 homes sell under $100k.
• In 2013, we saw 15 homes sell over 4,000 sq ft at a media price of $483,150. So far in 2014 we have seen 8 homes sell over 4000 sq ft at a median price of $456,250.
• In 2013, homes listed between $350k and $450k sold in an average of 21 days. So far in 2014 homes listed between $350k and $450k sold in an average of 45 days.

So I ask: What is influencing your willingness to buy or sell a home in the coming months?

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Down Payment Money Is Available!

Looking for some help with your down payment for help on a home purchase in the Twin Cities area?  Down Payment Resource maybe be your answer!

Whether you are just beginning your home search or you are struggling to find a home you can afford, it's worth a look to check out the DPR website and find out what programs you may qualify to use.

Need help navigating the changing Twin Cities Real Estate Market? Contact Me!

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Major Considerations About Your Next Home

Home ownership is an American Dream so many people start thinking about buying a home early on in life. First homes, move-up homes, downsizing... some people start planning their purchases as little as 3 months in advance or as long as five years before making a move. No matter where you fall on the time frame, you should give consideration to the following home buying decisions.

How are you going to pay for your home?

Cash? Great! Skip to Now Ask Yourself These Questions below.

Financing? OK, let's briefly talk about paying for the home using a mortgage. What do financial institutions look at when they issue your loan approval?

• Your Credit History: Are there any late payments or delinquencies? Are you working on paying down your debt? Essentially, when banks give you a mortgage they are taking a gamble that you’ll pay them back. If you can’t pay off smaller loans, it’s unlikely that they will take that chance.
• Your Income: Do you make the same amount every month or does it vary? A consistent income is preferable since it is indicative of your ability to pay the mortgage each month.
• Your Debt: Do you have student loans, a car payment, multiple credit card balances? While most places expect that you will have some amount of debt, too much is a red flag.
• Your Employment History: Have you had a stable job for a while or are you always changing jobs? Are you self-employed? Banks prefer that buyers have at least two years with the same company but there are some industry exceptions.
• Your Savings: The ability to make a down payment is essential to buying a home. Ideally, you’ll want to put down 20% of the purchase price however there are loan programs with as little as 3.5% down. Plus, you should have money to cover any additional closing costs and inspections as well as other moving expenses. 

Eight Things Your Lender Evaluates

It's OK if you need to take some time to save up more down payment, pay off debt or create record of a stable job history. You're not alone. It's OK to dream in the mean time. Your dreams will help you to know more confidently when you do find the right home.

 OK, so let's say you have that part covered, you've talked to a lender (or saved up cash) and know your home purchase budget.

 Now Ask Yourself These Questions:

• What is your moving time frame?
• What are the additional expenses of homeownership?
• Who will live with you? 
• Whose names will go on the Deed? More about Title Insurance.
• What do you intend to do with the property? 
• Where do you see yourself in five years? Ten Years?
• Are you looking for a move in ready home? A home you can put your personal touches on? One that needs complete overhaul? Read more about remodeling.
• Are you considering foreclosed homes of short sales?
• What are your MUST HAVE features? 
• What additional features are on your WISH LIST? 
• Are there any features or characteristics you'd like to avoid?
• LOCATION: City or Country? Commute Time? Nearby Schools? Nearby Amenities? 
• How much maintenance can you handle? 
• Single Family, Townhouse or Condo? Association? 
• Who will have influence in my purchase decision?

Have questions about these questions?

Call me.  A little professional help can go a long way in reaching your dreams!

Meet Sarah Marrinan, REALTOR®

Meet Sarah Marrinan, REALTOR® . 

 Check out this short intro video to learn more about Sarah Marrinan and why you should Call Sarah First for all your real estate needs!




I look forward to meeting you!

If you are looking for a real estate agent in the Twin Cities, your search is over!  Check out my recommendations from past clients!

Buying a Foreclosure: Don't say I Didn't Tell You!

Do you know the facts about buying a foreclosed home?

I have written about Foreclosures a lot.  I have helped a lot of buyers purchase foreclosed homes and I personally have purchased a foreclosure.  Buying a foreclosure is not like buying a home that is owner occupied.

Check out these articles about purchasing a foreclosed home:
Three Things To Consider About Buying a Foreclosure

Is a foreclosure worth it? Issues and upfront costs...


Are foreclosures worth the headache? Problems with the Property


The "Hidden Costs" of Purchasing Bank-Owned Properties


Empty Foreclosed Homes: What should I know?

I also wrote A LOT of other Home Buying Tips.

Buying a house isn't like car shopping.  In addition to all the paperwork and all the laws and regulations, there are a lot of different scenarios that require specific knowledge and experience. Please protect yourself and seek professional advice from a FULL TIME, experienced REALTOR.

Even if you don't choose to work with me, I can refer you to the right agent for you.

See Also:
 Are Foreclosures a Good Deal in 2015?
What Do I NEED TO KNOW about SHORT SALES?

Free Calculator: How much house can you afford?

Thinking about buying a new home?  Upgrading to a bigger home? Downsizing to a smaller home?
It's time to do the math!  How much house can you afford?

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Need help getting your search started? Call Sarah today!

Links that may interest you:

Housing Market Updates  |  Getting pre-approved  |  Homes for Sale  |  What is Your Home Worth  |  Why Call Sarah First  |  Seller Wake Up Call

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