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Sunday, April 12, 2015

Crow Wing County Monthly Market Report

March was a strong month for the housing market in Crow Wing County.  The number of new homes on the market increased in March by 31.1 percent, over this period of time last year. This is great news for the buyers out there who have been looking for their ideal home, but struggling as a result of decreased housing inventory. Even with the surge of inventory hitting the market the number of months supply of homes for sale continues to be lower than ideal. Now is the perfect time to consider selling your Crow Wing County home.

The number of total homes sold last month rose slightly when compared year-over-year. However, pending home sales surged by 31 percent in March. This is a strong indicator of the number of closed sales we will see in the next few months to come.

The median sales price of homes continues to increase, last month the median sales price increased year-over-year by 8.4 percent to $151,700.  The average sale price in March was $181,384. Not only are homes selling for more they continue to spend less time on the market than they did in 2014. The average days on the market for March was 98 days, down 26.3 percent over this time last year.

The spring housing market will be in effect before we know it.  If you are looking to buy or sell a home in 2015, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.

Bill Grunewald/ Edina Realty.

Licensed in Minnesota/ Lic # 20204156

Monday, April 6, 2015

More Jobs Available in Minnesota

Not only is the housing market improving in Crow Wing County, but so too is the economy. The number of job vacancies in the fourth quarter of last year rose to 88,900. This marked a 47 percent increase over 2013, according to the Minnesota Department of Employment and Economic Development (DEED).

The state now has 1.1 unemployed individual for every vacancy as of the last quarter of 2014. Compared to a year ago that number was 2.1 unemployed individual for each available vacancy.

"The figures indicate the economy is growing and that companies are making more opportunities available to job seekers," said DEED's Labor Market Information Office Director Steve Hine, in a news release. "The labor market is expected to continue tightening as more baby boomers retire and companies hunt for workers to replace them."

21 percent of the openings were in the health care and social assistance sector, followed by the food services sector with 13.4 percent, retail posted a 12.6 percent vacancy, manufacturing 11.1 percent, and educational services 6 percent.

With more jobs available and unemployment down the housing market is expected to do very well this spring. Now is the perfect time to buy or sell your Crow Wing County home. .  If you are looking to buy or sell a home in 2015, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.

 

Bill Grunewald/ Edina Realty.

Licensed in Minnesota/ Lic # 20204156

Monday, March 23, 2015

How to Qualify To Refinance Your Crow Wing County Home

The average 30-year fixed-rate mortgage fell last week to 3.78 percent, down from 3.86 percent the week prior. With the continued decrease of mortgage interest rates now may be the time to refinance your Crow Wing County home.   Here are a few tips on determining if you qualify to refinance your mortgage loan.

First, start by determining how much equity you have in your home at this time. It is ideal to be able to refinance without paying private mortgage insurance.  In order to refinance and not pay private mortgage insurance your LTV needs to be 78% or less. To find your loan-to-value (LTV) ratio you would need to determine what your home is worth and subtract that from what you owe.  

Second, look at your debt-to-income (DTI) ratio.  LendingTree.com advises that after you refinance your mortgage your new payments, plus other debt should not add up to more than 43% of your current gross income.  During the refinance process lenders will be looking at your credit scores. The higher your credit scores the better the refinance rate you will be able to secure.  Lender minimums credit scores are typically between 620 to 660.

If you have determined refinancing your Crow Wing county home is not in your favor as you will be moving in the near future then consider contacting us for your all your home selling and buying needs.

Last, evaluate the costs incurred in refinancing and make sure it is worth it.  Are you considering selling your Crow Wing County home soon? If so refinancing may not be in your best interest.  The thousands of dollars you w incur in closing costs, loan origination fees, and other fees may not be worth it if you plan to move in the next few years.

I would love to help you buy or sell a home in Crow Wing County this spring, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.

Bill Grunewald/ Edina Realty.

Licensed in Minnesota/ Lic # 20204156

Monday, March 16, 2015

Crow Wing County Monthly Market Report

Spring officially begins this week, and with the warmer weather we welcome more buyers and sellers to the housing market. Even with the frigid temperatures of this past February the number of new homes being put on the market increased by22% compared to this same period of time last year.

The number of homes sold last month was slightly down compared to this period of time last year, but the number of pending home sales jumped by 40%. Pending sales are a strong indicator of what we can expect in closed home sales in the months to come.

The average sales price increased by 3.6% to $115,000, and the average list price increased by 2.1% to $167,019.  Homes in Crow Wing County are selling for more, and those sellers on average are receiving 90.3% of their original listing price.

The spring housing market will be in effect before we know it.  If you are looking to buy or sell a home in 2015, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.

 

Bill Grunewald/ Edina Realty.

Licensed in Minnesota/ Lic # 20204156

Sunday, March 1, 2015

Are you looking a home in 2015? Do not miss the homebuyer education workshop in Baxter.

Is buying your first home in Crow Wing County part of your plans in 2015? If so consider attending Home Stretch, the homebuyer workshop, on March 17th or March 19th at the Greater Lakes Association of Realtors office in Baxter. This workshop will walk you through every step of the home buying process.

Throughout the workshop you will learn what you need to know about qualifying for a mortgage, financing your new home, how to credit shop, the closing process, homeowner maintenance and the numerous mortgage products available to you.

There are a few mortgage products, government loans, and programs that assist with down payment and closing costs available to homebuyers that require them to receive a certificate from Home Stretch.

If you are unable to attend the event to receive the certification for your upcoming home purchase you can attend an online homebuyer education course offered by Framework. This course has been approved by a large number of lenders to meet the homebuyer education requirement.  You can find more information about the online course at www.cmhp.net.

To attend the event you must register by contacting Suzy at 320-258-0681.

Prior to attending the event it is encouraged that you attend a pre-purchasing counseling appointment. This service is free and is offered to any potential homebuyer who wants to speak with a certified homeownership counselor in regards to their current financial situation prior to purchasing a home.

I would love to help you buy or sell a home in Crow Wing County this winter, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.

Bill Grunewald/ Edina Realty.

Licensed in Minnesota/ Lic # 20204156

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