June 2023

This Month's News

A few facts about our current real estate market:

• Less than 1 million properties are available for sale in the entire U.S.
• 30-Year mortgage rates are above 7% now!!! Yikes.
• Gen Z-ers (ages 8-24), are planning to purchase a first home in the next 2-4 years, representing 74 million potential buyers! (Fun side note, speaking of Gen Z-ers! Scroll down to see a picture of my daughter, Graces's graduation!)
• inventory levels are exceedingly low and will not meet this future demand.  

Although this might seem daunting (and news outlets do nothing to ease our anxiety), in my opinion buyers are still better off working to purchase today and refinancing when rates adjust downward. I do not see property values decreasing significantly if at all.

According to a news story on US News last night, the new trend for builders is to build homes for RENT, not for sale. According to the story, people are turning to renting instead of buying because of the costs of down payments, property taxes, and maintenance. 

I feel this is wrong! ALWAYS BE AN OWNER!! There are several government down payment assistance programs for those whose income levels qualify. Newsflash! Property taxes are baked into the rent! You might think you are saving money by not having to pay taxes, but actually you are paying the property taxes for an investor to own the property – instead of you!! 

Yes, homes require maintenance. But you are making an investment in your wealth-building, and maintenance protects that investment. Several reports claim that those in poverty today are there because they did not have equal access to property ownership and missed out on generations of wealth-building property ownership passed down through families. Think about this.

There has NEVER been a better time for access to homeownership! NEVER! If you are interested in learning more – let me know – I have the resources and knowledge to help you and your family and loved ones get on the path to homeownership and wealth building!

If you'd like a detailed report of the housing market in the Twin Cites, click here to download the PDF.

Our Current Listings

5154 Kelsey Circle

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Edina, MN 55436

$4,499,000

A rare opportunity to build on a cul de sac lot in Edina. Located in West Ridge Farm in Parkwood Knolls, this double lot is tucked in near a pond and surrounded by mature trees. Enjoy the privacy and the convenient location this neighborhood has to offer! Home plans are available to lend vision for the build out. This opportunity is one of two remaining in this neighborhood.

See more photos & details

Buyer Needs

We've got lots of buyers who are looking to find their new "right size" home in Edina! And also:

• Looking for an Opportunity in Hilton Head, South Carolina. If you have worked with or know a Realtor® in the area we would love an introduction!
• Parkwood Knolls/ Edina Rambler willing to make updates
• Lake front in west suburbs
• West suburbs, 5+ acres
• Minnetonka, Hopkins, or Orono, willing to do the work up to $350,000

If you've got ideas, please contact us at Heather.Hansen@CBRealty.com

Homeowner Tip

Where in the World is Heather?