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Nostradamus I am not…A Good Year in Real Estate for Iron Range in 2018?

I am certainly not a prophet – not even a Punxsutawney Phil (whose big day is coming again soon) – but since anyone who reads this will undoubtably soon forget what is written here, I will go out on a limb and predict a very good year for Iron Range Real Estate in 2018. Before explaining why this good year is going to happen, let’s agree on what that means – A good year in real estate terms is a period where prices are strong enough that sellers can afford to sell, yet not so high that homes are out of reach for the average buyer. And a good year is one that has plenty of buyers actively in the market, but not so many that competition drives prices to unsustainable levels.

So why are we going to have this “good year” in northeastern Minnesota in 2018? There are four major reasons for optimism….

1) Activity is off to a very strong start. The Range MLS has already seen 25 residential properties sold and closed since January 1.  And there are an additional 61 residential properties currently pending as of today across the Range.Our office is seeing solid offers coming in almost daily and our agents here at Johnson Hometown Realty are very busy with buyers in a variety of price ranges. While our local market can change rather abruptly, over the years we have seen that when activity starts early, it is often maintained.

2) Our inventory is about right. There are currently 428 residential listings in the Range MLS, 77 of them in Hibbing, 28 more in Chisholm, and 50 in Virginia. Those numbers vary from day to day, and they may not mean much to the average consumer, but they are about right as far as supply and demand are concerned for our area.

3) Interest rates on home loans remain historically incredibly low.  We have been saying that for a number of years now,  and rates have been slowly creeping up a little bit over the last few months, but right now you can borrow money in the low 4% range and that is a fantastic rate to lock in at.

4) Most importantly, our local economy is very strong. Everyone knows we are tied at the hip to the mining industry, and right now the mines are all up and running. There are no rumors (today, at least) of strikes or lay offs or shut downs. There is even new mining activity around the edges – The former Essar project has a pulse, the former Magnetation enterprise is apparently back in the game. Even Polymet appears to be gaining traction and Mesabi Nugget, while on life support, seems to have some hope of going forward. All of this mining news leads to things like the big expansion recently announced at L and M Radiator and drives hiring in other mining-related companies. This environment provides jobs and good wages as well as hope and faith in the future which impacts home sales, lakeshore purchases and the buying of recreational property.

So there you have it, my prediction for a very good 2018 for the Iron Range as far as real estate is concerned. I may not be Nostradamus, but I am also not Al Gore. I never predicted Florida would be under water by 2015…..

Posted in: Uncategorized

A Buyer asked with a sigh, “Why should I pre-qualify?”

To pre-qualify simply means to contact a lender (preferably a local lender) either in person, by phone or on-line to establish your ability to get a loan.

There are six very good reasons to pre-qualify – all 100% beneficial to you, the buyer.

1. This is how you find out how much of a loan you could be given so you know what home price range you should be looking at.

2. This is how you learn how much your loan payment will be at a variety of different loan amounts.

3. This is how you know which type of financing is most beneficial to you.

4. This is the way you ascertain how much cash you are going to need to proceed, i.e., down payment, closing costs, etc.

5. This tells you whether or not you need to ask for seller concessions (money from the seller to help with your closing costs) when you make your offer.

6. Once you are pre-qualified for a loan, your lender can provide you and your agent a letter of pre-qualification. Having that letter accompany any offer you write makes your offer stronger and more attractive to the seller.

Pre-qualifying is a win –win –win –win –win –win for you!

Pre-qualification checklist – Have this information before shopping for a home:

1. Can I now qualify for a home loan? If so:

a. How much can I borrow?
b. What is the payment at that amount?
c. What is the payment if I borrow less?
d. What type of financing is best for me?
e. How much cash will I need at closing?
f. Should I ask for seller concessions in my offer, (i.e., help with my closing costs) and if so, how much?

2. If I can not qualify for a loan right now:

a. What steps can I take to make it possible to qualify?
b. Approximately how long will it take for this to happen?

Posted in: Uncategorized

Another BIG “Thank You”!!!

We have received an unusual amount of business recently from friends and former customers who have been referring new customers to us here at Johnson Hometown Realty. We realize no amount of advertising would ever be as effective as these “word of mouth” referrals are and we appreciate your confidence and thoughtfulness very, very much!!!

Posted in: Uncategorized

Neither Rain, Nor Snow…….will keep a DEPENDABLE Realtor from Showing You Houses!

Posted in: Uncategorized

A Few Fun Facts For Folks Fixated on Figures – Residential Lake Shore Properties SOLD!

A few fun facts for folks fixated on figures…

Residential Lake Shore properties sold/closed through the Range MLS last year….

Under $100,000             17

$100,000 – $200,000      63

$200,000 – $300,000      56

Over $300,000                71

(Most expensive Lake Shore listing sold/closed through Range MLS in 2017 – $1,050,000. Located on Lake Vermilion.)

Posted in: Uncategorized

Thank You! Thank You! Thank You! And, Thank You, Too!!!


We have been truly blessed over the past month as so many of you – friends, family, customers, fellow realtors, related-industry professionals, and others – have stopped in the new offices or otherwise reached out to offer us encouragement and support during the opening few weeks of our new business. Your thoughtfulness and kind words mean more than you can imagine.
Again, Thank You!! If you haven’t had time to stop by yet, drop in anytime. And if you’ve already been by, stop in again!! There is a good chance there will be treats around somewhere…

Posted in: Uncategorized

A few fun facts for folks fixated on figures…. Current Active Listings – Statistics

As of today,  here are the number of residential homes currently listed as active in a few area markets….

Town                                 <$100,000    $100,000-$200,000    $200,000-#300,000     >$300,000

Nash/Keewatin                          4                            3                                 0                                  1

Hibbing                                     47                          26                                4                                   3

Chisholm                                   17                            7                                2                                   1

Buhl/Mt. Iron                              7                            4                                 0                                  1

Virginia                                      29                           17                               2                                   2

Posted in: Uncategorized

Tips for Sellers – Seller’s “Golden Rule” – Preparing your Property to Sell!

Matthew 7:12 reads, “Do unto others as you would have them do unto you.” A great rule to live by, and if you paraphrase it, it becomes a great rule for sellers to follow when preparing to put property on the market.
“Prepare your property for sale so that it looks like a property you would want to purchase from someone else” is a simple, yet important reminder for anyone who wants to sell some real estate. Put yourself in a buyer‘s shoes and look at your home, cabin, commercial building, or even vacant land the way a buyer will view it. What would you be looking for in a place to live? What would be most important to you in purchasing a commercial building? What would you want to see in a building lot or in recreational property?
Answer these questions honestly, and then discuss your answers with your Johnson Hometown Realty professional, and address those factors as well as you can. The chances are good that potential buyers are using similar considerations as they look for their next purchase. By doing the things that will make your property stand out, even just a little bit, above those you are competing with, may very well make the difference between selling and not selling and between a low offer and top dollar.

Posted in: Sellers

A Few Fun Facts For Folks Fixated on Figures…(Real Estate Statistics – Range MLS)

A few fun facts for folks fixated on figures…from your Hometown Homie:

Residential homes sold/closed in 2017 through the Range MLS

Hibbing Under $100,000  112       $100,000 – $200,000  71         Over $200,000  13

Chisholm                 ”            40                         ”                   17                        ”             2

Virginia                    ”             62                        ”                   23                         ”             6

(Most expensive “in town” residential home sold in 2017 through Range MLS – $360,000. Mountain Iron)

Posted in: Uncategorized

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2402 1st Ave.
Hibbing, MN 55746
218-263-4411

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