The Market as of March

As of today, March 31, we are already 1/4 of the way through 2018.  From a weather perspective, it is hard to call this a great year so far, but from a real estate point of view, it has been terrific!!  Inventory in just about all areas and price ranges is solid.  Interest rates are up a bit, but still favorable (See our most recent Blog post.)  And buyers are active in most all segments of the market.

Following are some numbers from selected areas as of the end of March.

Residential Homes

City                              # listed                     # sold since 1/1/18

Hibbing                           81                                       28

Chisholm                        23                                        11

Mt. Iron/Buhl                 13                                          7

Virginia                            45                                        21

Aurora/HL/Biwabik       39                                         12

Waterfront residential – Currently listed – 229 (All areas)  Sold since 1/1/18 – 24.

These are strong numbers indicating high real estate activity for this area during this time of year, and things are likely to pick up dramatically as the weather warms up.  What these numbers mean for local sellers is this:  “Don’t miss out!  If you have something to sell, get it listed today!!”  For help, for answers to your questions, and/or to list real estate of any kind, contact one of our Johnson Hometown Realty experts today!!  218-263-4411.

Mortgage Movement Matters

There has been a lot of chatter lately about interest rates rising.  If you have lots of money invested in C.D.’s, higher rates are a good thing!!  If you are thinking about financing anything (especially something major, like a home) then higher rates are not so good. How all this macro-economics stuff works is far beyond most of us, but what it means in our lives is pretty simple:  Higher rates means higher mortgage payments, and quite often, it means a buyer can afford less house.

So far mortgage interest rates have risen approximately 1% in the past 6-8 months or so from historical lows of around 3.25% to around 4.25%-4.50% today.  The conventional wisdom is that rates will go up another 1% or so in the next 6-12 months; lets look at what that means to a home buyer. If you borrow $100,000 at the current rate of 4.25%, your principle and interest payment will be about $492/month.  The same loan taken at an interest rate of 5.25% has a payment of $552/month – $60 more each month and an extra $21,600 over the 30 year life of the loan.  So higher rates costs you lots more money, and it also may mean you can no longer qualify for the property you want to buy as the lender uses the amount of any loan payment in figuring out the amount that you can borrow.

Now, buying property is far too important a move to rush into.  However, if you plan to make a purchase in the near future, your payments will never be lower than they are today.  If you have questions about interest rates or financing of real estate, contact your lender soon.  If you have questions about the local housing/lake shore/recreational property market or anything that is currently for sale, contact your Johnson Hometown Realty expert today and let us help you find what you are looking for!!!

2402 First Avenue, Hibbing, MN ….. 218-263-4411…..JohnsonHometownRealty.com

 

Local Home Buyer Workshops: Great for 1st Time Home Buyers!

Home Buyer Workshops are great for any home buyer but especially for those buying their 1st Home!   Topics include: Affordability, Budgeting/Credit, Real Estate Services, Inspections/Insurance, Closing/Title, and Homeowner Responsibilities.  AEOA and many local lenders provide live classes as well as on-line classes.  Some buyers qualify for down payment and/or closing cost assistance if they attend these classes.   Here is a list of some classes, dates & locations for upcoming classes offered through AEOA:

Tues.                March 20th                  8:00 AM -4:30 PM            Grand Rapids

Tues-Thurs.    April 10th & 12th         5:00 PM – 9:30 PM            Virginia

Tues.                May 8th                        8:00 AM – 4:30 PM           Grand Rapids

Sat.                  May 19th                       8:30 AM – 5:00 PM           Silver Bay

Pre-registration is required.  Space is limited.  $40 fee  Contact Sandy O’Fallon at 218-999-0828.

Did you know you may qualify as a “First Time Home Buyer” even if you owned a home in the past?

Qualifying as a first-time home buyer opens you up to a range of programs that can expedite your path to home ownership, and the status isn’t necessarily restricted to those individuals who have never owned a home before. Individuals who have owned a home in the past but are now renting their home are often eligible for these federal and state-funded programs. In general, prospective homeowners must not have owned property within the last three years.  Call a Johnson Hometown Realty expert at 218-263-4411 or a local lender for more information.

http://homeguides.sfgate.com/qualify-first-time-home-buyer-7815.html

Going the Distance for our Clients – One Way or Another!!

A couple of weeks ago, Danielle Randa-Sauter, one of our Johnson Hometown Realty experts and our Associate Broker, posted on Facebook about an unusual lake home showing she had participated in. The listing had a nearly half mile long driveway that had not been plowed all winter, so she and her buyers took snowmobiles in to view the property (which they liked very much, BTW).

This morning Danielle demonstrated another way we go the extra mile for our clients at Johnson Hometown Realty. A buyer living in Texas is very interested in a home located in the area, but they are unable to get up here to view it in person at this time. Danielle met friends of the buyer at the listing this morning and used FaceTime to give the buyers a real time virtual tour of the property inside and out with the friends present to help explain to the buyer exactly what they were seeing!

Four feet of unplowed snow? Not a problem!  Thousands of miles of distance? Piece of cake!  Whatever it takes to provide great service for our clients is what we are committed to do here at Johnson Hometown Realty!!!

Knowledgeable, Dependable, Professional

218-263-4411

Iron Range Area Real Estate Market is Strong – Busy Month in February!

We have been posting often about how active the market is and how busy we are.  There are now some hard numbers to back this up. In spite of the cold, the snow, and the melting that has been happening this past month, the Range Multiple Listing Service reports the following for February:

72 “solds” for the month

4 Commercial/Industrial properties sold

2 Waterfront building lots sold

5 Residential building lots sold

1 Multifamily unit sold

46 Residential homes sold

And, perhaps most surprising for the time of year, 14 Waterfront Residential listings went sold/closed!

The point is, it is definitely not too early to put your property on the market!!  To list any type of real estate, or to get a free, confidential market analysis of your property, or to simply ask some questions about the the process, call your Johnson Hometown Realty expert today at 218-263-4411!  We are always available to serve you!!

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

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