Home Value Trends in Minnesota


If you're still hearing real estate experts whining and moaning about the state of the market, the bursting of the bubble, or the plummeting of home value averages, just tune them out. Sure, nationally, the market isn't the booming money tree is was 3 years ago, but that does not mean it's dead either. Besides, knowing how long homes are staying on the market nationwide or the median home value of the nation (it was $221,900 in 2006) isn't going to help you much when you're ready to move.

Real estate is an investment, so make sure you're moving somewhere your home value is likely to appreciate decently over the years. But if you're like me, you probably can't tell the future, so how are you supposed to figure that one out? Simple: good, old fashioned research. Research the past home value and rate of sale trends in a specific area, as well as its population, job opportunities, economy, unemployment rates and the attractions it holds to visitors. Those various factors can give you a fair idea of where home values in a given area may be headed over the years.

Minnesota, home of the Twin Cities (one of which, St. Paul, is the capital city) has a population of about 5,167,101. Their economy is based on agricultural products such as: dairy, corn, cattle, soybeans, hogs, wheat and turkeys and on industrial sectors such as machinery, food processing, printing and publishing, fabricated metal products, electric equipment, mining and tourism. With a large population and a strong economy, it's obvious Minnesota is a favorable spot to live, which usually means high home value averages and faster sales. Of course, the tourism factor and attractions an area has to offer can have a big impact on the amount of new residents drawn in as well.

Minnesota has tons of state parks for outdoor adventures such as camping, hiking, fishing, biking, boating, landscape and wildlife viewing, etc. The state can be broken into 4 main sections, each offering it's own unique attractions. The Northwest/Central area has the largest lakes, prairies and bogs, it is the source of the Mississippi River and the is the home of the legend of Paul Bunyon, the famous bigger than life lumberjack. There are plenty of resorts to stay in with golfing, music and theater, museums and historical sites readily available. The Northeast region is the scene of many lakes, tumbling rivers and lush forests, perfect for the outdoor recreations mentioned earlier. The Southern portion of Minnesota is all about scenic valleys, wooded bluffs and peaceful prairies. Numerous historic sites honoring Dakota Indians and the pioneers alike are spread throughout the area, as are antique shops, historic architecture and ethnic festivals.

Last but not least is the Metro area, the home of the Twin Cities, where hip, urban Minneapolis meets gentrified, historical St. Paul. A wide spectrum of metropolitan experiences is the result, including, but not limited to: art, history and science museums, stage performances, zoos, family-friendly entertainment, shopping, a live music scene, dining, clubbing, bar hopping and theater. The area combines urban comforts with a beautiful natural setting including lakes, rivers, parks and trees. With so much to do, and a large metropolitan area, it's a fair bet to say home value prices, at least in the metro area, are constantly on the rise.

Minnesota also has middle to low unemployment rate, staying steady at about 4.6% over the past couple months, with a rise in jobs in trade, transportation and utilities and education and health services. Government, construction and manufacturing jobs seem to have slipped somewhat. The median household income was about $52,024, higher than the national median and the median home value sales price in 2006 was about $235,000. The median home value in April 2007 was $260, 277.

In Minneapolis, the average value of a single family home is about $255,000. As long as sellers are willing to price their homes fairly, homes are still moving. St. Paul has an average home value of about $235,000. The average days spent on the market is a bit less than 90. The rural areas of Minnesota are bound to have lower home values but the homes probably don't get sold as fast. However, if Minnesota stays on course, and job opportunities continue to arise, there's no reason why home value averages can't continue to rise steadily over the next few years.

Ashley Lichty is a webmaster and the resident SEO of Web Xtreme, Inc. She has a background in real estate and marketing with an emphasis in writing.

Find out your own home value and other valuable homeowner information at GetMyHomesValue.com

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What Changes To Expect In Moscow Apartments Price


On the rental market for elite apartments in Moscow, even on the second market, always the decisive leading role is played by the certain exclusiveness from the context of the common market trend situation of the very object of sale, about which constantly realtors are constantly reminding.

Alexander Ziminsky who is the Director of elite real estate Department of PENNY LANE REALTY: “In the second-half of 2006 we observed small reduction in the demand. Reason to that - mass campaign SMI in the media, combined with the implementation of program “accessible living”.

In the end of last year even buyers of apartments in Moscow of the class de- luxes real estate expected reduction in the prices; however, no changes in this segment of market occurred. Now a quantity of transactions sharply grew due to the postponed demand of the recent months of last year. Demand for Moscow apartments, which from all parameters correspond to the high demands of our clients, as before considerably exceeds supply, and we do not see prerequisites for changing the situation.

The number of Moscow apartments of the class de- luxes is limited, reason to that - serious scarcity of construction sites in the center of Moscow. In the end of 2006 only a little more than usually, the so-called “investment” apartments were offered for sale, but these proposals were numbered and they did not have any serious influence on the situation. Indeed if one assumes that in the elite club house seven apartments out of 30 that were purchased with the purpose of investment and they all will be offered for sale, situation on the market principally will not change.

For the last year of 2006 prices for the apartments in Moscow jumped on average 30-80%, but there are apartments whose price increase was 100 %. Today we have offers where prices of one square meter exceeds 35000 US dollars.

For the sake of fairness it is worthwhile to note that not entire volume of proposal enjoys unconditional demand from buyers. The one who is ready to lay out for exclusive apartments a sizable sum of money, he wants to obtain apartment “turnkey”. Moreover the demand is for the apartments with the remodeling of very high level (the surfacing materials only of foreign production, frequently with special order, and it is required author's project with the attraction of designers, now and then known), emphasizes Alexander Ziminskiy.

The cost of a repair begins from $1 thousand for 1 sq. m., but these investments absolutely reasonable, since with the investment of $2-3 thousand for 1 sq. m. salesman in the implementation can freely add to $7-8 thousand, and sometimes even more. This is combined with the fact that offers for the apartments with quality remodeling are limited. Alexander Ziminskiy: “In the first months of 2007 we observed increase to 3-5% for 1 sq. m per month.

Policy will in many respects determine situation on the market for real estate. It goes without saying, prices of elite real estate in Moscow will continue to grow, but by smaller rates than in the previous years. Now we observe the making of more active demand after the calm for the end of 2006. Summer will be traditionally calm, and in autumn on the eve of the elections also we should not expect abrupt changes in the relationship between supply and demand”. If you like this article, please feel free to visit my website at.

I am a Russian writer about Russian real estate http://www.eng.realtor.ru/rent
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