“What the new year brings to you will depend a great deal

on what you bring to the new year.” —Vern McLellan

Happy New Year! As we begin 2023, I look back at 2022 with gratitude that I live, work and play in our wonderful Minnetonka community.

2023 should prove to be an interesting one for our local real estate market (and that across the country), as inventory levels are still relatively low and most economists expect the interest rate to start dropping a bit. I anticipate that a lot of buyers who had put their home search on hold will return to the market by the February/March timeframe.

As you will see in the 2022 Q4 Recap (included), our neck of the woods still proves to be one of the most sought-after in the western suburbs. One notable change is the average days on market for a home listed for sale has bumped up to 30 days in the last 6 months – up slightly from the bustle of the 18 months prior to that. We may see that number reduce a bit if rates drop before the end of winter. If you’d like more detailed information, reach out anytime!

The new year will undoubtedly bring new surprises and adventures.  My wish for you is a year surrounded by those who support you in all that you aspire to be.

Pumpkin Spice and Everything Nice…

Happy Fall! I hope you are all enjoying the change of season and sweater weather!

Around the house:

Here are a few things that you can get done around the house to get ready for the cold weather coming our way:

• When you pick up all your leaves, don’t forget to clean out your gutters. Trust me, you’ll thank me in the spring when that snow turns to rain!
• Don’t forget to blow out your in-ground sprinkler system and drain your hoses. Store the hoses somewhere dry for the winter.
• If you want your fall mums to last a little longer, put a sheet or an old towel on them over night to protect them from the early frost.

What’s happening in real e​state?

In general, things have been a little slower with higher interest rates and home values. However, we anticipate winter/spring 2023 will bring the usual seasonal increase in activity (and maybe even lower rates!). Keep in mind: real estate is often a life event driven change, so homes are always selling. Reach out to me anytime with real estate questions – I’m passionate about the topic!

Did you know?

I host an annual Pumpkin Patch Party every year at my home, and give away FREE pumpkins! The party will be 1-4 pm on Sun., Oct. 23^rd . Keep an eye out for your invitation arriving in early October!

Hope to see you on the 23rd!
Taryn

I hope this quarterly market update finds you all healthy, happy and enjoying our warm days. I wanted to jump right in to the hottest topic of the summer… the “real estate market shift.”  

What has changed?

The market shift we are seeing is fewer buyers actively looking for homes. In the real estate world, we believe the shift is due to: ♦ interest rates rising ♦ concern about the general economy (looming recession?), and ♦ the summer season.  (Other than in 2020 and 2021, summers are usually quite a bit slower for our local real estate market as many people choose to focus on cabins, travel, camps, and generally enjoying all that Minnesota has to offer when it is warm.)

What has NOT changed?

Even with a shift, it is still a Seller’s Market. Americans (and especially those of us here in the Twin Cities) have a greater amount of equity in our homes now than EVER before. Because of that, there isn’t an urgent need to sell, or to discount a home so that it sells quickly (read: no foreclosures!). Even if the economy hits a recession – because of safer lending practices, we won’t see an onslaught of folks having to sell because they can’t afford to stay. In addition, as of June 11, 2022 we have approx. 7,450 homes available in the Twin Cities. A balanced market is twice that (when it is neither a buyer’s or seller’s market).

So, your friends/colleagues/family members may not see 15+ offers when they sell their homes this summer, but if they price and prepare correctly, they may very well still sell in multiples – just maybe single digits with fewer crazy caveats!

Do you have any real estate-related questions? I’m always available to help!

Sometimes it snows in April…
But then it melts quickly and we can look forward to GREEN days ahead!

Greetings! Just a quick note as we have wrapped up the first quarter of 2022. Similar to last year, the number of buyers far outweighs the number of sellers meaning we are still seeing most homes sell quickly and in multiple offers. A new twist is interest rates rising a bit. While still (in the grand scheme of things) quite low (today’s conventional 30-year rate is 4.875%), it means buyers who are financing a purchase can afford a little bit less than they could last year – and the prices for homes are a little
higher. This results in some buyers backing out of the market. We are also seeing more sellers “test” the market with higher prices – and not selling. It’s definitely an interesting time in real estate, so keep an eye out for future recaps to keep a finger on the pulse!

Spring Homeowner Tip! Check your gutters and downspouts – make sure they are clear and
attached to direct any rain or melting snow away from the foundation of your home. When the soil
is still somewhat frozen, it can’t hold much excess water – spring is the most common time to see
wet basements!

Wishing you a warm start to Spring and a prosperous second quarter. If you are considering selling
your home, I’d love to interview for the job!