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How Homeowners Win When They Downsize

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Downsizing has long been a popular option when homeowners reach retirement age.

But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:

“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”

And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.

When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:

“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.

And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.

What This Means for You

If you’re thinking about downsizing, ask yourself these questions:

  • Do the original reasons I bought my current house still stand, or have my needs changed since then?

  • Do I really need and want the space I have right now, or could somewhere smaller be a better fit?

  • What are my housing expenses right now, and how much do I want to try to save by downsizing?

Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.

Bottom Line

If you’re looking to save money, downsizing your home could be a great help toward your goal. Talk with a real estate agent about your goals in the housing market this year.

Learn more on Keeping Current Matters.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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North Shore 'Glamping Resort' With Swedish 'Tälts' Now Open!

 

Image Credits to North Shore Camping Co.

 

North Shore 'glamping resort' with Swedish 'tälts' now open!
A new “glampground” is coming to Minnesota’s North Shore.

Beaver Bay-based North Shore Camping Co. recently announced that its campground focused on comfort, convenience and coziness just opened. Reservations are currently being taken for the summer and fall seasons.

North Shore Camping is a newly built glamping resort with cabin-like tents, or “tälts,” which is the Swedish term for the lodges. The tents, which fit up to two or four people, are equipped with amenities such as solar power stations, a water dispenser, cookware, bedding, and access to a nearby pool, hot tub, and sauna.

The project has been in the works since May of last year and has recently concluded with 10 sites sitting on about 190 acres.

The resort's website defines glamping as "a form of camping involving accommodation and facilities more luxurious than those associated with traditional camping."

North Shore Camping has a group of four owners, three of whom are confirmed to be executives at Leisure Hotels and Resorts by a company spokesperson Kate Williams. Baxter-based Leisure Hotels and Resorts handles management for a number of resorts in Minnesota. Its president, Jamie Tatge is listed as the primary owner of North Shore Camping in public records. Tatge is also the owner of Cove Point Lodge, the nearby resort located just southwest of Beaver Bay that has been handling operations for North Shore Camping.

Two other owners for North Shore Camping are Leisure’s director of operations, Jon Driscoll, and chief financial and strategic advisor, Gary Endicott. The fourth doesn’t wish to be made public.

Book your stay + learn more

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How Are Today’s Home Buyers Responding to a Shifting Market?

 

How Are Today’s Home Buyers Responding to a Shifting Market?

Housing markets across the United States have seen remarkable changes in recent years and the Twin Cities Metropolitan Area is no exception. Since the onset of the COVID-19 pandemic in 2020, the real estate landscape across the metro has shifted time and again to meet the changing needs and wants of buyers in an undersupplied market. All the while, Minneapolis Area Realtors® (MAR), with over 9,500 members, has served clients large and small, first-time home buyers and more established move-up households, and provided the services and expertise critical to being successful in the ever-changing world of real estate. This undertaking spotlights the Twin Cities (and occasionally national) homebuyer and how their tastes, needs and budgets have evolved over time.

Given the broad nature of the topic, it’s important to hone in on some core questions that most would find most valuable: What are buyers buying? How are they buying it? Who is buying? Where are they buying? And what are they spending? Dissecting these topics will hopefully facilitate a new and deeper understanding of this complex topic. Predominantly sourcing data from the Northstar Multiple Listing Service, readers will take from this paper a better understanding of how buyers have adapted to a “new normal.” This analysis will dive deep into home size, bedroom count, price and product type. It will also assess financing type and cash utilization. The topic of investor ownership will be examined briefly with the intent of providing an overview but also to raise critical, unanswered questions. The data will illustrate the shifts between urban and suburban markets, and it will also reveal who is buying a home and when. The intent is not to thoroughly answer every possible question about home buyers but rather to provide a starting point for the conversation about the many changes and their implications moving forward.

Keep reading on Minneapolis Area Realtors®

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Hardscaping Hacks to Accent Your Home

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Most homeowners focus on the interior when it comes to improving their home's overall look and feel.

However, the exterior of your home can be just as important, and hardscaping is a great way to accentuate the beauty of your property. From adding a new walkway to installing a stunning outdoor fireplace, there are a variety of hardscaping hacks that you can use to enhance the look of your home. In this blog post, we'll take a closer look at some of the best hardscaping hacks that will give your property a unique and timeless look.

Add a Rock Garden
A well-designed rock garden can add an impressive touch of character to your outdoor space. By incorporating natural stones and rocks into your landscaping, you can create an attractive, low-maintenance garden that blends perfectly with your existing surroundings. The best part is that a rock garden is a relatively simple DIY project that won't require much time, effort, or money. With some planning and creativity, you can easily achieve a beautiful, unique rock garden that will stand out in your neighborhood.

Install a Fire Pit
Install a fire pit to transform your backyard into an inviting outdoor hangout spot. Whether you are looking for a warm and cozy spot to relax or a fun activity for the whole family, a fire pit can provide just what you need. With numerous sizes and designs available, you can choose one that matches your desired aesthetic and space requirements. Add comfortable seating around your fire pit to create a space perfect for entertaining guests on cool evenings or enjoying quality time with loved ones. Customize your fire pit to meet your specific needs and style preferences, and create memories that will last a lifetime.

Install an Outdoor Kitchen
Installing an outdoor kitchen not only creates additional cooking space but also adds value to your home. Fortunately, there are numerous options available to suit every budget and preference. For those who enjoy the simplicity of grilling, a straightforward grilling station is the way to go. Those with more elaborate culinary tastes may prefer a deluxe outdoor kitchen with features like refrigerators, sinks, and pizza ovens. No matter which option you choose, designing an outdoor kitchen is a surefire way to elevate your outdoor living experience.

Create a Water Feature
Adding a water feature to your property is an excellent way to introduce a soothing and calming atmosphere to your landscaping. Not only does it create a point of visual interest, but it also provides a multi-sensory experience that can help to reduce stress and spark creativity. Large or small, simple or elaborate, a water feature can be constructed with various materials that suit your aesthetic, from natural stones to modern glass. To elevate the visual experience, incorporating lighting into your design will enhance the ambiance and create an impressive spectacle at night. Whether you're looking for a private retreat or a statement piece, a water feature is a versatile addition to any outdoor space.

Add a Pergola
A pergola is an excellent addition to any yard, providing a shaded area and a touch of sophistication. These structures come in various sizes and can be tailored to meet your specific needs, making them an ideal choice for any homeowner. By incorporating climbing plants like vines or roses, you can create a naturally beautiful look that enhances the overall aesthetic of your property. With so many customization options available, adding a pergola to your yard is a surefire way to transform your outdoor space into a peaceful oasis.

Hardscaping is a great way to enhance the beauty of your property, and there are a variety of options to choose from. Whether you want to create a relaxing backyard oasis or a space for entertaining guests, a hardscaping hack will fit your needs. The possibilities are endless, from adding a rock garden to installing an outdoor kitchen. So, take some time to explore your options and create a unique and timeless look that you'll enjoy for years to come.

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The Best Time To Sell Your House Is When Others Aren’t Selling

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If you’re thinking about selling your house, you should know the number of homes for sale right now is low. That’s because, this season, there are fewer sellers listing their houses for sale than the norm.

Looking back at every April since 2017, the only year when fewer sellers listed their homes was in April 2020, when the pandemic hit and stalled the housing market (shown in red in the graph below). In more typical years, roughly 500,000 sellers add their homes to the market in April. This year, we saw fewer than 400,000 sellers entering the market in April (see graph below):

 
 

While there are a number of factors contributing to this trend, one thing keeping inventory low right now is that some homeowners are reluctant to move when the mortgage rate they have on their current house is lower than the one they could get today on their next house. It’s called rate lock.

As a recent survey from Realtor.com explains, 56% of people who are planning to sell in the next 12 months say they’re waiting for rates to come down.

While this wait-and-see approach is right for some sellers, it also creates an opening for more eager sellers to jump in now.

If your current house truly doesn’t fit your needs anymore and you’re ready to move, don’t miss this chance to stand out. When fewer sellers are putting their homes up for sale, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house. That’s why your house could see multiple offers as buyers compete over the limited supply of homes for sale – especially if you price it right.

As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Inventory levels are still at historic lows . . . Consequently, multiple offers are returning on a good number of properties.”

Bottom Line

If you’re ready to sell now, beat the competition before it comes onto the market. If you do, your house should stand out and could get multiple offers. Partner with a real estate professional to get your house on the market.

Keep reading on Keeping Current Matters.

Related Links

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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