http://raor.paragonrels.com/publink/default.aspx?GUID=e2ee15d0-162d-4932-b362-6eca6853b3f3&Report=Yes

This well maintained home in the country, has a private setting just minutes from Nashwauk close to many area lakes. Inside the home features wood raised panel doors, tongue and grove knotty pine and hardwood floors, open floor plan large 2 bedrooms. Extra large 2 stall garage Country living at its best!

(Formerly doing business as Iron Kettle)

http://raor.paragonrels.com/publink/default.aspx?GUID=c089eabb-94b8-49c3-b540-a63d9c019ec2&Report=Yes

More Americans Are Homeowners in 2018

Over the last year, more Americans became homeowners as the number of renters continued to decrease. The homeownership rate in the first quarter was unchanged at 64.2 percent, higher than last year’s 63.6 percent, the Census Department reported Thursday. This is also the fifth consecutive quarter of yearly increases in the ownership rate.
The homeownership rate has been gradually climbing back since hitting a 50-year low in 2016. The rate peaked in 2004 at 69.2 percent, but despite recent climbs, it still remains below the 25-year average rate of 66.3 percent. Meanwhile, the number of renters has dropped.
More young Americans are buying homes. The ownership rate for Americans under age 35 was 35.3 percent in the first quarter, which is a full percentage point higher than a year ago.
The homeowner vacancy rate dropped to 1.5 percent in the first quarter—the lowest vacancy rate since 2001, the Census Department reports.

Source: “Goodbye Renter Nation: Americans Still Want to Be Homeowners,” MarketWatch (April 26, 2018) and “Homeownership Rate Stable at 64%,” National Association of Home Builders’ Eye on Housing blog (April 26, 2018)

Daily Real Estate News | Friday, April 27, 2018

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Beautifully remodeled one level living! 2 bedrooms, 1 bathroom, and laundry room all on main floor! Newly tiled and finished bathroom includes electric in-wall heater! Spectacularly finished kitchen with many features — including under cabinet lighting! Full, poured, dry basement –ready to be finished to the buyer’s liking — includes: 1) a large family room with an egress window — once used as a lower level living space; 2) a large bonus room that could potentially be a third (or fourth) bedroom; 3) a second bathroom with shower; 4) all new heating and central cooling systems (new zoned high efficiency furnace in November 2017, new central air system in 2016, new gas water heater in 2014). New quality vinyl siding in 2012. New 1.5 stall garage built in 2008. New shingles on house in 2007. Nice steel shed in back yard. Electronic keyless locks on house and garage! Sewer lateral tested, updated, and certified 2018. Call today to schedule a showing!

Housing Costs Up 9% for Entry-Level Buyers

The monthly payment for an entry-level home is on the rise. And the rising costs may be one reason why first-time buyers are making up a lower share of buyers this spring. First-time buyers comprised 30 percent of existing-home sales in March, which is down from 32 percent a year ago, according to data from the National Association of REALTORS®.
Monthly housing costs for an entry-level buyer increased $136 to $1,641 nationwide, a 9 percent increase from last year, according to data from John Burns Real Estate Consulting. The higher costs means more consumers must be willing to make trade-offs to buy a home, compromising on size, attached versus detached, and location.
More: NAR Chief Economist Lawrence Yun looks at what’s driving inflation.
“First-time buyers continue to make up an underperforming share of the market because there are simply not enough homes for sale in their price range,” NAR President Elizabeth Mendenhall said in a statement. “Supply conditions improve in higher-up price brackets, which means those trading up should see considerable interest in their home, as well as more listings to choose from during their own search.”
The table below from John Burns Real Estate Consulting shows monthly housing costs for an entry-level home in March 2018 as well as the increase over the last year.

Source: “Challenges Mount for First-Time Buyers,” John Burns Real Estate Consulting (April 20, 2018)

Daily Real Estate News | Wednesday, April 25, 2018

Home Sales Overcome Inventory, Price Woes

Inventory shortages and pressing affordability issues didn’t suppress home sales activity in March. Total sales of existing homes, including single-family homes, townhomes, condos, and co-ops, increased 1.1 percent last month to a seasonally adjusted annual rate of 5.6 million, according to the National Association of REALTORS®. However, home sales are still 1.2 percent below a year ago.
“Robust gains last month in the Northeast and Midwest—a reversal from the weather-impacted declines seen in February—helped overall sales activity rise to its strongest pace since last November,” says Lawrence Yun, NAR’s chief economist. “The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels because supply is woefully low, and home prices keep climbing above what some would-be buyers can afford.”
Here’s a closer look at some key indicators from NAR’s latest existing-home sales report for March:
Home prices: The median price for existing homes of all types was $250,400, up 5.8 percent from a year ago. “Although the strong job market and recent tax cuts are boosting the incomes of many households, speedy price growth is squeezing overall affordability in several markets, especially those out West,” Yun says.
Inventories: Total housing inventory rose 5.7 percent to 1.67 million existing homes available for sale, but that’s still 7.2 percent lower than a year ago. Inventories have fallen year over year for 34 consecutive months. At the current sales pace, unsold inventory is at a 3.6-month supply.
All-cash sales: Cash transactions comprised 20 percent of sales, down from 23 percent a year ago. Individual investors tend to account for the bulk of all-cash sales. They purchased 15 percent of homes on the market last month, down from 18 percent a year ago.
Distressed sales: Foreclosures and short sales made up 4 percent of home sales. Broken out, 3 percent of sales were foreclosures and 1 percent were short sales.
Days on the market: Fifty percent of homes that sold in March were on the market for less than a month. Properties stayed on the market for an average of 30 days, down from 34 days a year ago.
“REALTORS® throughout the country are seeing the seasonal ramp-up in buyer demand this spring—but without the commensurate increase in new listings coming onto the market,” Yun says. “As a result, competition is swift, and homes are going under contract in roughly a month, which is four days faster than last year and a remarkable 17 days faster than March 2016.”

Source: National Association of REALTORS®

Daily Real Estate News | Monday, April 23, 2018

Spring Has Finally Sprung on Loan Demand

The spring home buying season has gotten off to a slow start, at least based on the number of borrowers taking out home mortgages. However, that may be changing: Mortgage applications rose 4.9 percent last week compared to the previous week, the Mortgage Bankers Association reported Wednesday. Both refinance and purchase applications posted increases, even as mortgage rates remained largely in a holding pattern.

Applications to refinance rose 4 percent during the week, but remain 10 percent lower than a year ago when interest rates were lower. Applications to purchase a home surged 6 percent for the week and are now 10 percent higher than a year ago, the MBA reports. That also marks the strongest reading since January on the index for purchase applications.
The average 30-year fixed-rate mortgage was 4.66 percent, unchanged from the previous week, the MBA reports.
“Rates were roughly flat compared to last week, as the downward pressure of geopolitical uncertainty offset the upward pressure of higher inflation and Fed minutes that signaled greater certainty of rate hikes this year,” says Joel Kan, an MBA economist.
Economists did warn that if mortgage rates move higher, more buyers may be priced out of homeownership. Buyer demand remains strong but rising costs could force buyers to look for less expensive homes, which are in short supply, CNBC reports.

Source: “Spring Hits the Housing Market as Weekly Mortgage Applications Rise 4.9%,” CNBC (April 17, 2018)

Daily Real Estate News | Wednesday, April 18, 2018

FOMO Drives Young Buyers Toward Ownership

Fear of missing out—or FOMO, as millennials have coined it—has become a powerful motivator for young buyers to pursue homeownership, according to a new Bank of America survey. In particular, social media platforms such as Facebook and Instagram, where users often post about their lives as homeowners, are big influencers on prospective buyers, the survey of 2,000 U.S. adults finds. “I think it’s motivating them to think about homeownership,” says D. Steve Boland, BofA’s head of consumer lending. “Their interest level is high, and it’s driven by what they see.”
According to the survey, a third of millennials say that when viewing social media posts about homes their peers have purchased, they think: “If they can buy, why can’t I?” And a quarter of all consumers say they fear missing out on an opportunity for themselves to purchase when viewing others’ home photos on social media. Twenty-three percent of consumers—16 percent of whom are first-time buyers—say they are jealous of the homes bought by their friends and acquaintances.
Social media postings about homeownership can stir up emotions in consumers and motivate them to want to own themselves, Ethan Kross, a professor of social psychology at the University of Michigan, told USA Today. “If other people are doing better than we are, that can get us to feel bad,” Kross says. “It reminds us of what things could be like.”

Source: “Instagram, Facebook Photos Spur Millennials to Become Homeowners,” USA Today (April 11, 2018)

Daily Real Estate News | Tuesday, April 17, 2018

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A beautiful home situated on 40 acres just south of Hibbing! This split level house has everything you could want — including a walk-out basement! 4 full bedrooms; 2 3/4 bathrooms (1 on each level); open and spacious living room/dining room/kitchen; bonus room on main level (previously used as a crafts room); large den/rec room on lower level; and a mud/laundry room as you enter the walk-out basement door. Home is primarily heated with an outdoor wood burning stove — perfect for country living on 40 acres; electric heating system serves as backup/additional heat. This property has a large 2+ stall garage, along with a barn and extra storage building.