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        <title>Real Estate Blog</title>
        <link>http://www.minneapolisurbanhomes.com/blog/2025-08/</link>
        <description></description>
<item>
    <guid>https://www.minneapolisurbanhomes.com/blog/condos-could-be-a-win-for-todays-buyers.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/condos-could-be-a-win-for-todays-buyers.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>Condos Could Be a Win for Today’s Buyers</title>
    <description> <![CDATA[ 



 


Not every homebuyer wants the biggest house on the block. Some want something simpler, more affordable, and easier to maintain, especially in a market where every dollar counts. That’s where condos come in.


For first-time buyers, they can be a smart way to get into homeownership without stretching your budget. For downsizers, they offer less space to maintain with the flexibility to stay in a great location.


And right now, condos are one of the most buyer-friendly parts of the market.


Condo Inventory Is Up, And That Means More Choice


According to the National Association of Realtors (NAR), there are 194,000 condos for sale right now. That’s the second highest amount we’ve seen in the last three years (see graph below):





Just remember, this is the national figure. The exact number is going to vary based on where you’re looking to buy. But, generally speaking, you have more options and less competition.


You’re not stuck waiting for something to pop up or rushing into an offer just to beat someone else to it. You’ve got plenty to choose from. And if you’re particular about layout, location, or amenities, this is your chance to be selective.


That’s a big shift from the market frenzy of just a few years ago. Compared to early 2022, we’ve got nearly double the condos available now. That gives you more breathing room to find the right fit.


Prices Are Cooling, and Buyers Hold More Negotiating Power


And since there are more for sale, many sellers are more open to negotiating right now. So, you may be able to get a better price. As Redfin explains:


“. . . condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price.”


Condo prices are starting to ease in many markets. According to Intercontinental Exchange (ICE), condo prices dipped 1.3 in June compared to last year. And over half of the top 100 U.S. metros saw condo prices drop slightly year-over-year.


Data from Redfin shows what the recent dip in prices looks like (see graph below):


That doesn’t just help with affordability, it also shifts the power dynamic. Condo buyers in many markets are now in a position to negotiate on price and ask for concessions, like help with closing costs.


Bottom Line


Condos aren’t just a fallback option. In today’s market, they’re one of the most strategic ways to buy. With more options, softening prices, and more room to negotiate, now could be the right time to make your move.


Could a condo check more boxes than you expected? Let’s talk through your options and find out.
 ]]> </description>
    <pubDate>Wed, 20 Aug 2025 14:40:00 -0500</pubDate>
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<item>
    <guid>https://www.minneapolisurbanhomes.com/blog/more-contracts-are-falling-through-heres-how-to-get-ahead.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/more-contracts-are-falling-through-heres-how-to-get-ahead.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>More Contracts Are Falling Through. Here’s How To Get Ahead</title>
    <description> <![CDATA[ 



 


When you sell a house, the last thing you want is for the deal to fall apart right before closing. But according to the latest data from Redfin, that’s happening a bit more often lately. The good news is, it’s completely avoidable if you lean on an agent for insight into why that is and how to avoid it happening to you.


This June, 15 of pending home sales fell through. That means those buyers backed out of their contracts. That’s not too much higher than the norm of roughly 12 from 2017-2019, but it’s still an increase. And it’s one you don’t want to have to deal with. 


The key to avoiding this headache is knowing what’s causing the issues that lead to a buyer walking away. A recent survey from John Burns Research and Consulting (JBREC) and Keeping Current Matters (KCM) finds that agents reported the 1 reason deals are falling apart today is stemming from the home inspection (see graph below):


Here’s why. With high prices and mortgage rates stretching buyers’ budgets, they don’t have a lot of room (or appetite) for unexpected repairs.


Not to mention, buyers have more options to choose from now that there are more homes on the market. So, if the inspection turns up a major issue, they may opt to walk away. Afterall, there are plenty of other homes they could buy instead.


Or, if the seller isn’t willing to tackle repairs, a buyer may back out because they don’t want the expense (and the hassle) of dealing with those issues themselves.


The good news is, there’s a way you can get ahead of any unpleasant surprises as a seller, and that’s getting a pre-listing inspection. It’s not required, but the National Association of Realtors (NAR) explains why it’s helpful right now:


“To keep deals from unraveling . . . it allows a seller the opportunity to address any repairs before the For Sale sign even goes up. It also can help avoid surprises like a costly plumbing problem, a failing roof or an outdated electrical panel that could cause financially stretched buyers to bolt before closing.”


What’s a Pre-Listing Inspection?


It's exactly what it sounds like: a professional home inspection you schedule before your home hits the market. Here’s what it can do for you:




Give you time to fix what matters. You’ll know what issues could come up in the buyer’s inspection. So, you’ll have time to take care of them before anyone even walks through the door.


Avoid last-minute renegotiations. When buyers uncover unexpected issues after you’re under contract, it opens the door for concessions you may have to make like price drops or repairs, or worse, a canceled deal. A pre-listing inspection helps you stay ahead of those things before they become deal breakers.


Show buyers you’re serious. When your home is clean, well-maintained, and already vetted, buyers see that. It builds trust and can help you sell faster with fewer back-and-forth negotiations.




The bottom line? A few hundred dollars upfront can save you thousands later.


Should Every Seller Do This?


Not necessarily. Your real estate agent can help you decide what makes the most sense for your situation, your house, and your market. If you decide to move forward with a pre-listing inspection, your agent will guide you every step of the way. They’ll:




Advise on whether to fix or disclose each issue


Help you prioritize repairs based on what buyers in your area care about


Make sure you understand your local disclosure laws




Bottom Line


If you want to avoid potential snags in your deal, a pre-listing inspection could be the way to go. Let’s talk about whether a pre-listing inspection is the right move for your house and market.


Would you rather find out about a major repair now, when you can handle it on your terms – or after you’re under contract, when the clock is ticking?
 ]]> </description>
    <pubDate>Mon, 18 Aug 2025 14:12:00 -0500</pubDate>
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    <guid>https://www.minneapolisurbanhomes.com/blog/the-truth-about-down-payments-its-not-what-you-think.html</guid>
    <link>https://www.minneapolisurbanhomes.com/blog/the-truth-about-down-payments-its-not-what-you-think.html</link>
        <author>richard@drgmpls.com (Richard Newman)</author>
        <title>The Truth About Down Payments (It’s Not What You Think)</title>
    <description> <![CDATA[ 



 


Buying a home is exciting… until you start thinking about the down payment. That’s when the worry can set in.


“I’ll never save enough.”


“I need a small fortune just to get started.”


“I guess I’ll just rent forever.”


Sound familiar? You’re not alone. And you’re definitely not out of luck.


Here’s the thing: a lot of what you’ve heard about down payments just isn’t true. And once you know the facts, you might realize you’re a lot closer to owning a home than you think.


Let’s break it all down and bust some big down payment myths while we’re at it.


Myth 1: “I need to come up with a big down payment.”


This one stops a lot of people in their tracks. A recent poll from Morning Consult and NeighborWorks shows 70 of Americans think they need to put at least 10 down to buy a home. And 11 aren’t sure what’s required at all (see graph below): 


The truth? According to the National Association of Realtors (NAR), the typical down payment for first-time buyers has been between 6 and 9 since 2018. But there’s more to the story. If you qualify for an FHA loan, you may only need to put 3.5 down. AndVA loans typically don’t require a down payment at all. So, there are options out there that can really make a difference for some buyers.


Myth 2: “It’ll take forever to save up for a down payment.”


Sure, saving can take time. But it may not have to be as long as you think. In many states, reaching your goal can happen faster than you might expect, especially when you know your budget and have a clear savings plan.


According to a new study, the amount of time varies depending on where you live. The map below shows, on average, how many years it takes to save up for a 10 down payment based on typical home values and income levels in each state (see map below):


But remember, in most cases you won’t even need a down payment as large as 10. Plus, no matter how much money you end up putting down, it won’t all have to come out of your pocket. Here’s why.


Myth 3: “I have to do it all on my own.”


This is one of the biggest myths of all. The reality is, there are thousands of down payment assistance programs out there, and the same poll from Morning Consult and NeighborWorks shows 39 of people don’t even know about them. That means a lot of potential homebuyers could already be closer to homeownership – they just don’t realize it. 


These assistance programs are designed to help people like you who are ready to own a home but just need a little support getting started. As Miki Adams, President at CBC Mortgage Agency, explains:


“With high interest rates and soaring home prices, down payment assistance is more essential than ever.”


Bottom Line


If you’ve been putting off buying a home because the down payment feels like too much to tackle, let’s talk. You may not need as much as you think, and there are plenty of resources out there, so you don’t have to do it alone. You just need an expert to point you in the right direction.


If a down payment wasn’t holding you back, would you be ready to start your home search?
 ]]> </description>
    <pubDate>Mon, 04 Aug 2025 13:51:00 -0500</pubDate>
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