Chad Olson - KW Locality Real Estate Network

Seven informational government websites every Saint Michael homeowner & potential resident should check out.

1. New Residential Developments: Find out what, when and where new neighborhoods are popping up. https://stmichaelmn.gov/developmentprojects

2. Local Zoning & Land Use Maps: Know what the current intended land use is for all of Saint Michael....figure out what that farm field or wooded area is going to be someday. https://stmichaelmn.gov/maps

3. Saint Michael Comprehensive Plan: See where the city is going by reading through the city's comprehensive plan, completed in August 2022: https://stmichaelmn.gov/compplan

4. STMA Community Ed: Offering adult programs, youth sports, driver's ed, childcare, health and fitness, and much more. https://ce.stma.k12.mn.us

5. STMA School District: Get more information on the district boasting the 38th best high school in Minnesota by clicking here: https://www.stma.k12.mn.us

6. Wright County Park District: With programs for every season, camping, picnic and recreational opportunities are plentiful in Saint Michael and the surrounding areas. https://www.co.wright.mn.us/132/Parks-Recreation

7. Great River Regional Library: Check out where to check out books, movies and youth programming. https://griver.org/locations/st-michael

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August 2023: 17 Statistics To Know About The Current Real Estate Market**

1. Mortgage rates are at a 22 year high—7.77% on a 30 year fixed rate mortgage, according to Forbes.

2. Mortgage rates most closely correlate to the 10-year treasury bond, which is currently approaching a 16 year high of 4.36%.

3. The spread between the 30-year mortgage rate and the 10-year treasury bond currently sits at around 330 basis points (3.30%)

4. The average spread between the two is historically around 150 basis points (1.50%)

5. The foreclosure rate for 2009-10 was 2.20%, meaning roughly one out of every 45 homes in the United States was in foreclosure.

6. The foreclosure rate for 2022-23 is currently 0.24%—or roughly one in every 400 homes.

7. The principle & interest (P&I) payment on a $500,000 home with 20% down, 30-year mortgage at 3.0%: $1,686.42

8. The P&I payment on a $320,000 home the with 25% down, 30-year mortgage at 7.5%: $1,678.11

9. The interest rate buy downs offered by select new homebuilders can range between 100 to 200 basis points (1.00-2.00%). Similar interest rate buy downs can also, in many cases, be negotiated on existing home sales and purchases.

10. The P&I payment on a $400,000 home, 20% down, 30 year mortgage at 5.5%: $1,816.92

11. The MEDIAN home prices in the northwest suburbs as of July 2023: $410,000 in STMA, $425,000 in Otsego, $432,000 in Hanover and $450,000 in Rogers.

12. The AVERAGE home prices in those communities: $426,600 in STMA, $417,700 in Otsego, $449,100 in Hanover and $465,500 in Rogers.

13. Home sales prices rose slightly year-over-year in STMA and Rogers (1.0% and 1.7%, respectively) and fell slightly in Hanover and Otsego (-0.4% and -3.5%, respectively).

14. In a “normal” market, new construction makes up between 10-12% of active listings.

15. As of August 27th, 2023, there were 314 active listings in the above noted communities; 180 of these listings are new construction….representing 57% of the local real estate inventory.

16. Since May 2023, homes in the STMA and surrounding markets have been selling, on average, 2-3% below list price.

17. A 6% seller concession could be used to buy down a mortgage interest rate by around 1.50%. A buyer could potentially add to this buy down by another 0.50% with their own contributions.

Want even more information on how to navigate the current real estate landscape? Please click "follow" to keep up to speed on the changing markets.

Also, you can message me here on FB or reach out to [email protected] to learn more about taking advantage of the current market conditions.

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