Real estate in the Twin Cities of Minneapolis and St. Paul is an interesting topic, especially when viewed from the outside in. If you are considering purchasing a home, or other real estate here, you may be interested to know some of its background.
Homes in the metro area could be likened to blue-chip stocks, for the most part. The economy of here is generally quite strong and stable, even by the standards of the upper Midwest. Yes, it does fluctuate somewhat, but nothing like the more volatile coastal and/or vacation markets.
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What does that mean to me and you, the average homebuyers in the state? It means that over time, long term that is, we can expect our real estate to typically increase in value. Now has the Minnesota real estate market ever stalled, or even declined somewhat? Yes, it has. And, just like those blue-chip stocks, there are always periods of doubt and bumps in the road. That can be expected in any market, business, or even personal relationship. It is the natural ebb and flow of the tide.
So, when you are choosing your home in the area, it can help to know the specifics cities you prefer, and then studied them more meticulously than the entire seven county area. Because, although there are obvious averages, some areas perform better historically than others. There are even different statistics very and on whether you are purchasing a town home, or a house, or even a condominium.
Yet traditionally, homes in MSP are the best appreciators. But there are also, at any given time, "trendy" areas that can fluctuate beyond the normal appreciation patterns. For example, there are areas town homes are the predominant choice in housing. And still other areas with even higher density populations were condominiums are predominant, usually speckled and with apartment buildings. So that demographic is a mixture of owners and renters more so than metro areas dominated by single family homes.
The best way, however, to really discover the best area for your new home is to have a conversation with a licensed Realtor, or other specialist who spends their time intimately with the market as a whole. If you are still uncertain, a great way to meet the different neighborhoods is just to take yourself on an afternoon drive through the different areas and look at what they have to offer.
You and you alone are the only one who can say, what is right for you. Just keep in mind as you are touring houses what exactly those preferences are. Then simply watch for the proximity to those preferences as your touring. Observe distances to retail/shopping, bus lines or light-rail, walking, hiking, or writing paths, places of worship, and anything else that may be highly important to you in your life.
The Twin Cities of Minneapolis and St. Paul are among the most diverse in the nation for what they have to offer… entertainment, spirituality, art, education, history, science, ethnic foods and more. If you can’t find what you’re looking for here, you’ll be unlikely to find it in any major city in the US.