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www.wsj.com

That Suburban Home Buyer Could Be a Foreign Government

Big foreign investment firms and government-run funds are joining with U.S. housing companies to buy or build single-family rental homes in America’s suburbs.
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www.wsj.com

If You Sell a House These Days, the Buyer Might Be a Pension Fund

Yield-chasing investors are snapping up single-family homes, competing with ordinary Americans and driving up prices.
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Pretty sure I heard that 1/5 homes sold in America in the last 18 months has been institutional investors wishing to rent them for income properties in funds. Almost every homebuyer on the planet can't compete against institutional money. This is a bigger deal than most people realize
 
Edina and Wayzata are two of the most expensive areas in MN, congrats by purchasing in Edina, great schools also. Brooklyn Park not so much. As far as garages up here I thought all were insulated? usually heated too at least newer construction.
 
83cy said:
As far as garages up here I thought all were insulated? usually heated too at least newer construction.
Click to expand...

This was a new home builder (Lennar) that we talked with. We were told that adding insulation was an option/additional cost and they actually built quite a few without. We were very surprised. Another we were somewhat surprised about was garage size (especially for a new build). Quite a few had a depth of 20-22' with a few plans that had the option to extend it 4'.

I try to read the info on the home listings to see if it states the garage is insulated, heated or oversize.
 
RLD4ISU said:
This was a new home builder (Lennar) that we talked with. We were told that adding insulation was an option/additional cost and they actually built quite a few without. We were very surprised. Another we were somewhat surprised about was garage size (especially for a new build). Quite a few had a depth of 20-22' with a few plans that had the option to extend it 4'.

I try to read the info on the home listings to see if it states the garage is insulated, heated or oversize.
Click to expand...

They do have some weird restrictions on garage's ie size limits. Certain suburbs have garage sq ft limitations. I know ours does.
 
cyclone1209 said:
A nationwide restriction in supply will help prices stay near where they are, but I wouldn't be surprised if we see a significant correction in the next 18 months. Some markets have gone up 15% annually for 10 years plus, no shot that is sustainable.

Luckily a lot of the mortgage changes would probably prevent an '08 like crash... but you're right I think something is coming.
Click to expand...
We are moving to Missouri and decided not to play in this market and signed a lease (even the rental market is slim as well, we lucked out to even get this rental). There is almost nothing available and when a decent house does hit the market, there are 10 offers in 48 hours. Just a crazy market we are in. Hoping that in a year we can look to buy again.
 
RLD4ISU said:
This was a new home builder (Lennar) that we talked with. We were told that adding insulation was an option/additional cost and they actually built quite a few without. We were very surprised. Another we were somewhat surprised about was garage size (especially for a new build). Quite a few had a depth of 20-22' with a few plans that had the option to extend it 4'.

I try to read the info on the home listings to see if it states the garage is insulated, heated or oversize.
Click to expand...
We moved into a Lennar development in Dayton MN (Sundance woods) about year and a half ago and paid extra for garage insulation (which kept the garage above 30 deg all winter), and paid for a 4’ bump out for the garage. Both worth it every $. It’s a great neighborhood.
Let me know if you have any questions about it.
 
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It's nuts to me... I think I paid 90K for my first house, but my pay back then was about 26K per year. Interest rate was 7.25 for a 30 year loan.

Glad I'm not in the market right now.

I think the current dynamic is a lot of Millennials in a position to finally buy and material costs really high due to demand and supply shortages.

Still think there is some merit to renting. My brother is an Engineer who has always done that. No property taxes or upkeep. He's got a lot of money...
 
Bobber said:
It's nuts to me... I think I paid 90K for my first house, but my pay back then was about 26K per year. Interest rate was 7.25 for a 30 year loan.

Glad I'm not in the market right now.

I think the current dynamic is a lot of Millennials in a position to finally buy and material costs really high due to demand and supply shortages.

Still think there is some merit to renting. My brother is an Engineer who has always done that. No property taxes or upkeep. He's got a lot of money...
Click to expand...
Is he married and have kids?
 
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legi said:
We moved into a Lennar development in Dayton (Sundance woods) about year and a half ago and paid extra for garage insulation
Click to expand...

I also bought a Lennar house about 10 years ago and paid extra for garage insulation. Their “standard” build is non-insulated. From what I’ve seen a lot of builders cut corners like this because it’s not obvious to most buyers.
Many people in my neighborhood insulated their garages after a few years and had to tear out drywall or make holes for blown in insulation. It makes a huge difference up here in Minnesota.
 
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CycloneCJ said:
I also bought a Lennar house about 10 years ago and paid extra for garage insulation. Their “standard” build is non-insulated. From what I’ve seen a lot of builders cut corners like this because it’s not obvious to most buyers.
Many people in my neighborhood insulated their garages after a few years and had to tear out drywall or make holes for blown in insulation. It makes a huge difference up here in Minnesota.
Click to expand...

When we lived in Shakopee, what we could afford had a one-car, detached, unheated garage. It was a 1940s era home/garage so the garage didn’t even really accommodate modern cars. So, we parked outside year round. I bought my wife a remote start the first winter. For me, my vehicle was a company car with no remote start and I wasn’t allowed to add it. It was a sprint out to the car every morning to turn it on and warm it up before leaving for work.
 
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Thanks, legi and CycloneCJ. Don't be surprised to see a PM from me one day to ask more questions. The more I watch the market, the more we're inclined to build (if we move up there). Plus having an unfinished basement would give us a project.

We lived in the TC area in the late '80s and remember what the winters were like. Back then we lived in an apartment and didn't have a garage. Or remote start.
 
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RLD4ISU said:
Thanks, legi and CycloneCJ. Don't be surprised to see a PM from me one day to ask more questions. The more I watch the market, the more we're inclined to build (if we move up there). Plus having an unfinished basement would give us a project.

We lived in the TC area in the late '80s and remember what the winters were like. Back then we lived in an apartment and didn't have a garage. Or remote start.
Click to expand...
Ha that’s exactly what I am doing now... finishing our basement.
 
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As mentioned I am on the market in the twin cities currently as well, I came across this listing in our MLS search today.

www.realtor.com

7415 Portland Ave, Richfield, MN 55423 | realtor.com®

View 15 photos for 7415 Portland Ave, Richfield, MN 55423, a 4 bed, 2 bath, 1,490 Sq. Ft. single family home built in 1951 that was last sold on 05/28/2021.
www.realtor.com www.realtor.com

I literally laughed out loud. Don't get me wrong, it has been done up well for the space that it has but:
less than 1500 sq ft
small kitchen
literally zero landscaping
detached garage
Richfield (nothing against it, but for the price you'd think you're paying school district premium)
=
$360k list price, and I wouldn't be shocked if someone offered higher (sadly)

just shows you that the sellers know what type of market they have and are willing to play the game to get as much as they can, and I don't blame them.
 
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srjclone said:
As mentioned I am on the market in the twin cities currently as well, I came across this listing in our MLS search today.

www.realtor.com

7415 Portland Ave, Richfield, MN 55423 | realtor.com®

View 15 photos for 7415 Portland Ave, Richfield, MN 55423, a 4 bed, 2 bath, 1,490 Sq. Ft. single family home built in 1951 that was last sold on 05/28/2021.
www.realtor.com www.realtor.com

I literally laughed out loud. Don't get me wrong, it has been done up well for the space that it has but:
less than 1500 sq ft
small kitchen
literally zero landscaping
detached garage
Richfield
=
$360k list price, and I wouldn't be shocked if someone offered higher (sadly)

just shows you that the sellers know what type of market they have and are willing to play the game to get as much as they can, and I don't blame them.
Click to expand...

That is crazy. In small town Iowa that house is $30,000?
 
Beernuts said:
That is crazy. In small town Iowa that house is $30,000?
Click to expand...
It's wild. I understand taking advantage of the market but that seems really steep to me.

We just put an offer on a home in Maple grove that has 600 more square feet, 3 levels and a nice porch/backyard. That home was listed at the same price.
 
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