Your property values went up if you live by Bryant bike lanes

So the guy says, “Government’s job is to build the roads. Our city built this ‘bold and transformational’ bike-friendly project, and they managed to forget you might need to a send a fire truck on it once in while.”

And I was like: “Okay, sure. Our progressive city council likes ‘bike friendly,’ and the Minneapolis Public Works Department made some costly mistakes. But Bryant Avenue South is cool.”   

One-Lane/Bus-Lane/Bike-Lane and Pedestrians, too – The Bryant Avenue Project was good for Minneapolis, and it is great for the first six blocks of homes in either direction of Bryant itself. 

And I’m not just talking convenience and dog-walking friendliness. From a real estate perspective, your property values went up if you live near “Bike-Lane Bryant.” Just sayin’.

 

1) We are about to see extreme multiple offer conditions. So, if you want to buy and beat the crowd, you should act within two weeks. Unless we have a ridiculous snow dump, we are just minutes away from the market going nuts. 

2) There will not be enough sellers for the buyers that want to buy. (Many will still be wanting to hold onto their 3% interest rates.) 

3) That is not the only reason that Southwest Minneapolis values are going up – and why they will stay up. 

Minneapolis is going to see “robust appreciation” this year – and into the future. I’ve mentioned several reasons for that before, but here’s another:  People are moving from California to Minneapolis in droves.  

Why? Because hot, dry inland California is not as nice a place to live as Minneapolis. Plus, Californians lean progressive, and Minneapolis leans progressive. And of course: prices in hot, dry inland California are way higher than prices in Minneapolis.   So, Californians are moving here.   

And why shouldn’t they be? We are cultured, and we are educated. And now, our weather is not as cold as it used to be, nor are the winters as long as they used to be.  

Plus: Housing here has always been under-priced. For years we’ve ranked among the best cities to live in, but our home prices don’t make the top 40.  

So: I predict that this spring we are going to have a flurry of multiple offers, and that flurry will “set the values” for the coming year, and then next year, another flurry in the spring will set an even higher value for the future.   

But what about interest rates?  

Interest rates are gonna “remain around 6” for the foreseeable future. Expect no significant changes in the next years. Six percent is normal. Remember?  

 

IF YOU ARE BUYING in a competitive market, choose an agent who can articulate their strategy for making your offer be the winning offer. My own recent experience is that price is hardly ever the sole determining factor. How will your realtor convince the seller’s realtor that your offer might be the best offer? Getting the seller’s realtor on your side is key.

IF YOU’RE SELLING – There are several important things to consider.   

• Which improvement projects will be worth the time, money, and effort?  

• Can your realtor help you get the right ones done fast?  

• What methods of comparison has your realtor used to help you in your pricing decision? 

 

And apart from “value,” what is your pricing strategy?  

• Low, to guarantee multiple offers?  

• Assertive, with an agreement to go to Plan-B on a certain timeline?  

• One of the others? 

One last thing – Choose your loan officer wisely.  

In multiple offer situations, your realtor should be able to reach your loan officer and strategize at almost any hour of any day.  

Anytime you are simultaneously buying and selling, it’s important that you have a seasoned and “powerful” loan officer who can get a VIP on the phone when necessary.   

Now go out and enjoy Bryant!