March 2025 Newsletter

Chief Economist, National Association of Realtors

Lawrence Yun’s forecast for 2025: Inflation is keeping rates up. If national debt would go down, rates could improve. For now, don’t expect rates to go below 6% for the first half of the year. Our low mortgage rates created appreciation. Those homeowners with low mortgage rates are not willing to give up those loans, therefore it has added to the lack of inventory. NAR is trying to lift the capital gains exemption tax to help homeowners, whose appreciation has doubled or tripled since purchase. Presently the exemption is $250,000 per person. If this would happen, more of these homeowners may consider selling their homes which would help increase inventory.

IN CLOSING

You may not be ready to sell but if you are curious as to the value of your property, after much appreciation in the last several years, I am willing to do a Market Analysis on your home. I know some homeowners have put on additions and made improvements that add to the value. I am just a call away. Look forward to hearing from you. I want to THANK YOU for your business this past year. Buying a home is always a great investment, usually cheaper than rent and you gain equity. Let me be the one to help YOU!

PROTECT YOUR INVESTMENT

Main Points to Consider When Shopping for Homeowner’s Insurance

1. Make sure your deductible is not more than 2% of the home value. Without this it could put your average home at a $5,000 deductible

2. Matching & Law and Ordinance endorsements for roof and siding

3. Sewer backup is an absolute must have item

4. $15-$20,000 matching limit for your average home to cover undamaged siding on 3 sides if only one side is affected. If you have metal siding, consider a higher limit. Less than this could have you paying out of pocket

5. Compare agents and read reviews

DECORATING A SMALL KITCHEN

• Remove kitchen doors that swing open. Remove the hinges if you can. This makes the kitchen look more space. The best of both worlds would be pockets doors.
• Go with small pulls on all doors and drawers. Keep everything uniform
• In choosing paint, lighter shades can help reflect more light and a more open look
• Avoid overcrowding your counter with appliances and utensils, it can only create chaos and less workspace. You could install an appliance garage to clear your counter if your budget permits
• Natural light makes any space look larger, but it’s usually sparse in small kitchens. Try to keep the window clear of window treatments to maximize natural light

DO AND DON’TS to fix CREDIT CARD SCORE

Don’t pay upfront to have your credit score fixed

Don’t Open up a new account if you have maxed out others

Don’t Expect paying off your mortgage or car loan will help your score

Don’t Close a credit card once you’ve paid it off

DO Pay your credit card bills on time and work to lower your balance

POTPOURRI

NEED A NOTARY? – I am a Notary; all you need to do is call me at 612-790-3015 to schedule an appointment.

VETERANS – Take advantage of this offering. You can use this financing over and over, 0% down up $1,5MM, rates are under 6%, no mortgage insurance, waive lender and title fees, no income restrictions and credit scores as low as 580.

Yesterday’s Rates are History
Tomorrow’s Rates are Unknown
Today’s Rates are Opportunity
What is your PLAN?

Your Real Estate Professional since 1974

ABR, CREA, CRS, SFR, Realtor
Minnesota CRS of the Year-2004
Edina Realty’s “Emmy Award”-2006
Twin Cities “Super-Agent-2023”
Business 612-790-3015
E-mail: Betty@BettyCole.com or BettyCole@EdinaRealty.com

Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings

Betty Cole