Chad Olson - KW Locality Real Estate Network

05/31/2024

Mixed-use commercial property in Iron River includes a one bedroom, one bathroom apartment, office/retail space, storage/warehouse areas and an oversized garage with floor drain….$439,900.

Well maintained mixed-use commercial property that includes two office spaces, a garage bay, warehouse/storage space and a 1 bedroom, 1 bathroom apartment. Replacement cost estimated at $800,000 by insurer. Nearly 120' of frontage on US Hwy 2, near banks, restaurants, convenience stores, lodging and...

05/24/2024

Looking to get rid of those stairs? Ready to ditch the lawnmower and snowblower? Would you like to downsize but don't know where to start?

Come check out Albertville's newest single-level villas and walkout detached townhomes this weekend!

Open House:
Saturday, May 25th, 2024
Sunday May 26th, 2024
Monday, May 27th, 2024
11-2pm
7378 Kahl Circle NE - Albertville, MN

All open house attendees will be entered into a drawing for a $50 Rockwoods gift card....hope to see you soon!

Completed new construction available for quick closing!! This custom Villa home really shines. From the moment you walk in you will feel the quality of a villa from a local custom builder! Wonderful plan with welcoming front porch, open layout, stunning kitchen with custom cabinetry and granite coun...

02/15/2024

Mixed-use commercial property in Iron River, WI. Located on both US Hwy 2 and the Tri-County Corridor. Two offices, 1 bed/1 bath apartment, warehouse space and a garage bay with floor drain. 1.22 acres. $439,900

Well maintained mixed-use commercial property that includes two office spaces, a garage bay,warehouse/storage space and a 1 bedroom, 1 bathroom apartment. Replacement cost estimated at $800,000 byinsurer. Nearly 120' of frontage on US Hwy 2, near banks, restaurants, convenience stores, lodging andot...

01/05/2024

Soooo….would you buy one of these homes? I don’t know that I would….

Stigmatized properties pose challenges for buyers and sellers, especially when the crime is particularly notorious.

09/20/2023

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

Send a message to learn more

08/27/2023

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.

08/11/2023

I am frequently asked when the "market is gonna crash"....

This here illustrates how unlikely it is that any sort of "crash" is imminent.

Even with foreclosures inching up nationally, any home that enters the foreclosure process is typically snapped up at near market pricing.

U.S. mortgage delinquency rates fell to a record low in the second quarter due to a strong job market and low interest rates prevailing on most home loans despite the big jump in mortgage rates over the last two years, a report on Thursday said.

08/02/2023

Some interesting factoids about the national and local real estate market:

* In a "normal" market, new construction makes up around 10% of housing inventory.

* Currently, new builds represent over 30% of available homes for sale nationally.

*In St. Michael and surrounding communities, new construction makes up 65% of the available inventory of homes.

* In certain locales, newly built homes are selling for LESS than previously owned properties.

* The average spread between the 10 year treasury bond and 30 year mortgage rates is 190 basis points (1.9%).

* The current spread between the 10 year treasury bond and 30 year mortgage rates is 320 basis points (3.2%).

* Foreclosures are up 11% nationally from 2022. The vast majority are selling before the end of the redemption period.

* There have been 40 foreclosures in Wright County in 2023.

* The average sales price of a single family home in Saint Michael as of July 2020: $310,000

* The average sales price of a single family home in Saint Michael as of January 2023: $425,000

* ....meaning the average Saint Michael homeowner gained roughly $105 PER DAY solely through appreciation between July 2020 and January 2023.

* The average sales price of a single family home in Saint Michael as of July 2023: $410,000

As always, if you have any questions about the market and what might be coming, feel free to reach out.

07/27/2023

Come check out this new build this weekend—Saturday 11am-3pm, Sunday 11am-1pm

Single-level living right next door to Hanover: Main floor master suite and laundry complemented by a finished basement that has the space for a 5th bedroom or in-law suite.

Bring your real estate questions and start planning your next move!

HOT SUMMER SPECIAL on this completed Model Home - fully finished and ready for sale! Builder has reduced the price on this incredible home $13,000 and is including a full yard irrigation system at NO COST! Skip the new construction wait time and move right in to this 4 bed, 3 bath, 3 car garage ramb...