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Market Update The Future of Affordability In this month’s update, I want to address a topic that has been frequently discussed over the last couple of years: affordability. Home prices have been rising year over year for quite some time. This, combined with rising interest rates, has created an affordability issue for many homebuyers. Cities have attempted to combat this issue, […]
Market Update Along with the 3 Ls, should we be talking about the 3 Is? When talking about the value of real estate, It’s often said the 3 Ls are the largest factors determining value. The 3 Ls are location, location, location. This emphasizes the huge role location plays in the value of any piece of real estate. Being near a major city, on a lake, or close to popular […]
Market Update NAR Settlement The biggest headline in real estate broke in March. A settlement by the National Association of Realtors to settle several commission lawsuits was announced. This news was years in the making as several lawsuits passed through the court system. The largest change resulting from the settlement is that a buyer’s broker compensation will no longer […]
Market Update Rumors of Rate Cuts There’s been a lot of hype around rumored interest rate cuts over the last couple of months. Late last year, many news outlets were predicting up to 6 rate cuts by the federal reserve in 2024. As inflation continues to come down, many have been optimistic that the federal reserve would start to ease up […]
Market Update 2023 by the numbers The real estate market has experienced a lot of change over the last two years. Now that 2023 is behind us, here is a recap of what we saw in the twin cities real estate market: New Listings: Down 12.4% Closed Sales: Down 17.6% Median Days on Market: Up 28.6% to 18 Days Median Sales […]
Understanding Real Estate Vocabulary What is Arbitration: Understanding Real Estate Vocabulary Simply put, arbitration is the process that has to do with the arbitrator. The arbitrator is a neutral and fair third party person with whom the buyer and seller agree in advance to abide by. When a dispute occurs that the two parties cannot resolve on their own, the arbitrator makes the decision. Arbitration is […]
Understanding Real Estate Vocabulary What are Closing Costs: Understanding Real Estate Vocabulary Closing in itself is the completion of a financial transaction, in this case, buying a home. Closing costs are different because it refers more specifically to upfront fees that are charged in connection with the closing the mortgage loan. These are fees paid by the buyer, but in few cases the seller may also have […]
Understanding Real Estate Vocabulary What is Escrow: Understanding Real Estate Vocabulary “Escrow” is something of great significance, like an item of value, money, or important documents. The item of significance is given to a third party for safe keeping until certain conditions have been met and the item can be delivered to the receiving party. For example,  The context in which the term escrow is used […]
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Understanding Real Estate Vocabulary What is Refinancing: Understanding Real Estate Vocabulary While refinancing is a term that can be applied to many types of loans, in real estate it generally refers to the mortgage loan. There are many options for refinancing, but the new plan must be approved by the lender.  Refinancing is a process the homeowner (borrower) may choose to go through to change the interest rate […]
Buying Tip My appraisal came in low, now what? An appraisal is a bank’s version of a home inspection. Typically an appraisal’s main focus is determining the value of the home is at or above the purchase price. However, depending on the loan program, the appraiser may be making sure the home meets certain health and safety standards as well. If the home you […]
Buying Tip For Your Protection, Get a Home Inspection Home inspections at a minimum can provide peace of mind or even possibly allow you to negotiate with the seller to have certain repairs completed. The ability to have a home inspection completed is negotiated as part of your offer. You can indicate in your offer that you wish to do an inspection and whether […]
Buying Tip What is the First Step? Getting Pre-Approved or Meeting with an Agent? What is the first step you should take when you’ve decided it’s time to purchase your first home? Either meeting with a trusted mortgage lender or real estate agent is a great first step! It’s important to align yourself with people you trust early on in the process. If you already know and trust a […]
Understanding Real Estate Vocabulary What is Equity: Understanding Real Estate Vocabulary Equity is the share of your home that you “own” (have paid off) versus what you still owe on your mortgage (and any other liens you might have). For example, if your home is worth $330,000 and you have a remaining mortgage balance of $280,000, your home equity would be $50,000. Your equity will increase […]
Buying Tip Down-Payments: The Facts and the Fiction One of the biggest hurdles many first-time homebuyers face is coming up with a down payment. However, many don’t realize the many options available to them. One of the biggest myths about down payments is that you need 20% of the purchase price. This is far from the truth. Here are some loan programs that […]
Understanding Real Estate Vocabulary What is Earnest Money: Understanding Real Estate Vocabulary This is like making a down payment. An earnest money deposit shows that you are committed to buying that house. It is deposited within a few days of your offer being accepted. The earnest money is typically credited back to the buyer at closing. If the transaction doesn’t close, the earnest money may refunded to […]
Understanding Real Estate Vocabulary What is a Mortgage: Understanding Real Estate Vocabulary While you may be thinking, I know what a mortgage is, this is a silly term to be included, it’s probably one of the most used words in real estate so it’s good to revisit and burn into your brain. A mortgage is a loan agreement between a lender and the home buyer (you), that lets you borrow money […]
Home Tour Cabin-style home in Maple Lake   View this post on Instagram A post shared by LUKE DELACEY | REALTOR® (@luke.therealtor)
Home Tour 205 4th Ave S Buffalo, MN   View this post on Instagram A post shared by LUKE DELACEY | REALTOR® (@luke.therealtor)
Market Update Statistics and Perspective: A real estate update In the words of Mark Twain, “Facts are a stubborn thing, but statistics are pliable.” Throughout this year, as we’ve seen the real estate market cool down, there have been many shocking headlines on the state of the real estate market. It seems many of these headlines are used as clickbait to get people to […]
Market Update As home purchases are slowing down another real estate sector is heating up. As home purchases are slowing down another real estate sector is heating up. Background: The monthly principal and interest portion of a house payment for a $300,000 home late in 2021 assuming a 3% interest rate and 5% down-payment would have been around $1,200/month. Today at a roughly 5% interest rate, that amount has gone […]

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