April, 2021 - Cushman Realty

Apr 20 No Comments

Choosing Paint Colors

Author: Tracy Cushman

Categories: Home Improvement

Your paint choices have a significant impact on your home.

Not only can color determine your living space’s overall aesthetic, but it can also influence your mood and set the right tone for your guests.

Do you want your space to feel comfy and serene or trendy and dramatic? Or maybe your family’s style is somewhere in between.

Here are five color inspirations that can enhance your mood and your home.

Inspired by Nature: Are you spending a lot of time indoors? Consider adding more natural elements. Shades of sunny yellow, soft brown and deep green can open up your space and make it feel more calming.
Uplifting Hues: Trendy tones — like Pantone’s Ultimate Gray and Illuminating — make a statement. Or you could use Benjamin Moore’s Aegean Teal as an accent color or to add light and vibrancy to an entire room.
Rich Jewel Tones: Do you want an elegant and luxurious aesthetic? Bold magenta, deep blue and royal purple can help you create more dramatic spaces.
Classic Neutrals: Use deep gray or soft taupe to create a clean, minimalistic palette. And the best part? These colors are timeless and pair well with nearly any home décor.
Warm and Cozy: Encourage feelings of warmth and positivity with desert-inspired hues such as rust and soft pink. A soothing color, like apricot, could be perfect in a bedroom or nursery.

The right color palette can evoke the feelings you want in your home. Need more help choosing your tone and style? Reach out today for a recommendation or to look for a new space to make your own.

Apr 12 No Comments

March 2021 Housing Report

Author: Tracy Cushman

Categories: News

By MNR News posted

New listings drop as housing supply continues to shrink

MINNEAPOLIS (April 12, 2021) — In March, the shortage of affordable housing continued to squeeze a heated market driven by rising buyer demand, according to Minnesota Realtors^® (MNR), the membership organization supporting all 22,000 Realtors in the state. Although closed sales increased +3.1% over last March, and pending sales were up +12.1%, activity was dampened by a -10.9% decline in new listings. Homes for sale were down -54.8% over last year, leaving only a one-month supply of inventory statewide. These factors made for an extremely competitive market where the median sales price rose +10.1% to $295,000, and homes went from listing to closing in only 42 days, down -26.3% from 2020. On average, properties received 100.7% of the original price received, up +2.8% from a year ago. In total, March marked a strong end to Q1, with closed sales up +8.5% year to date.

“There’s no doubt that we will be in a seller’s market well into the future,” said Chris Galler, CEO of Minnesota Realtors. “Factors that were in play even before the pandemic continue to shape the housing environment, including historically low interest rates and a stubbornly persistent shortage of homes. Supply is further depressed by homeowners who are reluctant to sell their properties for fear of being unable to purchase an affordable home in the area where they are relocating. Despite these challenges, pending sales indicate that we can anticipate another very active selling season right through the summer. We certainly have come a long way from the uncertainty following the governor’s Stay Home MN order in March of last year.”

Across Minnesota, there were only 7,738 homes for sale in March, compared to 17,124 in March 2020.

March year-over-year summary:

Closed sales: +3.1% to 5,917
Median sales price: +10.1% to $295,000
Average sales price: +11.9% to $338,707
New listings: -10.9% to 9,202
Pending sales: +12.1% to 8,101
Days on the market: -26.3% to 42 days
Homes for sale: -54.8% to 7,738

Closed Home Sales Across Minnesota by Region

Eleven of Minnesota’s 13 regions saw increases in closed sales over March 2020. Five more regions marked single digit increases. Only two areas saw declines: Southeast with -6.4% and Southwest Central with -7.8%. See the chart below for more details comparing March 2021 to March 2020.

housing data graph

The seven-county Twin Cities region comprises Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington counties. The official Minneapolis-St. Paul-Bloomington metropolitan statistical area recognized by the Census Bureau consists of 16 counties, on which MAR & SPAAR local associations report.

Apr 01 No Comments

Your Credit and How It Works

Author: Tracy Cushman

Categories: Mortgage/Credit Score/Financing

Credit and How It Works

Credit is one of the main components lenders will utilize to qualify borrowers for most types of financing such as mortgages, cars, or credit cards. Once you have enough credit established, credit scores are generated based on your payment history. Higher scores are a result of timely payments, and lower scores result from late or missed payments. The higher your credit score, the more likely it is to get approved for a loan with more favorable terms. For mortgages, higher credit scores can qualify for lower down payment options and lower interest rates whereas for lower credit scores, the opposite is true.

Typically, lenders prefer to see 12 to 24 months of payments to one or more major credit providers such as a mortgage, car loan/lease, Visa, or MasterCard. Store credit cards will carry less weight. If you are new to establishing a credit rating, you may want to start applying for credit with a major credit provider such as a Visa or Discover Card. Initially, your credit limits may be lower, but they will gradually increase over time with a good payment history. In some cases, a creditor may request you add a co-signer or co-borrower if you don’t have a lot of established credit.

Additional components included on a credit report that can have an adverse effect are:

Public records: This area will report public items such as bankruptcies, foreclosures, or tax liens.

Collection accounts: The most common collections are medical bills or other bills that a bill collector or creditor can place on your report for past due payments.

Charge offs: These will occur for credit cards that have fallen beyond the window of repayment. The remaining balance will show as an arrearage which will adversely affect your credit and your scores.

Credit inquiries: Inquires pulled in a certain timeframe usually won’t hurt your credit score, however, multiple inquires over longer periods of time could affect your credit. Excessive inquiries can cause a red flag for lenders looking to provide financing for you.

Bottom line: Establishing a credit history is not hard, but it takes a little time to build. Start with one or two credit cards, make timely payments, and build from there.

Source: Mortgage Market Guide