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How Much Is the House Worth In Blaine MInnesota?

Our team of experts can help you sell your house. Get a free estimate on yourย house value and learn more about selling your home in Blaineย  Minnesota.

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Here are the most frequently asked questions about selling your home in Blaine

Houses can sell quickly or take a long time. Some factors that can affect the sale of a house are the price, condition, location and whether it’s been used as a rental property.

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11 factors that affect property value
  • Location. The location of a property is the most obvious factor that affects how much a property is worth. …
  • Supply and demand. …
  • Interest rates. …
  • Economic outlook. …
  • Property market performance. …
  • Population and demographics. …
  • Property size and features. …
  • Aesthetics.
We’ve outlined some of the most important factors that influence your home’s value:
  • Neighborhood comps. …
  • Location. …
  • Home size and usable space. …
  • Age and condition. …
  • Upgrades and updates. …
  • The local market. …
  • Economic indicators. …
  • Interest rates.

Having short sales and especially foreclosures on your streetย decreases the value of your home. Even if they are not direct comparables, as in same square footage and the number of bedrooms and baths, they are in your immediate neighborhood, so can make the entire area depreciate in value.

For most major markets,ย the Zestimate for on-market homes is within 10% of the final sale price more than 95% of the time. The nationwide median error rate for the Zestimate for on-market homes is 1.9%, while the Zestimate for off-market homes has a median error rate of 6.9%.

  1. Enter your address into a home value estimator. …
  2. Ask a real estate agent for a free comparative market analysis. …
  3. Check your county or municipal auditor’s website. …
  4. Identify trends with the FHFA House Price Index calculator. …
  5. Hire a professional appraiser.

11. Fiberglass grand entrance

Front door of a home
Alaettin YILDIRIM / Shutterstock.com

Average cost: $10,044

Return on investment: 60.9%

This home improvement is aboutย widening your doorway and adding a new door with half-glass sidelights. With this new grand entrance, you can expect the resale value to increase by about $6,116.

10. Composite deck addition

Man installing composite decking boards
ronstik / Shutterstock.com

Average cost: $22,426

Return on investment: 63.2%

As described by Remodeling Magazine, thisย simple deck replacementย uses a linear pattern and adds a built-in bench and planter.

Composite deck material is used, and the project includes three stairs and a railing.

9. Steel entry door replacement

Worker installing a lock on the front door of a home
ungvar / Shutterstock.com

Average cost: $2,082

Return on investment: 65.0%

Replacing a front door with a steel doorย and a new lockset provides the opportunity to spruce things up when it comes to curb appeal. This improvement features a clear, dual-pane half-glass panel.

8. Wood deck addition

Celestine Rae holding a light bulb
Rido / Shutterstock.com

Average cost: $16,766

Return on investment: 65.8%

According to the report, thisย 16-by-20-foot wood deck additionย provides a better return than a composite deck addition, increasing the resale value of your home by $11,038. Plus, it costs less than the composite deck.

7. Wood window replacement

Winter view through a wood window
CTatiana / Shutterstock.com

Average cost: $23,219

Return on investment: 67.4%

This projectย to replace 10 existing 3-by-5-foot double-hung windows uses insulated,ย low-emissivity windows, which have a special coating that reflects heat to help regulate indoor temperatures.

The interior window is trimmed in stained hardwood. The exterior adds to curb appeal with an aluminum cladding that is custom-color matched to the existing trim.

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6. Vinyl siding replacement

Construction workers installing vinyl siding on a house in Los Angeles, California
mediandrew / Shutterstock.com

Average cost: $16,576

Return on investment: 68.3%

This is another curb appeal project that can boost your ability to get a little more of your money back when you make an upgrade.

Remodeling Magazineย suggests making sure a water-resistant barrier, like a house wrap, is installed below the new siding.

5. Vinyl window replacement

Man opening a window
Vitaliy Hrabar / Shutterstock.com

Average cost: $19,385

Return on investment: 68.6%

Sometimes the material makes a difference in your ability to recover more from an upgrade.

This can be true of window replacements as well as deck additions. Choosing vinyl over wood can potentially cost less and recoup more of the expense, asย this projectย suggests, when replacing 10 existing windows with insulated, low-emissivity, vinyl ones.

4. Fiber-cement siding replacement

Man installing fibrous cement siding on a home
Christina Richards / Shutterstock.com

Average cost: $19,626

Return on investment: 69.4%

Replacing home sidingย with a fiber-cement product isย likely to cost moreย than using vinyl.

However, according to the Cost vs.ย Value Report, you’re likely to recoup a greater portion of the cost by enjoying an increase in the value of your home.

3. Minor kitchen remodel (midrange)

Couple cooking at home
Monkey Business Images / Shutterstock.com

Average cost: $26,214

Return on investment: 72.2%

This is the only upgrade on thisย listย that is an interior project, rather than an exterior project.

Remodeling Magazine shows thatย making rather minor changes, such as replacing the range and fridge and changing the cabinet fronts and counters, pays you back better than most projects. Also included: a new midrange-priced sink and faucet.

If you opt to replace the cabinets instead of just the fronts, you might want to check out the American Woodmark or Ikea Sektion collection. They earned the highest customer satisfaction ratings in J.D. Power’s Kitchen Cabinets Satisfaction Study in 2020, as reported in โ€œ4 Kitchen Cabinet Brands Earn High Marks From Homeowners.โ€

2. Manufactured stone veneer

Exterior of a house with stone veneer
Artazum / Shutterstock.com

Average cost: $10,386

Return on investment: 92.1%

This Remodeling Magazine projectย includes removing a band of siding from the bottom facadeย and replacing it with a manufactured stone veneer. The resale value attached to this project is $9,571, resulting in the potential to recoup slightly more than 92% of what you spent.

1. Garage door replacement

Man opening his garage door with a remote control
GagoDesign / Shutterstock.com

Average cost: $3,907

Return on investment: 93.8%

Topping the list for the best return on investment is another curb appeal project.

Spend less than $4,000 toย replace the garage door, including the tracks, and you could enhance your curb appeal as well as see a return on investment of more than 93%, which is better than all other projects in this study.

Appraisers look atย the size, shape and topography of the lot, including easements and encroachments. The appraiser will also note amenities such as street utilities and vehicular access. Part of the evaluation processย includes an opinion of whether the homeโ€™sย characteristics are compatible with the market.

Home values in Blaine, MN

Blaineย is aย cityย inย Minnesotaย and consists ofย 9ย neighborhoods.ย There areย 477ย homes for sale, ranging fromย \$99.9Kย toย \$2.3M.

Neighborhoods in Blaine, MN

Neighborhoods
Medianย Listing
Home Price
Listing
$/SqFt
For Sale
For Rent
$388K
$173
$464.3K
$203
$309.9K
$170
$230K
$157
$475K
$178
$445K
$167

Blaine, MN Housing Market

In April 2022, the median listing home price in Blaine, MN was \$389.9K, trending up 8.3% year-over-year. The median listing home price per square foot was \$175. The median home sold price was \$370K.

The typical home value of homes in Minneapolis-St. Paul-Bloomington Metro is $369,107, up 12.3% over the past year.ย Home prices will continue to rise in the next twelve months. Minneapolis home values have gone up 5.9% (current = \$338,040) over the past year and will continue to rise in the next twelve months.

1 ADULT 2 ADULTS (BOTH WORKING)
ย  0 Children 0 Children
Living Wage $18.74 $14.49
Poverty Wage $6.19 $4.19
Minimum Wage $10.33 $10.33

Blaine, MN is a seller’s marketย in April 2022, which means that there are more people looking to buy than there are homes available.

“There are far too many people coming up in age, and certainly many already there, that want their own place to live,” he explains. According to the latest projections by Fannie Mae, 6.8 million homes, both new and existing, are expected to be sold by the end of 2021.

The Twin Cities metro has one of the lowest housing vacancy rates anywhere in the nation โ€” worse than notoriously unaffordable San Jose. The vacancy rate reflects the basics of supply and demandย that’s driving housing prices up across the Twin Cities.
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Average housing prices in Quebec are projected to fall 4.7 per cent in 2023ย as rising mortgage rates begin to squeeze first-time buyers out of the market, Mouvement Desjardins said in a new report published Thursday.
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Minnesota has a significant housing shortage.

According to recent census data, the Twin Cities has the lowest vacancy rate of the 56 most populous metro areas in the United States. Anyone who has studied macro-economics knows that when supply is low, prices go up until supply and demand find equilibrium.

Homes values in Minneapolis increased by 5.7% over the last year. Over the past five years home values in Minneapolis have increased by more than 46%. Median listing price of a single-family home in Minneapolis is \$294,400 based on the most recent research from Realtor.com (November 2021)

The typical home value of homes in Minneapolis-St. Paul-Bloomington Metro is $369,107, up 12.3% over the past year.ย Home prices will continue to rise in the next twelve months. Minneapolis home values have gone up 5.9% (current = \$338,040) over the past year and will continue to rise in the next twelve months.

On Wednesday, Zillow researchers released a revised forecast, predicting thatย U.S. home prices would rise 14.9% between March 2022 and March 2023. That’s down 2.9 percentage points from last month, when Zillow said home prices would shoot up 17.8% over the coming year.

There’s no doubt about it: Soaring mortgage ratesย are an economic shock to the U.S. housing market. Over the past month alone,ย the average 30-year fixed mortgage rateย has spiked from 3.11% to 5.11%. It’s both pricing out some stretched homebuyers and causing some would-be borrowers to lose their mortgage eligibility.

The swift move up in mortgage rates also has research firms re-gearing their housing forecast models.

Heading into 2022,ย real estate research firms presumed the Federal Reserve would put upward pressure on ratesโ€”butย not like this. On the year, theย Mortgage Bankers Association forecasted the average 30-year fixed rate would climb to 4%, whileย Fannie Mae forecasted a 3.3% mortgage rateย by year’s end. We blew past those estimates weeks ago.

Now, real estate researchers are dialing down their home price forecasts. On Wednesday,ย Zillow researchers released a revised forecast, predicting that U.S. home prices would rise 14.9% between March 2022 and March 2023. That’sย down 2.9 percentage pointsย from last month,ย when Zillow said home prices would shoot up 17.8% over the coming year.

“Driving the downwardly revised forecast are affordability headwinds that have strengthened faster than expected, largely due to sharp increases in mortgage rates,” wrote theย Zillowย researchers. “Further risks to the outlook as well: Inventory levels remain near record lows, but have the potential to recover faster than anticipated, which could lower future price and sales volume projections.”

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The fact Zillow has cut its forecast shouldn’t come as a surprise. After all, this swift move up in rates is creatingย a serious affordability crunch for homebuyers. At a 3.11% fixed mortgage rate in December, a borrower would owe a principal and interest payment of $2,138 on a $500,000 mortgage. That payment would spike to $2,718 if taken out at a 5.11% rate. Over the course of the 30-year loan, that’s an additional $208,800.

YyUg0 mortgage rates are spiking 3

If Zillow is right and home prices do rise another 14.9% over the coming 12 months, it’d mark another historically strong year for home price growth. Over the past 12 months,ย home prices are up a staggering 19.2%. Each of those figures are outliers compared to average annual U.S. home price growth of 4.6% posted since 1987.

Even with the downward revision from last month, these figures would represent a remarkably competitive housing market in the coming year,” writes the Zillow researchers.

But not everyone is as bullish as Zillow.

Over the coming year,ย CoreLogic predicts that home prices are set to decelerate to a 5%ย rate of growth.ย The Mortgage Bankers Association says home prices are poised to rise 4.8%ย over the coming 12 months, whileย Fannie Mae predicts home prices will rise 11.2% this year, and 4.2% in 2023.

Of course, there’s a chance they’re all wrong. The Federal Reserve Bank of Dallas has already found signs that U.S. home price growthย is greater than underlying economic fundamentals would push it up. The title of the Dallas Fed paper is blunt:ย Real-time market monitoring finds signs of brewing U.S. housing bubble.”

“Our evidence points to abnormal U.S. housing market behavior for the first time since the boom of the early 2000s. Reasons for concern are clear in certain economic indicators…prices appear increasingly out of step with fundamentals,” wrote the Dallas Fed researchers.

Whileย CoreLogicย says a housing market correction is unlikely over the coming year, the research firm does say most housing markets across the country are overpriced. The firm calculated a market risk assessment for nearly 400 metropolitan statistical areas. The finding?ย CoreLogic deems 65% of U.S. regional housing markets to be “overvalued.”

Both homebuyers and home sellers alike might want to take housing forecasts with a grain of salt. Look no further than the housing forecasts published during the COVID-19 recession. In the spring of 2020, bothย Zillowย andย CoreLogicย published economic models predicting that U.S. home prices would fall by spring 2021. That price drop never came. Instead,ย the housing market went on a historic runย that continues to today.

The latest report from Lightstone Property states the following: โ€œNational year-on-year house price inflation is atย 4.6%, marking a third consecutive month under the 5% growth mark. Prices in the Low Value segment continue to outgrow those in the higher value segments

In looking at home values over the past year,ย the least costly homes showed an 8.5 percent gain in their worth compared to a 3.6 percent increase for the most costly abodes, according to the findings by the provider of real estate information.

Closure of facilitiesย โ€“ public services, employment, amenities; if any of these services close, it could impact the value of your house as they’re often appealing to buyers. Low school ratings โ€“ buyers pay to live in areas with good schools because they want their children to have access to the best education.

Land appreciates more reliably than the buildings on it. It makes sense because buildings age and get run down, and land doesn’t. That’s why certain types of propertiesโ€”like waterfrontโ€”tend to have better home appreciation, no matter what sort of structure sits on it.

Not all homes appreciate the same. Here’s how to find a good one.

When you’re trying to predict home appreciation, there’s some good news and some bad. First, there’s no guaranteed way to determine how much anyย home you buyย will appreciate. You may find home appreciation calculators online, but every property’s situation is so unique, it’s best to take automated results lightly. Fortunately, there are signs that a home is likely to go up in value (aka, appreciate) over time.

Good signs for home appreciation

  • It’s in a great location.

    It’s a real estate cliche, but for good reason: Location really matters. If a home is located somewhere people want to live, and where people will continue to want to live, that’s a good sign for home appreciation.

    A โ€œgreat locationโ€ could be a number of things. For example:

    • An up-and-coming neighborhood
    • Aย neighborhood in a top school districtย and nearby local schools
    • An area scheduled for serious development, such as being newly connected to city infrastructure or planned housing developments
  • It’s a smaller home.

    It seems counterintuitive that smaller homes appreciate more, but it’s just a matter of math. Two homes in the same neighborhood on similar plots of land are likely to appreciate by the same amount. That amount will be a larger percentage of a less-expensive structure, so that means more appreciation.

  • The property has value on its own.

    The reasoning above works for one reason: property is where so much of the real estate valueย is. Land appreciates more reliably than the buildings on it. It makes sense because buildings age and get run down, and land doesn’t. That’s why certain types of propertiesโ€”like waterfrontโ€”tend to have better home appreciation, no matter what sort of structure sits on it.

  • The home could use a bit of work.

    The important words here are โ€œa bit.โ€ House flipping is a risky business, because major fixer-uppers often come with surprises (as many home makeover shows dramatize). But homes that need a moderate amount of work that can be done over time tend to rack up a better return on investment for homeowners. Aย new construction home, on the other hand, will come to you in top shape, so it doesn’t leave as much room for improvement.

  • The local housing market is strong.

    Some local housing markets get hot, then cool off. Others have reliably strong markets over time relative to others. You’llย find your real estate agentย is an expert in this and can help you look at trends over time to find neighborhoods with strong, stable markets. These places are often close to large, dependable employers, like big universities.

    Thinking about maximizing your returns? While some fixer-uppers are a gamble, it’s possible to find homes in need of serious work that turn out to be a great deal. Here’s how to make smart moves whenย buying a fixer-upper.

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