Welcome to today’s real estate news roundup! In Minnesota, new rules are set to impact both realtors and home buyers, requiring negotiations on house sale commissions and aiming to make the process more transparent and consumer-friendly. Meanwhile, Minneapolis has been named the best city in the U.S. for recent college graduates, offering affordability, job opportunities, and a vibrant lifestyle. Despite claims of a failing state, Minnesota boasts a high quality of life with longer lifespans, higher wages, and excellent education systems. Inflation continues to cool, but housing prices remain a challenge, driven by rising costs and limited supply. Explore these stories and more to stay informed about the latest developments in the housing market.
How new real estate rules will impact Minnesota Realtors, home buyers – CBS Minnesota
The experience of buying or selling a home is changing in Minnesota. A recent settlement between homeowners and the National Association of Realtors requires buyers and sellers to negotiate house sale commissions, including who pays and how much. The settlement aims to make the process more transparent and smooth for consumers. Previously, sellers would pay a fee to their agent, usually 5% or 6%, which was then split with the buyer’s agent. However, with the new rules, buyers will now be expected to pay a commission to their realtor, while sellers will only have to pay for their own agent. The settlement also prohibits listing agents and sellers from offering compensation to buyer agents on multiple listing services. These changes are expected to reduce realtor commissions and require upfront discussions about compensation. While some real estate agents may leave the business due to these changes, others believe that competition will ultimately benefit both consumers and agents. The new rules take effect on Saturday.
Musings on a Move From St. Paul to Minneapolis – Streets.mn
A recent ranking by Zumper and covered in the New York Times named Minneapolis the best city in the U.S. for recent college graduates. The ranking took into account factors such as affordability, job opportunities, lifestyle amenities, and more. As a recent college graduate who moved from St. Paul to Minneapolis, the author reflects on their experience and how the city offers a desirable location for emerging leaders entering the workforce. They discuss their search for housing in Minneapolis, exploring various neighborhoods and finding options that cater to recent graduates. The vibrant food scene, art and music scene, parks, and community events contribute to making Minneapolis an attractive city for young adults. The affordable cost of living and the availability of urban amenities make it an ideal place for recent graduates to establish their careers.
The GOP’s losing message: America and Minnesota are terrible, no good places • Minnesota Reformer
Republicans who claim that America and Minnesota are “liberal hellholes” are out of touch with the reality experienced by the majority of Minnesotans. Despite its imperfections, Minnesota offers a high quality of life with longer lifespans, higher wages, low unemployment rates, excellent education systems, and abundant parks and recreational opportunities. The state also embraces the arts and supports its diverse communities. While challenges exist, such as income inequality and disparities in health and education, these claims of a failing state do not resonate with the people who contribute to making Minnesota a great place to live through hard work, volunteerism, and civic engagement. The article highlights the achievements of Minnesotans, including Olympic medalists and the success stories of individuals like Hmong-American chef Yia Vang, who exemplify the best of America and Minnesota. Betting against America and Minnesota’s potential will only lead to continued losses for those who hold such negative views.
Inflation continues to cool, but housing prices aren’t helping
The latest Consumer Price Index (CPI) data shows a slight increase in inflation, with shelter costs accounting for a significant portion of the overall increase. In the Twin Cities metro area, inflation has outpaced the national trajectory, driven by rising housing costs. Interest rates, kept high by the Federal Reserve to curb inflation, have deterred buyers and hindered new construction. Despite the cooling inflation trend, housing prices remain a challenge, with the median home price in the Twin Cities reaching $390,000 in June. While the year-over-year inflation picture is improving, the undersupply of housing continues to contribute to rising prices. Government policy changes and increased investment in affordable housing are seen as potential solutions to address the housing crisis.