There is no short cut to make money in real estate or to get rich quickly, but you can slowly and steadily build wealth through successful real estate investing. Investing in real estate stands out as a tried and tested approach to make money but like every other business, it has some risks associated with it. If done the right way, real estate can be a great source to build wealth. Generally, there are two primary ways to make money from real estate—Appreciation, which is an increase in property value over a period of time, and rental income collected by renting out the property to tenants. But we shall discuss some more well-known ways to make money in real estate which include both active and passive investing.
This article has been updated to reflect recent changes in the Minneapolis real estate market due to the coronavirus pandemic. We'll be discussing the housing market trends for the Twin Cities Metro Area. Our focus for real estate investment would be the Minneapolis housing market—entire twin city metro area—and we shall also share the top reasons to invest in this region. First of all, let's find out how is Covid-19 pandemic is affecting the real estate activity in the Minneapolis housing market.
Minneapolis–Saint Paul is a major metropolitan area and is commonly known as the Twin Cities after its two largest cities—Minneapolis and Saint Paul. They’re separated by the Mississippi River. The waterfront is home to many cultural landmarks and coveted waterfront real estate. The entire Minnesota housing market slumped in May due to coronavirus pandemic causing a -24.2% decline in new listings and -20.4% decline in home sales (closed) as compared to May 2019, according to Minnesota Realtors®. Pending sales also dropped by 12.6%. The twin cities of Minneapolis and St. Paul. were below the state average as home sales dropped by 25.1% over there.
In June, the Minnesota housing market pulled up from the steep declines seen in May. Closed sales in June declined only -8.1% year over year, showing some recovery from the -20% declines seen last April and May. The twin city metro area saw a year-over-year decline of 12.7% in home sales—which was much better than May's drop of 25.1%. The Median Sales Price continued to uptick in June. It increased by 5.2 percent to $305,000.
This article has been updated to reflect recent changes in the Chicago real estate market due to the coronavirus pandemic. We'll be discussing the latest Chicago housing market trends to find out how they can affect the investors and homebuyers in this crisis. Realtor.com’s Housing Market Recovery Index for the week ending June 13 increased 1.2 points over the previous week, moving up to 90.0, indicating that the housing market has recovered nearly half of its January 2020 levels. Chicago’s housing market Recovery Index score grew 6% compared to the previous week but remained significantly below the January 2020 baseline with a Recovery Index score of 87.3.
In May, there was a sharp decline in closed sales and inventory due to stay at home order. Prices, however, remained steady from last year – a good indicator. The city of Chicago saw year-over-year home sales decrease 43.6 percent with 1,666 sales in May, compared to 2,952 a year ago. The median price of a home in the city of Chicago in May was $315,000, unchanged from May 2019. The Chicago metro area housing market is slowly improving as more homes went into the contract in June as compared to March when the crisis began. Chicago home prices are on the rise due to a very tight supply from the coronavirus crisis and a recent rise in showings. More homebuyers are entering the bidding wars to scoop up their favorite deals.
Whether you’re looking to buy or sell, timing your local market is an important part of real estate investment. This article has been updated to reflect recent changes in the Atlanta real estate market due to the coronavirus pandemic. The single-family residential housing market in metro Atlanta got impacted by the pandemic with home sales plummeting from April onward. There was a significant reduction of 25.8% in sales for April as compared to last year's numbers. According to the latest report from Atlanta REALTORS® (ARA), residential sales continued to decrease in May as well.
Home sales dropped by 36.8% from the previous year whereas average and median sales prices continue to gain saw positive gains. The median sales price in the Metro-Atlanta housing market in May was $291,000, an increase of 0.3% from last May. While Atlanta housing prices remain almost steady as compared to last year, the decline in sales reflects the impact of the shelter-in-place order that Metro Atlanta residents had to follow. It is expected that this trend would continue to affect the overall sales for the next few months until the pandemic is over.
We will discuss the latest San Jose real estate market trends & news and find out how they can affect the investors and homebuyers in the latter half of 2020. The shutdown due to coronavirus pandemic had an impact on California's economy and the real estate sector as well. 2020 started with low inventory in San Jose, and a strong seller's real estate market. The number of home sales in January and February were really strong. Then came the shelter-in-place order due to the COVID-19 pandemic. The impact of the pandemic on the San Jose housing market was felt in April when home sales started dropping massively.