Low appraisals complicating Twin Cities housing recovery

The appraisal process has become a headache for many home buyers and sellers in the Twin Cities metro. Real estate agent Steve Fiorella told KARE 11 he has struggled to get the appraisal to match the purchase price for about 20 percent of his transactions so far this year. But a misappraisal could have serious consequences, even prison.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Nov 13, 2012

The appraisal process has become a headache for many home buyers and sellers in the Twin Cities metro. Real estate agent Steve Fiorella told KARE 11 he has struggled to get the appraisal to match the purchase price for about 20 percent of his transactions so far this year. But a misappraisal could have serious consequences, even prison.

Watch KARE 11's story below:

The home sales price in the 13-county metro climbed to $175,000 in October -- up nearly 15 percent compared to a year ago, according to the Minneapolis Area Association of Realtors. Pending and completed sales were also up last month.

Screen Shot 2022-08-07 at 11.43.15 AM

Police claim the man, who had allegedly been experiencing a mental health crisis, was armed with a knife.

Ambulance hospital emergency

The other drive involved in the crash, a 75-year-old man, sustained life-threatening injuries.

ATV

The crash occurred in Lake Lillian Saturday night.

Minneapolis police

Responders were called to the scene early Sunday morning.

Screen Shot 2022-08-07 at 6.34.12 AM

Employees called police saying the children were stealing goods from the store.

Screen Shot 2022-08-06 at 6.16.49 PM

Police and fire crews responded to the fire just before 9 a.m. Saturday.

Flickr - utility pole power line

There have been reports of disabled traffic lights and issues at local businesses.

kim crockett facebook sos

Crockett made the comments in a 2020 radio interview following a ruling from the Minnesota Supreme Court.

Pharmacy

Gender Justice, the advocacy group that brought about the lawsuit, says it will appeal the decision.

Screen Shot 2022-08-06 at 10.52.11 AM

Nearby properties are being evacuated.

Screen Shot 2022-08-06 at 6.57.24 AM

Anoka's Adam Madsen was killed in the crash.

Screen Shot 2021-10-04 at 3.03.13 PM

MN Food & Drink

Don't worry – it's bringing the chicken to its nearby BBQ joint.

The number of homes on the market in the Twin Cities was down more than 30 percent last month -- the lowest inventory levels in nearly a decade, according to the Star Tribune. The median home sales price in the 13-county metro area jumped 15.5 percent to $179,000 compared with a year ago.

September was another good month for home sellers in the 13-county Minneapolis-St. Paul metro. The Business Journal says pending sales grew 11 percent last month, compared to the same month a year ago, according to the Minneapolis Area Association of Realtors. The median home sales price also increased 12.3 percent to $174,000 in the Twin Cities area, Finance & Commerce reports. However, the number of homes for sale dropped 29.4 percent -- the lowest level in nearly a decade.

Last month, the median sales price of homes jumped about 11 percent to $169,000 from the same month last year, according to a new report by the Minneapolis Area Association of Realtors. The number of pending purchase agreements also spiked 27 percent, while closed sales increased 21 percent. However, the inventory of homes for sale continued to fall in May.

Figures from the Minneapolis Area Association of Realtors show the median home price in the 13-county metro climbed to $175,000 in October -- up nearly 15 percent compared with the same period a year ago. MPR reports October was the eighth straight month of price gains. Pending and completed sales were also up last month.

Finance & Commerce reports the median sales price in the 13-county metro area hit $149,000 in March. The 6.4 percent increase is the largest year-over-year gain since April 2010, but the current median price is still nearly 35 percent lower than the peak in March 2006.

On a seasonally adjusted basis, the national S&P Case-Shiller index shows home prices in the Twin Cities jumped 1.3 percent from March to April, following a 0.8 percent gain from February to March. Prices were up 3.8 percent compared to April of last year.

DONTCHA KNOW?

You Can Get BMTN Special Offers!

Get Our Newsletter

CLOSE

CLOSE

CLOSE

CLOSE