Skip to main content

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:
  • Updated:
    Original:

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.

Next Up

Screen Shot 2022-08-07 at 11.43.15 AM

Deputies fatally shoot man in Wright County

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

Ambulance hospital emergency

17-year-old killed in northern Minnesota crash Saturday

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

ATV

Alcohol a factor as driver rolls ATV into corn field, injuring 3

The crash occurred in Lake Lillian Saturday night.

Minneapolis police

Man dies after being found shot at Minneapolis' 38th and Chicago

Responders were called to the scene early Sunday morning.

Screen Shot 2022-08-07 at 6.34.12 AM

7 children arrested after 'disturbance' at Cabela's, escape in stolen vehicle

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

Screen Shot 2022-08-06 at 6.16.49 PM

Fire sparks evacuation from apartment building, man arrested for arson

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

Flickr - utility pole power line

Morning storms cause power outages, ensuing problems in Eagan

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

kim crockett facebook sos

GOP nominee questions if those with disabilities, non-English speakers should be able to vote

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

Pharmacy

Jury: MN pharmacist did not violate woman's rights by refusing her morning-after pill

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

Screen Shot 2021-10-04 at 3.03.13 PM

Revival to close its original Minneapolis restaurant

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

Related

Home inventory in Twin Cities metro at 9-year low

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.

Home sales, prices continue uptick in Twin Cities metro

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.

Twin Cities housing market continues to show improvement

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.

Home prices continue to bounce back in Twin Cities metro

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.

Twin Cities home sales prices climb 6.4 percent from a year ago

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.

Twin Cities housing market slowly improving

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.