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Home buying sees lowest number in decades
The past few years certainly have not been kind to the market, with what feels like endless issues affecting it.
CRYSTAL, Minn. — Much like the gloomy skies Minnesota has seen recently, the housing market has also been in a bit of a funk.
“Things have changed dramatically over the last three years since I started,” Mallory Johnson, a realtor with the Brittney Shull team, said.
The past few years certainly have not been kind to the market, with what feels like endless issues affecting it. Pick any you like, and Johnson has seen the issues it’s caused.
“Interest rates went up, and everybody stopped buying. It went up to the eights, and people paused,” she said. “And now, you know, they need $300,000 to get something that is even move-in ready.”
To top it all off, the inventory of homes ready for move-in has been low, Johnson says.
“From July until, you know, now, it was the lowest I’ve ever seen,” she said. “It was bad.”
It’s a problem that many homebuyers – and realtors – are seeing.
“It’s pretty competitive in the first, second ring suburbs,” Andrew Wieberdink, owner of North Coast Realty, said.
Wieberdink echoes those struggles – he’s seen them himself.
Nationally, it’s a common trend and one that has home buying at a 30-year low, according to the National Association of Realtors. It’s something that doesn’t come as a surprise for Wieberdink.
“People started to shy away from buying homes because everybody thinks or thought that interest rates were going to come down, not realizing that the rates that we had were just unprecedented, and not normal,” he said.
Here in the Metro, we’re a bit different, but not by much.
“And while sales definitely have come down, there are still buyers out there,” David Arbit, a housing analyst for Minnesota Realtors, said. “In fact, we still hear there’s multiple offers happening.”
Arbit says we’re not quite in a 30-year low – more like a 10 to 12-year low – and across the state, that trend that both realtors spoke to is happening.
That doesn’t mean there’s no hope, though.
“The other silver lining is that we’ve seen a big change in rates, they’ve gone from over 8% to more like six and a half, six and three quarters-ish, and that has had a meaningful impact on affordability,” Arbit said.
For these realtors, there’s hope here as well – and hope that people may be able to get into their dream homes.
“I am optimistic, I am keeping my hopes up that the interest rates are going to kind of stay in this, like, healthy range,” Johnson said. “I think as long as we hover there, we’re gonna be good.”
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The council argues that the HERC must be closed to comply with the city’s zero waste policy, which was passed back in 2017.
MINNEAPOLIS — The Minneapolis City Council unanimously approved a plan to shut down the Hennepin Energy Recovery Center (HERC) on Thursday.
The resolution comes after decades of protests against the massive North Loop trash incinerator that burns roughly 365,000 tons of garbage a year.
“Today is a big step towards protecting the health of our communities and addressing longstanding environmental injustices that disproportionately impact communities of color,” said councilmember Robin Wonsley, in a statement.
The resolution calls for the incinerator to be permanently closed by Dec 31, 2027 and for the entire facility to be shut down by Dec 31, 2033.
The council argues that the HERC must be closed to comply with the city’s zero waste policy, which was passed back in 2017.
In October 2023, the Hennepin County Board signed off on a plan to close the HERC between 2028 and 2040, depending on how quickly the county can transition into a zero-waste system.
Of the garbage burned at the HERC, 75% comes from the city of Minneapolis. The other 25% comes from a dozen other cities in the area. The HERC produces enough energy to power more than 25,000 homes and half the buildings in downtown Minneapolis.
At a City Council Meeting on Oct. 10, Jenni Lansing with the City of Minneapolis Health Department provided analysis on the air pollution impacts of HERC. She said the health department supports working towards a zero-waste future and the ultimate closure of HERC, but said closing it now is not the solution.
“Overall emissions in Hennepin County are dominated by on-road and non-road, mobile and nonpoint sources, and these sources drive the cancer and non-cancer risks to health in Minneapolis,” Lansing said.
Hennepin County defines zero waste as preventing 90% or more of all discarded materials from being landfilled or incinerated.
This is a developing story and will be updated as more information becomes available.
The snow is really coming down in some places with Maple Lake getting 3.5″ so far.
GOLDEN VALLEY, Minn. — The wettest Halloween storm ever — is making mischief before little trick-or-treaters hit their neighborhood’s slushy streets.
Officials are reporting several power outages and car spin-outs.
There have been over 14,000 power outages, according to Xcel Energy.
The Minnesota State Patrol has responded to 169 crashes and 94 vehicles off the road, as of 2. pm. Thursday.
Meteorologist Beny Dery said an additional 1 to 2″ of snow is possible before things taper off this evening.
So far some of the totals around town are: 3.5″ Maple Lake, 3.0″ Buffalo, 2.5″ Dassel, 2.4″ Windom, 2.0″ St. Bonifacious, 1.5″ Maple Plain and 1.5″ in Bethel.
The snow is expected to let up from west to east and should wrap up for the metro between 5 to 6 p.m.
Last week, prosecutors charged John Sawchak with attempted 2nd-degree murder and other felony charges after he allegedly shot his neighbor Davis Moturi.
MINNEAPOLIS — Following the shooting between two neighbors, the Minneapolis City Council voted unanimously to request that the city’s auditor conduct an independent investigation into the incidents and cases between Davis Moturi and John Sawchak.
Moturi was allegedly shot by his neighbor, Sawchak, on Wednesday, Oct. 23 but Minneapolis police did not arrest Sawchak until days later.
Minneapolis Police Chief Brian O’Hara defended not arresting Sawchak sooner, calling it a “high-risk” situation. O’Hara later said the victim, who had complained about harassment from Sawchak for months, was failed by police. Sawchak was arrested this past weekend after an hours-long standoff.
Moturi suffered a fractured spine, two broken ribs, and a concussion in the shooting. “Mr. Moturi’s life matters and I’m sorry that for nearly a year, MPD did not treat it like it did,” said Council Member Robin Wonsley in a news release, “Today’s vote affirms that the City Council is committed to taking meaningful actions towards accountability and restoration, starting with this independent review.”
Meanwhile, a spokesperson for Minneapolis Mayor Jacob Frey released this statement:
“Mayor Frey fully supports an independent review of this incident. The mayor and City are committed to always doing better, and this means closely examining past actions and finding where there may be ways to improve and grow. The mayor extends his condolences to Davis Moturi, his wife, Caroline, and their family and friends. The safety of our residents is a top priority and any form of violence or hate speech is completely unacceptable and does not align with who we are as a community. Brian O’Hara will continue to be the Minneapolis Police Chief.”
