West Savage Real Estate Blog

Savage Planning Commission Meeting - TONIGHT - 7pm

Tonight is the Savage Planning Commission meeting at City Hall.  The meeting starts at 7:00pm.  Bring a neighbor and attend tonight's meeting. 

Tonight, they discuss the Workforce Housing Topic proposal currently on the table for the land behind Rainbow Foods. 

2010 Profile of Home Buyers and Home Sellers

Every year we take a good, hard look at the demographics of buyers and sellers in our Minnesota marketplace from the previous year, and compare it to how Minnesota's buyers and sellers compare to the market on a national scale.    Every year, the demographics shift and change.  It helps complete the picture about what we are seeing in our local marketplace. 

Here is a brief breakdown of what 2010's BUYERS looked like:

• 54% were first-time homebuyers (compared to 50% nationally.)
• The average first-time buyer was 28 years old, and the average repeat buyer was 44 years old.  Minnesota's buyers in 2010 were the same/younger in age than the national average of 30 and 49, respectively.
• The median household income of buyers was $69,200, which is lower than the national median average of $72,200.
• 21% of buyers were single females.   9% were single males.
• For 32% of buyers, the primary reason for the recent home purchase was the dream of owning a home.

Here is a breakdown of the HOMES PURCHASED, FINANCING OBTRAINED, and other MISC details:

• New construction purchases were at the lowest level in nine years.  Only 13% of Minnesota home purchases were new. 
• The typical Minnesota home purchased was 1,800 sqft. and was built in 1985 and had 3BR and 2 full bathrooms.
• 70% of buyers purchased a detached, single-family home.
• The cost of commuting remained a substantial criterion in a home purchase for 2010 buyers.
• 92% of buyers financed their home purchase.
• The typical buyer financed 92% of their home. 
• 26% of buyers found the pre-approval process to be difficult.


Here is a brief breakdown regarding 2010's SELLERS:
• 92% of sellers used a REALTOR to sell their home.  Due to market conditions, this number is on the rise from earlier years.
• 63% of sellers had to reduce the price of their home at least once. 
• 39% of sellers offered additonal incentives to buyers such as paying closing costs and financing home warranties.
• The share of For Sale By Owners in Minnesota continues to fall, and is lower than the national average of 9% (this national number is down from last year.) 

When comparing the 2010 Profile of Home Buyers and Home Sellers to the 2009 Profile, it is clear a pattern is emerging.   Buyers are able to purchase homes on smaller incomes, are able to finance less, and sellers are making greater sacrifices to attract a buyer.   Also, true to the trend, home sizes are shrinking, as buyers seek to cut costs and live more efficiently.  

The Pointe   Oak Hills  Woodhill   Summit Ponds   Heatherton Ridge   Hamilton Hills   Hamilton Hylands

PRE-SUPER BOWL Open House on 8900 McColl Drive 12Noon-2pm

Join us for a Pre-Super Bowl Open House at 8900 McColl Drive on Sunday, February 6 from 12:00Noon - 2:00pm.   This 9.25 acre blufftop estate will rarely be available for open houses.  

If you know of anyone looking for Savage blufftop acreage, particularly a home of this unique nature, please contact us at 952.212.3597.