Menu
Happy May Day!
When I was a child, May 1st was spent making May Day baskets. The anticipation and excitement made this event a thrilling activity for my sister and I. We grew up on my family’s century farm in southern Sibley County. Our closest neighbors were my paternal grandparents, who lived in the original farmhouse. Each year we would make & decorate our paper baskets, and then fill them with the flowers we gathered from our yard before sneaking over to my grandparents home. The memory of hanging the baskets, ringing the doorbell, and running as fast as we could out of sight, so as to not be caught, brings a smile to my face. For my family, May Day was a celebration that Spring had finally arrived, and was the precursor to a new season of growth on the farm.
This sweet tradition may be something from days gone by in most communities across America, but I challenge you this May Day, to find ways to welcome a new season by finding a way to connect with your community. Your impact is immeasurable. “Where flowers bloom, so does hope.” Lady Bird Johnson
Cheers to a Beautiful Minnesota Spring!
Leah Prahl
March is Women’s History month! In honor of celebrating the achievements of women, we’ve decided to highlight some of the progress made in real estate over the years. We hope this blog will inspire you to reflect on the influence of women in your past, present and future.
“The history of all times, and of today especially, teaches that …
women will be forgotten if they forget to think about themselves.” – Louise Otto
The history of women in real estate, professionally and individually, has been a rather short tenure in the grand scheme. The National Association of Realtors (NAR) was formed in 1908 and is still the foundation of our industry. However, at its formation, 100% of the members were male. Although there were no NAR restrictions against female Realtors, Brokers were required to be a member of a local real estate board in order to join NAR. Despite the numerous women already working in real estate at this time, local boards had stipulations against women members.
In Minnesota, the industry tides began to slowly shift in the 1950s. At that time, Emma Rovick, who is the influential founder of Edina Realty, took an educated leap of faith in the booming Edina real estate market. In 1955 she purchased a small, poorly performing firm and transformed it into something historic. The glass ceiling began to crack. Of course not everything was smooth sailing. In interviews, Emma noted “We were called the ‘part-time salesladies with the dishpan hands,” a clear jab of the cutthroat male dominated industry. But the perseverance of Emma and countless others in the decades to follow have brought us to where we are now. Today, nationally, women account for 62% of all Realtors. Here in Minnesota, that number is approximately 47%.
If we switch gears to individual property ownership rights we can trace origin to the adaptation of the English system during the early colonial period. This meant that women could not own property in their name. In 1839, Mississippi, followed by others, became the first state where women, with the permission of their husband’s, could hold title to property.
It wasn’t until 1900 that all states passed legislation similar to New York’s Married Women’s Property Act of 1848. This allowed for married women to keep their own wages and hold property ownership.
Although this legislation was a huge step forward for women’s property rights, there was a caveat. Women could not legally obtain a loan to purchase property. How could a woman become a homeowner without financing? Property ownership of women during this period was mainly through marriage or inheritance from a male family member. Despite the efforts of women Suffragists to gain the right to vote in 1920, advocates were unsuccessful at their attempt on an Equal Rights Amendment to the United States Constitution in 1923. Subsequently, it would be 54 more years before congress would pass the Equal Credit Opportunity Act. This bill, passed in 1974, gave women the financial autonomy to obtain credit without discrimination based on race, color, religion, national origin, sex or marital status.
Appreciation for the past brings us understanding of our present and guides us towards the future. When I reflect on how far we’ve progressed in my mom & grandma’s lifetime I am astonished. Each generation has its own trials and tribulations. When I look at my two daughters I have to wonder, what will theirs be?
“The finest compliment I can receive is your referral”
2024 is here and I’ve been reflecting on predictions of what the Real Estate Market will do this year. The longer I am in the industry, the more I realize that trying to guess what the market will do is exactly that. A guess. Time and again I’ve seen unexpected factors at play. Like a rollercoaster, our team at Premier Choice Realty prepares for the ups and downs, and tries to keep our eyes wide open. 🙃 2024…we’re ready for the ride! Here are a few things we’ve noticed.
In the past few years, our local market has seen a fair amount of volatility. The ups being higher than imaginable and the lows coming as a surprise to all. I’ve walked away from more than one transaction absolutely flabbergasted by the outcome. It is predicted that the year will bring more seasonal stability. Price spikes will level off, yet low supply will keep prices from falling significantly.
Interest rates will continue to be a top factor in 2024. In 2023, we saw how market access for Buyers was directly affected by the increased rates. Buyers were priced out of markets due to changing rates. We noticed a trend of buyers having to shift their home searches to lower priced real estate that was further from their desired location. This was a result of interest rate changes affecting affordability and their buying power. Predictions of stabilizing rates will ease this some, but it will also likely increase the buyer pool and heighten competition when the market is already tight on inventory.
A low supply situation throughout Minnesota is still what we are seeing. Thus, homes priced appropriately will continue to sell quickly. Predictions of more sellers entering the marketplace would help to move us closer to a balanced market.
In 2023 we saw seller concessions making a comeback. This of course has been another sign of our changing market dynamics. We believe this trend will continue throughout 2024 as buyers get creative on mitigating interest rates with rate buydowns, seller paid closing costs, etc.
Our team has hit the ground running, and is prepared to offer our clients counsel while we adapt to all the curves the real estate industry sends our way. Real Estate is our passion and we are dedicated to sharing it with our community in a way that exemplifies integrity, knowledge and inspiration. Thank you for your continued trust in us.
Best Wishes,
Leah
Please fill out the form below and we will be contacting you shortly
with information about your home.
