Homes For Sale In Minnesota Zillow (2024)

FAQs

Why does Zillow underestimate home values? ›

There are several reasons why Zillow's Zestimate may be inaccurate. For one, the feature relies heavily on publicly available data, such as property tax records and past sales data. This means that it may not take into account certain factors, such as renovations or additions to a home, that could affect its value.

The average Minnesota home value is $340,688, up 1.9% over the past year and goes to pending in around 15 days.

Although Zillow and Trulia have the same corporate owner, there is some difference in the interface for both websites. Zillow has a more graphic experience for searching for a home, while Trulia has a relatively simple design. In addition, Zillow, unlike Trulia, goes beyond the U.S. in its listings.

Zillow home value estimates (Zestimates) differ from professional appraisals and may not fully capture the nuances that impact values. Factors like customized features, renovations and hyperlocal market conditions can cause discrepancies.

Home prices haven't fallen in the Twin Cities since 2011. Zillow predicts that streak is going to end this year. What they're saying: The real estate platform says the Twin Cities will be one of the five coolest housing markets in 2024 and that prices will fall by 3% this year.

Homeowners spend $386,980 in total to build a house in the Gopher State, which is $35,280 more than the median sale price. Expensive labor, supply chain issues, and a rise in material costs can further increase your expenses. In most cases, it is more affordable to buy a home for sale in Minnesota and move in quickly.

Minnesota FHA Loan Requirements

Contact your lender to discuss loan specific requirements. Here are some general FHA loan requirements for Minnesota. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment.

How to buy a house with no money down in Minnesota? ›

Other first-time homebuyer loan programs

VA loans – If you're a member of the military or veteran, you could qualify for a VA loan, which doesn't require a down payment. USDA loans – USDA loans don't have a down payment requirement, but are only available to borrowers buying in a USDA-eligible rural area.

Minimum down payment in Minnesota: The minimum down payment a borrower may put down on a home in Minnesota depends on the loan. The down payment can be as low as 0% (USDA and VA loans), 3% (Conventional loans), or 3.5% (FHA loans).

The best overall Zillow alternative is Realtor.com. Other similar apps like Zillow are LoopNet, Zumper, Apartments.com, and Crexi. Zillow alternatives can be found in Multiple Listing Service (MLS) Software but may also be in Real Estate Marketing Software or Real Estate CRM Software.

The nationwide median error rate for the Zestimate for on-market homes is 2.4%, while the Zestimate for off-market homes has a median error rate of 7.49%. The Zestimate's accuracy depends on the availability of data in a home's area.

What is the best app for finding property? There isn't a single best app for finding property, but Zillow, RedFin, and Realtor.com have very big databases—and it's free to search on these platforms.

Both Zillow and Redfin give homes an approximate value, but the Zestimate provided by Zillow has proven slightly less accurate than Redfin's estimate. Final numbers depend significantly on the local market and demand for a property in your particular location. So, an estimate truly is a roundabout valuation.

Non-disclosure state — Your home is in a “non-disclosure” state (Idaho, Indiana, Kansas, Louisiana, Mississippi, Montana, New Mexico, Texas, Utah, and Wyoming) where transactions are not publicly reported and therefore, we do not have enough data to create a Zestimate.

Zillow's accuracy when determining a home value varies greatly based on the availability of the data and the complexity of the market. The nationwide median error rate for Zillow's home estimate accuracy is 2.4% for on-market homes and 7.49% for off-market properties.

Zillow relies on data about the property, location, and other factors. These estimates aren't perfect, and Zillow explains on their site that the median error rate is 3.2% for on-market homes and 7.52% for off-market homes.