Summarize this content to 2000 words in 6 paragraphs Vice president candidate Tim Walz could be getting new neighbors soon at his home in Mankato, Minnesota.The governor of Minnesota, who is now Kamala Harris’s running mate, saw a home listing from the edge of his property emerge on Zillow.The house, priced at $379,000, is located at 138 Oak Knoll Blvd over a 10,018 square foot lot.The property was built in 1931 and offers its next owner original oak wood floors, an exposed patio, fireplace, interior archways and an updated kitchen.
Minnesota Governor Tim Walz arrives to speak at a press conference regarding new gun legislation at City Hall on August 1, 2024 in Bloomington, Minnesota. A home on the edge of Walz’ home has been…
Minnesota Governor Tim Walz arrives to speak at a press conference regarding new gun legislation at City Hall on August 1, 2024 in Bloomington, Minnesota. A home on the edge of Walz’ home has been listed for sale on Zillow.
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“This captivating 3-story colonial home is a manifestation of your dreams! Its original oak wood floors, inviting wood-burning fireplace, delightful archways, and numerous recent updates create an irresistible charm,” the Zillow listing reads.”Entertain guests effortlessly in the expansive outdoor areas featuring an updated deck and exposed aggregate patio. And let’s not overlook the plethora of neighborhood amenities, from the nearby Rasmussen Woods and the scenic Red Jacket Trail to the delightful Dotson Park just steps away!”The house was listed on the site two weeks ago but could quickly be snatched if Minnesota’s current housing market trends are to be trusted.”What may impact the Minnesota market more than anything, as it is still one of the more affordable states, is the reduction in rates that seems to be on the horizon of our presidential election,” Ralph DiBugnara, a real estate expert and the president of Home Qualified, told Newsweek. “I believe this more than anything will impact and uptick in home prices.”The median sale price of a home in Mankato was $350,000 last month, according to Redfin. That’s a surge of 12.4 percent since last year.The housing market in the region has still generally been described as competitive despite slightly flattening back to normal levels in recent months.There’s been a gradual uptick in the median sales price and a significant percentage of the original list prices being purchased, according to Norada Real Estate Investments.New listings also climbed by 20.3 percent since 2023, while the average days on the market has stayed consistent at roughly 42 days.While the housing market has generally stayed positive for sellers, the property’s proximity to Walz is unlikely to make it a hotter commodity based on current interest rates, said Alex Beene, a financial literacy instructor at the University of Tennessee at Martin.”If you’re wanting to buy a house just because of its proximity to property owned by the potential next Vice President, you probably need to rethink your strategy,” Beene told Newsweek. “With interest rates on mortgages at or near the highest levels we’ve seen in over a decade, the only reason to consider buying this house would be if you wanted it to live in…”Interest rates for mortgages still sit at just under 7 percent, making home buying unaffordable for a significant number of Americans who are still facing inflation on groceries, gas and healthcare costs.Still, Kevin Thompson, a finance expert and the founder and CEO of 9i Capital Group, said some might be more inclined to purchase the home due to political interest, despite the cloud cast by current interest rates.”A home’s value is based on what someone is willing to pay, and if they perceive it to be more valuable due to its proximity to the VP nominee, a willing buyer may pay-up or purchase it at a premium,” Thompson told Newsweek. “This would then impact the overall market in that area since price per square foot may increase on similar homes.”Inventory remains tight in Minnesota due to a low supply rate exacerbated by the higher interest rates, but Thompson said he predicts the housing market will loosen as rates come down.”However, if supply remains tight it would be safe to say prices will remain sticky,” Thompson said. “As economics would state, if demand increases in a tight market, pricing will continue to climb.”
