Continued low interest rates and the $8000 first time home buyer tax credit continue to build on the more positive trend and path out of the proverbial real estate woods for the Minneapolis/St. Paul real estate market. According to the Minneapolis REALTORS® Association's June Monthly Skinny, the positive signs continue that the Twin Cities market is moving out of the woods. Overall inventory is at 7.6 months currently (a balanced market would be 5.6 months). But while lender-mediated inventory stands at 5 months, traditional homesellers face double the competition with 9.9 months of inventory. The supply of bank-owned and short sale homes is down considerably. Another indicator that we are marking a path to recovery is that pending sales have increased for the eleventh month in a row….up 17% in May 2009 compared to May 2008. No doubt the $8000 first time homebuyer tax credit has played a role in energizing the Twin Cities real estate market.
Not to be out done by our friends on the west side of the Mississippi, the St Paul Area Association of REALTORS® (SPAAR) has a premier edition of their own Twin Cities real estate market video. In the just released, Market Beat, SPAAR indicates this is the perfect time for first time home buyers due to the trifecta of affordability, low interest rates and the $8000 tax credit! Lower inventory and more pending sales has had a positive effect on the sales price of area homes. To take a look at the entire May Market Beat, Click HERE to go to the SPAAR website. On the right side of the page look for the “Related Media” heading and click to view the entire video. (Hopefully SPAAR will be posting their informational videos on YouTube soon so I can embed and make it easier to watch…until then, this is the process.)
The positive signs in the real estate market are the entire 13-county area and the north metro is no exception. First time buyers have been in the market for the last couple of months and multiple offers on well priced homes under $200,000 has become common place. Just yesterday, I tried to set up several homes in the Hugo and Forest Lake area for a first time buyer….6 of 10 homes that they wanted to see were under contract, had offers or were sold pending inspection. As those first time homes sell, move-up buyers are finally able to take advantage of the market. I am continuing to field questions daily from excited first time Anoka County buyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.)
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota. Buying a Home? Check out my new HOME BUYER'S BLOG! Copyright 2009 Teri Eckholm http://www.terieckholm.com/ ******************************************************************************************************************************************
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If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Buying a Home? Check out my HOME BUYER'S BLOG!
Copyright 2010 Teri Eckholm http://www.terieckholm.com/
******************************************************************************************************
LIKE MY BLOG? Subscribe and let me email you an update!
Subscribe to Teri's Notes & Anecdotes on Twin Cities Real Estate by Email
Teri, I hope all areas continue to improve. The Monthy Skinny is a great idea!
Terry--The videos really put the market into perspective for everyone....Improvements yes, but not out of the woods.
Carole--It is a pretty cool little update provided by the Mpls board...wish St. Paul would post theirs on YouTube to make viewing easier too.