Posts tagged real estate sales

This Just In…

Direct to you, from the Minneapolis Association of Realtors:

The first full week of reporting for the 2010 Twin Cities housing market is in and while there are a few “green shoots,” it’s becoming apparent so far that the market won’t see the same spectacular growth in sales it saw at the beginning of 2009.

There were 520 pending sales for the week ending January 9, down 1.7 percent from the same week in 2009. That’s the seventh week of the last nine to see slightly fewer sales than the prior year, a time period that coincides closely with the initial expiration date of the first-time home buyer tax credit. However, we’re still 21.2 percent higher than the pace in 2008 for that period.

As you likely know, the credit’s been expanded to include a $6,500 incentive for buyers who have owned a home for five years of the last eight. Since we can safely assume that many of these buyers will need to sell their home first before buying a new one and receiving the credit, new listings numbers might shed light on how much effect the new credit is having. So far, it doesn’t appear to be much.

Over the last three months, the number of new listings has been 11.7 percent behind the same period one year prior. With many looking for continued “seedlings” of hope in the local housing market, this isn’t welcome news. As always, we’ll be keeping a close eye on the evolving market and reporting back what we see.

View the full report HERE

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Weekly Market Report

Click HERE to see the full report.

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A Running Start

I’ve written two purchase agreements in as many days.

One of them has already been accepted!

Other agents I’ve spoke to have commented on the unusually high level of activity in the past couple weeks.

It’s a perfect storm of motivated sellers, low interest rates, and a wealth of quality, well-priced inventory for buyers to choose from.

I, for one, have nothing but good things to say about the current market.

Let’s keep it going.

It’s warmed up significantly, and my internally-geared bike runs like a top.

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Hot Sales In The Cold Weather

Since getting back on this crazy Real Estate train last week. I’ve been amazed at the incredible amount of activity out there.

People are buying homes all over the metro area, and in my stomping grounds in particular.

Banks have gotten smart. Rather then pricing homes at what they believe to be the current market rate, they are putting them on the stump at drastically reduced prices. Prices on par for what the home might have sold for ten years ago, before the housing bubble over-inflated.

Serious first time home buyers and bargain hunters are snatching them up, quickly.

A good home, priced right, finds itself  dealing with multiple offers, and in several cases the price is driven up above list price, showing the lenders and corporations who own them what the REAL market value of the property actually is.

Not to suggest that everything for sale right now is corporate or bank owned. Well maintained, seller occupied homes are selling at prices that would have seemed unimaginable to me as recently as last spring.

If you have been on the fence about whether to buy, I suggest you jump down and go speak to a qualified loan officer.

Interest rates are insanely low, and probably won’t remain that way for much longer.

Then give me a call and a hunting we will go.

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More Work = Less Blog

These past two weeks have been absolutely insane.

New Buyers and investors have realized that it’s time to act.

Private sellers and banks alike have become realistic in their pricing, and the good deals are getting snatched up very quickly.

In the past two weeks I have shown over 100 homes in the Minneapolis area.

On any single day that I’m with a buyer, I would usually insist on seeing not more then 6-8 homes, just to keep them all from blurring into one another.

Now it’s more like 10-12 homes in a day, just to take in as much of what is available. There are some homes that you walk into knowing that you’ll spend the time investigating the mechanicals, roof, and foundation carefully, others you know you’ll walk into, take a quick look (or smell) and walk right back out.

I’ve put two deals on the books this week for first time homebuyers.

Both had held out for homes they wanted and even got outbid on close to full price offers, only to find something they liked better, and at a better price shortly thereafter.

A month ago, I would counsel any buyer to bid at least 10k under asking price, and many times the sellers would jump on it.

Now the rules have changed. The majority of homes currently on the market in Minneapolis are now priced right. Coming in with a low-ball offer just to see how desperate the seller is just isn’t flying right now.

New properties are still coming on the scene everyday, and home that have been out there forever have come down to almost unbelievable prices.

It’s getting warmer.

The late snow is nearly just a memory.

Let’s Roll!

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