Something happened in January and February that sent buyers into the market looking for homes. Was it optimism about the economy? Was it a suspicion that we are hitting bottom so we don't want to miss out on the great deals and the low interest rates? Was it the nice weather - no need to hibernate? Was it the realization that it is now cheaper to buy than to rent in the greater Twin Cities area? I am not sure if it is one of these reasons or all but buyers are looking for homes and taking the plunge and making offers.
Inventory is down and homes that show well and are priced right are receiving multiple offers. NAR said that total existing home sales; including single family homes, townhomes, condominiums and co-ops; were up 4.3 percent from December to January. For sale inventory was down 20.6 percent from a year ago; a 6.1 month supply at the current pace of sales. This is all good news for sellers and an indication to buyers that we are hitting bottom.
Existing home sales are up 8.8% from a year ago. Pending home sales are up 9.2% from a year ago. This is a national statistic. The Midwest realized a gain of 19% from a year ago on home sales.
What does this mean? If you are a person who has been considering purchasing a home, do it now. Go out and talk to a mortgage broker, get preapproved and learn how much you can afford. Talk to Realtors and choose one to work with. Let your Realtor know what sort of house you want. Look at homes and choose one. The time is now.
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