Things, they are Changing!

For the first time since January 2004 housing prices in the Twin Cities area have increased. After experiencing the housing crisis and the years of decline since, this news is the best that we have heard in a very long time.

Median sales price increased 12.4% in April 2012 over April 2011. Inventory of homes for sale has decreased. Many homes on the market are receiving multiple offers and buyers are having a difficult time finding a home. The number of closed sales increased 7.1% and pending sales rose 26.4% compared to April 2011.

The percentage of distressed sales is down and the percentage of traditional sales are up. As long as this trend continues, increased pricing will continue. This is great news for sellers who have been waiting to sell. With interest rates still at record lows, homeowners who have been waiting to sell so they could move to a larger home or a different area or complete the downsize they have been planning, will find that they may be able to do it now.

Many sellers are learning that they will be able to sell. They may not sell for as much as they want but they will make it up on the home they buy and the interest rate they will get on their new mortgage.

Want to know what your home will sell for in this market? Contact me for a no obligation Comparable Market Analysis.