Have you heard? The Real Estate Market is beginning to come back. Yes, it's true. One sure sign - inventory is down. Buyers are ready to buy because interest rates are the lowest they have been in decades and home prices are lower than they have been in years. The problem is that buyers are having problems finding a home to buy. And if they do find a home it often has multiple offers. I'll say it again - Inventory is down. There are far fewer homes for sale than the last quarter of 2011. This is beginning to edge home prices up. The Twin Cities saw the first median price increase in years - up 12% in April over April one year ago.
That is good news for sellers. People who have been waiting to move up to a larger home or downsize to a smaller home can still take advantage of low interest rates and lower home prices and still sell their home. I have clients who purchased a larger home on more acreage and in a nicer area and their mortgage payment is less than their payment on the home they were living in. And the home they were living in sold for full list price within three weeks on the market.
When you want to know what your house is worth in this market,
let me know. I can prepare a comparable market analysis for you.
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