Now is a wonderful time to be a home buyer!  I was just talking to one of my sellers today about how incredibly different the market is for buyers today.  The Lake Minnetonka area of real estate is one of high demand. Not too many years ago if you wanted to live in a certain area you jumped on the opportunity and bought the house even if it wasnt' perfect or exactly what you wanted just to be in that area( at an extremely inflated price.)  Now houses that would have previously been snapped up are lingering on the market.  

Todays buyer has the luxury of :

Lower Prices

Great Interest Rates

Motivated Sellers

 I've noticed at my open houses many people are looking at homes kicking tires but aren't buying.  Sure some people are locked into their own home that hasnt' sold but I also think there are alot of folks waiting for the market to hit bottom.  I say make your own bottom.  Find the house you want and negotiate.  You won't know we've hit the bottom until it starts going up and then you'll have alot of company!

Week of July 2, 2007

Week by week and month by month, we have been saying the same

thing for well over a year now. The Twin Cities housing market is in a

state of post-boom correction and recalibration; both buyer and seller

activity are down from 2006. It's also important to note that the 2006

market was down from 2005, making our current activity levels seem

even slower in comparison. Newly signed purchase agreements

(pending sales) for the week ending June 23 were behind last year by

9.3 percent and behind 2005 by 33.8 percent. Seller activity is also on

the decline, but to a much lesser degree than buyer activity. New

listings for the same week were 2.2 percent behind 2006 and 0.8

percent ahead of 2005.

As of the morning of Monday, July 2, there are 34,630 single-family

housing units for sale in the Twin Cities region, up 12.2 percent from

last year and 60.2 percent from two years ago. Inventory growth has

been less dramatic this year due to a relative drop-off in new

construction activity. One year ago, new construction housing units

for sale accounted for 19.4 percent of total inventory; new units

account for just 15.2 percent of inventory today.