There's been a significant increase in home sales in the Twin Cities area. Pending sales are up 21 percent over last year. On the other hand, the median sales price is down about 23 percent since a year ago and over half of all pending sales are distressed properties. For a home seller that may be bad news, but for a home buyer, it is a signal to take action!

If you have been thinking of buying a home, you should take some serious steps toward your home purchase. There are many incentives, in addition to the lowered prices and availability of houses. Interest rates are incredibly low, there is an $8000 tax credit for qualified buyers, and there are plenty of motivated sellers.

And time to get a bargain may be running out. In a quote to the Star Tribune, Scott Anderson, of Wells Fargo & Co., suggested that we are "tantalizingly close" to the bottom of the housing market. Combine that with a reduction in the number of homes on the market, which is down by 14.8 percent, and signs of improvement in other areas of the economy, and it certainly appears that the bottom is near.

So it sounds like its time to jump on these fantastic bargains. If you wait too much longer, the bottom may be a thing of the past! Contact me today to see what I can do to help you find the house of your dreams at a price you once could only dream about!

If you are interested in searching for a home please go to www.chrisprescott.listingbook.com. You can also call (952) 944-1728 or email Chris@MoveToEdina.com.