It appears that the Twin Cities housing market is continuing to move forward to recovery as we head into the summer. According to the Minneapolis Realtors Association's May Monthly Skinny, there continue to be positive signs that we are moving out of the woods. Inventory did not inflate this spring as it usually does when the snow melts so the housing inventory levels that have been extremely high are starting to level off and come down. A major share of the homes, sold 46%, continue to be lender-owned or lender-mediated sales. These homes are selling at 21% less than in 2008 but traditional sellers home sales prices are only down about 8%. Distressed homes are moving out of the market and that is a good thing.No doubt the $8000 first time homebuyer tax credit has continued to fuel the spring market throughout the Twin Cities as things really kicked into high gear just after the credit was announced.
A major coup for the most two neighborhoods most affected by the foreclosure crisis was the Pohlad Family Foundation Grants allowing for $8000 grants in the form of a forgivable loan to homebuyers in the 55411 in Minneapolis and 55106 zip code in St. Paul. Suddenly a surge of homebuyers became interested and now once over looked areas are seeing multiple offers on homes.
These positive signs are not just limited to Minneapolis/St. Paul and first ring suburbs. The entire north metro is seeing activity and homes selling. First time buyers have been in the market for several weeks now. As those first time homes sell, move-up buyers are finally able to take advantage of the market. I am continuing to field questions daily from excited first time Anoka County buyers on the specifics of this unique $8000 Tax Refund opportunity. (If you have a question call on the program, just let me know with a call or text to 651-336-7073 or just send a quick email.) Take a peek at the entire May video for a quick update on the Twin Cities housing move toward the edge of the woods as we make our way out...
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me a call or visit my website for a FREE Relocation Packet, Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
8 Comments on May 2009 Video Update—Answer to the Big Housing Market Question....In or Out of the Woods?
MAY
26
2009
We also have seen the market activity pick up the addition of the grant money should help buyers that have been sitting on the fence make the decision to jump in.
Teri, great to hear of your upward climb. It seems to be happening across the country. Of course, we're all inundated with short sales and bank owned....;-)
Hi Teri, I suspect that with all the foreclosures ( purchased mostly by investors with cash to become the landloards of the displaced homeowners) that it would appear that the housing business is improving. The reason I think it may not be is that there is huge pent up need for gazillions of homeowners to move their properties and can not even come to market in their lowered values. In a month or so the new surge in foreclosures will start to come on the market and I am not sure how much more drop in values will take place. The banks are trying to pace things so that housing could appear more stable before unloading the many more foreclosures that will soon come. While there are plenty of sales , the condition of the housing market has a long ways to go to get stability where a seller can sell because they need and want to and not because they haven't a choice. I sure hope I am wrong and this is just a blinded view of the future but the more I evaluate what is happening, the more I think that the worst may not even have shown up yet.
Teri, Your association does a fantastic job with those videos - our foreclosure sales are above 46%. Thank you for the call yesterday - I understand you spoke with one of the inmates Karen
Karen and Art--Or should I say, warden and inmate??? :) It was such a pleasure to talk with you Art the other day. I hope I get a chance to talk with you both next time and hope I will have a reason to call again soon!
Theresa "Teri" Eckholm/REMAX Specialists assists Minnesotans to find their way home with helpful tips and quality service. Dedication to customer service has made Teri the REALTOR® of choice for families in Blaine, Forest Lake, Ham Lake, Lino Lakes and Wyoming areas. Licensed in MN.
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We also have seen the market activity pick up the addition of the grant money should help buyers that have been sitting on the fence make the decision to jump in.