What's the Real Estate Buzz in Owatonna?

Sales during the last 2 months have picked up and right now we're running ahead of 2008's sales activity (the first time all year).  It seems that the first time buyer stimulus plan has been working.  We've seen a strong presence of those buyers in our market and that helps everyone.

We predicted that first time home buyers would be the mainstay of the 2009 market, along with buyers relocating into Owatonna for their jobs, and it appears to have panned out that way.  One of my lending experts, Brenda Bednar (through Advisor's Mortgage) noted that she is taking applications from those two buyer niches.  Property issues are becoming more of a challenge with the increase in foreclosed properties, many of which have deferred maintenance issues to contend with.  If you have any financing questions you can contact Brenda at 507-455-1858.  Her expertise will get you moving in the right direction.

According to the Southeast Minnesota Association of Realtors MLS our year to date activity is showing 305 closed residential listings in Owatonna.  The average sale price of sold properties is $145,657 which is down from 2008 when the average sale price at this time was $160,937.  I believe this trend is due to an increase in bank owned properties and the influx of first time buyers.  Our average market time is 120 days which is actually down from 131 in 2008 at this time.  The market has changed, in particular housing prices. 

At this time we have 220 active residential listings with an average list price of $179,193.  They've been on the market for an average of 169 days which has been increasing.

Interest rates continue to hover near their lows, and the tax credit provides a strong incentive for first time, and now, repeat buyers to make the most of the values that are out there in our local market. 

Market cycles affecting housing come and go, just like all segments of the economy.  Right now may seem like a challenging market, but it's also a market of opportunity.  Investors and first time home buyers will be the obvious winners, but existing homeowners can profit, too.  If you're looking to move up into a larger home - it's a great time to make that move.  The inventory and prices of move up homes have never been more plentiful and attractive.  Call or e-mail me today to learn about how this market can be beneficial for you.  It's time to get moving.