Lakeville doing well in 2012
Last year we reported that home sales in Lakeville, MN were heating up in the first quarter. Compared to last year, inventory is down and sales are up substantially. On March 31, 2011, total homes for sale in Lakeville totaled 338. In comparison, there are now 270 homes for sale. In perspective, there are about four homes available for purchase today for every five that were available last year at this time.
Even though available homes for sale are trending significantly lower year over year, more homes have been sold. Total homes sold in Lakeville in the first quarter of 2011 were 145 compared to 156 already reported closed this year. Since there is often a slight delay in reporting closed sales, there may be an upward revision to the current totals. There are 106 additional homes reported with sales agreements awaiting final closing.
In short, supply is getting smaller and demand is increasing. If you're waiting for the housing market in Lakeville to bottom, you could be a little late. Interest rates, combined with affordable prices make this the best of the best times to get serious about finding a new home.
Over the last year or so, much of the home buying has been by investors. They continue buying, mostly to take advantage of the higher demand for rental and the higher rents that support investing in income property. If you're a renter now, there's a good chance your landlord is seeing dollar signs when he looks at you, and they're probably bigger dollar signs than the ones he saw last year. This may be a good time to fire Mr. Landlord and own your own place.
Call me to arrange a convenient time for a complimentary home buyers orientation and landlord firing strategy session. It takes about an hour, it's free, and most folks say it was fun. We'll discuss the current market, buyer advocacy, how to find and pay for a new home, and whether now is the time for you to exercise your buying opportunity. Call me now.
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