The April 2013 S&P Case-Schiller Index was released this week and shows a 12.1% increase in sales prices from a year ago over 20 metropolitan housing markets, which includes the Minneapolis metro area. This is just the latest in a series of statistics confirming that the real estate market is primed for the return of home sellers, who are now financially able and emotionally confident to list their current home in order to move up to their next.
The April home-price increase data from S&P Case-Schiller comes on the tail of report from CoreLogic earlier this month heralding the return of positive equity for 850,000 more residential properties in the first quarter of 2013, another sign that move-up buyers will become an increasingly prevalent market segment in the months ahead. According to CoreLogic, the national aggregate value of negative equity decreased more than $50 billion to $580 billion at the end of the first quarter, from $631 billion at the end of the fourth quarter of 2012.
What does this mean for Woodbury home owners? It means that home owners are ready to move up. It’s not just first time buyers entering the market. With 1.7 million home owners reaching positive equity in 2012, and 1.2 million more for every 5% increase in price we see, Woodbury home owners are finding that they can now afford to sell their current home and obtain that dream home.
Some believe that the recent increase in interest rates will slow the trend of price increases and curb demand, but most industry experts agree that increasing rates will serve to push many more buyers into action. As homebuyers continue to flood the market, they believe home values will be fueled further.
While this is all great news for average home owners, this is excellent news for luxury home owners who saw buyers in their price points disappear during the recession. Buyers are back, and ready to move up. If you are considering a move, Becky and I would be happy to meet with you and tell you about your options.
To learn more about the Wedgewood neighborhood, check out our video!
John and Becky Durham are Western WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group. To see more videos about some of our favorite neighborhoods and areas the eastern Twin Cities and western Wisconsin, check out our website at www.results.net/john.durham
John Durham - 651-231-2191 john@durhamexecutivegroup.com
Becky Durham - 651-231-2192 becky@durhamexecutivegroup.com
- Source: RIS Media
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