As we cruise into the cold of winter, we can take a few minutes to review how the fall market energized the Twin Cities real estate market as we view the November Monthly Skinny from the Minneapolis Area Association of REALTORS®.
This month's Skinny examines how the Twin Cities was affected by the $8000 tax credit in the month of October. The announcement of the extension and expansion came late enough into the month that many buyers did not want to risk missing the original November 30th deadline. Almost 4700 purchase agreements were signed in the month of October. The affects of the first time buyer credits were most noteable on homes under $200,000. Also the inventory of foreclosure homes is down considerably now while homes in a short sale position are not selling so quickly. The obvious reason for this is that the approval of the purchase for a lender-owned home is within days while a home in a short sale position will take weeks or even months to obtain all of the approvals required for a closing. As noted in the video it will be interesting to see how the extended and expanded tax credit will affect the real estate market during the next few months. Most first time buyers that wanted to buy may have already purchased a home to meet the original deadline but the expansion for previous homeowners does create a new wild card.
Enjoy the video and lets hope these positive signs for Twin Cities real estate continue into 2010.
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