Inventory is low and things are looking up! The real estate market has really taking a swing on the pendulum the past year. As 2009 came to a close interesting trends came into light. 2009 shined over 2008 for homes sold. 1,087 homes sold in the year 2008 and 1,106 homes sold in 2009. A nice 2% increase for the local St. Cloud market. In addition average days on market decreased by 2%! Although average sales price for a healthy home (non-foreclosure) was down 2% we saw that sale price was 96% of the list price.
We need homes on the market right now! With currently only 692 homes available (lowest in a decade) there is only a seven month supply. In other words if no new homes came on the market we would run out within seven months!
Take advantage of the move-up tax credit! If you've been in your home for 5 consecutive out of the last 8 years and sell your home and purchase another home you can receive a $6,500 tax credit. This offer from Uncle Sam only lasts until April 30th. You must have a valid purchase agreement by April 30th and close by June 30th to qualify. What other reason do you need to get your home on the market right now!