What's the Real Estate Buzz in Owatonna?
We are seeing an increase in real estate activity in our area. How much of that is attributable to the tax credit incentive - it's difficult to say with certainty, but it's definitely playing a role in our sales this year.
We predict that first time home buyers will continue to be the mainstay of the 2010 market. Property issues are becoming more of a challenge with the increase in foreclosed properties, many of which have deferred maintenance issues to contend with.
According to the Southeast Minnesota Association of Realtors MLS our year to date activity is showing 65 closed residential listings in Owatonna in 2010. The average sale price of the sold properties is $134,054 which is significantly lower than homes typically sold in Owatonna. The average market time was 119 days which again speaks to the nature of the investor purchased bank owned properties. I expect that we'll see overall average prices at or above 2009 levels once we get going. There are currently 232 houses on the market right now at an average list price of $170,241 at an average of 170 days on the market.
Interest rates continue to hover near their lows, and the tax credit provides a strong incentive for first time and 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.
Lynn Johnson, CRS, GRI, MBA
Broker/Owner
Coldwell Banker Home Connection
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