Home > Blogs > Teri Eckholm > Minneapolis & St. Paul Real Estate Blog ~ by Native Minnesotan Teri Eckholm
October 2010 Twin Cities Real Estate Market Video Update—First Time Buyers are Back in the Driver's Seat!
I skipped over posting the Monthly Skinny from the Minneapolis Area Association of REALTORS in September, frankly because the news was old news....Or maybe better stated as, not too much had changed in the real estate market.
In my opinion, we are somewhat at a standstill in the market since the expiration of the tax credit in the spring. It appears that most of the potential first time buyers bought a home in the past year. Not everyone though...many just couldn't get their offers in fast enough as there were many muliple offer situations on the well priced starter homes.
As this month's video update implies, the first time buyer is back in the driver's seat with more housing inventory, less competition for the houses and slightly lower prices over all.
If you are thought you missed the proverbial boat with the tax credit, maybe your ship has just come in. With more inventory and less buyers, a first time buyer should be able to negotiate a better deal on first home....And that could be potentially worth much more than the $8000 tax credit!
For more specific numbers on the September 2010 Twin Cities housing market, take a look....
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