Eden Prairie Realtors we have spoken with over the previous week seem to feel ok about 2011. Prices of course are still down and will be down for the forseable future but their is renewed interest in the market.
Inquiries on upper bracket homes are continuing to rise although transactions are not. Typically we would expect those with money to spend to evaluate the market and start making some moves if they feel the value is strong. By most accounts the values are strong right now and since interest rates are low, this may be a great time to move up into that Mcmansion.
Inventory will grow after the first of the year as sellers look to get a head start on the spring market. The spring is when most people want to sell their home, but over the past couple of years we have seen the spring market rush start more around Feb 1 vs. the more traditional April 1.
Look for lots more short sales and increased reo inventory vs. 2010, but realize the pace the lenders bring product to market will have to start increasing at some point.
Overall the setiment seems better than late 2009, the true test will be seen in the next few months.
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