Eagan 2012 First Quarter Housing Report
Last year we reported that home sales in Eagan, MN were doing well in the first quarter. Compared to last year, inventory is down and sales are up substantially. According to information supplied by the Regional Multiple Listing Service of Minnesota, at this time last year, there were well over 300 homes for sale in Eagan. In comparison, there are now 246 homes for sale. Inventory is down substantially while interest in buying is on the upswing.
Even though available homes for sale are trending significantly lower year over year, more homes have been sold. Total homes sold in Eagan in the first quarter of 2011 were 124 compared to 168 already reported closed this year. Since there is often a slight delay in reporting closed sales, there may be an upward revision to the current totals. There are also 106 additional homes reported with sales agreements awaiting final closing. If you're waiting for the housing market in Eagan to bottom, you could be a little late. Even if you've missed the housing bottom, interest rates, combined with still affordable prices make this one of the best times to get serious about finding a new home.
Over the last year or so, much of the home buying has been by investors. They continue buying, mostly to take advantage of the higher demand for rental and the higher rents that support investing in income property. If you're a renter now, there's a good chance your landlord is seeing dollar signs when he looks at you, and they're probably bigger dollar signs than the ones he saw last year. This may be a good time to fire Mr. Landlord and own your own place.
Call me to arrange a convenient time for a complimentary home buyers orientation and landlord firing strategy session. It takes about an hour, it's free, and most folks say it was fun. We'll discuss the current market, buyer advocacy, how to find and pay for a new home, and whether now is the time for you to exercise your buying opportunity. Call me now.
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